Vault-13

GLOBAL BUSINESS TRAVEL GROUP

COM CL A · CUSIP 37890B100

150 institutional holders +16 vs Q4 2024
241,407,363241.4m shares reported held*
$1.7bnreported value*
34 new 55 added 36 reduced 19 sold out net bought ≈ $25.9m (+2.3m 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 ($7.7k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $7.21. Options: 2 managers hold calls ($1.5k notional), 1 hold puts ($0).

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 40Q4 22: 44Q1 23: 41Q2 23: 55Q3 23: 64Q4 23: 60Q1 24: 65Q2 24: 75Q3 24: 98Q4 24: 134Q1 25: 150150Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202240
Q4 202244
Q1 202341
Q2 202355
Q3 202364
Q4 202360
Q1 202465
Q2 202475
Q3 202498
Q4 2024134
Q1 2025150

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q2 23: 38 bought or addedQ2 23: 19 cut or sold outQ3 23: 35 bought or addedQ3 23: 14 cut or sold outQ3 23Q4 23: 33 bought or addedQ4 23: 25 cut or sold outQ1 24: 30 bought or addedQ1 24: 28 cut or sold outQ1 24Q2 24: 57 bought or addedQ2 24: 12 cut or sold outQ3 24: 63 bought or addedQ3 24: 24 cut or sold outQ3 24Q4 24: 87 bought or addedQ4 24: 30 cut or sold outQ1 25: 89 bought or addedQ1 25: 55 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 20233819
Q3 20233514
Q4 20233325
Q1 20243028
Q2 20245712
Q3 20246324
Q4 20248730
Q1 20258955

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$50k$100k$150kQ2 24 calls: $86.2kQ2 24 puts: $0Q2 24P/C 0.00Q3 24 calls: $122.1kQ3 24 puts: $0Q3 24P/C 0.00Q4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $1.5kQ1 25 puts: $0Q1 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q2 2024$86.2k$00.00
Q3 2024$122.1k$00.00
Q4 2024$0$0—
Q1 2025$1.5k$00.00

Biggest buyers

DIMENSIONAL FUND ADVISORS LP Added +752,923+752.9k
FMR LLC Added +453,314+453.3k
BlackRock, Inc. Added +366,977+367.0k
Advantage Alpha Capital Partners LP Added +350,350+350.4k
GOLDMAN SACHS GROUP INC Added +294,527+294.5k
Squarepoint Ops LLC New +287,367+287.4k
Emmett Investment Management, LP Added +268,967+269.0k
CITADEL ADVISORS LLC New +265,807+265.8k
FIRST TRUST ADVISORS LP Added +265,339+265.3k
Wealthspire Advisors, LLC New +258,588+258.6k

Biggest sellers

CARRONADE CAPITAL MANAGEMENT, LP Reduced -1,287,154-1.3m
Beach Point Capital Management LP Reduced -632,798-632.8k
Bank of New York Mellon Corp Reduced -477,159-477.2k
SCHRODER INVESTMENT MANAGEMENT GROUP Sold out -118,894-118.9k
BANK OF AMERICA CORP /DE/ Reduced -115,710-115.7k
STATE OF WISCONSIN INVESTMENT BOARD Reduced -80,826-80.8k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Reduced -70,565-70.6k
JANE STREET GROUP, LLC Sold out -62,083-62.1k
Verition Fund Management LLC Reduced -48,699-48.7k
Harvest Fund Management Co., Ltd Sold out -47,331-47.3k

Biggest calls

GROUP ONE TRADING LLC New $1.5k200 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

CONCOURSE FINANCIAL GROUP SECURITIES, INC. 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.

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.

HolderStakeChangeShares Last filed
Expedia Group, Inc. 13D · may seek influence filed 2026-05-05
Stated purposeEXPLANATORY NOTE: This Amendment No. 3 (the "Amendment") amends and supplements the Schedule 13D filed by the Reporting Person on June 6, 2022, as amended by Amendment No. 1 thereto filed on July 12, 2023 and Amendment No. 2 thereto filed on January 16, 2024, with respect to the Class A common stock (the "Schedule 13D"). Capitalized terms used in this Amendment and not defined herein shall have the same meanings ascribed to them in the Schedule 13D. Item 4 of the Schedule 13D is hereby amended by adding the following: Voting Agreement On May 2, 2026, the Issuer entered into an Agreement and Plan of Merger (the "Merger Agreement") with Gaia Purchaser, Inc., a Delaware corporation ("Parent"), and Gaia Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent ("Merger… Full filing
 14.3% 74.8m≈ $702.8m 2026-05-05
BlackRock Portfolio Management LLC 13D · may seek influence -0.7 pts · filed 2026-05-05
Stated purposeAll of the Class A Common Stock of the Issuer reported on this Schedule 13D was acquired in the ordinary course of business for investment purposes by the Reporting Business Units. On May 2, 2026, the Issuer entered into an Agreement and Plan of Merger (the "Merger Agreement") with Gaia Purchaser, Inc., a Delaware corporation ("Parent"), and Gaia Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which the Issuer is to be acquired by Long Lake Management Holdings Inc. Pursuant to the Merger Agreement, Merger Sub will be merged with and into the Company (the "Merger"), with the Company surviving as a wholly owned subsidiary of Parent. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective t… Full filing
 7.5% -0.7 pts 39.2m≈ $368.0m 2026-05-05

