MACKAY SHIELDS LLC

PrivateCIK: 61227

Location

NEW YORK, NY

103

Positions

$2.76B

Total AUM (reported)

1.73B

Total Shares

Allocation by class

NOTE 6/1$127.39M4.6%

DEP SHS RP1/20 A$119.68M4.3%

7.625 MAND CONV$98.57M3.6%

COM$95.13M3.4%

NOTE 10/0$79.64M2.9%

NOTE 0.500% 6/1$74.96M2.7%

NOTE 9/1$68.80M2.5%

Portfolio Concentration

Top 3$297.89M10.8%

4–10$438.43M15.9%

11–25$646.03M23.4%

Rest$1.38B49.9%

Top 3 weight

10.8%

Top 10 weight

26.7%

Voting Authority Distribution

Total shares with voting rights: 1.73B

Sole

Full voting authority

116.20M

% of voting shares6.7%

Shared

Joint voting authority

1.62B

% of voting shares93.3%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole41

Shared0

Other62

Dominant voting typeShared · 93.3% of voting shares

Institutional Holdings103

Rows:

ALPHABET INC

DFND

DEP SHS RP1/20 A

Shares2.43M

TypeSH

Market value$119.68M

4.34%

Sole

105.84K

Shared

2.32M

None

0.00

HEWLETT PACKARD ENTERPRISE C

OTR

7.625 MAND CONV

Shares601.49K

TypeSH

Market value$98.57M

3.57%

Sole

25.80K

Shared

575.69K

None

0.00

SNOWFLAKE INC

OTR

NOTE 10/0

Shares36.87M

TypePRN

Market value$79.64M

2.89%

Sole

1.89M

Shared

34.98M

None

0.00

LUMENTUM HLDGS INC

OTR

NOTE 0.500% 6/1

Shares10.15M

TypePRN

Market value$74.96M

2.72%

Sole

527K

Shared

9.62M

None

0.00

MKS INC.

OTR

NOTE 1.250% 6/0

Shares36.48M

TypePRN

Market value$66.91M

2.43%

Sole

1.40M

Shared

35.08M

None

0.00

CLOUDFLARE INC

OTR

NOTE 6/1

Shares41.87M

TypePRN

Market value$66.07M

2.40%

Sole

1.94M

Shared

39.93M

None

0.00

REVOLUTION MEDICINES INC

SOLE

NOTE 0.500% 5/0

Shares48.74M

TypePRN

Market value$62.79M

2.28%

Sole

2.06M

Shared

46.68M

None

0.00

UBER TECHNOLOGIES INC

OTR

NOTE 0.875%12/0

Shares51.77M

TypePRN

Market value$59.27M

2.15%

Sole

2.35M

Shared

49.42M

None

0.00

TETRA TECH INC NEW

OTR

DBCV 2.250% 8/1

Shares52.40M

TypePRN

Market value$55.70M

2.02%

Sole

2.42M

Shared

49.99M

None

0.00

WESTERN DIGITAL CORP

OTR

NOTE 3.000%11/1

Shares4.40M

TypePRN

Market value$52.74M

1.91%

Sole

125K

Shared

4.28M

None

0.00

QXO INC

DFND

5.50 DEP PFD

Shares1.41M

TypeSH

Market value$52.23M

1.89%

Sole

57.48K

Shared

1.35M

None

0.00

PG&E CORP

DFND

NOTE 4.250%12/0

Shares51.40M

TypePRN

Market value$50.45M

1.83%

Sole

2.20M

Shared

49.20M

None

0.00

BOEING CO

SOLE

DEP CONV PFD A

Shares829.05K

TypeSH

Market value$48.94M

1.77%

Sole

38.10K

Shared

790.95K

None

0.00

NEXTERA ENERGY INC

OTR

UNIT 06/01/2027

Shares940.95K

TypeSH

Market value$45.89M

1.66%

Sole

55.55K

Shared

885.40K

None

0.00

MERIT MED SYS INC

SOLE

NOTE 3.000% 2/0

Shares38.01M

TypePRN

Market value$44.18M

1.60%

Sole

1.82M

Shared

36.19M

None

0.00

MICROCHIP TECHNOLOGY INC.

