Vault-13

KELLANOVA K

COM · Common Stock · CUSIP 487836108 · ISIN US4878361082

924 institutional holders -24 vs Q1 2025
308,406,655308.4m shares reported held*
$24.5bnreported value*
66 new 341 added 304 reduced 95 sold out net bought ≈ $502.4m (+6.3m 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 ($292.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $79.52. Options: 17 managers hold calls ($99.3m notional), 30 hold puts ($223.3m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 883Q4 22: 919Q1 23: 922Q2 23: 904Q3 23: 873Q4 23: 863Q1 24: 839Q2 24: 872Q3 24: 921Q4 24: 947Q1 25: 948Q2 25: 924924Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022883
Q4 2022919
Q1 2023922
Q2 2023904
Q3 2023873
Q4 2023863
Q1 2024839
Q2 2024872
Q3 2024921
Q4 2024947
Q1 2025948
Q2 2025924

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q3 23: 367 bought or addedQ3 23: 427 cut or sold outQ4 23: 336 bought or addedQ4 23: 463 cut or sold outQ4 23Q1 24: 359 bought or addedQ1 24: 409 cut or sold outQ2 24: 381 bought or addedQ2 24: 361 cut or sold outQ2 24Q3 24: 391 bought or addedQ3 24: 492 cut or sold outQ4 24: 359 bought or addedQ4 24: 420 cut or sold outQ4 24Q1 25: 385 bought or addedQ1 25: 425 cut or sold outQ2 25: 407 bought or addedQ2 25: 399 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023367427
Q4 2023336463
Q1 2024359409
Q2 2024381361
Q3 2024391492
Q4 2024359420
Q1 2025385425
Q2 2025407399

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ3 24 calls: $401.3mQ3 24 puts: $357.2mQ3 24P/C 0.89Q4 24 calls: $126.5mQ4 24 puts: $151.2mQ4 24P/C 1.19Q1 25 calls: $103.5mQ1 25 puts: $125.5mQ1 25P/C 1.21Q2 25 calls: $99.3mQ2 25 puts: $223.3mQ2 25P/C 2.25
Numbers
QuarterCallsPutsP/C
Q3 2024$401.3m$357.2m0.89
Q4 2024$126.5m$151.2m1.19
Q1 2025$103.5m$125.5m1.21
Q2 2025$99.3m$223.3m2.25

Biggest buyers

ROYAL BANK OF CANADA Added +2,717,380+2.7m
GOLDMAN SACHS GROUP INC Added +1,877,137+1.9m
CITADEL ADVISORS LLC Added +941,984+942.0k
D. E. Shaw & Co., Inc. Added +930,119+930.1k
LMR Partners LLP Added +912,986+913.0k
Pentwater Capital Management LP Added +910,000+910.0k
RENAISSANCE TECHNOLOGIES LLC Added +748,072+748.1k
BANK OF AMERICA CORP /DE/ Added +720,218+720.2k
FIL Ltd Added +718,793+718.8k
Qube Research & Technologies Ltd Added +679,692+679.7k

Biggest sellers

UBS Group AG Reduced -2,215,516-2.2m
TUDOR INVESTMENT CORP ET AL Reduced -1,558,345-1.6m
FARALLON CAPITAL MANAGEMENT, L.L.C. Reduced -1,556,868-1.6m
KELLOGG W K FOUNDATION TRUST Reduced -1,374,996-1.4m
HBK INVESTMENTS L P Reduced -1,309,462-1.3m
GLAZER CAPITAL, LLC Reduced -963,805-963.8k
TIG Advisors, LLC Reduced -952,959-953.0k
Balyasny Asset Management L.P. Reduced -817,657-817.7k
READYSTATE ASSET MANAGEMENT LP Sold out -728,247-728.2k
MORGAN STANLEY Reduced -565,538-565.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $50.8m638.3k shares
EQUITEC PROPRIETARY MARKETS, LLC Added $11.7m147.4k shares
Walleye Trading LLC Added $7.4m93.5k shares
CITADEL ADVISORS LLC Reduced $5.8m72.6k shares
MILLENNIUM MANAGEMENT LLC Added $4.6m57.3k shares
GROUP ONE TRADING LLC Reduced $4.0m50.9k shares
CSS LLC/IL New $3.5m43.7k shares
IMC-Chicago, LLC Added $3.3m41.5k shares
JPMORGAN CHASE & CO New $2.6m32.7k shares
SIMPLEX TRADING, LLC Added $2.2m27.2k shares

