VEON LTD VEON
SPONSORED ADS · ADR · CUSIP 91822M502
Holding company founded in 2009 and headquartered in Dubai
* 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 ($217.1k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $46.30. Options: 5 managers hold calls ($2.5m notional), 3 hold puts ($3.3m).
Trends to Q1 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q1 2023 | 38 |
| Q2 2023 | 39 |
| Q3 2023 | 37 |
| Q4 2023 | 37 |
| Q1 2024 | 43 |
| Q2 2024 | 41 |
| Q3 2024 | 50 |
| Q4 2024 | 64 |
| Q1 2025 | 68 |
| Q2 2025 | 72 |
| Q3 2025 | 90 |
| Q4 2025 | 115 |
| Q1 2026 | 101 |
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 2024 | 16 | 12 |
| Q3 2024 | 24 | 7 |
| Q4 2024 | 33 | 11 |
| Q1 2025 | 29 | 23 |
| Q2 2025 | 34 | 26 |
| Q3 2025 | 53 | 30 |
| Q4 2025 | 60 | 43 |
| Q1 2026 | 46 | 57 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $234.3k | $1.9m | 8.02 |
| Q3 2025 | $1.7m | $1.7m | 0.99 |
| Q4 2025 | $2.2m | $2.4m | 1.11 |
| Q1 2026 | $2.5m | $3.3m | 1.35 |
Biggest buyers
| VR Advisory Services Ltd | Added | +293.5k |
| MORGAN STANLEY | Added | +111.7k |
| Panview Capital Ltd | Added | +42.7k |
| CITADEL ADVISORS LLC | Added | +29.2k |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | New | +14.1k |
| MACKENZIE FINANCIAL CORP | Added | +13.5k |
| Dorsey Wright & Associates | Added | +11.1k |
| TWO SIGMA INVESTMENTS, LP | Added | +9.6k |
| DIVERSIFY WEALTH MANAGEMENT, LLC | Added | +9.2k |
| UBS Group AG | Added | +7.6k |
Biggest sellers
| Helikon Investments Ltd | Sold out | -344.5k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -108.9k |
| TWO SIGMA ADVISERS, LP | Sold out | -75.8k |
| Pictet Asset Management Holding SA | Reduced | -64.0k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | Reduced | -54.4k |
| JPMORGAN CHASE & CO | Reduced | -49.4k |
| J. Goldman & Co LP | Sold out | -40.0k |
| DEUTSCHE BANK AG\ | Reduced | -30.0k |
| JANE STREET GROUP, LLC | Sold out | -28.7k |
| Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | Sold out | -24.6k |
Biggest calls
| GROUP ONE TRADING LLC | Added | $1.6m33.7k shares |
| IMC-Chicago, LLC | New | $361.1k7.8k shares |
| CITADEL ADVISORS LLC | Reduced | $305.6k6.6k shares |
| Belvedere Trading LLC | Added | $222.2k4.8k shares |
| SIMPLEX TRADING, LLC | Added | $13.9k300 shares |
Biggest puts
| CITADEL ADVISORS LLC | Added | $1.7m36.8k shares |
| GROUP ONE TRADING LLC | Added | $1.4m30.0k shares |
| Belvedere Trading LLC | Reduced | $222.2k4.8k 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 |
|---|---|
| Lingotto Investment Management LLP 13G · passive investor -1.6 pts · filed 2026-08-10 | 7.1% |
| SHAH CAPITAL MANAGEMENT 13G · passive investor no change · filed 2026-10-16 | 6.7% |
Insider purchases and sales in Q1 2026
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.
