Vault-13

N/A

0 · CUSIP 000000000

94 institutional holders -9 vs Q3 2025
212,921,881212.9m shares reported held*
$6.5bnreported value*
30 new 3 added 1 reduced 8 sold out net sold ≈ $2.8bn (-188.9m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $30.36. Options: 0 managers hold calls (— notional), 1 hold puts ($0).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 101Q4 22: 91Q1 23: 92Q2 23: 97Q3 23: 105Q4 23: 67Q1 24: 78Q2 24: 82Q3 24: 97Q4 24: 91Q1 25: 83Q2 25: 97Q3 25: 103Q4 25: 9494Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022101
Q4 202291
Q1 202392
Q2 202397
Q3 2023105
Q4 202367
Q1 202478
Q2 202482
Q3 202497
Q4 202491
Q1 202583
Q2 202597
Q3 2025103
Q4 202594

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q1 24: 30 bought or addedQ1 24: 3 cut or sold outQ2 24: 23 bought or addedQ2 24: 6 cut or sold outQ2 24Q3 24: 23 bought or addedQ3 24: 8 cut or sold outQ4 24: 27 bought or addedQ4 24: 3 cut or sold outQ4 24Q1 25: 17 bought or addedQ1 25: 9 cut or sold outQ2 25: 27 bought or addedQ2 25: 9 cut or sold outQ2 25Q3 25: 20 bought or addedQ3 25: 9 cut or sold outQ4 25: 33 bought or addedQ4 25: 9 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024303
Q2 2024236
Q3 2024238
Q4 2024273
Q1 2025179
Q2 2025279
Q3 2025209
Q4 2025339

Biggest buyers

SCHRODER INVESTMENT MANAGEMENT GROUP New +23,669,250+23.7m
Financial Gravity Asset Management, Inc. New +419,517+419.5k
Pensionfund Sabic Added +5,500+5.5k
Codex Capital Asset Management L.L.C. Added +700+700
Strategic Investment Solutions, Inc. /IL Added +32+32
W1M Investment Management Ltd New +00
Fine Capital Partners, L.P. New +00
KELLOGG W K FOUNDATION TRUST New +00
Hall Kathryn A. New +00
Permira Holdings LTD New +00

Biggest sellers

Westwood Global Investments, LLC Sold out -200,333,763-200.3m
WGI DM, LLC Sold out -11,191,147-11.2m
Douglas Lane & Associates, LLC Reduced -1,492,895-1.5m
Somerset Group LLC Sold out -5,934-5.9k
Strategic Value Partners, LLC Sold out +00
Summit Rock Advisors, LP Sold out +00
H&F Corporate Investors X, Ltd. Sold out +00
nVerses Capital, LLC Sold out +00
NORGES BANK Sold out +00

