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 ($113.7m this quarter). Holder counts are more reliable. Shares outstanding: 1.4bn as of 2025-10-31, 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 ≈ $39.19. Options: 69 managers hold calls ($2.4bn notional), 65 hold puts ($2.5bn).
Trends to Q3 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 |
| Q2 2025 | 1,528 |
| Q3 2025 | 1,526 |
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 2023 | 668 | 590 |
| Q1 2024 | 751 | 618 |
| Q2 2024 | 813 | 599 |
| Q3 2024 | 780 | 680 |
| Q4 2024 | 674 | 749 |
| Q1 2025 | 742 | 667 |
| Q2 2025 | 787 | 651 |
| Q3 2025 | 791 | 660 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $1.8bn | $1.9bn | 1.05 |
| Q1 2025 | $2.1bn | $1.8bn | 0.86 |
| Q2 2025 | $2.0bn | $2.0bn | 1.03 |
| Q3 2025 | $2.4bn | $2.5bn | 1.06 |
Biggest buyers
| WELLINGTON MANAGEMENT GROUP LLP | Added | +24.0m |
| JPMORGAN CHASE & CO | Added | +13.0m |
| MILLENNIUM MANAGEMENT LLC | Added | +11.8m |
| JANE STREET GROUP, LLC | Added | +5.2m |
| D. E. Shaw & Co., Inc. | Added | +4.5m |
| Ninety One UK Ltd | Added | +3.7m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +3.5m |
| UBS Group AG | Added | +3.4m |
| VOYA INVESTMENT MANAGEMENT LLC | Added | +2.9m |
| Balyasny Asset Management L.P. | Added | +2.6m |
Biggest sellers
| Capital World Investors | Reduced | -24.1m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -20.1m |
| Capital Research Global Investors | Reduced | -19.1m |
| FRANKLIN RESOURCES INC | Reduced | -6.5m |
| VICTORY CAPITAL MANAGEMENT INC | Reduced | -6.0m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Reduced | -5.4m |
| MARSHALL WACE, LLP | Reduced | -4.1m |
| ROYAL BANK OF CANADA | Reduced | -4.0m |
| BANK OF AMERICA CORP /DE/ | Reduced | -3.5m |
| Castle Hook Partners LP | Sold out | -3.2m |
Biggest calls
| JANE STREET GROUP, LLC | Added | $328.7m8.4m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $273.0m7.0m shares |
| CITADEL ADVISORS LLC | Added | $251.2m6.4m shares |
| TOMS Capital Investment Management LP | New | $156.9m4.0m shares |
| UBS Group AG | Added | $126.4m3.2m shares |
| GOLDMAN SACHS GROUP INC | Added | $100.9m2.6m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $97.0m2.5m shares |
| Kirkoswald Asset Management LLC | New | $82.8m2.1m shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | New | $65.1m1.7m shares |
| MOORE CAPITAL MANAGEMENT, LP | Added | $61.5m1.6m shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $515.0m13.1m shares |
| JANE STREET GROUP, LLC | Added | $372.9m9.5m shares |
| CITADEL ADVISORS LLC | Added | $161.0m4.1m shares |
| UBS Group AG | Added | $132.6m3.4m shares |
| PEAK6 LLC | Added | $118.6m3.0m shares |
| GOLDMAN SACHS GROUP INC | Added | $116.3m3.0m shares |
| SIMPLEX TRADING, LLC | Added | $101.4m2.6m shares |
| JPMORGAN CHASE & CO | Added | $81.2m2.1m shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $80.0m20.4k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $71.8m1.8m 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 Q3 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q2 2025 | 0 | — | 1 | $343.5k | — |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.08% of their portfolio | 128.8m $5.0bn | Added +1.8m |
| BlackRock, Inc. 0.07% of their portfolio | 106.5m $4.2bn | Added +664.1k |
| Fisher Asset Management, LLC 0.90% of their portfolio | 63.3m $2.5bn | Added +899.7k |
| STATE STREET CORP 0.08% of their portfolio | 62.5m $2.5bn | Added +690.7k |
| Capital Research Global Investors 0.31% of their portfolio | 42.0m $1.6bn | Reduced -19.1m |
| WELLINGTON MANAGEMENT GROUP LLP 0.25% of their portfolio | 36.5m $1.4bn | Added +24.0m |
| BANK OF AMERICA CORP /DE/ 0.11% of their portfolio | 35.8m $1.4bn | Reduced -3.5m |
| GEODE CAPITAL MANAGEMENT, LLC 0.08% of their portfolio | 31.4m $1.2bn | Added +245.7k |
| MORGAN STANLEY 0.07% of their portfolio | 31.1m $1.2bn | Added +733.0k |
| JPMORGAN CHASE & CO 0.04% of their portfolio | 30.2m $1.2bn | Added +13.0m |
