FREEPORT-MCMORAN INC FCX
CL B · Common Stock · CUSIP 35671D857 · ISIN US35671D8570
Producer of copper and gold
* 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 ($124.2m this quarter). Holder counts are more reliable. Shares outstanding: 1.4bn as of 2024-01-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $42.55. Options: 55 managers hold calls ($1.5bn notional), 61 hold puts ($2.1bn).
Trends to Q4 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 1,091 |
| Q4 2022 | 1,247 |
| Q1 2023 | 1,287 |
| Q2 2023 | 1,298 |
| Q3 2023 | 1,301 |
| Q4 2023 | 1,426 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 626 | 472 |
| Q1 2023 | 660 | 524 |
| Q2 2023 | 647 | 546 |
| Q3 2023 | 629 | 531 |
| Q4 2023 | 668 | 590 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2023 | $1.1bn | $1.7bn | 1.61 |
| Q2 2023 | $1.0bn | $1.7bn | 1.65 |
| Q3 2023 | $1.1bn | $1.7bn | 1.51 |
| Q4 2023 | $1.5bn | $2.1bn | 1.41 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +19.2m |
| MORGAN STANLEY | Added | +18.4m |
| ROYAL BANK OF CANADA | Added | +5.9m |
| Boston Partners | Added | +5.3m |
| VOYA INVESTMENT MANAGEMENT LLC | Added | +4.6m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +4.5m |
| CITADEL ADVISORS LLC | Added | +3.6m |
| Holocene Advisors, LP | Added | +2.4m |
| Regal Partners Ltd | New | +1.8m |
| STATE STREET CORP | Added | +1.6m |
Biggest sellers
| TORONTO DOMINION BANK | Reduced | -6.6m |
| FMR LLC | Reduced | -5.2m |
| Invesco Ltd. | Reduced | -3.0m |
| Bank of New York Mellon Corp | Reduced | -2.0m |
| Somerset Capital Management LLP | Reduced | -1.7m |
| TWO SIGMA ADVISERS, LP | Reduced | -1.5m |
| CIBC WORLD MARKETS CORP | Reduced | -1.4m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -1.3m |
| PRUDENTIAL FINANCIAL INC | Reduced | -1.0m |
| TWO SIGMA INVESTMENTS, LP | Reduced | -961.6k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $288.4m6.8m shares |
| BANK OF AMERICA CORP /DE/ | Added | $157.4m3.7m shares |
| CITADEL ADVISORS LLC | Reduced | $157.4m3.7m shares |
| UBS Group AG | Added | $155.7m3.7m shares |
| GOLDMAN SACHS GROUP INC | Added | $100.7m2.4m shares |
| Parallax Volatility Advisers, L.P. | Added | $81.6m1.9m shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $59.4m13.9k shares |
| CITIGROUP INC | Added | $54.1m1.3m shares |
| Squarepoint Ops LLC | Reduced | $53.9m1.3m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $48.1m1.1m shares |
Biggest puts
| JANE STREET GROUP, LLC | Added | $354.2m8.3m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $171.4m4.0m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $161.5m3.8m shares |
| CITADEL ADVISORS LLC | Reduced | $123.4m2.9m shares |
| UBS Group AG | Added | $107.5m2.5m shares |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | $107.0m25.1k shares |
| SIMPLEX TRADING, LLC | Added | $95.2m2.2m shares |
| CITIGROUP INC | Added | $79.0m1.9m shares |
| Walleye Trading LLC | Added | $60.4m1.4m shares |
| ROYAL BANK OF CANADA | Added | $58.9m1.4m 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.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 7.5% |
| BlackRock, Inc. 13G · institution filed 2025-04-17 | 6.2% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2022 | 0 | — | 2 | $7.0m | — |
| Q2 2022 | 1 | $501.2k | 1 | $321.8k | — |
| Q3 2022 | 2 | $1.1m | 0 | — | — |
| Q4 2022 | 0 | — | 1 | $3.0m | — |
| Q1 2023 | 0 | — | 1 | $504.1k | — |
| Q2 2023 | 1 | $139.6k | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
None reported in Q4 2023.
