UNITED AIRLS HLDGS INC UAL
COM · Common Stock · CUSIP 910047109 · ISIN US9100471096
- SectorIndustrials
- IndustryAir Transportation, Scheduled
- HeadquartersChicago, IL
- Founded1968
- Websiteir.united.com
- FilingsSEC EDGAR
* 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 ($54.1m this quarter). Holder counts are more reliable. Shares outstanding: 326.6m as of 2025-04-10, 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 ≈ $69.03. Options: 46 managers hold calls ($1.9bn notional), 44 hold puts ($2.2bn).
Trends to Q1 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 508 |
| Q4 2022 | 578 |
| Q1 2023 | 603 |
| Q2 2023 | 647 |
| Q3 2023 | 624 |
| Q4 2023 | 631 |
| Q1 2024 | 636 |
| Q2 2024 | 671 |
| Q3 2024 | 654 |
| Q4 2024 | 858 |
| Q1 2025 | 849 |
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 | 288 | 268 |
| Q3 2023 | 256 | 305 |
| Q4 2023 | 241 | 309 |
| Q1 2024 | 304 | 286 |
| Q2 2024 | 300 | 284 |
| Q3 2024 | 281 | 335 |
| Q4 2024 | 466 | 289 |
| Q1 2025 | 479 | 402 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $1.3bn | $1.9bn | 1.52 |
| Q3 2024 | $1.9bn | $2.2bn | 1.15 |
| Q4 2024 | $3.4bn | $3.9bn | 1.15 |
| Q1 2025 | $1.9bn | $2.2bn | 1.20 |
Biggest buyers
| Pacer Advisors, Inc. | Added | +5.0m |
| Qube Research & Technologies Ltd | Added | +3.8m |
| Alyeska Investment Group, L.P. | Added | +1.8m |
| Bridgewater Associates, LP | New | +1.5m |
| Assenagon Asset Management S.A. | Added | +1.5m |
| AQR CAPITAL MANAGEMENT LLC | Added | +1.4m |
| BlackRock, Inc. | Added | +1.3m |
| Squarepoint Ops LLC | Added | +1.2m |
| Allianz Asset Management GmbH | Added | +1.2m |
| Caisse de depot et placement du Quebec | New | +1.1m |
Biggest sellers
| Castle Hook Partners LP | Reduced | -3.7m |
| D. E. Shaw & Co., Inc. | Reduced | -3.7m |
| CITADEL ADVISORS LLC | Reduced | -2.5m |
| Capital World Investors | Reduced | -2.2m |
| FMR LLC | Reduced | -2.1m |
| Balyasny Asset Management L.P. | Reduced | -2.1m |
| SUSQUEHANNA ADVISORS GROUP, INC. | Sold out | -1.8m |
| Capital International Investors | Reduced | -1.3m |
| Candlestick Capital Management LP | Reduced | -1.3m |
| Palestra Capital Management LLC | Sold out | -1.2m |
Biggest calls
| CITADEL ADVISORS LLC | Added | $391.6m5.7m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $323.4m4.7m shares |
| IMC-Chicago, LLC | Reduced | $88.5m1.3m shares |
| JPMORGAN CHASE & CO | Added | $87.7m1.3m shares |
| GOLDMAN SACHS GROUP INC | Reduced | $83.7m1.2m shares |
| Candlestick Capital Management LP | New | $72.0m1.0m shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $69.3m1.0m shares |
| Squarepoint Ops LLC | Reduced | $64.2m929.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $63.4m917.5k shares |
| JANE STREET GROUP, LLC | Reduced | $60.3m873.3k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $437.2m6.3m shares |
| CITADEL ADVISORS LLC | Reduced | $355.5m5.1m shares |
| Parallax Volatility Advisers, L.P. | Reduced | $180.7m2.6m shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $112.9m1.6m shares |
| JANE STREET GROUP, LLC | Reduced | $98.0m1.4m shares |
| IMC-Chicago, LLC | Reduced | $87.0m1.3m shares |
| GOLDMAN SACHS GROUP INC | Added | $85.4m1.2m shares |
| JPMORGAN CHASE & CO | Reduced | $82.3m1.2m shares |
| D. E. Shaw & Co., Inc. | Reduced | $79.7m1.2m shares |
| BNP PARIBAS FINANCIAL MARKETS | First filing | $72.7m10.5k 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.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 7.3% |
Fell to 5% or below in the last year: Capital International Investors (2.0%, 2026-05-14), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC), PRIMECAP MANAGEMENT CO/CA/ (4.9%, 2026-02-11), FMR LLC (5.0%, 2026-02-05)
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 | 0 | — | 1 | $627.1k | — |
| Q3 2023 | 0 | — | 1 | $256.2k | — |
| Q4 2023 | 1 | $218.9k | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 1 | $1.5m | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 3 | $9.6m | — |
| Q1 2025 | 0 | — | 0 | — | — |
None reported in Q1 2025.