Biggest puts

Balyasny Asset Management L.P. Reduced $42.5m534.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $35.5m445.9k shares
Caption Management, LLC Added $30.3m381.4k shares
PEAK6 LLC New $23.9m300.0k shares
PICTON MAHONEY ASSET MANAGEMENT Unchanged $23.9m300.0k shares
EQUITEC PROPRIETARY MARKETS, LLC Added $13.6m170.7k shares
GROUP ONE TRADING LLC Added $10.4m130.4k shares
Man Group plc New $8.0m100.0k shares
CITADEL ADVISORS LLC Reduced $7.8m97.8k shares
HARVEST MANAGEMENT LLC New $4.0m50.5k 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
BlackRock, Inc. 13G · institution filed 2025-02-05 7.7% 26.4m 2025-02-05

Fell to 5% or below in the last year: NORTHERN TRUST CORP (0.0%, 2026-02-17), KELLOGG W K FOUNDATION TRUST (0.0%, 2026-02-13), KEYBANK NATIONAL ASSOCIATION/OH (0.0%, 2026-01-07), GUND GORDON (0.0%, 2025-12-15)

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 KELLOGG W K FOUNDATION TRUST 94.44% of their portfolio CHICAGO, IL 46,014,11846.0m $3.7bn $3.7bn 94.44% Reduced -1.4m -1,374,996
2 VANGUARD GROUP INC 0.04% of their portfolio Valley Forge, PA 33,356,88333.4m $2.7bn $2.7bn 0.04% Added +661.5k +661,535
3 BlackRock, Inc. 0.05% of their portfolio New York, NY 30,914,51930.9m $2.5bn $2.5bn 0.05% Added +312.9k +312,869
4 KEYBANK NATIONAL ASSOCIATION/OH 5.83% of their portfolio BROOKLYN, OH 19,705,51419.7m $1.6bn $1.6bn 5.83% Reduced -13.0k -12,984
5 STATE STREET CORP 0.04% of their portfolio BOSTON, MA 13,216,43313.2m $1.1bn $1.1bn 0.04% Added +352.7k +352,738
6 Pentwater Capital Management LP 9.04% of their portfolio Naples, FL 8,910,0008.9m $708.6m $708.6m 9.04% Added +910.0k +910,000
7 HBK INVESTMENTS L P 12.27% of their portfolio DALLAS, TX 8,685,0008.7m $690.7m $690.7m 12.27% Reduced -1.3m -1,309,462
8 GEODE CAPITAL MANAGEMENT, LLC 0.04% of their portfolio BOSTON, MA 7,289,0897.3m $577.4m $577.4m 0.04% Added +163.1k +163,126
9 UBS Group AG 0.10% of their portfolio ZURICH, V8 5,949,2225.9m $473.1m $473.1m 0.10% Reduced -2.2m -2,215,516
10 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 10.67% of their portfolio CHICAGO, IL 4,913,2574.9m $390.8m $390.8m 10.67% Reduced -18.7k -18,721
11 Davidson Kempner Capital Management LP 5.17% of their portfolio New York, NY 4,265,0034.3m $339.2m $339.2m 5.17% Reduced -530.1k -530,088
12 BANK OF AMERICA CORP /DE/ 0.03% of their portfolio CHARLOTTE, NC 4,055,5144.1m $322.5m $322.5m 0.03% Added +720.2k +720,218
13 NORGES BANK 0.04% of their portfolio OSLO, Q8 3,706,1313.7m $294.7m $294.7m 0.04% Added +228.6k +228,551
14 NORTHERN TRUST CORP 0.04% of their portfolio CHICAGO, IL 3,498,0623.5m $278.2m $278.2m 0.04% Reduced -517.5k -517,487
15 GOLDMAN SACHS GROUP INC 0.04% of their portfolio NEW YORK, NY 3,474,6423.5m $276.3m $276.3m 0.04% Added +1.9m +1,877,137
16 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.06% of their portfolio NEW YORK, NY 3,441,3683.4m $273.7m $273.7m 0.06% Added +488.1k +488,080
17 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 3,383,6373.4m $269.1m $269.1m 0.02% Reduced -565.5k -565,538
18 FRANKLIN RESOURCES INC 0.07% of their portfolio San Mateo, CA 3,222,9443.2m $256.3m $256.3m 0.07% Added +164.5k +164,505
19 Invesco Ltd. 0.04% of their portfolio ATLANTA, GA 3,172,8913.2m $252.3m $252.3m 0.04% Added +119.1k +119,131