Holders, Q4 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.11% of their portfolio | 119.5m $5.1bn | Added +118.2k |
| BlackRock Inc. 0.12% of their portfolio | 110.7m $4.7bn | Reduced -128.7k |
| FMR LLC 0.26% of their portfolio | 80.1m $3.4bn | Reduced -5.2m |
| STATE STREET CORP 0.13% of their portfolio | 62.9m $2.7bn | Added +1.6m |
| Capital Research Global Investors 0.63% of their portfolio | 59.8m $2.5bn | Added +419.6k |
| Fisher Asset Management, LLC 1.25% of their portfolio | 55.7m $2.4bn | Added +976.6k |
| JPMORGAN CHASE & CO 0.09% of their portfolio | 43.6m $1.9bn | Added +19.2m |
| MORGAN STANLEY 0.07% of their portfolio | 35.5m $1.5bn | Added +18.4m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.20% of their portfolio | 34.5m $1.5bn | Added +4.5m |
| GEODE CAPITAL MANAGEMENT, LLC 0.12% of their portfolio | 26.9m $1.1bn | Added +481.4k |
| Bank of New York Mellon Corp 0.17% of their portfolio | 19.6m $834.6m | Reduced -2.0m |
| Amundi 0.37% of their portfolio | 19.5m $814.5m | Added +225.1k |
| NORTHERN TRUST CORP 0.13% of their portfolio | 16.9m $719.4m | Reduced -855.6k |
| PUTNAM INVESTMENTS LLC 0.94% of their portfolio | 16.6m $708.7m | Added +595.4k |
| Clearbridge Investments, LLC 0.52% of their portfolio | 14.3m $606.8m | Reduced -581.5k |
| BANK OF AMERICA CORP /DE/ 0.07% of their portfolio | 13.9m $593.8m | Reduced -943.4k |
| AMERIPRISE FINANCIAL INC 0.17% of their portfolio | 13.0m $551.3m | Reduced -146.4k |
| PUBLIC INVESTMENT FUND 1.56% of their portfolio | 12.9m $549.0m | Unchanged |
| JANUS HENDERSON GROUP PLC 0.30% of their portfolio | 11.9m $507.7m | Reduced -440.6k |
| ROYAL BANK OF CANADA 0.12% of their portfolio | 11.3m $482.7m | Added +5.9m |
| VIKING GLOBAL INVESTORS LP 1.72% of their portfolio | 11.1m $470.5m | Added +1.3m |
| Capital World Investors 0.08% of their portfolio | 10.8m $458.0m | Added +592.2k |
| DIMENSIONAL FUND ADVISORS LP 0.13% of their portfolio | 10.7m $456.7m | Added +90.7k |
| GOLDMAN SACHS GROUP INC 0.09% of their portfolio | 9.7m $411.9m | Added +379.3k |
| Diamond Hill Capital Management, LLC (Investment Advisor) 1.72% of their portfolio | 9.2m $392.2m | Added +25.4k |
| Nuveen Asset Management, LLC 0.12% of their portfolio | 8.7m $372.0m | Reduced -57.6k |
| Invesco Ltd. 0.09% of their portfolio | 8.7m $369.2m | Reduced -3.0m |
| Legal & General Group Plc 0.11% of their portfolio | 8.2m $348.0m | Reduced -89.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.08% of their portfolio | 7.7m $329.2m | Added +224.0k |
| NEUBERGER BERMAN GROUP LLC 0.24% of their portfolio | 6.4m $271.6m | Reduced -306.5k |
| Allspring Global Investments Holdings, LLC 0.45% of their portfolio | 6.4m $270.7m | Reduced -35.8k |
| VOYA INVESTMENT MANAGEMENT LLC 0.27% of their portfolio | 6.3m $266.2m | Added +4.6m |
| Alphinity Investment Management Pty Ltd 2.69% of their portfolio | 6.2m $265.3m | Added +840.9k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.10% of their portfolio | 6.0m $255.3m | Added +139.9k |
