SEC 13F Intelligence

Managers / Q3 2021 · view latest →

LINDEN ADVISORS LP

CIK 0001279396 · 590 MADISON AVENUE, 32ND FLOOR, NEW YORK, NY, 10022 · 646-840-3500

Reported Value
$17.0B
Q3 2021
Positions
636
Filings on Record
32
2019–present window
Filed
Nov 15, 2021
original filing

Summary

Linden Advisors LP reported $17.0B in U.S.-listed holdings across 636 positions for Q3 2021.

Its largest position, Sea Ltd 2 375 12 01 2025, represents 5.4% of the portfolio.

Compared with Q2 2021, the fund opened 67 new positions and exited 255.

Portfolio Metrics

Turnover
+14.6%
vs prior filed quarter
Top-10 Concentration
+30.9%
share of reported value
Largest Position
+5.4%
Sea Ltd 2 375 12 01 2025
New / Exited
67 / 255
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $3.6BQ4 ’18Q1 ’19: $4.4BQ2 ’19: $6.6BQ3 ’19: $7.4BQ4 ’19: $8.4BQ4 ’19Q1 ’20: $5.6BQ2 ’20: $6.2BQ3 ’20: $8.3BQ4 ’20: $13.4BQ4 ’20Q1 ’21: $13.5BQ2 ’21: $18.9BQ3 ’21: $17.0BQ4 ’21: $16.4BQ4 ’21Q1 ’22: $15.9BQ2 ’22: $10.9BQ3 ’22: $10.9BQ4 ’22: $9.5BQ4 ’22Q1 ’23: $9.5BQ2 ’23: $9.5BQ3 ’23: $9.7BQ4 ’23: $10.5BQ4 ’23Q1 ’24: $12.6BQ2 ’24: $12.0BQ3 ’24: $11.9BQ4 ’24: $12.1BQ4 ’24Q1 ’25: $14.7BQ2 ’25: $16.3BQ3 ’25: $15.0BQ4 ’25: $16.2BQ4 ’25Q1 ’26: $17.9Bfilingsflow.com

Portfolio Composition

By security type
US DOMESTIC: 79.3%Other: 13.6%GLOBAL: 6.1%Common Stock: 0.6%Equity WRT: 0.2%Other: 0.3%
  • US DOMESTIC · 79.3% · $13.5B
  • Other · 13.6% · $2.3B
  • GLOBAL · 6.1% · $1.0B
  • Common Stock · 0.6% · $95M
  • Equity WRT · 0.2% · $26M
  • Other · 0.3% · $43M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SEA LTD 0.25 09/15/2026NEW+171.00M171.00M+$173M$173M
HUAZHU GROUP LTD 3 05/01/2026NEW+129.69M129.69M+$169M$169M
CHEGG INC 0 09/01/2026NEW+152.49M152.49M+$150M$150M
OMNICELL INC 0.25 09/15/2025NEW+53.00M53.00M+$85M$85M
FIVE9 INC 0.5 06/01/2025NEW+61.85M61.85M+$83M$83M
CARDLYTICS INC 1 09/15/2025NEW+65.61M65.61M+$83M$83M
WAYFAIR INC 0.625 10/01/2025NEW+72.86M72.86M+$73M$73M
EVOLENT HEALTH INC 3.5 12/01/2024NEW+34.75M34.75M+$62M$62M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2021

