Vault-13

GLOBAL BUSINESS TRAVEL GROUP

COM CL A · CUSIP 37890B100

161 institutional holders +11 vs Q1 2025
243,836,445243.8m shares reported held*
$1.5bnreported value*
36 new 52 added 48 reduced 26 sold out net bought ≈ $8.6m (+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 ($148.0k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $6.30. Options: 1 managers hold calls ($0 notional), 1 hold puts ($0).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 40Q4 22: 44Q1 23: 41Q2 23: 55Q3 23: 64Q4 23: 60Q1 24: 65Q2 24: 75Q3 24: 98Q4 24: 134Q1 25: 150Q2 25: 161161Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 2025161

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q3 23: 35 bought or addedQ3 23: 14 cut or sold outQ4 23: 33 bought or addedQ4 23: 25 cut or sold outQ4 23Q1 24: 30 bought or addedQ1 24: 28 cut or sold outQ2 24: 57 bought or addedQ2 24: 12 cut or sold outQ2 24Q3 24: 63 bought or addedQ3 24: 24 cut or sold outQ4 24: 87 bought or addedQ4 24: 30 cut or sold outQ4 24Q1 25: 89 bought or addedQ1 25: 55 cut or sold outQ2 25: 88 bought or addedQ2 25: 74 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20233514
Q4 20233325
Q1 20243028
Q2 20245712
Q3 20246324
Q4 20248730
Q1 20258955
Q2 20258874

Calls vs puts

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

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

Biggest buyers

ARES MANAGEMENT LLC Added +2,489,506+2.5m
VANGUARD GROUP INC Added +1,770,873+1.8m
CARRONADE CAPITAL MANAGEMENT, LP Added +929,760+929.8k
DIMENSIONAL FUND ADVISORS LP Added +726,317+726.3k
FMR LLC Added +640,607+640.6k
Qube Research & Technologies Ltd Added +430,667+430.7k
HRT FINANCIAL LP New +290,781+290.8k
UBS Group AG Added +286,363+286.4k
PAR CAPITAL MANAGEMENT INC Added +277,284+277.3k
PB INVESTMENT PARTNERS, L.P. Added +222,232+222.2k

Biggest sellers

BlackRock, Inc. Reduced -1,682,439-1.7m
Beach Point Capital Management LP Reduced -1,313,322-1.3m
MILLENNIUM MANAGEMENT LLC Reduced -1,135,878-1.1m
Bank of New York Mellon Corp Reduced -428,910-428.9k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Sold out -332,697-332.7k
FIRST TRUST ADVISORS LP Reduced -274,925-274.9k
GEODE CAPITAL MANAGEMENT, LLC Reduced -268,483-268.5k
STATE STREET CORP Reduced -235,803-235.8k
Squarepoint Ops LLC Reduced -225,315-225.3k
NORTHERN TRUST CORP Reduced -205,916-205.9k