| FRANKLIN RESOURCES INC 0.28% of their portfolio | 28.5m $1.1bn | Reduced -6.5m |
| Bank of New York Mellon Corp 0.15% of their portfolio | 21.7m $849.9m | Added +436.0k |
| FMR LLC 0.04% of their portfolio | 19.3m $755.6m | Reduced -2.8m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.07% of their portfolio | 17.3m $679.8m | Reduced -20.1m |
| UBS Group AG 0.12% of their portfolio | 16.1m $630.0m | Added +3.4m |
| Clearbridge Investments, LLC 0.46% of their portfolio | 15.6m $612.2m | Reduced -156.4k |
| NORTHERN TRUST CORP 0.08% of their portfolio | 15.3m $599.1m | Reduced -354.7k |
| VICTORY CAPITAL MANAGEMENT INC 0.31% of their portfolio | 13.5m $528.0m | Reduced -6.0m |
| DIMENSIONAL FUND ADVISORS LP 0.11% of their portfolio | 13.2m $517.1m | Added +166.7k |
| MILLENNIUM MANAGEMENT LLC 0.38% of their portfolio | 12.4m $485.3m | Added +11.8m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.43% of their portfolio | 12.2m $477.7m | Reduced -5.4m |
| Capital International Investors 0.07% of their portfolio | 11.5m $452.2m | Added +1.9m |
| AMERIPRISE FINANCIAL INC 0.10% of their portfolio | 11.2m $440.0m | Added +650.5k |
| GOLDMAN SACHS GROUP INC 0.06% of their portfolio | 11.1m $434.9m | Added +585.0k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.25% of their portfolio | 10.0m $394.1m | Reduced -323.5k |
| Nuveen, LLC 0.10% of their portfolio | 9.7m $382.2m | Reduced -371.6k |
| Ninety One UK Ltd 0.39% of their portfolio | 9.1m $358.3m | Added +3.7m |
| Crake Asset Management LLP 16.18% of their portfolio | 9.1m $356.6m | Reduced -431.2k |
| Invesco Ltd. 0.06% of their portfolio | 9.1m $355.7m | Reduced -170.7k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.06% of their portfolio | 8.9m $350.7m | Added +78.0k |
| JANE STREET GROUP, LLC 0.37% of their portfolio | 8.2m $320.0m | Added +5.2m |
| Legal & General Group Plc 0.07% of their portfolio | 7.7m $302.1m | Added +240.7k |
| CITADEL ADVISORS LLC 0.24% of their portfolio | 7.6m $297.8m | Added +1.2m |
| ROYAL BANK OF CANADA 0.05% of their portfolio | 7.2m $281.8m | Reduced -4.0m |
| Amundi 0.09% of their portfolio | 7.0m $283.0m | Added +2.1m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.06% of their portfolio | 6.6m $257.8m | Reduced -2.0m |
| BANK OF MONTREAL /CAN/ 0.11% of their portfolio | 6.5m $256.4m | Added +972.1k |
| D. E. Shaw & Co., Inc. 0.20% of their portfolio | 6.5m $254.1m | Added +4.5m |
| BNP PARIBAS FINANCIAL MARKETS 0.20% of their portfolio | 6.4m $252.5m | Added +1.8m |
| FIL Ltd 0.19% of their portfolio | 6.3m $247.2m | Reduced -690.9k |
| NEUBERGER BERMAN GROUP LLC 0.18% of their portfolio | 6.2m $244.0m | Added +756.8k |
| AQR CAPITAL MANAGEMENT LLC 0.14% of their portfolio | 5.6m $211.2m | Added +1.4m |
| JANUS HENDERSON GROUP PLC 0.09% of their portfolio | 5.2m $205.1m | Reduced -1.6m |
| Allspring Global Investments Holdings, LLC 0.32% of their portfolio | 5.1m $197.5m | Added +79.3k |
| BARCLAYS PLC 0.07% of their portfolio | 4.9m $192.5m | Added +1.1m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.27% of their portfolio | 4.7m $185.0m | Added +3.5m |
| Assenagon Asset Management S.A. 0.26% of their portfolio | 4.6m $178.7m | Reduced -115.1k |
| CITIGROUP INC 0.12% of their portfolio | 4.5m $177.5m | Added +21.7k |
| Boston Partners 0.18% of their portfolio | 4.5m $177.3m | Reduced -1.0m |
| HSBC HOLDINGS PLC 0.10% of their portfolio | 4.2m $163.0m | Added +1.4m |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.12% of their portfolio | 4.1m $152.7m | Added +1.9m |
| VOYA INVESTMENT MANAGEMENT LLC 0.15% of their portfolio | 3.8m $150.8m | Added +2.9m |
| DEUTSCHE BANK AG\ 0.05% of their portfolio | 3.7m $146.3m | Added +667.7k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.48% of their portfolio | 3.6m $142.8m | Added +698.6k |
| Sumitomo Mitsui Trust Group, Inc. 0.08% of their portfolio | 3.6m $142.0m | Added +32.1k |