Holders, Q1 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.05% of their portfolio | 37.0m $2.6bn | Added +413.8k |
| PRIMECAP MANAGEMENT CO/CA/ 1.24% of their portfolio | 21.8m $1.5bn | Reduced -879.8k |
| BlackRock, Inc. 0.03% of their portfolio | 20.0m $1.4bn | Added +1.3m |
| Capital International Investors 0.27% of their portfolio | 19.9m $1.4bn | Reduced -1.3m |
| Sanders Capital, LLC 1.50% of their portfolio | 14.6m $1.0bn | Added +705.7k |
| STATE STREET CORP 0.03% of their portfolio | 11.1m $765.2m | Added +500.6k |
| GEODE CAPITAL MANAGEMENT, LLC 0.05% of their portfolio | 8.7m $605.5m | Added +174.8k |
| Capital World Investors 0.09% of their portfolio | 7.6m $526.7m | Reduced -2.2m |
| DIMENSIONAL FUND ADVISORS LP 0.10% of their portfolio | 6.0m $415.0m | Added +125.3k |
| FMR LLC 0.02% of their portfolio | 5.2m $356.1m | Reduced -2.1m |
| Pacer Advisors, Inc. 0.83% of their portfolio | 5.1m $350.0m | Added +5.0m |
| PAR CAPITAL MANAGEMENT INC 11.21% of their portfolio | 4.8m $334.3m | Unchanged |
| Invesco Ltd. 0.06% of their portfolio | 4.7m $321.9m | Added +964.4k |
| Alyeska Investment Group, L.P. 1.10% of their portfolio | 4.0m $275.2m | Added +1.8m |
| Qube Research & Technologies Ltd 0.42% of their portfolio | 3.9m $268.8m | Added +3.8m |
| MORGAN STANLEY 0.02% of their portfolio | 3.7m $254.0m | Added +155.8k |
| GOLDMAN SACHS GROUP INC 0.05% of their portfolio | 3.5m $239.1m | Reduced -711.6k |
| Newport Trust Company, LLC 0.61% of their portfolio | 3.5m $238.6m | Reduced -65.3k |
| Senator Investment Group LP 11.63% of their portfolio | 3.2m $219.1m | Reduced -87.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio | 3.1m $212.7m | Reduced -34.2k |
| SRS Investment Management, LLC 2.69% of their portfolio | 2.9m $200.3m | Unchanged |
| Boston Partners 0.23% of their portfolio | 2.8m $193.0m | Reduced -511.9k |
| LSV ASSET MANAGEMENT 0.43% of their portfolio | 2.6m $178.4m | Reduced -78.2k |
| NORTHERN TRUST CORP 0.03% of their portfolio | 2.6m $176.1m | Added +36.8k |
| BARCLAYS PLC 0.08% of their portfolio | 2.4m $168.9m | Reduced -97.6k |
| UBS Group AG 0.04% of their portfolio | 2.4m $164.4m | Added +905.4k |
| RENAISSANCE TECHNOLOGIES LLC 0.23% of their portfolio | 2.2m $150.2m | Added +753.5k |
| NORGES BANK 0.02% of their portfolio | 2.0m $137.7m | Added +235.6k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.47% of their portfolio | 1.8m $125.9m | Added +497.8k |
| AQR CAPITAL MANAGEMENT LLC 0.12% of their portfolio | 1.8m $116.5m | Added +1.4m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.19% of their portfolio | 1.6m $113.0m | Added +576.8k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.6m $111.7m | Added +655.3k |
| Assenagon Asset Management S.A. 0.20% of their portfolio | 1.6m $110.8m | Added +1.5m |
| Bridgewater Associates, LP 0.49% of their portfolio | 1.5m $105.7m | New |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 1.5m $105.6m | Reduced -533.0k |
| Candlestick Capital Management LP 4.12% of their portfolio | 1.5m $105.1m | Reduced -1.3m |
| Bank of New York Mellon Corp 0.02% of their portfolio | 1.5m $105.0m | Added +16.5k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 1.4m $96.4m | Added +132.4k |
| PRUDENTIAL FINANCIAL INC 0.14% of their portfolio | 1.4m $95.5m | Added +219.1k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 1.3m $91.8m | Added +639.4k |
| Allianz Asset Management GmbH 0.13% of their portfolio | 1.3m $88.2m | Added +1.2m |
| Squarepoint Ops LLC 0.21% of their portfolio | 1.3m $87.5m | Added +1.2m |
| Avala Global LP 5.76% of their portfolio | 1.2m $84.4m | Added +231.9k |
| VICTORY CAPITAL MANAGEMENT INC 0.08% of their portfolio | 1.2m $79.6m | Added +1.0m |
| Slate Path Capital LP 1.42% of their portfolio | 1.1m $78.6m | Reduced -872.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 1.1m $78.0m | Reduced -73.5k |
| U S GLOBAL INVESTORS INC 9.97% of their portfolio | 1.1m $75.4m | Reduced -105.4k |
| GMT Capital Corp 3.90% of their portfolio | 1.1m $73.5m | Added +28.0k |
| Caisse de depot et placement du Quebec 0.15% of their portfolio | 1.1m $72.7m | New |
| HSBC HOLDINGS PLC 0.04% of their portfolio | 928.6k $63.9m | Added +33.9k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 917.8k $63.4m | Added +326.6k |
