Vault-13

ZSCALER INC ZS 0.125 07.01.25

NOTE 0.125% 7/0 · US DOMESTIC · CUSIP 98980GAB8

85 institutional holders -9 vs Q4 2024
6,507,8786.5m shares reported held*
$1.4bnreported value*
8 new 27 added 23 reduced 13 sold out net sold ≈ $5.7m (-4.7m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $211.07.

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 68Q4 22: 77Q1 23: 83Q2 23: 90Q3 23: 88Q4 23: 89Q1 24: 85Q2 24: 95Q3 24: 96Q4 24: 94Q1 25: 8585Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202268
Q4 202277
Q1 202383
Q2 202390
Q3 202388
Q4 202389
Q1 202485
Q2 202495
Q3 202496
Q4 202494
Q1 202585

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q2 23: 51 bought or addedQ2 23: 33 cut or sold outQ3 23: 30 bought or addedQ3 23: 30 cut or sold outQ3 23Q4 23: 35 bought or addedQ4 23: 45 cut or sold outQ1 24: 29 bought or addedQ1 24: 60 cut or sold outQ1 24Q2 24: 45 bought or addedQ2 24: 35 cut or sold outQ3 24: 36 bought or addedQ3 24: 40 cut or sold outQ3 24Q4 24: 29 bought or addedQ4 24: 45 cut or sold outQ1 25: 35 bought or addedQ1 25: 36 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 20235133
Q3 20233030
Q4 20233545
Q1 20242960
Q2 20244535
Q3 20243640
Q4 20242945
Q1 20253536

Biggest buyers

VOYA INVESTMENT MANAGEMENT LLC Added +33,740,000+33.7m
LAZARD ASSET MANAGEMENT LLC Added +13,465,000+13.5m
BANK OF AMERICA CORP /DE/ Added +12,889,000+12.9m
Universal- Beteiligungs- und Servicegesellschaft mbH New +7,641,000+7.6m
MILLENNIUM MANAGEMENT LLC New +6,900,000+6.9m
FMR LLC Added +6,618,000+6.6m
BARCLAYS PLC Added +5,784,000+5.8m
Warberg Asset Management LLC Added +4,582,000+4.6m
Mirabaud Asset Management (France) SAS New +3,800,000+3.8m
BANK OF NOVA SCOTIA Added +3,686,000+3.7m

Biggest sellers

BANK OF MONTREAL /CAN/ Sold out -42,504,000-42.5m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -13,049,000-13.0m
CSS LLC/IL Sold out -11,404,000-11.4m
STEELHEAD PARTNERS LLC Sold out -10,651,000-10.7m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -6,365,000-6.4m
WELLINGTON MANAGEMENT GROUP LLP Sold out -5,442,000-5.4m
AMERIPRISE FINANCIAL INC Reduced -3,497,000-3.5m
Calamos Advisors LLC Reduced -3,409,000-3.4m
STATE STREET CORP Reduced -3,150,000-3.1m
TORONTO DOMINION BANK Sold out -3,000,000-3.0m