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| Lingotto Investment Management LLP 5.55% of their portfolio | 6.0m $279.7m | Reduced -18.8k |
| SHAH CAPITAL MANAGEMENT 43.44% of their portfolio | 4.9m $226.4m | Reduced -4.8k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 954.5k $44.2m | Reduced -22.9k |
| Solus Alternative Asset Management LP 11.04% of their portfolio | 887.0k $41.1m | Unchanged |
| MORGAN STANLEY 0.00% of their portfolio | 768.1k $35.6m | Added +111.7k |
| Panview Capital Ltd 5.53% of their portfolio | 557.6k $25.8m | Added +42.7k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.03% of their portfolio | 501.4k $23.2m | Unchanged |
| VR Advisory Services Ltd 2.16% of their portfolio | 393.6k $18.2m | Added +293.5k |
| TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio | 224.4k $10.4m | Added +9.6k |
| Pictet Asset Management Holding SA 0.01% of their portfolio | 161.7k $7.5m | Reduced -64.0k |
| MACKENZIE FINANCIAL CORP 0.01% of their portfolio | 150.4k $7.0m | Added +13.5k |
| GABELLI FUNDS LLC 0.04% of their portfolio | 125.8k $5.8m | Reduced -2.0k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 111.6k $5.2m | Added +46 |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 107.0k $5.0m | Added +29.2k |
| Walleye Capital LLC 0.03% of their portfolio | 90.5k $4.2m | Reduced -1.6k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 69.8k $3.2m | Added +1.9k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 68.0k $3.1m | Unchanged |
| Cygnus Capital Advisors, LLC 1.23% of their portfolio | 38.9k $1.8m | Reduced -4.0k |
| RWC Asset Management LLP 0.07% of their portfolio | 38.0k $1.8m | Unchanged |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 37.2k $1.7m | Reduced -16.3k |
| Dorsey Wright & Associates 0.20% of their portfolio | 35.5k $1.6m | Added +11.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 35.4k $1.6m | Reduced -108 |
| MARSHALL WACE, LLP 0.00% of their portfolio | 35.3k $1.6m | Unchanged |
| NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio | 33.0k $1.5m | Unchanged |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 32.8k $1.5m | Reduced -49.4k |
| Point72 Asset Management, L.P. 0.00% of their portfolio | 30.9k $1.4m | Reduced -6.4k |
| DIVERSIFY WEALTH MANAGEMENT, LLC 0.03% of their portfolio | 30.5k $1.5m | Added +9.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 30.0k $1.4m | Added +2.6k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.00% of their portfolio | 29.3k $1.4m | Unchanged |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 27.8k $1.3m | Reduced -108.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 26.2k $1.2m | Reduced -2.3k |
| Schonfeld Strategic Advisors LLC 0.01% of their portfolio | 20.7k $959.1k | Reduced -9.9k |
| QRG CAPITAL MANAGEMENT, INC. 0.01% of their portfolio | 17.6k $812.9k | Added +4.1k |
| UBS Group AG 0.00% of their portfolio | 17.2k $797.1k | Added +7.6k |
| AdvisorShares Investments LLC 0.14% of their portfolio | 17.0k $785.3k | Reduced -925 |
| Hennion & Walsh Asset Management, Inc. 0.03% of their portfolio | 16.2k $750.2k | Added +4.4k |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 14.4k $667.0k | Added +2.2k |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.04% of their portfolio | 14.1k $653.4k | New |
| GAMCO INVESTORS, INC. ET AL 0.01% of their portfolio | 13.6k $631.5k | Reduced -1.5k |
| BlackRock, Inc. 0.00% of their portfolio | 13.3k $615.5k | Added +973 |
| Voleon Capital Management LP 0.01% of their portfolio | 12.7k $585.7k | Reduced -6.7k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 12.0k $555.6k | Reduced -30.0k |
| Squarepoint Ops LLC 0.00% of their portfolio | 11.6k $537.4k | Added +161 |
| Centiva Capital, LP 0.02% of their portfolio | 10.7k $496.1k | Added +6.2k |
| SBI Securities Co., Ltd. 0.01% of their portfolio | 9.8k $452.9k | Reduced -11.7k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 8.4k $389.6k | Reduced -440 |
| LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio | 7.6k $351.7k | Added +3.0k |
| Burns Matteson Capital Management, LLC 0.13% of their portfolio | 7.1k $327.8k | Added +3.1k |