20 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 3,080,9043.1m $245.0m $245.0m 0.02% Added +2.7m +2,717,380
21 Qube Research & Technologies Ltd 0.32% of their portfolio LONDON, X0 2,854,7162.9m $227.0m $227.0m 0.32% Added +679.7k +679,692
22 FIL Ltd 0.19% of their portfolio HAMILTON, D0 2,826,2932.8m $224.8m $224.8m 0.19% Added +718.8k +718,793
23 Amundi 0.07% of their portfolio Paris, I0 2,588,6582.6m $207.1m $207.1m 0.07% Reduced -360.8k -360,840
24 Legal & General Group Plc 0.05% of their portfolio London, X0 2,432,4882.4m $193.5m $193.5m 0.05% Added +268.9k +268,887
25 STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.17% of their portfolio BLOOMINGTON, IL 2,416,2612.4m $192.2m $192.2m 0.17% Unchanged
26 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 2,412,5832.4m $191.9m $191.9m 0.01% Reduced -424 -424
27 MILLENNIUM MANAGEMENT LLC 0.15% of their portfolio NEW YORK, NY 2,130,8312.1m $169.5m $169.5m 0.15% Reduced -79.6k -79,586
28 RENAISSANCE TECHNOLOGIES LLC 0.22% of their portfolio NEW YORK, NY 2,082,8002.1m $165.6m $165.6m 0.22% Added +748.1k +748,072
29 FARALLON CAPITAL MANAGEMENT, L.L.C. 0.64% of their portfolio SAN FRANCISCO, CA 1,763,1321.8m $140.2m $140.2m 0.64% Reduced -1.6m -1,556,868
30 Westchester Capital Management, LLC 7.91% of their portfolio VALHALLA, NY 1,701,1791.7m $135.3m $135.3m 7.91% Unchanged
31 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio SAN FRANCISCO, CA 1,694,8171.7m $134.8m $134.8m 0.02% Added +12.1k +12,134
32 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.20% of their portfolio Boston, MA 1,513,5831.5m $120.4m $120.4m 0.20% Added +431.5k +431,475
33 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,490,7101.5m $118.6m $118.6m 0.02% Reduced -109.6k -109,632
34 DEUTSCHE BANK AG\ 0.04% of their portfolio FRANKFURT AM MAIN, 2M 1,480,3381.5m $117.7m $117.7m 0.04% Reduced -361.9k -361,944
35 ALPINE ASSOCIATES MANAGEMENT INC. 6.08% of their portfolio PALM BEACH, FL 1,429,3751.4m $113.7m $113.7m 6.08% Added +271.2k +271,225
36 HSBC HOLDINGS PLC 0.07% of their portfolio LONDON, X0 1,328,9081.3m $105.5m $105.5m 0.07% Added +327.4k +327,380
37 CITADEL ADVISORS LLC 0.08% of their portfolio MIAMI, FL 1,200,8831.2m $95.5m $95.5m 0.08% Added +942.0k +941,984
38 Man Group plc 0.20% of their portfolio LONDON, X0 1,160,5341.2m $92.3m $92.3m 0.20% Added +238.8k +238,808
39 ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio NASHVILLE, TN 1,146,7411.1m $91.2m $91.2m 0.03% Added +26.5k +26,528
40 SYQUANT CAPITAL SAS 30.16% of their portfolio PARIS, I0 1,143,5681.1m $90.9m $90.9m 30.16% Added +632.2k +632,168
41 Magnetar Financial LLC 0.43% of their portfolio EVANSTON, IL 1,116,7491.1m $88.8m $88.8m 0.43% Reduced -14.4k -14,408
42 TIG Advisors, LLC 4.50% of their portfolio New York, NY 1,036,1951.0m $82.4m $82.4m 4.50% Reduced -953.0k -952,959
43 California Public Employees Retirement System 0.05% of their portfolio Sacramento, CA 1,029,9631.0m $81.9m $81.9m 0.05% Reduced -126.6k -126,631
44 LMR Partners LLP 1.19% of their portfolio LONDON, X0 961,906961.9k $76.5m $76.5m 1.19% Added +913.0k +912,986
45 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.05% of their portfolio BOSTON, MA 947,764947.8k $75.4m $75.4m 0.05% Added +388.9k +388,886
46 D. E. Shaw & Co., Inc. 0.07% of their portfolio New York, NY 944,120944.1k $75.1m $75.1m 0.07% Added +930.1k +930,119
