MACKAY SHIELDS LLC

Filed: 1/29/2026ACC: 0000061227-26-000001

📋 What this filing means

MACKAY SHIELDS LLC filed this quarterly 13F‑HR report disclosing 132 equity positions with a total reported market value of $2.86B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

132

Positions

$2.86B

Total AUM (reported)

1.83B

Total Shares

Allocation by class

COM$190.64M6.7%

NOTE 3.000%11/1$86.59M3.0%

NOTE 0.500% 6/1$85.34M3.0%

NOTE 2.500% 9/1$73.28M2.6%

NOTE 4.000% 5/0$65.98M2.3%

NOTE 2.625%12/1$65.10M2.3%

5.50 DEP PFD$65.02M2.3%

Portfolio Concentration

Top 3$245.21M8.6%

4–10$430.64M15.1%

11–25$660.69M23.1%

Rest$1.52B53.2%

Top 3 weight

8.6%

Top 10 weight

23.7%

Voting Authority Distribution

Total shares with voting rights: 1.83B

Sole

Full voting authority

1.65B

% of voting shares89.9%

Shared

Joint voting authority

186.10M

% of voting shares10.1%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole58

Shared0

Other74

Dominant voting typeSole · 89.9% of voting shares

Institutional Holdings132

Rows:

WESTERN DIGITAL CORP

OTR

NOTE 3.000%11/1

Shares18.88M

TypePRN

Market value$86.59M

3.03%

Sole

15.01M

Shared

3.88M

None

0.00

LUMENTUM HLDGS INC

SOLE

NOTE 0.500% 6/1

Shares30.04M

TypePRN

Market value$85.34M

2.99%

Sole

30.04M

Shared

0.00

None

0.00

ADVANCED ENERGY INDS

OTR

NOTE 2.500% 9/1

Shares44.64M

TypePRN

Market value$73.28M

2.56%

Sole

39.71M

Shared

4.93M

None

0.00

MIRUM PHARMACEUTICALS INC

SOLE

NOTE 4.000% 5/0

Shares25.53M

TypePRN

Market value$65.98M

2.31%

Sole

23.59M

Shared

1.94M

None

0.00

LANTHEUS HLDGS INC

SOLE

NOTE 2.625%12/1

Shares56.71M

TypePRN

Market value$65.10M

2.28%

Sole

51.10M

Shared

5.61M

None

0.00

QXO INC

DFND

5.50 DEP PFD

Shares1.17M

TypeSH

Market value$65.02M

2.28%

Sole

1.06M

Shared

112.58K

None

0.00

TETRA TECH INC NEW

SOLE

DBCV 2.250% 8/1

Shares59.62M

TypePRN

Market value$64.82M

2.27%

Sole

53.90M

Shared

5.72M

None

0.00

BOEING CO

SOLE

DEP CONV PFD A

Shares830.10K

TypeSH

Market value$57.66M

2.02%

Sole

723.70K

Shared

106.40K

None

0.00

CABLE ONE INC

OTR

NOTE 1.125% 3/1

Shares69.40M

TypePRN

Market value$56.65M

1.98%

Sole

69.13M

Shared

265K

None

0.00

UBER TECHNOLOGIES INC

DFND

NOTE 0.875%12/0

Shares42.64M

TypePRN

Market value$55.40M

1.94%

Sole

37.84M

Shared

4.81M

None

0.00

APOLLO GLOBAL MGMT INC

OTR

SER A MAND CNV

Shares714.29K

TypeSH

Market value$53.91M

1.89%

Sole

625.20K

Shared

89.09K

None

0.00

POST HLDGS INC

OTR

NOTE 2.500% 8/1

Shares49.51M

TypePRN

Market value$53.39M

1.87%

Sole

44.65M

Shared

4.86M

None

0.00

PG&E CORP

SOLE

NOTE 4.250%12/0

Shares51.45M

TypePRN

Market value$52.99M

1.85%

Sole

46.61M

Shared

4.84M

None

0.00

ON SEMICONDUCTOR CORP

OTR

NOTE 5/0

Shares39.38M

TypePRN

Market value$46.97M

1.64%

Sole

34.47M

Shared

4.91M

None

0.00

MKS INC.