Biggest calls

None

Biggest puts

Provida Pension Fund Administrator Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Exor N.V. 88.63% of their portfolio Amsterdam, P7 182,543,970182.5m $4.9bn $4.9bn 88.63% Unchanged
2 SCHRODER INVESTMENT MANAGEMENT GROUP 1.13% of their portfolio London, X0 23,669,25023.7m $1.5bn $1.5bn 1.13% New
3 ORBIMED ADVISORS LLC 0.41% of their portfolio New York, NY 6,210,8996.2m $20.1m $20.1m 0.41% Unchanged
4 Financial Gravity Asset Management, Inc. 0.09% of their portfolio Lakeway, TX 419,517419.5k $475.0k $475.0k 0.09% New
5 Pensionfund Sabic 1.42% of their portfolio SITTARD, P7 45,40845.4k $5.2m $5.2m 1.42% Added +5.5k +5,500
6 Codex Capital Asset Management L.L.C. 2.44% of their portfolio DALLAS, TX 26,70026.7k $6.7m $6.7m 2.44% Added +700 +700
7 Douglas Lane & Associates, LLC 0.02% of their portfolio NEW YORK, NY 6,0106.0k $1.1m $1.1m 0.02% Reduced -1.5m -1,492,895
8 Strategic Investment Solutions, Inc. /IL 0.01% of their portfolio ORLAND PARK, IL 127127 $28.4k $28.4k 0.01% Added +32 +32
9 CHEVRON CORP — of their portfolio HOUSTON, TX 00 $0 $0 — First filing
10 PITCAIRN CO — of their portfolio CONSHOHOCKEN, PA 00 $0 $0 — New
11 KEYSTONE GROUP, L.P. — of their portfolio FORT WORTH, TX 00 $0 $0 — Unchanged
12 Sarepta Therapeutics, Inc. — of their portfolio Cambridge, MA 00 $0 $0 — First filing
13 BASS LEE M /TX/ — of their portfolio FORT WORTH, TX 00 $0 $0 — Unchanged
14 GENRE PARTNERS L P — of their portfolio FORT WORTH, TX 00 $0 $0 — Unchanged
15 KELLOGG W K FOUNDATION TRUST — of their portfolio CHICAGO, IL 00 $0 $0 — New
16 OBERNDORF WILLIAM E 0.00% of their portfolio San Francisco, CA 00 $0 $0 0.00% Unchanged
17 TYNDALL CAPITAL PARTNERS L P — of their portfolio NEW YORK, NY 00 $0 $0 — Unchanged
18 CONSOLIDATED PRESS INTERNATIONAL HOLDINGS LTD — of their portfolio SYDNEY, C3 00 $0 $0 — New
19 THOMAS H LEE PARTNERS LP — of their portfolio BOSTON, MA 00 $0 $0 — Unchanged
20 TVL MANAGEMENT CORP — of their portfolio MENLO PARK, CA 00 $0 $0 — First filing
21 Permira Holdings LTD — of their portfolio ST. PETER PORT, Y7 00 $0 $0 — New
22 Fine Capital Partners, L.P. — of their portfolio NEW YORK, NY 00 $0 $0 — New
23 W1M Investment Management Ltd — of their portfolio London, X0 00 $0 $0 — New
24 CVentures, Inc. — of their portfolio GREENWOOD VLG, CO 00 $0 $0 — Unchanged
25 Hartz Capital, Inc. — of their portfolio SECAUCUS, NJ 00 $0 $0 — Unchanged
26 VALINOR MANAGEMENT, L.P. — of their portfolio NEW YORK, NY 00 $0 $0 — New
27 Cutter & CO Brokerage, Inc. — of their portfolio Ballwin, MO 00 $0 $0 — Unchanged
28 NNS Holding — of their portfolio CAMANA BAY, GRAND CAYMAN, E9 00 $0 $0 — Unchanged
29 Ridgeback Capital Investments L.P. — of their portfolio MIAMI BEACH, FL 00 $0 $0 — Unchanged
30 NJ State Employees Deferred Compensation Plan — of their portfolio TRENTON, NJ 00 $0 $0 — New
31 Chieftain Capital Management, Inc. — of their portfolio New York, NY 00 $0 $0 — Unchanged
32 Schreiber John — of their portfolio LAKE FOREST, IL 00 $0 $0 — Unchanged
33 Hall Kathryn A. — of their portfolio SAN FRANCISCO, CA 00 $0 $0 — New
34 GLADE BROOK CAPITAL PARTNERS LLC — of their portfolio GREENWICH, CT 00 $0 $0 — Unchanged
35 XR Securities LLC — of their portfolio CHICAGO, IL 00 $0 $0 — Unchanged
36 Unicom Capital LLC — of their portfolio Denver, CO 00 $0 $0 — Unchanged
37 RCF Management L.L.C. — of their portfolio Denver, CO 00 $0 $0 — Unchanged
38 Thiel Macro LLC — of their portfolio LOS ANGELES, CA 00 $0 $0 — New
39 EnCap Energy Capital Fund IX, L.P. — of their portfolio Houston, TX 00 $0 $0 — Unchanged
40 Aveo Capital Partners, LLC — of their portfolio ENGLEWOOD, CO 00 $0 $0 — Unchanged
41 Waterfront Capital Partners, LLC — of their portfolio NEW YORK, NY 00 $0 $0 — New
42 CROSBY Co OF NEW HAMPSHIRE LLC — of their portfolio SALEM, NH 00 $0 $0 — Unchanged
43 Jackson Square Partners, LLC — of their portfolio LARKSPUR, CA 00 $0 $0 — New
44 Founders Fund IV Management, LLC — of their portfolio SAN FRANCISCO, CA 00 $0 $0 — Unchanged
45 53 HOUSE LLP — of their portfolio LONDON, X0 00 $0 $0 — Unchanged