Fell to 5% or below in the last year: AMERICAN EXPRESS CO (0.0%, 2026-10-01), Qatar Investment Authority (0.0%, 2026-09-29), Apollo Principal Holdings A GP, Ltd. (4.4%, 2026-02-20)

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 AMERICAN EXPRESS CO 99.93% of their portfolio NEW YORK, NY 157,786,199157.8m $1.1bn $1.1bn 99.93% Unchanged
2 Apollo Management Holdings, L.P. 3.12% of their portfolio New York, NY 25,706,88625.7m $137.6m $137.6m 3.12% Unchanged
3 ARES MANAGEMENT LLC 5.08% of their portfolio LOS ANGELES, CA 11,396,51711.4m $82.7m $82.7m 5.08% Unchanged
4 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 9,226,0919.2m $67.0m $67.0m 0.00% Reduced -42.1k -42,141
5 BlackRock, Inc. 0.00% of their portfolio New York, NY 9,216,2239.2m $66.9m $66.9m 0.00% Added +367.0k +366,977
6 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 2,481,4172.5m $18.0m $18.0m 0.00% Added +40.8k +40,780
7 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 2,363,2692.4m $17.2m $17.2m 0.00% Added +54.4k +54,437
8 Beach Point Capital Management LP 5.37% of their portfolio Santa Monica, CA 2,083,4652.1m $15.1m $15.1m 5.37% Reduced -632.8k -632,798
9 CARRONADE CAPITAL MANAGEMENT, LP 7.93% of their portfolio DARIEN, CT 1,682,1041.7m $49.1m $49.1m 7.93% Reduced -1.3m -1,287,154
10 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 1,641,9121.6m $11.9m $11.9m 0.00% Added +752.9k +752,923
11 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 1,372,2381.4m $10.0m $10.0m 0.01% Reduced -39.0k -39,048
12 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 1,135,5241.1m $8.2m $8.2m 0.00% Reduced -40.7k -40,673
13 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 789,708789.7k $5.7m $5.7m 0.00% Reduced -22.5k -22,534
14 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 757,093757.1k $5.5m $5.5m 0.00% Reduced -477.2k -477,159
15 PAR CAPITAL MANAGEMENT INC 0.18% of their portfolio BOSTON, MA 746,730746.7k $5.4m $5.4m 0.18% Unchanged
16 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 736,472736.5k $5.3m $5.3m 0.00% Added +294.5k +294,527
17 Advantage Alpha Capital Partners LP 1.25% of their portfolio SAN FRANCISCO, CA 704,317704.3k $5.1m $5.1m 1.25% Added +350.4k +350,350
18 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 660,418660.4k $4.8m $4.8m 0.00% Added +265.3k +265,339
19 PB INVESTMENT PARTNERS, L.P. 3.53% of their portfolio BURLINGAME, CA 613,264613.3k $4.5m $4.5m 3.53% Unchanged
20 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 513,620513.6k $3.7m $3.7m 0.01% Added +84.1k +84,100
21 Emmett Investment Management, LP 3.36% of their portfolio NEW YORK, NY 500,178500.2k $3.7m $3.7m 3.36% Added +269.0k +268,967
22 UBS Group AG 0.00% of their portfolio ZURICH, V8 467,589467.6k $3.4m $3.4m 0.00% Added +39.6k +39,603
23 FMR LLC 0.00% of their portfolio BOSTON, MA 455,691455.7k $3.3m $3.3m 0.00% Added +453.3k +453,314
24 Ballast Asset Management, LP 1.52% of their portfolio DALLAS, TX 397,922397.9k $2.9m $2.9m 1.52% Added +5.6k +5,556
25 Golden State Wealth Management, LLC 0.42% of their portfolio SANTA ANA, CA 388,155388.2k $2.8m $2.8m 0.42% Added +144.3k +144,303
26 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 365,114365.1k $2.7m $2.7m 0.00% First filing
27 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 361,934361.9k $2.6m $2.6m 0.00% Added +66.3k +66,328
28 E. Ohman J:or Asset Management AB 0.07% of their portfolio STOCKHOLM, V7 359,201359.2k $2.6m $2.6m 0.07% Added +118.6k +118,604
29 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 332,697332.7k $2.4m $2.4m 0.00% Reduced -70.6k -70,565
30 Squarepoint Ops LLC 0.01% of their portfolio NEW YORK, NY 287,367287.4k $2.1m $2.1m 0.01% New
31 Tidal Investments LLC 0.02% of their portfolio Milwaukee, WI 266,716266.7k $1.9m $1.9m 0.02% Added +7.5k +7,450