Biggest calls

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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 AMERICAN EXPRESS CO 99.98% of their portfolio NEW YORK, NY 157,786,199157.8m $994.1m $994.1m 99.98% Unchanged
2 Apollo Management Holdings, L.P. 2.54% of their portfolio New York, NY 25,706,88625.7m $162.0m $162.0m 2.54% Unchanged
3 ARES MANAGEMENT LLC 4.47% of their portfolio LOS ANGELES, CA 13,886,02313.9m $87.5m $87.5m 4.47% Added +2.5m +2,489,506
4 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 10,996,96411.0m $69.3m $69.3m 0.00% Added +1.8m +1,770,873
5 BlackRock, Inc. 0.00% of their portfolio New York, NY 7,533,7847.5m $47.5m $47.5m 0.00% Reduced -1.7m -1,682,439
6 CARRONADE CAPITAL MANAGEMENT, LP 2.28% of their portfolio DARIEN, CT 2,611,8642.6m $16.5m $16.5m 2.28% Added +929.8k +929,760
7 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 2,368,2292.4m $14.9m $14.9m 0.00% Added +726.3k +726,317
8 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 2,245,6142.2m $14.1m $14.1m 0.00% Reduced -235.8k -235,803
9 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 2,094,7862.1m $13.2m $13.2m 0.00% Reduced -268.5k -268,483
10 FMR LLC 0.00% of their portfolio BOSTON, MA 1,096,2981.1m $6.9m $6.9m 0.00% Added +640.6k +640,607
11 PAR CAPITAL MANAGEMENT INC 0.21% of their portfolio BOSTON, MA 1,024,0141.0m $6.5m $6.5m 0.21% Added +277.3k +277,284
12 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 929,608929.6k $5.9m $5.9m 0.00% Reduced -205.9k -205,916
13 PB INVESTMENT PARTNERS, L.P. 3.58% of their portfolio BURLINGAME, CA 835,496835.5k $5.3m $5.3m 3.58% Added +222.2k +222,232
14 Advantage Alpha Capital Partners LP 1.35% of their portfolio SAN FRANCISCO, CA 795,691795.7k $5.0m $5.0m 1.35% Added +91.4k +91,374
15 Beach Point Capital Management LP 2.07% of their portfolio Santa Monica, CA 770,143770.1k $4.9m $4.9m 2.07% Reduced -1.3m -1,313,322
16 UBS Group AG 0.00% of their portfolio ZURICH, V8 753,952754.0k $4.7m $4.7m 0.00% Added +286.4k +286,363
17 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 723,192723.2k $4.6m $4.6m 0.00% Reduced -66.5k -66,516
18 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 665,220665.2k $4.2m $4.2m 0.01% Added +151.6k +151,600
19 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 636,366636.4k $4.0m $4.0m 0.00% Reduced -100.1k -100,106
20 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 483,844483.8k $3.0m $3.0m 0.00% Added +121.9k +121,910
21 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 462,876462.9k $2.9m $2.9m 0.00% Added +430.7k +430,667
22 Emmett Investment Management, LP 2.20% of their portfolio NEW YORK, NY 438,185438.2k $2.8m $2.8m 2.20% Reduced -62.0k -61,993
23 Ballast Asset Management, LP 1.30% of their portfolio DALLAS, TX 397,922397.9k $2.5m $2.5m 1.30% Unchanged
24 Golden State Wealth Management, LLC 0.30% of their portfolio SANTA ANA, CA 388,155388.2k $2.4m $2.4m 0.30% Unchanged
25 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 385,493385.5k $2.4m $2.4m 0.00% Reduced -274.9k -274,925
26 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 381,554381.6k $2.4m $2.4m 0.00% Added +170.7k +170,653
27 E. Ohman J:or Asset Management AB 0.06% of their portfolio STOCKHOLM, V7 359,201359.2k $2.3m $2.3m 0.06% Unchanged
28 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 329,663329.7k $2.1m $2.1m 0.00% Added +63.9k +63,856
29 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 328,183328.2k $2.1m $2.1m 0.00% Reduced -428.9k -428,910
30 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 306,476306.5k $1.9m $1.9m 0.00% Added +55.7k +55,661
31 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 300,568300.6k $1.9m $1.9m 0.00% Reduced -64.5k -64,546
32 Tidal Investments LLC 0.01% of their portfolio Milwaukee, WI 298,493298.5k $1.9m $1.9m 0.01% Added +31.8k +31,777