| SG Americas Securities, LLC 0.22% of their portfolio | 917.6k $63.4m | Added +5.6k |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 913.3k $63.1m | First filing |
| Nuveen, LLC 0.02% of their portfolio | 817.4k $56.4m | First filing |
| Russell Investments Group, Ltd. 0.08% of their portfolio | 808.9k $55.9m | Added +41.4k |
| Man Group plc 0.16% of their portfolio | 780.5k $53.9m | Added +694.2k |
| AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio | 778.2k $53.7m | Added +175.3k |
| Khrom Capital Management LLC 6.86% of their portfolio | 743.3k $51.3m | Added +211.3k |
| Castle Hook Partners LP 1.32% of their portfolio | 725.7k $50.1m | Reduced -3.7m |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.13% of their portfolio | 710.1k $49.0m | Added +211.5k |
| Legal & General Group Plc 0.01% of their portfolio | 700.7k $48.4m | Added +200.7k |
| MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio | 688.4k $47.5m | Reduced -677.3k |
| Patient Capital Management, LLC 2.38% of their portfolio | 670.6k $46.3m | Reduced -54.6k |
| D. E. Shaw & Co., Inc. 0.05% of their portfolio | 657.1k $45.4m | Reduced -3.7m |
| TWO SIGMA INVESTMENTS, LP 0.09% of their portfolio | 622.3k $43.0m | New |
| California Public Employees Retirement System 0.03% of their portfolio | 621.6k $42.9m | Added +26.4k |
| CITIGROUP INC 0.03% of their portfolio | 621.5k $42.9m | Reduced -227.5k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 610.2k $42.1m | Added +393.6k |
| FRED ALGER MANAGEMENT, LLC 0.24% of their portfolio | 609.3k $42.1m | Reduced -995.8k |
| Encompass Capital Advisors LLC 1.59% of their portfolio | 600.0k $41.4m | New |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 593.7k $41.0m | Added +246.1k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.18% of their portfolio | 586.0k $40.5m | Added +223.2k |
| Point72 Asset Management, L.P. 0.11% of their portfolio | 566.1k $39.1m | Added +14.2k |
| RHUMBLINE ADVISERS 0.04% of their portfolio | 564.3k $39.0m | Added +44.4k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.07% of their portfolio | 479.4k $33.1m | New |
| Cannell & Spears LLC 0.70% of their portfolio | 470.6k $32.5m | Reduced -161.1k |
| Allspring Global Investments Holdings, LLC 0.05% of their portfolio | 462.0k $31.5m | Reduced -2.8k |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 445.1k $30.7m | Reduced -28.1k |
| Douglas Lane & Associates, LLC 0.45% of their portfolio | 439.6k $30.4m | Reduced -25.7k |
| Amundi 0.01% of their portfolio | 423.3k $25.5m | Added +14.8k |
| VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 423.1k $29.2m | Added +323.5k |
| Cubist Systematic Strategies, LLC 0.37% of their portfolio | 407.4k $28.1m | New |
| Trexquant Investment LP 0.32% of their portfolio | 402.0k $27.8m | Added +57.3k |
| FEDERATED HERMES, INC. 0.06% of their portfolio | 401.4k $27.7m | Added +282.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 385.9k $26.6m | Added +11.6k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 383.3k $26.5m | Reduced -117.9k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.02% of their portfolio | 376.9k $26.0m | Added +110.7k |
| Duquesne Family Office LLC 0.85% of their portfolio | 368.7k $25.5m | Reduced -675.1k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 367.0k $25.3m | Reduced -2.5m |
| MONTANOVA CAPITAL, LLC 1.02% of their portfolio | 366.4k $25.3m | Added +165.7k |
| Parallax Volatility Advisers, L.P. 0.81% of their portfolio | 364.6k $25.2m | Reduced -13.9k |
| Skye Global Management LP 0.66% of their portfolio | 358.0k $24.7m | Added +317.5k |
| BWCP, LP 4.99% of their portfolio | 356.2k $24.6m | Added +42.8k |
| TD Asset Management Inc 0.02% of their portfolio | 353.6k $24.4m | Added +38.8k |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 331.0k $22.9m | Added +38.8k |
| ASSETMARK, INC 0.06% of their portfolio | 324.5k $22.4m | Added +300.7k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.05% of their portfolio | 322.7k $22.3m | Added +2.7k |
| GLENVIEW CAPITAL MANAGEMENT, LLC 0.55% of their portfolio | 321.2k $22.2m | New |
| JUPITER ASSET MANAGEMENT LTD 0.21% of their portfolio | 316.1k $21.8m | New |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 311.8k $21.5m | Reduced -40.7k |