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SEA LTD 2.375 12/01/2025SDBCV5.36%$911M256.52M
2MONGODB INC 0.25 01/15/2026SDBCV3.90%$663M289.88M
3BILIBILI INC 1.25 06/15/2027SDBCV3.51%$597M333.37M
4PALO ALTO NETWORKS 0.375 06/01/2025SDBCV3.14%$535M322.41M
5BILIBILI INC 1.375 04/01/2026SDBCV2.83%$481M175.99M
6WAYFAIR INC 1 08/15/2026SDBCV2.83%$481M259.45M
7SNAP INC 0.75 08/01/2026SDBCV2.71%$461M141.36M
8CREE INC 1.75 05/01/2026SDBCV2.56%$436M235.74M
9PENN NATIONAL GAMING INC 2.75 05/15/2026SDBCV2.25%$382M119.57M
10EXACT SCIENCES CORP 0.375 03/01/2028SDBCV1.76%$300M278.33M
11LIVONGO HEALTH 0.875 06/01/2025SDBCV1.69%$287M218.16M
12PINDUODUO INC 0 12/01/2025SDBCV1.55%$263M284.48M
13ZILLOW GROUP INC 2.75 05/15/2025SDBCV1.52%$258M165.66M
14OKTA INC 0.375 06/15/2026SDBCV1.48%$252M205.02M
15COUPA SOFTWARE INC 0.125 06/15/2025SDBCV1.44%$245M162.00M
16OKTA INC 0.125 09/01/2025SDBCV1.40%$239M168.66M
17ZILLOW GROUP INC 1.375 09/01/2026SDBCV1.34%$229M108.59M
18FARFETCH LTD 3.75 05/01/2027SDBCV1.28%$217M86.87M
19ZILLOW GROUP INC 0.75 09/01/2024SDBCV1.27%$216M104.87M
20JAZZ INVESTMENTS I LTD 2 06/15/2026SDBCV1.23%$209M181.00M
21AMERICAN EAGLE OUTFITTER 3.75 04/15/2025SDBCV1.20%$205M66.76M
22DATADOG INC 0.125 06/15/2025SDBCV1.19%$203M122.81M
23WORKIVA INC 1.125 08/15/2026SDBCV1.12%$190M101.12M
24SEA LTD 0.25 09/15/2026SDBCV1.02%$173M171.00M
25HUAZHU GROUP LTD 3 05/01/2026SDBCV0.99%$169M129.69M
26ETSY INC 0.125 10/01/2026SDBCV0.99%$169M69.45M
27SPLUNK INC 1.125 09/15/2025SDBCV0.97%$166M135.54M
28CERENCE INC 3 06/01/2025SDBCV0.95%$161M60.27M
29EVERBRIDGE INC 0.125 12/15/2024SDBCV0.95%$161M109.87M
302U INC 2.25 05/01/2025SDBCV0.93%$158M113.01M
31CHEGG INC 0 09/01/2026SDBCV0.88%$150M152.49M
32SPLUNK INC 1.125 06/15/2027SDBCV0.86%$145M146.15M
33WAYFAIR INC 1.125 11/01/2024SDBCV0.84%$143M63.55M
34CALLAWAY GOLF CO 2.75 05/01/2026SDBCV0.82%$140M79.96M
35LUMENTUM HOLDINGS INC 0.5 12/15/2026SDBCV0.82%$139M126.32M
36COUPA SOFTWARE INC 0.375 06/15/2026SDBCV0.77%$131M120.41M
37SUNPOWER CORP 4 01/15/2023SDBCV0.71%$121M97.78M
38BANDWIDTH INC 0.25 03/01/2026SDBCV0.69%$117M97.37M
39GDS HOLDINGS LIMITED 2 06/01/2025SDBCV0.65%$110M84.35M
40EXACT SCIENCES CORP 0.375 03/15/2027SDBCV0.65%$110M96.75M
41CHEGG INC 0.125 03/15/2025SDBCV0.65%$110M76.44M
42PAGERDUTY INC 1.25 07/01/2025SDBCV0.64%$109M85.65M
43HEALTH CATALYST INC 2.5 04/15/2025SDBCV0.64%$108M61.70M
44Q2 HOLDINGS INC 0.75 06/01/2026SDBCV0.62%$106M94.51M
458X8 INC 0.5 02/01/2024SDBCV0.61%$104M92.53M
46JOYY INC 1.375 06/15/2026SDBCV0.59%$101M108.00M
47JOYY INC 0.75 06/15/2025SDBCV0.59%$101M106.66M
48LYFT INC 1.5 05/15/2025SDBCV0.56%$96M61.65M
49HELLO GROUP INC 1.25 07/01/2025SDBCV0.53%$90M106.82M
50NEOGENOMICS INC 0.25 01/15/2028SDBCV0.51%$87M85.67M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$17.9B565May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$16.2B472Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$15.0B408Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$16.3B376Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$14.7B307May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$12.1B264Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$11.9B277Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$12.0B291Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$12.6B315May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$10.5B332Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$9.7B374Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$9.5B398Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$9.5B467May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$9.5B575Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$10.9B695Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$10.9B724Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$15.9B722May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$16.4B723Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$17.0B636Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$18.9B821Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$13.5B713May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$13.4B481Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$8.3B322Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$6.2B261Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$5.6B239May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$8.4B238Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$7.4B209Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$6.6B189Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$4.4B135May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$3.6B127Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.