33 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 290,781290.8k $1.8m $1.8m 0.01% New
34 Wealthspire Advisors, LLC 0.01% of their portfolio NEW YORK, NY 258,588258.6k $1.6m $1.6m 0.01% Unchanged
35 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 236,360236.4k $1.5m $1.5m 0.00% Reduced -1.1m -1,135,878
36 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 204,580204.6k $1.3m $1.3m 0.00% Added +108.6k +108,638
37 Swiss National Bank 0.00% of their portfolio ZURICH, V8 182,300182.3k $1.1m $1.1m 0.00% Unchanged
38 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 158,168158.2k $996.5k $996.5k 0.00% New
39 Weiss Asset Management LP 0.02% of their portfolio BOSTON, MA 154,441154.4k $973.0k $973.0k 0.02% Not comparable
40 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 143,252143.3k $902.5k $902.5k 0.00% Reduced -36.3k -36,287
41 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 135,720135.7k $855.0k $855.0k 0.00% Unchanged
42 Man Group plc 0.00% of their portfolio LONDON, X0 133,450133.4k $840.7k $840.7k 0.00% Added +30.1k +30,082
43 Verition Fund Management LLC 0.00% of their portfolio GREENWICH, CT 132,225132.2k $833.0k $833.0k 0.00% Added +118.6k +118,585
44 Ionic Capital Management LLC 0.90% of their portfolio NEW YORK, NY 128,007128.0k $806.4k $806.4k 0.90% New
45 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 122,625122.6k $772.5k $772.5k 0.00% Reduced -36.5k -36,528
46 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 117,054117.1k $737.4k $737.4k 0.00% Reduced -57.3k -57,286
47 Legal & General Group Plc 0.00% of their portfolio London, X0 112,365112.4k $707.9k $707.9k 0.00% Added +4.3k +4,308
48 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 104,126104.1k $656.0k $656.0k 0.00% Reduced -4.6k -4,561
49 VIRGINIA RETIREMENT SYSTEMS ET Al 0.00% of their portfolio RICHMOND, VA 104,000104.0k $655.2k $655.2k 0.00% Added +29.4k +29,400
50 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 102,216102.2k $644.0k $644.0k 0.00% Reduced -8.2k -8,198
51 American Capital Advisory, LLC 0.30% of their portfolio KETCHUM, ID 94,59094.6k $595.9k $595.9k 0.30% Reduced -607 -607
52 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 93,09693.1k $586.5k $586.5k 0.00% Reduced -13.0k -12,993
53 OCCUDO QUANTITATIVE STRATEGIES LP 0.06% of their portfolio FORT LAUDERDALE, FL 88,12288.1k $555.2k $555.2k 0.06% Added +3.1k +3,068
54 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 86,74986.7k $546.5k $546.5k 0.00% Reduced -3.3k -3,347
55 AlphaQuest LLC 0.05% of their portfolio New York, NY 86,16286.2k $542.8k $542.8k 0.05% Reduced -26.7k -26,661
56 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 84,48984.5k $532.3k $532.3k 0.00% Reduced -25.7k -25,692
57 READYSTATE ASSET MANAGEMENT LP 0.02% of their portfolio CHICAGO, IL 81,44881.4k $513.1k $513.1k 0.02% New
58 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 80,61880.6k $507.9k $507.9k 0.00% Added +16.6k +16,558
59 Brevan Howard Capital Management LP 0.00% of their portfolio ST. HELIER, Y9 71,08571.1k $447.8k $447.8k 0.00% New
60 INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio WEST PALM BEACH, FL 69,60469.6k $438.5k $438.5k 0.00% Reduced -11.5k -11,494
61 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 65,25465.3k $411.1k $411.1k 0.00% Reduced -17.3k -17,305
62 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 62,88962.9k $396.2k $396.2k 0.00% Added +202 +202
63 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 62,05262.1k $390.9k $390.9k 0.00% Reduced -225.3k -225,315
64 JUPITER ASSET MANAGEMENT LTD 0.00% of their portfolio London, X0 60,73960.7k $382.7k $382.7k 0.00% Unchanged
65 XTX Topco Ltd 0.02% of their portfolio LONDON, X0 60,60160.6k $381.8k $381.8k 0.02% Added +35.9k +35,939
66 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 59,23959.2k $373.2k $373.2k 0.00% Added +45.1k +45,147