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 D. E. Shaw & Co., Inc. 0.27% of their portfolio New York, NY 171,270,000171.3m $227.0m $227.0m 0.27% Added +1.2m +1,174,000
2 TENOR CAPITAL MANAGEMENT Co., L.P. 1.86% of their portfolio NEW YORK, NY 98,142,00098.1m $130.3m $130.3m 1.86% Reduced -1.0m -1,000,000
3 CAPSTONE INVESTMENT ADVISORS, LLC 0.87% of their portfolio NEW YORK, NY 71,500,00071.5m $95.0m $95.0m 0.87% Unchanged
4 DeepCurrents Investment Group LLC 2.43% of their portfolio NEW YORK, NY 52,918,00052.9m $70.2m $70.2m 2.43% Unchanged
5 MOORE CAPITAL MANAGEMENT, LP 2.25% of their portfolio NEW YORK, NY 50,668,00050.7m $67.2m $67.2m 2.25% Added +145.0k +145,000
6 VOYA INVESTMENT MANAGEMENT LLC 0.04% of their portfolio ATLANTA, GA 49,520,00049.5m $65.8m $65.8m 0.04% Added +33.7m +33,740,000
7 FMR LLC 0.00% of their portfolio BOSTON, MA 43,168,00043.2m $57.1m $57.1m 0.00% Added +6.6m +6,618,000
8 Hudson Bay Capital Management LP 0.35% of their portfolio STAMFORD, CT 41,571,00041.6m $55.1m $55.1m 0.35% Unchanged
9 BANK OF NOVA SCOTIA 0.11% of their portfolio TORONTO, A6 35,386,00035.4m $47.2m $47.2m 0.11% Added +3.7m +3,686,000
10 LAZARD ASSET MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 29,965,00030.0m $39.8m $39.8m 0.06% Added +13.5m +13,465,000
11 LMR Partners LLP 0.66% of their portfolio LONDON, X0 25,000,00025.0m $33.0m $33.0m 0.66% Reduced -2.5m -2,500,000
12 MacKay Shields LLC 1.04% of their portfolio New York, NY 24,294,00024.3m $32.2m $32.2m 1.04% Reduced -228.0k -228,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 23,218,00023.2m $30.7m $30.7m 0.00% Reduced -3.1m -3,150,000
14 ONTARIO TEACHERS PENSION PLAN BOARD 0.41% of their portfolio Toronto, A6 20,000,00020.0m $26.5m $26.5m 0.41% Unchanged
15 Point72 Asset Management, L.P. 0.07% of their portfolio STAMFORD, CT 20,000,00020.0m $26.5m $26.5m 0.07% Unchanged
16 ARISTEIA CAPITAL, L.L.C. 0.54% of their portfolio GREENWICH, CT 13,152,00013.2m $17.5m $17.5m 0.54% Unchanged
17 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 12,896,70012.9m $17.1m $17.1m 0.00% Added +12.9m +12,889,000
18 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 12,200,00012.2m $16.1m $16.1m 0.02% Added +750.0k +750,000
19 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 12,144,00012.1m $16.1m $16.1m 0.00% Added +1.1m +1,096,000
20 SUSQUEHANNA ADVISORS GROUP, INC. 1.03% of their portfolio BALA CYNWYD, PA 12,132,00012.1m $16.1m $16.1m 1.03% Added +3.0m +2,994,000
21 Calamos Advisors LLC 0.07% of their portfolio NAPERVILLE, IL 11,929,00011.9m $15.8m $15.8m 0.07% Reduced -3.4m -3,409,000
22 BlackRock, Inc. 0.00% of their portfolio New York, NY 11,907,00011.9m $15.8m $15.8m 0.00% Unchanged
23 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 11,552,00011.6m $15.3m $15.3m 0.00% Added +3.1m +3,079,000
24 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 10,731,00010.7m $14.2m $14.2m 0.01% First filing
25 Warberg Asset Management LLC 2.81% of their portfolio WINNETKA, IL 7,757,0007.8m $10.3m $10.3m 2.81% Added +4.6m +4,582,000
26 Universal- Beteiligungs- und Servicegesellschaft mbH 0.02% of their portfolio FRANKFURT AM MAIN, 2M 7,641,0007.6m $10.1m $10.1m 0.02% New
27 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 6,900,0006.9m $9.2m $9.2m 0.01% New
28 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 6,378,0006.4m $8.4m $8.4m 0.00% Added +5.8m +5,784,000
29 ADVENT CAPITAL MANAGEMENT /DE/ 0.19% of their portfolio NEW YORK, NY 6,285,0006.3m $8.3m $8.3m 0.19% Reduced -6.4m -6,365,000
30 SSI INVESTMENT MANAGEMENT LLC 0.64% of their portfolio Los Angeles, CA 6,255,0006.3m $8.3m $8.3m 0.64% Added +21.0k +21,000
31 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 5,500,0005.5m $7.3m $7.3m 0.02% Reduced -1.0m -1,000,000
32 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,144,0005.1m $6.8m $6.8m 0.00% Added +806.0k +806,000
33 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 5,074,0005.1m $6.7m $6.7m 0.00% Reduced -3.5m -3,497,000
34 Radcliffe Capital Management, L.P. 0.68% of their portfolio BALA CYNWYD, PA 5,000,0005.0m $6.6m $6.6m 0.68% Unchanged
35 Man Group plc 0.02% of their portfolio LONDON, X0 4,260,0004.3m $5.6m $5.6m 0.02% Added +400.0k +400,000
36 Polar Capital Holdings Plc 0.03% of their portfolio London, X0 4,000,0004.0m $5.3m $5.3m 0.03% Reduced -2.0m -2,000,000
37 Mirabaud Asset Management (France) SAS 4.16% of their portfolio PARIS, I0 3,800,0003.8m $5.2m $5.2m 4.16% New
38 Walleye Capital LLC 0.05% of their portfolio NEW YORK, NY 3,500,0003.5m $4.6m $4.6m 0.05% Reduced -500.0k -500,000
39 Amundi 0.00% of their portfolio Paris, I0 3,280,0003.3m $4.2m $4.2m 0.00% Reduced -900.0k -900,000
40 SHENKMAN CAPITAL MANAGEMENT INC 0.36% of their portfolio NEW YORK, NY 2,667,0002.7m $3.5m $3.5m 0.36% Reduced -13.0m -13,049,000