47 Swiss National Bank 0.04% of their portfolio ZURICH, V8 934,099934.1k $74.3m $74.3m 0.04% Added +47.2k +47,199
48 First Trust Capital Management L.P. 4.91% of their portfolio CHICAGO, IL 912,530912.5k $72.6m $72.6m 4.91% Reduced -105.5k -105,500
49 AQR Arbitrage LLC 1.69% of their portfolio Greenwich, CT 911,710911.7k $72.2m $72.2m 1.69% Added +340.2k +340,200
50 CAPSTONE INVESTMENT ADVISORS, LLC 0.58% of their portfolio NEW YORK, NY 850,646850.6k $67.7m $67.7m 0.58% Added +550.6k +550,646
51 FMR LLC 0.00% of their portfolio BOSTON, MA 806,025806.0k $64.1m $64.1m 0.00% Reduced -8.3k -8,273
52 ING GROEP NV 0.37% of their portfolio AMSTERDAM, P7 766,057766.1k $60.9m $60.9m 0.37% Added +474.7k +474,746
53 Sumitomo Mitsui Trust Group, Inc. 0.04% of their portfolio CHIYODA-KU, TOKYO, M0 760,768760.8k $60.5m $60.5m 0.04% Added +20.9k +20,851
54 MARSHALL WACE, LLP 0.07% of their portfolio LONDON, X0 740,192740.2k $58.9m $58.9m 0.07% Added +578.7k +578,683
55 NEUBERGER BERMAN GROUP LLC 0.04% of their portfolio NEW YORK, NY 710,797710.8k $56.5m $56.5m 0.04% Reduced -536.5k -536,510
56 CAXTON ASSOCIATES LLP 1.45% of their portfolio LONDON, X0 705,442705.4k $56.1m $56.1m 1.45% Added +447.9k +447,881
57 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 699,219699.2k $55.6m $55.6m 0.02% Reduced -179.3k -179,309
58 DekaBank Deutsche Girozentrale 0.10% of their portfolio FRANKFURT, 2M 672,291672.3k $53.4m $53.4m 0.10% Added +56 +56
59 Nuveen, LLC 0.01% of their portfolio CHARLOTTE, NC 665,310665.3k $52.9m $52.9m 0.01% Added +346.2k +346,176
60 RHUMBLINE ADVISERS 0.04% of their portfolio BOSTON, MA 637,059637.1k $50.7m $50.7m 0.04% Reduced -57.7k -57,742
61 Verition Fund Management LLC 0.28% of their portfolio GREENWICH, CT 621,561621.6k $49.4m $49.4m 0.28% Added +150.8k +150,753
62 Taconic Capital Advisors LP 5.42% of their portfolio NEW YORK, NY 590,542590.5k $47.0m $47.0m 5.42% Added +590.5k +590,542
63 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 589,721589.7k $46.9m $46.9m 0.03% Added +132.6k +132,583
64 Calamos Advisors LLC 0.19% of their portfolio NAPERVILLE, IL 572,274572.3k $45.5m $45.5m 0.19% Added +451.8k +451,825
65 OLD REPUBLIC INTERNATIONAL CORP 1.69% of their portfolio CHICAGO, IL 541,500541.5k $43.1m $43.1m 1.69% Unchanged
66 Squarepoint Ops LLC 0.09% of their portfolio NEW YORK, NY 537,322537.3k $42.7m $42.7m 0.09% Reduced -149.9k -149,887
67 Mitsubishi UFJ Asset Management Co., Ltd. 0.03% of their portfolio TOKYO, M0 533,783533.8k $42.5m $42.5m 0.03% Added +37.4k +37,435
68 CANADA PENSION PLAN INVESTMENT BOARD 0.04% of their portfolio TORONTO ONTARIO, A6 533,588533.6k $42.4m $42.4m 0.04% Added +89.4k +89,431
69 P SCHOENFELD ASSET MANAGEMENT LP 12.93% of their portfolio NEW YORK, NY 508,300508.3k $40.4m $40.4m 12.93% Added +254.6k +254,600
70 TWO SIGMA INVESTMENTS, LP 0.07% of their portfolio NEW YORK, NY 498,554498.6k $39.6m $39.6m 0.07% Added +340.3k +340,336
71 National Pension Service 0.03% of their portfolio JEONJU-SI, JEOLLABUK-DO, M5 492,404492.4k $39.2m $39.2m 0.03% Added +3.0k +2,977
72 FIRST TRUST ADVISORS LP 0.03% of their portfolio Wheaton, IL 487,843487.8k $38.8m $38.8m 0.03% Reduced -284.9k -284,946
73 Birnam Oak Advisors, LP 11.26% of their portfolio New York, NY 472,491472.5k $37.6m $37.6m 11.26% New