DFND

DEP SHS REPSTG

Shares644.35K

TypeSH

Market value$43.05M

1.56%

Sole

27.47K

Shared

616.88K

None

0.00

BLACKROCK MUN TARGET TERM TR

SOLE

COM SHS BEN IN

Shares1.97M

TypeSH

Market value$42.98M

1.56%

Sole

936.79K

Shared

1.03M

None

0.00

AKAMAI TECHNOLOGIES INC

SOLE

NOTE 0.375% 9/0

Shares37.88M

TypePRN

Market value$42.15M

1.53%

Sole

1.47M

Shared

36.41M

None

0.00

FRESHPET INC

SOLE

NOTE 3.000% 4/0

Shares36.46M

TypePRN

Market value$41.08M

1.49%

Sole

1.25M

Shared

35.22M

None

0.00

LIBERTY MEDIA CORP DEL

OTR

NOTE 2.250% 8/1

Shares33.91M

TypePRN

Market value$39.76M

1.44%

Sole

1.17M

Shared

32.74M

None

0.00

POST HLDGS INC

OTR

NOTE 2.500% 8/1

Shares40.19M

TypePRN

Market value$39.68M

1.44%

Sole

1.48M

Shared

38.71M

None

0.00

DATADOG INC

SOLE

NOTE 12/0

Shares27.44M

TypePRN

Market value$39.52M

1.43%

Sole

1.21M

Shared

26.23M

None

0.00

ORACLE CORP

OTR

6.5 DEP CUM SR D

Shares883.37K

TypeSH

Market value$38.81M

1.41%

Sole

38.41K

Shared

844.95K

None

0.00

GUIDEWIRE SOFTWARE INC

DFND

NOTE 1.250%11/0

Shares39.64M

TypePRN

Market value$38.79M

1.41%

Sole

1.75M

Shared

37.89M

None

0.00

AFFIRM HLDGS INC

OTR

NOTE 0.750%12/1

Shares37.05M

TypePRN

Market value$38.53M

1.40%

Sole

1.25M

Shared

35.80M

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared
ALPHABET INCDFND	DEP SHS RP1/20 A	2.43M	SH	$119.68M 4.34%	105.84K	2.32M
HEWLETT PACKARD ENTERPRISE COTR	7.625 MAND CONV	601.49K	SH	$98.57M 3.57%	25.80K	575.69K
SNOWFLAKE INCOTR	NOTE 10/0	36.87M	PRN	$79.64M 2.89%	1.89M	34.98M
LUMENTUM HLDGS INCOTR	NOTE 0.500% 6/1	10.15M	PRN	$74.96M 2.72%	527K	9.62M
MKS INC.OTR	NOTE 1.250% 6/0	36.48M	PRN	$66.91M 2.43%	1.40M	35.08M
CLOUDFLARE INCOTR	NOTE 6/1	41.87M	PRN	$66.07M 2.40%	1.94M	39.93M
REVOLUTION MEDICINES INCSOLE	NOTE 0.500% 5/0	48.74M	PRN	$62.79M 2.28%	2.06M	46.68M
UBER TECHNOLOGIES INCOTR	NOTE 0.875%12/0	51.77M	PRN	$59.27M 2.15%	2.35M	49.42M
TETRA TECH INC NEWOTR	DBCV 2.250% 8/1	52.40M	PRN	$55.70M 2.02%	2.42M	49.99M
WESTERN DIGITAL CORPOTR	NOTE 3.000%11/1	4.40M	PRN	$52.74M 1.91%	125K	4.28M
QXO INCDFND	5.50 DEP PFD	1.41M	SH	$52.23M 1.89%	57.48K	1.35M
PG&E CORPDFND	NOTE 4.250%12/0	51.40M	PRN	$50.45M 1.83%	2.20M	49.20M
BOEING COSOLE	DEP CONV PFD A	829.05K	SH	$48.94M 1.77%	38.10K	790.95K
NEXTERA ENERGY INCOTR	UNIT 06/01/2027	940.95K	SH	$45.89M 1.66%	55.55K	885.40K
MERIT MED SYS INCSOLE	NOTE 3.000% 2/0	38.01M	PRN	$44.18M 1.60%	1.82M	36.19M
MICROCHIP TECHNOLOGY INC.DFND	DEP SHS REPSTG	644.35K	SH	$43.05M 1.56%	27.47K	616.88K
BLACKROCK MUN TARGET TERM TRSOLE	COM SHS BEN IN	1.97M	SH	$42.98M 1.56%	936.79K	1.03M
AKAMAI TECHNOLOGIES INCSOLE	NOTE 0.375% 9/0	37.88M	PRN	$42.15M 1.53%	1.47M	36.41M
FRESHPET INCSOLE	NOTE 3.000% 4/0	36.46M	PRN	$41.08M 1.49%	1.25M	35.22M
LIBERTY MEDIA CORP DELOTR	NOTE 2.250% 8/1	33.91M	PRN	$39.76M 1.44%	1.17M	32.74M
POST HLDGS INCOTR	NOTE 2.500% 8/1	40.19M	PRN	$39.68M 1.44%	1.48M	38.71M
DATADOG INCSOLE	NOTE 12/0	27.44M	PRN	$39.52M 1.43%	1.21M	26.23M
ORACLE CORPOTR	6.5 DEP CUM SR D	883.37K	SH	$38.81M 1.41%	38.41K	844.95K
GUIDEWIRE SOFTWARE INCDFND	NOTE 1.250%11/0	39.64M	PRN	$38.79M 1.41%	1.75M	37.89M
AFFIRM HLDGS INCOTR	NOTE 0.750%12/1	37.05M	PRN	$38.53M 1.40%	1.25M	35.80M

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