| Handelsbanken Fonder AB 0.00% of their portfolio | 6.9k $319.0k | Unchanged |
| Atria Investments, Inc 0.00% of their portfolio | 6.8k $312.6k | Added +714 |
| MML INVESTORS SERVICES, LLC 0.00% of their portfolio | 6.7k $311.3k | Reduced -10.3k |
| Trexquant Investment LP 0.00% of their portfolio | 6.1k $284.7k | New |
| MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio | 5.9k $272.9k | Added +288 |
| Engineers Gate Manager LP 0.00% of their portfolio | 5.9k $271.3k | New |
| Cetera Investment Advisers 0.00% of their portfolio | 5.6k $257.0k | Reduced -122 |
| Mariner, LLC 0.00% of their portfolio | 4.7k $217.9k | New |
| PERSONAL CFO SOLUTIONS, LLC 0.03% of their portfolio | 4.7k $217.1k | Added +592 |
| CWM, LLC 0.00% of their portfolio | 4.0k $185.1k | Reduced -160 |
| GAMMA Investing LLC 0.01% of their portfolio | 3.4k $156.8k | Reduced -112 |
| Aquatic Capital Management LLC 0.00% of their portfolio | 1.6k $72.0k | Reduced -4.0k |
| Belvedere Trading LLC 0.01% of their portfolio | 1.3k $59.0k | Added +725 |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 1.2k $57.0k | Reduced -1.2k |
| Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio | 720 $33.3k | Reduced -720 |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 617 $28.6k | Added +126 |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.00% of their portfolio | 573 $26.5k | Reduced -54.4k |
| GROUP ONE TRADING LLC 0.00% of their portfolio | 374 $17.3k | Reduced -4.4k |
| Union Bancaire Privee, UBP SA 0.00% of their portfolio | 319 $11.4k | Unchanged |
| TOTH FINANCIAL ADVISORY CORP 0.00% of their portfolio | 300 $13.9k | Unchanged |
| EverSource Wealth Advisors, LLC 0.00% of their portfolio | 194 $9.0k | Added +21 |
| Ascentis Wealth Management, LLC 0.00% of their portfolio | 160 $7.4k | Added +80 |
| IFP Advisors, Inc 0.00% of their portfolio | 145 $6.7k | Unchanged |
| PENSION & WEALTH MANAGEMENT ADVISORS, INC. 0.00% of their portfolio | 125 $5.8k | Reduced -125 |
| Investors Research Corp 0.00% of their portfolio | 100 $4.6k | Unchanged |
| Larson Financial Group LLC 0.00% of their portfolio | 100 $4.6k | Added +32 |
| BNP PARIBAS 0.00% of their portfolio | 100 $4.6k | Unchanged |
| Parallel Advisors, LLC 0.00% of their portfolio | 99 $4.6k | New |
| Advisory Services Network, LLC 0.00% of their portfolio | 80 $3.7k | New |
| TD Waterhouse Canada Inc. 0.00% of their portfolio | 80 $3.7k | Unchanged |
| CITIGROUP INC 0.00% of their portfolio | 79 $3.7k | Added +78 |
| BESSEMER GROUP INC 0.00% of their portfolio | 74 $3.0k | Added +57 |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 67 $3.1k | Added +9 |
| Cranbrook Wealth Management, LLC 0.00% of their portfolio | 55 $2.5k | Unchanged |
| Farther Finance Advisors, LLC 0.00% of their portfolio | 54 $2.6k | Added +33 |
| TD PRIVATE CLIENT WEALTH LLC 0.00% of their portfolio | 44 $2.0k | Added +37 |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 25 $1.2k | Reduced -35 |
| MANNING & NAPIER ADVISORS LLC 0.00% of their portfolio | 24 $1.1k | Added +1 |
| Retirement Wealth Solutions LLC 0.00% of their portfolio | 24 $1.1k | Added +17 |
| Arax Advisory Partners 0.00% of their portfolio | 21 $972 | Reduced -239 |
| Signature Equity Partners, LLC 0.00% of their portfolio | 20 $926 | Added +2 |
| IMA Advisory Services, Inc. 0.00% of their portfolio | 13 $601 | Unchanged |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 12 $556 | Unchanged |
| FMR LLC 0.00% of their portfolio | 12 $556 | Unchanged |
| HARBOUR INVESTMENTS, INC. 0.00% of their portfolio | 10 $463 | New |
| US BANCORP \DE\ 0.00% of their portfolio | 9 $417 | Added +1 |
| Rockefeller Capital Management L.P. 0.00% of their portfolio | 8 $370 | New |
| Smartleaf Asset Management LLC 0.00% of their portfolio | 7 $313 | Unchanged |
| Allworth Financial LP 0.00% of their portfolio | 5 $232 | Reduced -3 |
| Tidemark, LLC 0.00% of their portfolio | 3 $139 | Unchanged |
| DANSKE BANK A/S 0.00% of their portfolio | 2 $93 | Unchanged |
| Stone House Investment Management, LLC 0.00% of their portfolio | 2 $93 | New |