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 ($93.7m this quarter). Holder counts are more reliable. Shares outstanding: 1.4bn as of 2025-04-30, 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 ≈ $38.55. Options: 76 managers hold calls ($2.1bn notional), 63 hold puts ($1.8bn).
Trends to Q1 2025
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 |
| Q1 2024 | 1,457 |
| Q2 2024 | 1,528 |
| Q3 2024 | 1,533 |
| Q4 2024 | 1,481 |
| Q1 2025 | 1,455 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2023 | 647 | 546 |
| Q3 2023 | 629 | 531 |
| Q4 2023 | 668 | 590 |
| Q1 2024 | 751 | 618 |
| Q2 2024 | 813 | 599 |
| Q3 2024 | 780 | 680 |
| Q4 2024 | 674 | 749 |
| Q1 2025 | 742 | 667 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $2.0bn | $2.2bn | 1.09 |
| Q3 2024 | $2.9bn | $2.3bn | 0.79 |
| Q4 2024 | $1.8bn | $1.9bn | 1.05 |
| Q1 2025 | $2.1bn | $1.8bn | 0.86 |
Biggest buyers
| BANK OF AMERICA CORP /DE/ | Added | +9.7m |
| FRANKLIN RESOURCES INC | Added | +7.0m |
| Amundi | Added | +6.1m |
| Crake Asset Management LLP | Added | +5.7m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +5.7m |
| Castle Hook Partners LP | New | +5.5m |
| FIL Ltd | Added | +4.3m |
| Point72 Asset Management, L.P. | New | +2.7m |
| Bank of New York Mellon Corp | Added | +2.6m |
| JANE STREET GROUP, LLC | Added | +2.5m |
Biggest sellers
| Capital Research Global Investors | Reduced | -18.2m |
| FMR LLC | Reduced | -12.3m |
| Capital Wealth Planning, LLC | Reduced | -7.5m |
| Diamond Hill Capital Management, LLC (Investment Advisor) | Reduced | -6.6m |
| BlackRock, Inc. | Reduced | -5.7m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -4.1m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Reduced | -2.7m |
| ROYAL BANK OF CANADA | Reduced | -1.9m |
| STATE STREET CORP | Reduced | -1.8m |
| RENAISSANCE TECHNOLOGIES LLC | Sold out | -1.8m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $429.2m11.3m shares |
| CITADEL ADVISORS LLC | Added | $278.9m7.4m shares |
| JANE STREET GROUP, LLC | Added | $234.8m6.2m shares |
| Aptus Capital Advisors, LLC | Added | $132.5m3.5m shares |
| BANK OF AMERICA CORP /DE/ | Added | $119.8m3.2m shares |
| CITIGROUP INC | Added | $115.8m3.1m shares |
| MASTERS CAPITAL MANAGEMENT LLC | Unchanged | $75.7m2.0m shares |
| UBS Group AG | Reduced | $65.5m1.7m shares |
| GOLDMAN SACHS GROUP INC | Added | $53.9m1.4m shares |
| BNP PARIBAS FINANCIAL MARKETS | First filing | $52.2m13.8k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $280.6m7.4m shares |
| JANE STREET GROUP, LLC | Added | $257.8m6.8m shares |
| CITADEL ADVISORS LLC | Added | $153.0m4.0m shares |
| UBS Group AG | Added | $106.0m2.8m shares |
| BNP PARIBAS FINANCIAL MARKETS | First filing | $95.9m25.3k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $80.9m2.1m shares |
| SIMPLEX TRADING, LLC | Reduced | $70.3m1.9m shares |
| D. E. Shaw & Co., Inc. | Reduced | $64.2m1.7m shares |
| Walleye Trading LLC | Added | $52.0m1.4m shares |
| Twin Tree Management, LP | Added | $51.0m1.3m 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 Q1 2025
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 |
|---|---|---|---|---|---|
| Q2 2023 | 1 | $139.6k | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 4 | $23.0m | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 1 | $583.8k | — |
| Q1 2025 | 0 | — | 0 | — | — |
None reported in Q1 2025.