| Mizuho Markets Cayman LP 11.73% of their portfolio | 3.5m $137.7m | Reduced -160.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.11% of their portfolio | 3.5m $136.6m | Added +752.3k |
| RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio | 3.4m $134.2m | Added +98.4k |
| National Pension Service 0.09% of their portfolio | 3.0m $117.7m | Added +76.0k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.19% of their portfolio | 3.0m $117.3m | Added +367.5k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.08% of their portfolio | 2.9m $113.8m | Added +154.1k |
| Perpetual Ltd 1.36% of their portfolio | 2.8m $109.4m | Reduced -560.6k |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 2.7m $106.1m | Added +169.8k |
| Balyasny Asset Management L.P. 0.21% of their portfolio | 2.7m $105.6m | Added +2.6m |
| PRUDENTIAL FINANCIAL INC 0.12% of their portfolio | 2.6m $103.8m | Added +552.3k |
| PRIMECAP MANAGEMENT CO/CA/ 0.08% of their portfolio | 2.6m $101.6m | Reduced -2.5k |
| Pacific Heights Asset Management LLC 4.43% of their portfolio | 2.5m $100.0m | Added +360.0k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.10% of their portfolio | 2.5m $99.1m | Reduced -164.2k |
| RHUMBLINE ADVISERS 0.08% of their portfolio | 2.5m $96.2m | Reduced -16.7k |
| California Public Employees Retirement System 0.06% of their portfolio | 2.4m $95.4m | Added +98.8k |
| Regal Partners Ltd 6.82% of their portfolio | 2.4m $95.3m | Reduced -434.9k |
| DekaBank Deutsche Girozentrale 0.15% of their portfolio | 2.4m $90.0m | Unchanged |
| KEYBANK NATIONAL ASSOCIATION/OH 0.32% of their portfolio | 2.3m $91.1m | Reduced -48.8k |
| HRT FINANCIAL LP 0.41% of their portfolio | 2.3m $90.6m | Added +1.9m |
| VAN ECK ASSOCIATES CORP 0.08% of their portfolio | 2.1m $83.4m | Reduced -16.3k |
| PANAGORA ASSET MANAGEMENT INC 0.33% of their portfolio | 2.1m $80.8m | Reduced -39.2k |
| CANADA LIFE ASSURANCE Co 0.11% of their portfolio | 2.1m $76.4m | Added +366.8k |
| LPL Financial LLC 0.02% of their portfolio | 2.0m $78.5m | Reduced -218.4k |
| General Pension Society PZU Joint Stock Co 18.56% of their portfolio | 2.0m $76.8m | Added +565.0k |
| AMERICAN CENTURY COMPANIES INC 0.04% of their portfolio | 1.9m $76.4m | Added +565.1k |
| TUDOR INVESTMENT CORP ET AL 0.47% of their portfolio | 1.9m $73.1m | New |
| THORNBURG INVESTMENT MANAGEMENT INC 0.95% of their portfolio | 1.9m $72.7m | Reduced -1.1m |
| NORDEA INVESTMENT MANAGEMENT AB 0.06% of their portfolio | 1.8m $69.6m | Reduced -27.5k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.13% of their portfolio | 1.8m $71.6m | Added +1.8m |
| Russell Investments Group, Ltd. 0.08% of their portfolio | 1.7m $68.1m | Reduced -967.9k |
| Swedbank AB 0.07% of their portfolio | 1.7m $67.0m | Reduced -894.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.03% of their portfolio | 1.7m $65.8m | Added +84.6k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 1.6m $63.8m | Reduced -13.0k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.08% of their portfolio | 1.6m $63.4m | Reduced -370.2k |
| MOORE CAPITAL MANAGEMENT, LP 1.26% of their portfolio | 1.6m $63.3m | Added +1.6m |
| Employees Retirement System of Texas 0.50% of their portfolio | 1.6m $62.4m | Reduced -11.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio | 1.6m $62.0m | Added +32.7k |
| GREAT LAKES ADVISORS, LLC 0.51% of their portfolio | 1.6m $60.8m | Added +115.3k |
| Point72 Asset Management, L.P. 0.13% of their portfolio | 1.5m $60.8m | Added +1.4m |
| Douglas Lane & Associates, LLC 0.84% of their portfolio | 1.5m $60.3m | Reduced -135 |
| Hosking Partners LLP 2.17% of their portfolio | 1.5m $59.9m | Added +122.7k |
| Empower Advisory Group, LLC 0.17% of their portfolio | 1.5m $59.9m | Added +37.8k |
| OAKTREE CAPITAL MANAGEMENT LP 0.98% of their portfolio | 1.5m $59.0m | Reduced -491.2k |
| Homestead Advisers Corp 1.40% of their portfolio | 1.5m $58.7m | Reduced -29.7k |
| Rathbones Group PLC 0.22% of their portfolio | 1.4m $54.9m | Reduced -4.5k |