46 Stuart Chaussee & Associates, Inc. — of their portfolio BEVERLY HILLS, CA 00 $0 $0 — New
47 Rovida Advisors Inc. — of their portfolio Fort Lauderdale, FL 00 $0 $0 — New
48 Founders Fund II Management, LLC — of their portfolio SAN FRANCISCO, CA 00 $0 $0 — Unchanged
49 Bass Edward P — of their portfolio FORT WORTH, TX 00 $0 $0 — Unchanged
50 COWBIRD CAPITAL LP — of their portfolio New York, NY 00 $0 $0 — Unchanged
51 Advantage Alpha Capital Partners LP — of their portfolio SAN FRANCISCO, CA 00 $0 $0 — New
52 Tarsadia Capital, LLC — of their portfolio New York, NY 00 $0 $0 — Unchanged
53 Builders Vision, LLC — of their portfolio Chicago, IL 00 $0 $0 — Unchanged
54 Candlestick Capital Management LP — of their portfolio GREENWICH, CT 00 $0 $0 — New
55 Nebula Research & Development LLC — of their portfolio New York, NY 00 $0 $0 — Unchanged
56 NNS Investments (Cyprus) Ltd — of their portfolio LIMASSOL, G4 00 $0 $0 — Unchanged
57 Appian Way Asset Management LP — of their portfolio NEW YORK, NY 00 $0 $0 — New
58 Cota Capital Management, LLC — of their portfolio SAN FRANCISCO, CA 00 $0 $0 — Unchanged
59 University of Massachusetts Foundation, Inc. — of their portfolio NEWTON, MA 00 $0 $0 — Unchanged
60 Aryeh Capital Management Ltd. — of their portfolio TORONTO, A6 00 $0 $0 — New
61 CAROLINAS WEALTH CONSULTING LLC — of their portfolio CHARLOTTE, NC 00 $0 $0 — Unchanged
62 Quent Long Short Global Small Cap Fund, LP — of their portfolio NEW YORK, NY 00 $0 $0 — First filing
63 Anthracite Investment Company, Inc. — of their portfolio FORT WORTH, TX 00 $0 $0 — Unchanged
64 Vesa Equity Investment S.a r.l. — of their portfolio LUXEMBOURG, N4 00 $0 $0 — Unchanged
65 REVOLUTION GROWTH MANAGEMENT COMPANY, INC. — of their portfolio WASHINGTON, DC 00 $0 $0 — Unchanged
66 Carmenna Advisors LLC — of their portfolio MIAMI BEACH, FL 00 $0 $0 — Unchanged
67 GPI CAPITAL, L.P. — of their portfolio NEW YORK, NY 00 $0 $0 — Unchanged
68 Touchstone Capital, Inc. — of their portfolio PITTSBURGH, PA 00 $0 $0 — New
69 Northwoods Investments LLC — of their portfolio DOVER, DE 00 $0 $0 — Unchanged
70 Founders Fund III Management, LLC — of their portfolio SAN FRANCISCO, CA 00 $0 $0 — Unchanged
71 Brueske Advisory Services, LLC — of their portfolio Bellevue, WA 00 $0 $0 — New
72 ALTOS VENTURES MANAGEMENT, INC. — of their portfolio Burlingame, CA 00 $0 $0 — Unchanged
73 Roberts Capital Advisors, LLC — of their portfolio DENVER, CO 00 $0 $0 — New
74 Qalhat Capital Ltd — of their portfolio ST HELIER, Y9 00 $0 $0 — New
75 AFBI LP — of their portfolio MIAMI BEACH, FL 00 $0 $0 — New
76 Cook Wealth, LLC — of their portfolio RALEIGH, NC 00 $0 $0 — First filing
77 CENTRAL BANK OF BRAZIL — of their portfolio BRASILIA DF, D5 00 $0 $0 — Unchanged
78 DECADE RENEWABLE PARTNERS LP — of their portfolio HOUSTON, TX 00 $0 $0 — Unchanged
79 Decas Capital LLC — of their portfolio CHARLOTTESVILLE, VA 00 $0 $0 — Unchanged
80 El Puerto de Liverpool, S.A.B. de C.V. — of their portfolio Cuajimalpa, Ciudad de Mexico, O5 00 $0 $0 — Unchanged
81 Strive Asset Management, LLC — of their portfolio DALLAS, TX 00 $0 $0 — New
82 Stillwater LLC — of their portfolio GREENWICH, CT 00 $0 $0 — Unchanged
83 Council Ring Capital, LLC — of their portfolio Northbrook, IL 00 $0 $0 — Unchanged
84 Inflection Point Investments LLP — of their portfolio LONDON, X0 00 $0 $0 — New
85 New Century Financial Group, LLC — of their portfolio PRINCETON, NJ 00 $0 $0 — New
86 Schreiber Kathleen — of their portfolio LAKE FOREST, IL 00 $0 $0 — Unchanged
87 Livelsberger Financial Advisory — of their portfolio Ashland, OH 00 $0 $0 — New
88 SHCP, LLC — of their portfolio CINCINNATI, OH 00 $0 $0 — Not comparable
89 CROWLEY WEALTH MANAGEMENT, INC. — of their portfolio WILMINGTON, DE 00 $0 $0 — New
90 Frist Capital, LLC — of their portfolio NASHVILLE, TN 00 $0 $0 — Unchanged
91 Renwick Deborah Lee — of their portfolio CLEVELAND, OH 00 $0 $0 — First filing
92 River Bend Holdings, LLC — of their portfolio NAPLES, FL 00 $0 $0 — First filing
93 Premier Wealth Management W.L.L. — of their portfolio MANAMA, C6 00 $0 $0 — Unchanged
94 Blind Man Capital, LLC — of their portfolio ERIE, PA 00 $0 $0 — First filing