32 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 265,807265.8k $1.9m $1.9m 0.00% New
33 Wealthspire Advisors, LLC 0.01% of their portfolio NEW YORK, NY 258,588258.6k $1.9m $1.9m 0.01% New
34 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 250,815250.8k $1.8m $1.8m 0.00% Added +33.4k +33,437
35 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 210,901210.9k $1.5m $1.5m 0.00% Added +50.2k +50,235
36 Swiss National Bank 0.00% of their portfolio ZURICH, V8 182,300182.3k $1.3m $1.3m 0.00% Reduced -2.3k -2,300
37 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 179,539179.5k $1.3m $1.3m 0.00% Added +22.0k +21,976
38 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 174,340174.3k $1.3m $1.3m 0.00% Unchanged
39 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 159,153159.2k $1.2m $1.2m 0.00% Added +83.1k +83,070
40 ExodusPoint Capital Management, LP 0.02% of their portfolio NEW YORK, NY 157,326157.3k $1.1m $1.1m 0.02% Added +65.7k +65,712
41 Jump Financial, LLC 0.02% of their portfolio Chicago, IL 141,915141.9k $1.0m $1.0m 0.02% Added +131.7k +131,668
42 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 135,720135.7k $985.3k $985.3k 0.00% Unchanged
43 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.00% of their portfolio JUPITER, FL 133,527133.5k $969.4k $969.4k 0.00% Reduced -6.4k -6,353
44 AlphaQuest LLC 0.09% of their portfolio New York, NY 112,823112.8k $819.1k $819.1k 0.09% Added +111.9k +111,943
45 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 110,414110.4k $801.6k $801.6k 0.00% Added +14.6k +14,592
46 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 110,181110.2k $799.9k $799.9k 0.00% Added +11.4k +11,411
47 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 108,687108.7k $789.1k $789.1k 0.00% Reduced -115.7k -115,710
48 Legal & General Group Plc 0.00% of their portfolio London, X0 108,057108.1k $784.5k $784.5k 0.00% Reduced -4.0k -4,042
49 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 106,089106.1k $770.2k $770.2k 0.00% Reduced -11.0k -10,990
50 Man Group plc 0.00% of their portfolio LONDON, X0 103,368103.4k $750.5k $750.5k 0.00% Added +38.7k +38,663
51 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 95,94295.9k $696.5k $696.5k 0.00% New
52 American Capital Advisory, LLC 0.37% of their portfolio KETCHUM, ID 95,19795.2k $691.1k $691.1k 0.37% Reduced -19.1k -19,121
53 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 94,16794.2k $683.7k $683.7k 0.00% Reduced -13.6k -13,585
54 PRUDENTIAL FINANCIAL INC 0.00% of their portfolio NEWARK, NJ 92,26592.3k $669.8k $669.8k 0.00% New
55 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 90,09690.1k $654.1k $654.1k 0.00% Unchanged
56 DARK FOREST CAPITAL MANAGEMENT LP 0.03% of their portfolio NEW YORK, NY 86,32186.3k $626.7k $626.7k 0.03% New
57 OCCUDO QUANTITATIVE STRATEGIES LP 0.08% of their portfolio FORT LAUDERDALE, FL 85,05485.1k $626.0k $626.0k 0.08% Added +68.6k +68,615
58 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 82,55982.6k $599.4k $599.4k 0.00% Added +14.0k +14,002
59 INTECH INVESTMENT MANAGEMENT LLC 0.01% of their portfolio WEST PALM BEACH, FL 81,09881.1k $588.8k $588.8k 0.01% Added +25.0k +25,026
60 Numerai GP LLC 0.11% of their portfolio SAN FRANCISCO, CA 77,32877.3k $561.4k $561.4k 0.11% New
61 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 76,40176.4k $554.7k $554.7k 0.00% Reduced -1.2k -1,247
62 VIRGINIA RETIREMENT SYSTEMS ET Al 0.00% of their portfolio RICHMOND, VA 74,60074.6k $541.6k $541.6k 0.00% First filing
63 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 74,57674.6k $541.4k $541.4k 0.00% Added +3.2k +3,238
64 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 72,74672.7k $528.1k $528.1k 0.00% Added +33.4k +33,425
65 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 64,06064.1k $465.1k $465.1k 0.00% Added +40.3k +40,328