74 PICTON MAHONEY ASSET MANAGEMENT 0.51% of their portfolio Toronto, A6 457,928457.9k $36.4m $36.4m 0.51% Reduced -75.0k -75,000
75 Cinctive Capital Management LP 2.01% of their portfolio New York, NY 453,724453.7k $36.1m $36.1m 2.01% Added +18.6k +18,645
76 NATIONAL BANK OF CANADA /FI/ 0.04% of their portfolio MONTREAL, A8 451,276451.3k $35.9m $35.9m 0.04% Added +226.3k +226,346
77 OVERSEA-CHINESE BANKING Corp Ltd 1.00% of their portfolio SINGAPORE, U0 447,366447.4k $35.6m $35.6m 1.00% Reduced -44.2k -44,187
78 NEXPOINT ASSET MANAGEMENT, L.P. 3.34% of their portfolio Dallas, TX 441,308441.3k $35.1m $35.1m 3.34% Added +94.3k +94,343
79 Andra AP-fonden 0.48% of their portfolio GOTEBORG, V7 432,600432.6k $34.4m $34.4m 0.48% Added +92.8k +92,800
80 STOREBRAND ASSET MANAGEMENT AS 0.10% of their portfolio LYSAKER, Q8 432,591432.6k $34.4m $34.4m 0.10% Reduced -61.5k -61,455
81 PSquared Asset Management AG 7.56% of their portfolio ZURICH, V8 432,481432.5k $34.4m $34.4m 7.56% Added +82.1k +82,078
82 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.04% of their portfolio WEST SACRAMENTO, CA 432,339432.3k $34.4m $34.4m 0.04% Added +40.3k +40,340
83 Twin Securities, Inc. 30.14% of their portfolio New York, NY 428,305428.3k $34.1m $34.1m 30.14% Added +74.2k +74,224
84 Melqart Asset Management (UK) Ltd 4.80% of their portfolio London, X0 422,360422.4k $33.6m $33.6m 4.80% Reduced -57.5k -57,498
85 KBC Group NV 0.09% of their portfolio Brussels, C9 412,422412.4k $32.8m $32.8m 0.09% Added +349.1k +349,058
86 Capula Management Ltd 0.40% of their portfolio Grand Cayman, E9 410,000410.0k $32.6m $32.6m 0.40% Added +343.6k +343,595
87 GABELLI FUNDS LLC 0.22% of their portfolio Rye, NY 395,821395.8k $31.5m $31.5m 0.22% Added +12.6k +12,632
88 WHITEBOX ADVISORS LLC 0.83% of their portfolio MINNEAPOLIS, MN 383,846383.8k $30.5m $30.5m 0.83% Added +242.2k +242,196
89 Sculptor Capital LP 0.49% of their portfolio New York, NY 383,000383.0k $30.5m $30.5m 0.49% New
90 PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio DES MOINES, IA 382,809382.8k $30.4m $30.4m 0.02% Added +11.8k +11,756
91 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 382,700382.7k $30.4m $30.4m 0.00% Reduced -8.5k -8,549
92 TUDOR INVESTMENT CORP ET AL 0.23% of their portfolio STAMFORD, CT 380,447380.4k $30.3m $30.3m 0.23% Reduced -1.6m -1,558,345
93 GABELLI & Co INVESTMENT ADVISERS, INC. 4.50% of their portfolio Rye, NY 368,643368.6k $29.3m $29.3m 4.50% Added +20.3k +20,300
94 CANADA LIFE ASSURANCE Co 0.05% of their portfolio WINNIPEG, A2 366,397366.4k $29.2m $29.2m 0.05% Added +5.8k +5,757
95 STATE OF WISCONSIN INVESTMENT BOARD 0.07% of their portfolio MADISON, WI 364,952365.0k $29.0m $29.0m 0.07% Added +56.3k +56,317
96 HIGHBRIDGE CAPITAL MANAGEMENT LLC 1.45% of their portfolio NEW YORK, NY 354,066354.1k $28.2m $28.2m 1.45% Added +47.8k +47,833
97 AVIVA PLC 0.06% of their portfolio LONDON, X0 342,822342.8k $27.3m $27.3m 0.06% Reduced -287.9k -287,922
98 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.05% of their portfolio TORONTO, A6 339,889339.9k $27.0m $27.0m 0.05% Added +42.5k +42,520
99 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 334,974335.0k $26.6m $26.6m 0.01% Added +100.4k +100,418
100 Hudson Bay Capital Management LP 0.17% of their portfolio STAMFORD, CT 325,000325.0k $25.8m $25.8m 0.17% New