Marriott Vacations Worldwide Corporation bonds VAC
Who owns Marriott Vacations Worldwide Corporation's debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. VAC stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 57164YAF4 convertible | 3.25% fixed | 2027-12-15 | USD | 98.48 | — | — | 11 | $53.1M | Jul 2026 |
| 57164PAF3 | 4.75% fixed | 2028-01-15 | USD | 98.71 | 5.68% | 155 bp | 8 | $11.8M | Jul 2026 |
| 57164PAH9 | 4.5% fixed | 2029-06-15 | USD | 96.36 | 5.89% | 164 bp | 20 | $35.9M | Jul 2026 |
| 57164PAK2 | 6.5% fixed | 2033-10-01 | USD | 98.35 | 6.79% | 232 bp | 40 | $61.4M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 4 | $162.2M | 98.42 | 5.89% | 164 bp | 40 |
| Jun 2026 | 4 | $251.1M | 98.63 | 5.79% | 164 bp | 47 |
| May 2026 | 4 | $113.2M | 97.84 | 5.77% | 173 bp | 28 |
| Apr 2026 | 4 | $133.7M | 96.66 | 6.06% | 223 bp | 35 |
| Mar 2026 | 4 | $178.7M | 95.66 | 6.31% | 256 bp | 41 |
| Feb 2026 | 4 | $92.6M | 96.88 | 5.68% | 214 bp | 28 |
| Jan 2026 | 4 | $128.5M | 95.81 | 6.04% | 240 bp | 37 |
| Dec 2025 | 5 | $207.3M | 96.03 | 5.94% | 235 bp | 43 |
| Nov 2025 | 4 | $90.0M | 95.06 | 6.09% | 250 bp | 23 |
| Oct 2025 | 5 | $176.4M | 98.60 | 5.63% | 206 bp | 35 |
| Sep 2025 | 5 | $161.3M | 98.38 | 5.55% | 196 bp | 41 |
| Aug 2025 | 4 | $33.9M | 97.32 | 5.54% | 184 bp | 17 |
| Jul 2025 | 4 | $125.9M | 96.40 | 5.80% | 192 bp | 21 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 55 added, 36 cut, 23 new holders and 11 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| The Osterweis Strategic Income Fund Professionally Managed Portfolios | 2026-06-30 | $62.5M | $61.5M | $13.0M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $58.8M | $58.5M | new |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $28.6M | $28.0M | $1.8M |
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $20.0M | $19.7M | $10.0M |
| Bond Fund John Hancock Sovereign Bond Fund | 2026-05-31 | $18.1M | $17.7M | $0 |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $15.1M | $14.7M | $936K |
| Performance Trust Total Return Bond Fund Trust for Professional Managers | 2026-05-31 | $14.1M | $13.8M | $2.9M |
| Loomis Sayles Investment Grade Bond Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $11.5M | $11.1M | $0 |
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $11.2M | $11.1M | $1.6M |
| Shenkman Capital Short Duration High Income Fund Advisors Series Trust | 2026-06-30 | $11.2M | $10.9M | $2.7M |
| Fidelity Real Estate Income Fund Fidelity Securities Fund | 2026-07-31 | $10.8M | $10.4M | $0 |
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $10.2M | $10.1M | new |
| RBC BlueBay High Yield Bond Fund RBC Funds Trust | 2026-06-30 | $10.1M | $10.1M | $1.7M |
| AB HIGH INCOME FUND INC | 2026-07-31 | $8.8M | $8.7M | $0 |
| Columbia Strategic Income Fund COLUMBIA FUNDS SERIES TRUST I | 2026-05-31 | $8.6M | $8.4M | $2.5M |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $8.1M | $8.0M | $1.0M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $7.5M | $7.4M | $809K |
| High Yield Fund John Hancock Bond Trust | 2026-05-31 | $7.6M | $7.4M | $2.0M |
| American High Income Trust | 2026-06-30 | $7.6M | $7.3M | -$1.6M |
| abrdn Income Credit Strategies Fund | 2026-07-31 | $7.2M | $7.1M | $0 |
| Lord Abbett High Yield Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $6.7M | $6.6M | new |
| Payden High Income Fund PAYDEN & RYGEL INVESTMENT GROUP | 2026-07-31 | $6.5M | $6.4M | $640K |
| Nuveen High Yield Fund TIAA-CREF Funds | 2026-06-30 | $5.9M | $5.9M | $0 |
| Hotchkis and Wiley High Yield Fund HOTCHKIS & WILEY FUNDS/DE/ | 2026-06-30 | $5.9M | $5.8M | $0 |
| Invesco High Yield Fund AIM Investment Securities Funds (Invesco Investment Securities Funds) | 2026-05-31 | $5.5M | $5.4M | $2.8M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Loomis Sayles High Income Opportunities Fund ($1.8M), Nuveen High Yield Income Fund ($1.0M), THRIVENT MODERATE ALLOCATION PORTFOLIO ($707K), Loomis Sayles Institutional High Income Fund ($688K), Nuveen Credit Income Fund ($595K), Morningstar Multisector Bond Fund ($487K), AB Core Plus Bond ETF ($411K), Loomis Sayles High Income Fund ($289K), Blackstone Strategic Credit 2027 Term Fund ($220K), TSW High Yield Bond Fund ($150K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 3 | $28.6M | $28.0M | 0.10% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 2 | $15.1M | $14.7M | 0.09% |
| ICVT iShares Convertible Bond ETF | 2026-07-31 | 1 | $11.2M | $11.1M | 0.15% |
| CWB State Street(R) SPDR(R) Bloomberg Convertible Securities ETF | 2026-06-30 | 1 | $8.1M | $8.0M | 0.13% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 3 | $7.5M | $7.4M | 0.07% |
| SYFI AB Short Duration High Yield ETF | 2026-05-31 | 1 | $5.4M | $5.2M | 0.58% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $4.7M | $4.5M | 0.06% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 2 | $3.2M | $3.1M | 0.09% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 3 | $2.9M | $2.8M | 0.12% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 3 | $2.8M | $2.7M | 0.11% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 2 | $2.1M | $2.0M | 0.03% |
| BSJS Invesco BulletShares 2028 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $1.9M | $1.9M | 0.28% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $1.8M | $1.7M | 0.04% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 3 | $1.6M | $1.6M | 0.00% |
| HYFI AB High Yield ETF | 2026-05-31 | 2 | $1.6M | $1.6M | 0.46% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 2.34: safer than 17% of companies (16th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $3.78B |
| Debt barrier (short-term + ½ long-term debt) | $2.63B |
| Equity volatility (1 year) | 60.3% |
| Asset value / asset volatility (solved) | $6.29B / 36.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 164 bp spread prices in about 2.7% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 2.37 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in VAC's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 39 | $10.6M | 0 | — | 0 | — | 1 |
| 2026-06-30 | 362 | $3.11B | 11 | $29.0M | 13 | $58.7M | 51 |
| 2026-03-31 | 328 | $1.78B | 12 | $11.3M | 12 | $68.4M | 57 |
| 2025-12-31 | 324 | $1.74B | 9 | $9.2M | 10 | $63.6M | 63 |
| 2025-09-30 | 335 | $2.01B | 9 | $8.4M | 7 | $60.2M | 59 |
| 2025-06-30 | 318 | $2.30B | 8 | $9.1M | 10 | $63.5M | 57 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.