66 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 62,68762.7k $455.1k $455.1k 0.00% New
67 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 62,15362.2k $451.2k $451.2k 0.00% Added +1.4k +1,371
68 Corebridge Financial, Inc. 0.00% of their portfolio HOUSTON, TX 61,48461.5k $446.4k $446.4k 0.00% Reduced -911 -911
69 JUPITER ASSET MANAGEMENT LTD 0.00% of their portfolio London, X0 60,73960.7k $441.0k $441.0k 0.00% Added +49.4k +49,411
70 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 55,13955.1k $401.0k $401.0k 0.00% Added +5.8k +5,786
71 Aquatic Capital Management LLC 0.01% of their portfolio CHICAGO, IL 50,90850.9k $369.6k $369.6k 0.01% Added +50.2k +50,243
72 Allspring Global Investments Holdings, LLC 0.00% of their portfolio CHARLOTTE, NC 44,92544.9k $326.2k $326.2k 0.00% Reduced -3.2k -3,183
73 STRS OHIO 0.00% of their portfolio COLUMBUS, OH 40,90040.9k $296.9k $296.9k 0.00% Unchanged
74 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 40,75540.8k $296.0k $296.0k 0.00% Reduced -16.1k -16,052
75 State of Wyoming 0.04% of their portfolio CHEYENNE, WY 38,46038.5k $279.2k $279.2k 0.04% Added +35.1k +35,073
76 Mariner, LLC 0.00% of their portfolio Overland Park, KS 37,59237.6k $272.9k $272.9k 0.00% Added +15.5k +15,515
77 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 36,27236.3k $263.3k $263.3k 0.00% Unchanged
78 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 35,50035.5k $261.1k $261.1k 0.00% Unchanged
79 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 32,20932.2k $233.8k $233.8k 0.00% New
80 Ethic Inc. 0.00% of their portfolio NEW YORK, NY 27,98828.0k $205.7k $205.7k 0.00% Added +3.5k +3,475
81 CIBC WORLD MARKETS CORP 0.00% of their portfolio NEW YORK, NY 27,84827.8k $202.2k $202.2k 0.00% Added +16.1k +16,103
82 Engineers Gate Manager LP 0.00% of their portfolio NEW YORK, NY 27,46627.5k $199.4k $199.4k 0.00% New
83 ProShare Advisors LLC 0.00% of their portfolio BETHESDA, MD 27,16727.2k $197.2k $197.2k 0.00% Reduced -8.2k -8,177
84 EntryPoint Capital, LLC 0.09% of their portfolio NEW YORK, NY 27,02827.0k $196.2k $196.2k 0.09% Reduced -23.8k -23,814
85 ARIZONA STATE RETIREMENT SYSTEM 0.00% of their portfolio PHOENIX, AZ 26,99227.0k $196.0k $196.0k 0.00% Reduced -478 -478
86 HARBOR CAPITAL ADVISORS, INC. 0.01% of their portfolio CHICAGO, IL 26,40226.4k $192.0k $192.0k 0.01% New
87 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 25,23225.2k $183.2k $183.2k 0.00% Unchanged
88 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 24,66224.7k $179.0k $179.0k 0.01% Reduced -26.9k -26,855
89 Quantbot Technologies LP 0.01% of their portfolio NEW YORK, NY 23,48423.5k $170.5k $170.5k 0.01% New
90 WULFF, HANSEN & CO. 0.15% of their portfolio SAN RAFAEL, CA 23,12623.1k $167.9k $167.9k 0.15% Unchanged
91 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 23,09023.1k $167.6k $167.6k 0.00% First filing
92 VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio San Antonio, TX 21,65121.7k $157.2k $157.2k 0.00% Reduced -120 -120
93 Vident Advisory, LLC 0.00% of their portfolio Alpharetta, GA 20,87120.9k $151.5k $151.5k 0.00% Added +1.6k +1,552
94 Handelsbanken Fonder AB 0.00% of their portfolio STOCKHOLM, V7 19,60019.6k $142.0k $142.0k 0.00% Unchanged
95 MQS Management LLC 0.08% of their portfolio NEW YORK, NY 19,45619.5k $141.3k $141.3k 0.08% New
96 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 17,50717.5k $127.1k $127.1k 0.00% New
97 Vestcor Inc 0.00% of their portfolio FREDERICTON, A3 17,32417.3k $126.0k $126.0k 0.00% Unchanged
98 KLP KAPITALFORVALTNING AS 0.00% of their portfolio OSLO, Q8 17,30017.3k $125.6k $125.6k 0.00% Unchanged
99 ANTIPODES PARTNERS Ltd 0.00% of their portfolio ROYAL EXCHANGE, C3 15,44215.4k $112.1k $112.1k 0.00% Reduced -12.3k -12,270
100 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 15,22615.2k $110.5k $110.5k 0.00% New