67 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 57,91057.9k $364.8k $364.8k 0.00% Reduced -18.5k -18,491
68 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 51,76751.8k $326.1k $326.1k 0.00% Reduced -22.8k -22,809
69 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 50,18650.2k $316.2k $316.2k 0.00% Reduced -12.0k -11,967
70 Atom Investors LP 0.03% of their portfolio AUSTIN, TX 48,27248.3k $304.1k $304.1k 0.03% New
71 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 47,00847.0k $297.0k $297.0k 0.00% Reduced -8.1k -8,131
72 Aster Capital Management (DIFC) Ltd 0.07% of their portfolio DUBAI, C0 46,67746.7k $294.1k $294.1k 0.07% New
73 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 42,94642.9k $270.0k $270.0k 0.00% Added +27.8k +27,831
74 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 41,42041.4k $260.9k $260.9k 0.00% New
75 HARBOR CAPITAL ADVISORS, INC. 0.01% of their portfolio CHICAGO, IL 41,39941.4k $261.0k $261.0k 0.01% Added +15.0k +14,997
76 State of Wyoming 0.03% of their portfolio CHEYENNE, WY 40,96441.0k $258.1k $258.1k 0.03% Added +2.5k +2,504
77 PRELUDE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio NEW YORK, NY 40,96341.0k $258.1k $258.1k 0.03% Added +30.2k +30,227
78 STRS OHIO 0.00% of their portfolio COLUMBUS, OH 40,90040.9k $257.7k $257.7k 0.00% Unchanged
79 Neo Ivy Capital Management 0.08% of their portfolio NEW YORK, NY 40,80040.8k $257.0k $257.0k 0.08% Added +36.8k +36,824
80 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 39,44839.4k $248.5k $248.5k 0.00% Reduced -54.7k -54,719
81 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 35,50035.5k $223.8k $223.8k 0.00% Unchanged
82 EntryPoint Capital, LLC 0.11% of their portfolio NEW YORK, NY 35,25835.3k $222.1k $222.1k 0.11% Added +8.2k +8,230
83 Tower Research Capital LLC (TRC) 0.01% of their portfolio NEW YORK, NY 34,24734.2k $215.8k $215.8k 0.01% Added +29.4k +29,418
84 ANTIPODES PARTNERS Ltd 0.01% of their portfolio ROYAL EXCHANGE, C3 32,08532.1k $202.2k $202.2k 0.01% Added +16.6k +16,643
85 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 31,55231.6k $198.8k $198.8k 0.00% Reduced -41.2k -41,194
86 Handelsbanken Fonder AB 0.00% of their portfolio STOCKHOLM, V7 30,90030.9k $195.0k $195.0k 0.00% Added +11.3k +11,300
87 INCEPTIONR LLC 0.04% of their portfolio Lafayette, CA 30,09530.1k $189.6k $189.6k 0.04% New
88 Diametric Capital, LP 0.10% of their portfolio BOSTON, MA 28,49028.5k $179.5k $179.5k 0.10% New
89 ARIZONA STATE RETIREMENT SYSTEM 0.00% of their portfolio PHOENIX, AZ 27,92427.9k $175.9k $175.9k 0.00% Added +932 +932
90 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 27,51627.5k $173.1k $173.1k 0.00% Added +13.0k +13,014
91 Ethic Inc. 0.00% of their portfolio NEW YORK, NY 25,20125.2k $162.5k $162.5k 0.00% Reduced -2.8k -2,787
92 WULFF, HANSEN & CO. 0.12% of their portfolio SAN RAFAEL, CA 23,12623.1k $145.7k $145.7k 0.12% Unchanged
93 Corton Capital Inc. 0.17% of their portfolio Carrying Place, A6 22,97123.0k $144.7k $144.7k 0.17% New
94 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 22,58922.6k $142.3k $142.3k 0.00% Reduced -2.6k -2,643
95 VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio San Antonio, TX 21,87921.9k $137.8k $137.8k 0.00% Added +228 +228
96 SHERBROOKE PARK ADVISERS LLC 0.06% of their portfolio WHITE PLAINS, NY 20,94920.9k $132.0k $132.0k 0.06% New
97 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 20,47220.5k $129.0k $129.0k 0.00% Reduced -15.8k -15,800
98 Skandinaviska Enskilda Banken AB (publ) 0.00% of their portfolio STOCKHOLM, V7 19,54919.5k $123.2k $123.2k 0.00% Added +8.2k +8,176
99 ProShare Advisors LLC 0.00% of their portfolio BETHESDA, MD 19,37819.4k $122.1k $122.1k 0.00% Reduced -7.8k -7,789
100 Olympiad Research LP 0.20% of their portfolio Stamford, CT 19,27019.3k $121.4k $121.4k 0.20% New