| TD Asset Management Inc 0.24% of their portfolio | 5.8m $246.0m | Added +1.5m |
| Boston Partners 0.30% of their portfolio | 5.4m $227.7m | Added +5.3m |
| FRANKLIN RESOURCES INC 0.10% of their portfolio | 5.0m $214.6m | Added +1.1m |
| BANK OF MONTREAL /CAN/ 0.07% of their portfolio | 5.0m $215.2m | Added +321.7k |
| FIRST TRUST ADVISORS LP 0.22% of their portfolio | 4.7m $199.4m | Added +286.3k |
| BARCLAYS PLC 0.10% of their portfolio | 4.4m $186.8m | Added +1.3m |
| Capital Wealth Planning, LLC 2.11% of their portfolio | 4.3m $183.9m | Added +24.4k |
| DEUTSCHE BANK AG\ 0.09% of their portfolio | 4.1m $175.5m | Added +332.8k |
| CITADEL ADVISORS LLC 0.17% of their portfolio | 4.1m $173.6m | Added +3.6m |
| MIZUHO MARKETS AMERICAS LLC 4.72% of their portfolio | 3.7m $156.4m | Reduced -119.1k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.09% of their portfolio | 3.7m $155.9m | Reduced -33.6k |
| Sumitomo Mitsui Trust Group, Inc. 0.11% of their portfolio | 3.6m $151.5m | Reduced -42.0k |
| Holocene Advisors, LP 0.58% of their portfolio | 3.5m $148.4m | Added +2.4m |
| Ninety One UK Ltd 0.44% of their portfolio | 3.5m $147.2m | Reduced -357.0k |
| Swedbank AB 0.24% of their portfolio | 3.4m $146.0m | Reduced -40.0k |
| PRIMECAP MANAGEMENT CO/CA/ 0.11% of their portfolio | 3.3m $141.2m | Added +43.1k |
| OAKTREE CAPITAL MANAGEMENT LP 1.95% of their portfolio | 2.9m $124.2m | Added +211.6k |
| UBS Group AG 0.05% of their portfolio | 2.8m $118.9m | Reduced -544.8k |
| Carmignac Gestion 1.95% of their portfolio | 2.7m $116.4m | Added +1.2m |
| CITIGROUP INC 0.15% of their portfolio | 2.6m $112.1m | Reduced -257.8k |
| WELLS FARGO & COMPANY/MN 0.03% of their portfolio | 2.6m $111.8m | Reduced -128.7k |
| VAN ECK ASSOCIATES CORP 0.20% of their portfolio | 2.6m $111.6m | Added +414.1k |
| RHUMBLINE ADVISERS 0.12% of their portfolio | 2.6m $110.2m | Reduced -50.8k |
| National Pension Service 0.15% of their portfolio | 2.6m $109.3m | Added +61.7k |
| California Public Employees Retirement System 0.08% of their portfolio | 2.6m $108.7m | Reduced -88.1k |
| ALLIANCEBERNSTEIN L.P. 0.04% of their portfolio | 2.5m $108.1m | Reduced -569.1k |
| Aspex Management (HK) Ltd 3.15% of their portfolio | 2.5m $107.4m | Unchanged |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.15% of their portfolio | 2.5m $107.1m | Added +105.2k |
| CONGRESS ASSET MANAGEMENT CO 0.83% of their portfolio | 2.5m $105.2m | Added +7.9k |
| KEYBANK NATIONAL ASSOCIATION/OH 0.47% of their portfolio | 2.5m $105.2m | Added +4.1k |
| HSBC HOLDINGS PLC 0.09% of their portfolio | 2.4m $101.3m | Reduced -136.8k |
| RAYMOND JAMES & ASSOCIATES 0.07% of their portfolio | 2.3m $97.3m | Added +106.0k |
| Mirae Asset Global Investments Co., Ltd. 0.20% of their portfolio | 2.3m $95.9m | Reduced -102.4k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.13% of their portfolio | 2.2m $94.0m | Reduced -82.5k |