SOLE

NOTE 1.250% 6/0

Shares36.55M

TypePRN

Market value$46.70M

1.63%

Sole

33.57M

Shared

2.98M

None

0.00

IRHYTHM TECHNOLOGIES INC

OTR

NOTE 1.500% 9/0

Shares32.68M

TypePRN

Market value$45.74M

1.60%

Sole

30.52M

Shared

2.16M

None

0.00

SEAGATE HDD CAYMAN

SOLE

NOTE 3.500% 6/0

Shares13.29M

TypePRN

Market value$44.71M

1.56%

Sole

13.29M

Shared

0.00

None

0.00

SNOWFLAKE INC

SOLE

NOTE 10/0

Shares29.85M

TypePRN

Market value$44.39M

1.55%

Sole

26.08M

Shared

3.77M

None

0.00

LIBERTY MEDIA CORP DEL

DFND

NOTE 2.250% 8/1

Shares34.04M

TypePRN

Market value$43.13M

1.51%

Sole

29.20M

Shared

4.84M

None

0.00

HEWLETT PACKARD ENTERPRISE C

DFND

7.625 MAND CONV

Shares597.86K

TypeSH

Market value$39.62M

1.39%

Sole

514.20K

Shared

83.66K

None

0.00

NCL CORP LTD

SOLE

NOTE 1.125% 2/1

Shares38.89M

TypePRN

Market value$38.89M

1.36%

Sole

38.89M

Shared

0.00

None

0.00

ISHARES GOLD TR

OTR

ISHARES NEW

Shares475K

TypeSH

Market value$38.56M

1.35%

Sole

475K

Shared

0.00

None

0.00

SHIFT4 PMTS INC

SOLE

NOTE 0.500% 8/0

Shares39.49M

TypePRN

Market value$38.05M

1.33%

Sole

39.49M

Shared

0.00

None

0.00

ETSY INC

DFND

NOTE 0.125%10/0

Shares37.05M

TypePRN

Market value$37.49M

1.31%

Sole

34.18M

Shared

2.87M

None

0.00

CHEFS WHSE INC

DFND

NOTE 2.375%12/1

Shares23.78M

TypePRN

Market value$36.16M

1.27%

Sole

18.97M

Shared

4.81M

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared
WESTERN DIGITAL CORPOTR	NOTE 3.000%11/1	18.88M	PRN	$86.59M 3.03%	15.01M	3.88M
LUMENTUM HLDGS INCSOLE	NOTE 0.500% 6/1	30.04M	PRN	$85.34M 2.99%	30.04M	0.00
ADVANCED ENERGY INDSOTR	NOTE 2.500% 9/1	44.64M	PRN	$73.28M 2.56%	39.71M	4.93M
MIRUM PHARMACEUTICALS INCSOLE	NOTE 4.000% 5/0	25.53M	PRN	$65.98M 2.31%	23.59M	1.94M
LANTHEUS HLDGS INCSOLE	NOTE 2.625%12/1	56.71M	PRN	$65.10M 2.28%	51.10M	5.61M
QXO INCDFND	5.50 DEP PFD	1.17M	SH	$65.02M 2.28%	1.06M	112.58K
TETRA TECH INC NEWSOLE	DBCV 2.250% 8/1	59.62M	PRN	$64.82M 2.27%	53.90M	5.72M
BOEING COSOLE	DEP CONV PFD A	830.10K	SH	$57.66M 2.02%	723.70K	106.40K
CABLE ONE INCOTR	NOTE 1.125% 3/1	69.40M	PRN	$56.65M 1.98%	69.13M	265K
UBER TECHNOLOGIES INCDFND	NOTE 0.875%12/0	42.64M	PRN	$55.40M 1.94%	37.84M	4.81M
APOLLO GLOBAL MGMT INCOTR	SER A MAND CNV	714.29K	SH	$53.91M 1.89%	625.20K	89.09K
POST HLDGS INCOTR	NOTE 2.500% 8/1	49.51M	PRN	$53.39M 1.87%	44.65M	4.86M
PG&E CORPSOLE	NOTE 4.250%12/0	51.45M	PRN	$52.99M 1.85%	46.61M	4.84M
ON SEMICONDUCTOR CORPOTR	NOTE 5/0	39.38M	PRN	$46.97M 1.64%	34.47M	4.91M
MKS INC.SOLE	NOTE 1.250% 6/0	36.55M	PRN	$46.70M 1.63%	33.57M	2.98M
IRHYTHM TECHNOLOGIES INCOTR	NOTE 1.500% 9/0	32.68M	PRN	$45.74M 1.60%	30.52M	2.16M
SEAGATE HDD CAYMANSOLE	NOTE 3.500% 6/0	13.29M	PRN	$44.71M 1.56%	13.29M	0.00
SNOWFLAKE INCSOLE	NOTE 10/0	29.85M	PRN	$44.39M 1.55%	26.08M	3.77M
LIBERTY MEDIA CORP DELDFND	NOTE 2.250% 8/1	34.04M	PRN	$43.13M 1.51%	29.20M	4.84M
HEWLETT PACKARD ENTERPRISE CDFND	7.625 MAND CONV	597.86K	SH	$39.62M 1.39%	514.20K	83.66K
NCL CORP LTDSOLE	NOTE 1.125% 2/1	38.89M	PRN	$38.89M 1.36%	38.89M	0.00
ISHARES GOLD TROTR	ISHARES NEW	475K	SH	$38.56M 1.35%	475K	0.00
SHIFT4 PMTS INCSOLE	NOTE 0.500% 8/0	39.49M	PRN	$38.05M 1.33%	39.49M	0.00
ETSY INCDFND	NOTE 0.125%10/0	37.05M	PRN	$37.49M 1.31%	34.18M	2.87M
CHEFS WHSE INCDFND	NOTE 2.375%12/1	23.78M	PRN	$36.16M 1.27%	18.97M	4.81M

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