41 AXA S.A. 0.01% of their portfolio PARIS, I0 2,577,0002.6m $3.4m $3.4m 0.01% Reduced -300.0k -300,000
42 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 2,500,0002.5m $3.3m $3.3m 0.00% Reduced -1.5m -1,502,000
43 Nicholas Investment Partners, LP 0.34% of their portfolio RANCHO SANTA FE, CA 2,470,0002.5m $3.3m $3.3m 0.34% Unchanged
44 RWC Asset Management LLP 0.16% of their portfolio LONDON, X0 2,300,0002.3m $3.0m $3.0m 0.16% Reduced -1.5m -1,500,000
45 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 2,297,0002.3m $3.0m $3.0m 0.01% New
46 Union Bancaire Privee, UBP SA 0.05% of their portfolio GENEVA 1, V8 2,005,0002.0m $2.6m $2.6m 0.05% Added +400.0k +400,000
47 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,950,0001.9m $2.6m $2.6m 0.00% Unchanged
48 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,759,0001.8m $2.3m $2.3m 0.00% Added +173.0k +173,000
49 Zurcher Kantonalbank (Zurich Cantonalbank) 0.01% of their portfolio ZURICH, V8 1,450,0001.4m $1.9m $1.9m 0.01% Added +800.0k +800,000
50 LORD, ABBETT & CO. LLC 0.01% of their portfolio JERSEY CITY, NJ 1,431,0001.4m $1.9m $1.9m 0.01% Added +20.0k +20,000
51 PALISADE CAPITAL MANAGEMENT, LP 0.05% of their portfolio FORT LEE, NJ 1,280,0001.3m $1.7m $1.7m 0.05% Reduced -650.0k -650,000
52 Pinnacle Holdings, LLC 0.38% of their portfolio TULSA, OK 750,000750.0k $992.2k $992.2k 0.38% Unchanged
53 DNCA FINANCE 0.05% of their portfolio PARIS, I0 500,000500.0k $661.3k $661.3k 0.05% Unchanged
54 Quaero Capital S.A. 0.94% of their portfolio GENEVE, V8 500,000500.0k $659.4k $659.4k 0.94% Unchanged
55 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 441,000441.0k $585.6k $585.6k 0.00% Unchanged
56 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 416,000416.0k $551.5k $551.5k 0.00% Added +24.0k +24,000
57 Central Pacific Bank - Trust Division 0.06% of their portfolio HONOLULU, HI 353,000353.0k $467.0k $467.0k 0.06% Unchanged
58 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 300,000300.0k $396.7k $396.7k 0.00% Reduced -400.0k -400,000
59 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 245,000245.0k $325.4k $325.4k 0.01% New
60 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 235,000235.0k $310.9k $310.9k 0.00% Added +198.0k +198,000
61 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 225,000225.0k $298.8k $298.8k 0.00% Reduced -6.0k -6,000
62 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 222,000222.0k $293.7k $293.7k 0.00% Unchanged
63 KBC Group NV 0.00% of their portfolio Brussels, C9 200,000200.0k $265.0k $265.0k 0.00% Unchanged
64 AQR Arbitrage LLC 0.01% of their portfolio Greenwich, CT 180,000180.0k $239.0k $239.0k 0.01% Unchanged
65 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 157,000157.0k $207.7k $207.7k 0.00% Added +2.0k +2,000
66 NOMURA HOLDINGS INC 0.15% of their portfolio TOKYO, M0 138,378138.4k $27.5m $27.5m 0.15% Added +59.9k +59,917
67 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 111,000111.0k $147.1k $147.1k 0.01% Reduced -2.0k -2,000
68 Fox Hill Wealth Management 0.08% of their portfolio DEDHAM, MA 105,000105.0k $138.5k $138.5k 0.08% Reduced -4.0k -4,000
69 ABN AMRO INVESTMENT SOLUTIONS 0.00% of their portfolio PARIS CEDEX 008, I0 100,000100.0k $132.8k $132.8k 0.00% Reduced -200.0k -200,000
70 VIRTUS ADVISERS, LLC 0.04% of their portfolio HARTFORD, CT 51,00051.0k $67.5k $67.5k 0.04% New
71 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 47,00047.0k $62.2k $62.2k 0.00% Unchanged
72 Boussard & Gavaudan Investment Management LLP 6.18% of their portfolio London, X0 30,00030.0k $39.1m $39.1m 6.18% Added +16.0k +16,000
73 Balboa Wealth Partners 0.01% of their portfolio SCOTTSDALE, AZ 30,00030.0k $39.6k $39.6k 0.01% Unchanged
74 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 20,00020.0k $2.6m $2.6m 0.01% Unchanged
75 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 17,19917.2k $17.2k $17.2k 0.00% New
76 Alpine Global Management, LLC 2.28% of their portfolio NEW YORK, NY 6,5006.5k $8.6m $8.6m 2.28% Added +5.5k +5,500
77 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 6,0006.0k $7.9k $7.9k 0.00% Unchanged
78 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 4,0004.0k $5.3k $5.3k 0.00% Unchanged
79 UBS Group AG 0.00% of their portfolio ZURICH, V8 2,1702.2k $2.9k $2.9k 0.00% Added +670 +670
80 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 2,0002.0k $2.6k $2.6k 0.00% Unchanged
81 Alken Asset Management Ltd 1.81% of their portfolio LONDON, X0 850850 $1.1m $1.1m 1.81% Reduced -550 -550
82 Candriam S.C.A. 0.00% of their portfolio STRASSEN, N4 450450 $595.2k $595.2k 0.00% Reduced -280 -280
83 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 11 $1.3k $1.3k 0.00% Unchanged
84 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged
85 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% New