| Pacific Heights Asset Management LLC 8.03% of their portfolio | 2.2m $93.7m | Added +20.0k |
| FEDERATED HERMES, INC. 0.23% of their portfolio | 2.2m $93.2m | Reduced -24.6k |
| Ceredex Value Advisors LLC 1.61% of their portfolio | 2.2m $93.1m | Added +234.0k |
| MILLENNIUM MANAGEMENT LLC 0.09% of their portfolio | 2.2m $92.7m | Reduced -1.3m |
| DekaBank Deutsche Girozentrale 0.19% of their portfolio | 2.1m $92.6m | Added +64.1k |
| Russell Investments Group, Ltd. 0.16% of their portfolio | 2.1m $89.8m | Reduced -38.8k |
| BESSEMER GROUP INC 0.17% of their portfolio | 2.1m $88.8m | Reduced -32.6k |
| Perpetual Ltd 0.90% of their portfolio | 2.1m $87.3m | Reduced -366.7k |
| MARSHALL WACE, LLP 0.16% of their portfolio | 2.0m $86.3m | Added +1.6m |
| CREDIT SUISSE AG/ 0.08% of their portfolio | 2.0m $84.8m | Added +156.6k |
| NORDEA INVESTMENT MANAGEMENT AB 0.10% of their portfolio | 1.9m $81.3m | Reduced -3.8k |
| NATIXIS ADVISORS, LLC 0.21% of their portfolio | 1.9m $79.6m | Added +31.6k |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.35% of their portfolio | 1.8m $78.6m | Added +13.4k |
| Regal Partners Ltd 8.30% of their portfolio | 1.8m $78.0m | New |
| Balyasny Asset Management L.P. 0.20% of their portfolio | 1.7m $73.7m | Added +1.5m |
| JANE STREET GROUP, LLC 0.09% of their portfolio | 1.6m $70.0m | Added +161.0k |
| AustralianSuper Pty Ltd 0.40% of their portfolio | 1.6m $67.0m | New |
| PRINCIPAL FINANCIAL GROUP INC 0.04% of their portfolio | 1.6m $66.8m | Reduced -10.0k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.14% of their portfolio | 1.5m $64.9m | Added +57 |
| Penserra Capital Management LLC 1.18% of their portfolio | 1.5m $62.6m | Reduced -29.1k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.10% of their portfolio | 1.4m $59.2m | Added +96.3k |
| LANSDOWNE PARTNERS (UK) LLP 4.41% of their portfolio | 1.4m $60.1m | Added +75.7k |
| Homestead Advisers Corp 1.53% of their portfolio | 1.4m $59.7m | Reduced -475.2k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.12% of their portfolio | 1.4m $59.3m | Reduced -32.5k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.13% of their portfolio | 1.4m $58.9m | Reduced -34.5k |
| THORNBURG INVESTMENT MANAGEMENT INC 0.84% of their portfolio | 1.4m $58.1m | Added +556.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.10% of their portfolio | 1.4m $57.6m | Added +135.3k |
| Douglas Lane & Associates, LLC 0.88% of their portfolio | 1.3m $57.4m | Added +174.0k |
| Railway Pension Investments Ltd 0.59% of their portfolio | 1.3m $57.3m | Added +790.2k |
| TWO SIGMA INVESTMENTS, LP 0.14% of their portfolio | 1.3m $56.3m | Reduced -961.6k |
| MACKENZIE FINANCIAL CORP 0.08% of their portfolio | 1.3m $55.9m | Added +50.9k |
| GABELLI FUNDS LLC 0.43% of their portfolio | 1.3m $55.3m | Added +495 |