Holders, Q1 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.09% of their portfolio | 125.0m $4.7bn | Added +1.8m |
| BlackRock, Inc. 0.09% of their portfolio | 108.7m $4.1bn | Reduced -5.7m |
| STATE STREET CORP 0.10% of their portfolio | 61.5m $2.3bn | Reduced -1.8m |
| Fisher Asset Management, LLC 0.99% of their portfolio | 60.4m $2.3bn | Added +1.1m |
| Capital Research Global Investors 0.49% of their portfolio | 59.2m $2.2bn | Reduced -18.2m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.18% of their portfolio | 37.5m $1.4bn | Added +5.7m |
| FRANKLIN RESOURCES INC 0.40% of their portfolio | 36.5m $1.4bn | Added +7.0m |
| BANK OF AMERICA CORP /DE/ 0.12% of their portfolio | 36.4m $1.4bn | Added +9.7m |
| GEODE CAPITAL MANAGEMENT, LLC 0.09% of their portfolio | 31.8m $1.2bn | Added +2.3m |
| Amundi 0.34% of their portfolio | 27.6m $927.6m | Added +6.1m |
| MORGAN STANLEY 0.07% of their portfolio | 26.8m $1.0bn | Added +2.4m |
| FMR LLC 0.06% of their portfolio | 24.7m $936.1m | Reduced -12.3m |
| Capital World Investors 0.15% of their portfolio | 24.3m $919.3m | Added +224.6k |
| Bank of New York Mellon Corp 0.16% of their portfolio | 21.9m $830.7m | Added +2.6m |
| NORTHERN TRUST CORP 0.09% of their portfolio | 16.3m $616.5m | Reduced -158.0k |
| Clearbridge Investments, LLC 0.52% of their portfolio | 15.6m $589.6m | Added +2.2m |
| JPMORGAN CHASE & CO 0.04% of their portfolio | 14.5m $548.0m | Reduced -100.8k |
| UBS Group AG 0.12% of their portfolio | 13.7m $520.6m | Added +1.3m |
| DIMENSIONAL FUND ADVISORS LP 0.12% of their portfolio | 13.2m $498.3m | Added +1.8m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.37% of their portfolio | 12.2m $461.8m | Reduced -4.1m |
| AMERIPRISE FINANCIAL INC 0.12% of their portfolio | 12.0m $454.3m | Added +92.0k |
| WELLINGTON MANAGEMENT GROUP LLP 0.08% of their portfolio | 11.6m $440.5m | Added +2.4m |
| Capital International Investors 0.08% of their portfolio | 11.2m $424.7m | Added +121.6k |
| Invesco Ltd. 0.08% of their portfolio | 11.2m $422.7m | Added +989.9k |
| Nuveen, LLC 0.11% of their portfolio | 9.7m $367.0m | First filing |
| GOLDMAN SACHS GROUP INC 0.07% of their portfolio | 9.5m $361.0m | Reduced -464.1k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.41% of their portfolio | 9.3m $351.2m | Reduced -2.7m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.06% of their portfolio | 8.7m $327.8m | Added +170.4k |
| CITIGROUP INC 0.23% of their portfolio | 8.1m $305.9m | Added +973.4k |
| Legal & General Group Plc 0.08% of their portfolio | 7.6m $289.0m | Added +151.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.07% of their portfolio | 7.6m $286.3m | Added +456.2k |
| JANUS HENDERSON GROUP PLC 0.15% of their portfolio | 7.1m $272.5m | Added +2.3m |
| D. E. Shaw & Co., Inc. 0.31% of their portfolio | 6.9m $260.9m | Added +1.2m |
| FIL Ltd 0.24% of their portfolio | 6.7m $254.9m | Added +4.3m |
| BNP PARIBAS FINANCIAL MARKETS 0.19% of their portfolio | 6.7m $253.4m | First filing |
| ROYAL BANK OF CANADA 0.05% of their portfolio | 6.0m $225.6m | Reduced -1.9m |
| Crake Asset Management LLP 18.10% of their portfolio | 5.9m $224.5m | Added +5.7m |
| Castle Hook Partners LP 5.46% of their portfolio | 5.5m $207.5m | New |
| BANK OF MONTREAL /CAN/ 0.11% of their portfolio | 5.5m $207.0m | Added +176.0k |
| Boston Partners 0.22% of their portfolio | 4.8m $182.7m | Reduced -146.1k |
| NEUBERGER BERMAN GROUP LLC 0.15% of their portfolio | 4.8m $182.4m | Reduced -920.8k |
| Allspring Global Investments Holdings, LLC 0.31% of their portfolio | 4.7m $181.0m | Reduced -467.3k |
| Ninety One UK Ltd 0.47% of their portfolio | 4.5m $169.5m | Added +956.8k |
| DEUTSCHE BANK AG\ 0.07% of their portfolio | 4.5m $168.9m | Reduced -1.0m |
| JANE STREET GROUP, LLC 0.26% of their portfolio | 3.9m $147.1m | Added +2.5m |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.30% of their portfolio | 3.8m $143.2m | Added +495.8k |
| National Pension Service 0.13% of their portfolio | 3.6m $138.1m | Added +390.7k |
| MIZUHO MARKETS AMERICAS LLC 2.96% of their portfolio | 3.6m $136.5m | Reduced -528.6k |
| Assenagon Asset Management S.A. 0.23% of their portfolio | 3.5m $130.7m | Reduced -827.7k |
| BARCLAYS PLC 0.06% of their portfolio | 3.4m $127.4m | Reduced -960.0k |
| Sumitomo Mitsui Trust Group, Inc. 0.09% of their portfolio | 3.3m $124.2m | Reduced -15.7k |
