Advanced Drainage Systems, Inc. bonds WMS
Who owns Advanced Drainage Systems, Inc.'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. WMS 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 |
|---|---|---|---|---|---|---|---|---|---|
| 00790RAB0 | 6.375% fixed | 2030-06-15 | USD | 100.79 | 6.14% | 185 bp | 26 | $63.0M | Jul 2026 |
| BL5553740 | 0% fixed | 2033-02-12 | USD | — | — | — | 2 | $2.3M | Jun 2026 |
| 00790RAC8 | 5.375% fixed | 2034-03-01 | USD | 97.01 | 5.87% | 138 bp | 31 | $46.0M | 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 |
|---|---|---|---|---|---|---|
| Aug 2026 partial: filings still arriving | 1 | $15K | 97.05 | 5.87% | 132 bp | 1 |
| Jul 2026 | 2 | $108.9M | 98.90 | 6.01% | 162 bp | 31 |
| Jun 2026 | 3 | $169.6M | 99.77 | 5.81% | 154 bp | 62 |
| May 2026 | 2 | $33.9M | 99.47 | 5.88% | 166 bp | 31 |
| Apr 2026 | 2 | $107.7M | 100.10 | 5.77% | 174 bp | 37 |
| Mar 2026 | 3 | $124.8M | 99.21 | 5.95% | 200 bp | 75 |
| Feb 2026 | 2 | $55.0M | 101.34 | 5.56% | 177 bp | 35 |
| Jan 2026 | 2 | $110.8M | 101.07 | 5.43% | 180 bp | 38 |
| Dec 2025 | 2 | $115.5M | 101.21 | 5.34% | 176 bp | 53 |
| Nov 2025 | 2 | $31.7M | 100.91 | 5.45% | 184 bp | 20 |
| Oct 2025 | 2 | $110.7M | 100.80 | 5.52% | 195 bp | 35 |
| Sep 2025 | 2 | $112.4M | 100.80 | 5.52% | 192 bp | 50 |
| Aug 2025 | 2 | $30.7M | 100.68 | 5.61% | 188 bp | 20 |
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. 31 added, 23 cut, 8 new holders and 54 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 | $42.5M | $43.1M | $39.0M |
| American High Income Trust | 2026-06-30 | $26.2M | $25.7M | $0 |
| Income Fund of America | 2026-07-31 | $21.1M | $20.5M | $0 |
| BrandywineGLOBAL - HIGH YIELD FUND Legg Mason Partners Investment Trust | 2026-06-30 | $20.5M | $20.1M | $18.1M |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $18.3M | $18.5M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $16.1M | $15.9M | $408K |
| BrandywineGLOBAL - CORPORATE CREDIT FUND Legg Mason Partners Investment Trust | 2026-06-30 | $14.1M | $13.8M | $10.8M |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $12.6M | $12.7M | $0 |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $7.9M | $7.8M | $6.6M |
| First Trust Tactical High Yield ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $7.1M | $7.0M | $1.9M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $6.4M | $6.5M | -$4.5M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $6.4M | $6.2M | $0 |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $6.0M | $6.1M | $0 |
| Boyd Watterson Limited Duration Enhanced Income Fund NORTHERN LIGHTS FUND TRUST III | 2026-06-30 | $6.0M | $6.0M | $0 |
| JPMorgan Active High Yield ETF J.P. Morgan Exchange-Traded Fund Trust | 2026-05-31 | $4.6M | $4.7M | -$2.5M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $4.0M | $4.0M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $3.8M | $3.8M | -$1.4M |
| First Trust Senior Loan Fund First Trust Exchange-Traded Fund IV | 2026-07-31 | $3.6M | $3.5M | $3.1M |
| NYLIM VP MacKay High Yield Corporate Bond Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $3.0M | $3.1M | $0 |
| Xtrackers USD High Yield Corporate Bond ETF DBX ETF Trust | 2026-05-29 | $3.0M | $3.0M | $1.4M |
| Fidelity Series High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $3.0M | $2.9M | $0 |
| First Trust High Yield Opportunities 2027 Term Fund | 2026-05-29 | $2.8M | $2.8M | $894K |
| Fidelity Advisor Strategic Income Fund Fidelity Advisor Series II | 2026-06-30 | $2.8M | $2.8M | $0 |
| Asset Allocation Fund AMERICAN FUNDS INSURANCE SERIES | 2026-06-30 | $2.4M | $2.4M | $0 |
| Eventide Limited-Term Bond Fund MUTUAL FUND SERIES TRUST | 2026-06-30 | $2.1M | $2.1M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): BlackRock High Yield Portfolio ($8.8M), Bond Fund ($7.0M), T. Rowe Price High Yield Fund, Inc. ($5.3M), T. Rowe Price Institutional High Yield Fund ($3.8M), Nuveen High Yield Fund ($2.3M), Fidelity Total Bond Fund ($2.2M), Fidelity High Income Central Fund ($2.0M), THRIVENT CORE HIGH YIELD BOND FUND ($1.6M), First Trust Smith Unconstrained Bond ETF ($1.4M), Neuberger Strategic Income Fund ($1.3M).
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 | 2 | $16.1M | $15.9M | 0.06% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 2 | $7.9M | $7.8M | 0.05% |
| HYLS First Trust Tactical High Yield ETF | 2026-07-31 | 2 | $7.1M | $7.0M | 0.44% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $6.4M | $6.5M | 0.06% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 2 | $4.6M | $4.7M | 0.21% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $4.0M | $4.0M | 0.05% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 2 | $3.8M | $3.8M | 0.05% |
| FTSL First Trust Senior Loan Fund | 2026-07-31 | 1 | $3.6M | $3.5M | 0.15% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 2 | $3.0M | $3.0M | 0.09% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 2 | $1.9M | $1.9M | 0.08% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 2 | $1.5M | $1.5M | 0.06% |
| TOTL State Street(R) DoubleLine(R) Total Return Tactical ETF | 2026-06-30 | 2 | $1.4M | $1.4M | 0.03% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 2 | $1.1M | $1.1M | 0.00% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $1.0M | $1.0M | 0.02% |
| CGHY Capital Group High Yield Bond ETF | 2026-06-30 | 2 | $745K | $735K | 0.65% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 7.61: safer than 70% of companies (76th percentile in Basic Materials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $9.65B |
| Debt barrier (short-term + ½ long-term debt) | $810.1M |
| Equity volatility (1 year) | 36.1% |
| Asset value / asset volatility (solved) | $10.43B / 33.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 162 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 = 4.24 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in WMS'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 | 56 | $49.9M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 538 | $10.54B | 9 | $43.1M | 7 | $20.8M | 0 |
| 2026-03-31 | 553 | $8.15B | 10 | $13.3M | 7 | $17.3M | 0 |
| 2025-12-31 | 531 | $10.04B | 7 | $10.4M | 8 | $31.8M | 0 |
| 2025-09-30 | 486 | $9.96B | 7 | $12.5M | 8 | $29.3M | 0 |
| 2025-06-30 | 469 | $8.22B | 6 | $6.1M | 9 | $16.0M | 0 |
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.