| RAYMOND JAMES FINANCIAL INC 0.05% of their portfolio | 3.2m $120.0m | Reduced -367.5k |
| Russell Investments Group, Ltd. 0.16% of their portfolio | 3.1m $118.9m | Added +446.5k |
| HSBC HOLDINGS PLC 0.08% of their portfolio | 3.1m $118.2m | Reduced -707.1k |
| Perpetual Ltd 1.35% of their portfolio | 2.9m $111.6m | Added +1.2m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.10% of their portfolio | 2.9m $110.7m | Reduced -61.1k |
| THORNBURG INVESTMENT MANAGEMENT INC 1.51% of their portfolio | 2.8m $1.1bn | Added +403.1k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.13% of their portfolio | 2.7m $104.0m | Reduced -25.9k |
| Point72 Asset Management, L.P. 0.29% of their portfolio | 2.7m $102.5m | New |
| Phoenix Financial Ltd. 1.53% of their portfolio | 2.6m $100.0m | Added +2.5m |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 2.6m $99.6m | Added +96.5k |
| DekaBank Deutsche Girozentrale 0.19% of their portfolio | 2.6m $97.3m | Added +182.3k |
| PRIMECAP MANAGEMENT CO/CA/ 0.08% of their portfolio | 2.6m $97.5m | Reduced -382.4k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.09% of their portfolio | 2.6m $96.7m | Added +252.1k |
| RHUMBLINE ADVISERS 0.09% of their portfolio | 2.5m $94.4m | Added +84.7k |
| KEYBANK NATIONAL ASSOCIATION/OH 0.38% of their portfolio | 2.5m $94.3m | Reduced -777 |
| MILLENNIUM MANAGEMENT LLC 0.09% of their portfolio | 2.5m $94.1m | Reduced -893.8k |
| NATIONAL BANK OF CANADA /FI/ 0.11% of their portfolio | 2.4m $91.4m | Reduced -118.5k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.15% of their portfolio | 2.4m $91.1m | Added +1.3m |
| Regal Partners Ltd 8.78% of their portfolio | 2.3m $85.7m | Added +264.9k |
| CITADEL ADVISORS LLC 0.08% of their portfolio | 2.2m $85.0m | Added +856.2k |
| California Public Employees Retirement System 0.06% of their portfolio | 2.2m $83.9m | Reduced -59.8k |
| VAN ECK ASSOCIATES CORP 0.11% of their portfolio | 2.2m $83.4m | Reduced -815.1k |
| OAKTREE CAPITAL MANAGEMENT LP 1.68% of their portfolio | 2.2m $83.0m | Added +428.1k |
| Pacific Heights Asset Management LLC 5.60% of their portfolio | 2.2m $82.3m | Added +5.0k |
| Nan Shan Life Insurance Co., Ltd. 1.94% of their portfolio | 2.2m $82.1m | Added +534.9k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.35% of their portfolio | 2.1m $78.8m | Reduced -1.3m |
| NEW YORK STATE COMMON RETIREMENT FUND 0.11% of their portfolio | 2.0m $76.9m | Reduced -67.3k |
| VOYA INVESTMENT MANAGEMENT LLC 0.04% of their portfolio | 2.0m $74.9m | Reduced -842.0k |
| LPL Financial LLC 0.03% of their portfolio | 1.9m $73.8m | Added +171.3k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.07% of their portfolio | 1.9m $73.8m | Added +1.1m |
| Railway Pension Investments Ltd 1.01% of their portfolio | 1.9m $71.3m | Unchanged |
| NORDEA INVESTMENT MANAGEMENT AB 0.07% of their portfolio | 1.9m $69.4m | Reduced -16.0k |
| MARSHALL WACE, LLP 0.09% of their portfolio | 1.8m $68.5m | Reduced -452.9k |
| Aberdeen Group plc 0.13% of their portfolio | 1.8m $67.1m | Added +525.2k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 1.8m $67.2m | Reduced -290.1k |
| PRUDENTIAL FINANCIAL INC 0.09% of their portfolio | 1.7m $63.8m | Reduced -257.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.04% of their portfolio | 1.7m $63.5m | Added +10.2k |
| Encompass Capital Advisors LLC 2.39% of their portfolio | 1.6m $62.2m | New |
| Douglas Lane & Associates, LLC 0.89% of their portfolio | 1.6m $60.5m | Added +49.4k |
| Senator Investment Group LP 3.15% of their portfolio | 1.6m $59.3m | Added +1.5m |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.11% of their portfolio | 1.6m $58.7m | Added +334.0k |
| CANADA LIFE ASSURANCE Co 0.10% of their portfolio | 1.5m $58.7m | Added +81.8k |
| GREAT LAKES ADVISORS, LLC 0.52% of their portfolio | 1.5m $58.5m | Added +40.5k |
| Brandywine Global Investment Management, LLC 0.42% of their portfolio | 1.5m $58.6m | Reduced -72.6k |
| Homestead Advisers Corp 1.41% of their portfolio | 1.5m $57.6m | Unchanged |
| Hosking Partners LLP 2.38% of their portfolio | 1.5m $56.4m | Added +190.7k |
| ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio | 1.5m $55.6m | Added +42.7k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.90% of their portfolio | 1.5m $55.1m | Added +9.8k |
| Empower Advisory Group, LLC 0.18% of their portfolio | 1.4m $53.9m | Added +873.0k |