XEROX HOLDINGS CORP XRX
COM NEW · Common Stock · CUSIP 98421M106 · ISIN US98421M1062
American document management corporation
* 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 ($7.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $5.27. Options: 16 managers hold calls ($35.3m notional), 19 hold puts ($43.0m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 295 |
| Q4 2022 | 305 |
| Q1 2023 | 307 |
| Q2 2023 | 306 |
| Q3 2023 | 300 |
| Q4 2023 | 312 |
| Q1 2024 | 338 |
| Q2 2024 | 311 |
| Q3 2024 | 290 |
| Q4 2024 | 283 |
| Q1 2025 | 305 |
| Q2 2025 | 295 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 150 | 134 |
| Q4 2023 | 139 | 157 |
| Q1 2024 | 174 | 139 |
| Q2 2024 | 152 | 169 |
| Q3 2024 | 143 | 158 |
| Q4 2024 | 147 | 136 |
| Q1 2025 | 166 | 115 |
| Q2 2025 | 169 | 131 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $52.8m | $80.5m | 1.52 |
| Q4 2024 | $39.5m | $74.1m | 1.87 |
| Q1 2025 | $25.3m | $46.1m | 1.82 |
| Q2 2025 | $35.3m | $43.0m | 1.22 |
Biggest buyers
| MORGAN STANLEY | Added | +2.1m |
| Alyeska Investment Group, L.P. | New | +1.9m |
| MARSHALL WACE, LLP | Added | +1.6m |
| TWO SIGMA INVESTMENTS, LP | Added | +1.1m |
| TWO SIGMA ADVISERS, LP | Added | +1.1m |
| PRIVATE MANAGEMENT GROUP INC | New | +1.0m |
| STATE STREET CORP | Added | +597.1k |
| PARADIGM CAPITAL MANAGEMENT INC/NY | Added | +564.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | Added | +477.6k |
| GROUP ONE TRADING LLC | New | +445.1k |
Biggest sellers
| LSV ASSET MANAGEMENT | Reduced | -2.1m |
| UBS Group AG | Reduced | -1.8m |
| VANGUARD GROUP INC | Reduced | -1.3m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -827.3k |
| HRT FINANCIAL LP | Sold out | -722.3k |
| GOLDMAN SACHS GROUP INC | Reduced | -697.4k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -494.7k |
| DIMENSIONAL FUND ADVISORS LP | Reduced | -427.5k |
| SHAH CAPITAL MANAGEMENT | Sold out | -418.8k |
| FEDERATED HERMES, INC. | Reduced | -362.2k |
Biggest calls
| UBS Group AG | Added | $16.7m3.2m shares |
| BlackRock, Inc. | New | $4.5m850.0k shares |
| DLD Asset Management, LP | Added | $3.2m610.0k shares |
| BARCLAYS PLC | New | $2.6m500.0k shares |
| Portman Square Capital LLP | Unchanged | $1.6m300.0k shares |
| Walleye Capital LLC | Added | $1.3m245.9k shares |
| CITADEL ADVISORS LLC | Reduced | $1.1m204.6k shares |
| Walleye Trading LLC | Reduced | $1.1m202.8k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $869.0k164.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $663.0k125.9k shares |
Biggest puts
| Parallax Volatility Advisers, L.P. | Added | $12.4m2.4m shares |
| WHITEBOX ADVISORS LLC | Unchanged | $7.9m1.5m shares |
| Lombard Odier Asset Management (USA) Corp | Unchanged | $7.5m1.4m shares |
| DLD Asset Management, LP | Reduced | $4.4m827.5k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $2.6m489.2k shares |
| CITADEL ADVISORS LLC | Added | $2.5m482.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $2.1m397.4k shares |
| NOMURA HOLDINGS INC | New | $790.0k149.9k shares |
| Walleye Capital LLC | Added | $552.3k104.8k shares |
| WOLVERINE TRADING, LLC | Reduced | $529.1k100.2k 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 |
|---|---|
DEASON DOUGLAS R
13D · may seek influence
new · filed 2026-04-08
Stated purposeOn December 2, 2025, Darwin Deason passed away. Pursuant to the terms of the Will and applicable law, admitted to probate on February 2, 2026, all Issuer securities beneficially owned by Darwin Deason were transferred to the Trust. On February 6, 2026, the appropriate court issued Letters Testamentary appointing Douglas R. Deason, Scott Letier, and Bryan C. Birkland as Co-Executors (collectively, the "Executors") of the Trust. Mr. Deason, as Co-Executor, has the power to direct the voting and disposition of the Shares held by the Trust and is therefore deemed to be the beneficial owner of such Shares. The Trust holds the Shares for investment purposes and for the administration and eventual distribution of the Trust's assets in accordance with the Will. Mr. Deason, in his capacity as Co-… Full filing |
11.3% |
DD Revocable Trust
13D · may seek influence
new · filed 2026-04-08
Stated purposeOn December 2, 2025, Darwin Deason passed away. Pursuant to the terms of the Will and applicable law, admitted to probate on February 2, 2026, all Issuer securities beneficially owned by Darwin Deason were transferred to the Trust. On February 6, 2026, the appropriate court issued Letters Testamentary appointing the Executors as the personal representatives of the Trust. Consequently, the Executors have acquired shared voting and dispositive power over the Shares held by the Trust. The Trust holds the Shares for investment purposes and for the administration and eventual distribution of the Trust's assets in accordance with the Will. The Executors, in their capacity as fiduciaries of the Trust, will continuously evaluate the Issuer's business, financial condition, and the market for the … Full filing |
11.3% |
DEASON DARWIN
13D · may seek influence
filed 2026-02-13
Stated purposeItem 4 is hereby amended to add the following: On December 2, 2025, Darwin Deason passed away. Pursuant to the terms of the Last Will and Testament of Darwin Deason (the "Will") and applicable law, admitted to probate on February 2, 2026, the 15,283,657 Shares beneficially owned by Mr. Deason were transferred to the Trust. On February 6, 2026, the appropriate court issued Letters Testamentary appointing the Executors as the personal representatives of the Trust. Consequently, the Executors have acquired shared voting and dispositive power over the Shares held by the Trust. The Trust holds the Shares for investment purposes and for the administration and eventual distribution of the Trust's assets in accordance with the Will. The Executors, in their capacity as fiduciaries of the Trust, … Full filing |
9.1% |
| BlackRock, Inc. 13G · institution -6.3 pts · filed 2025-10-17 | 8.3% |
STARTEEPO SICAV a.s.
13D · may seek influence
+0.5 pts · filed 2026-09-08
Stated purposeThe Reporting Persons have increased their investment based on their belief that the Common Stock is undervalued and represents an attractive investment opportunity. On September 7, 2026, the Reporting Persons issued an open letter (the "September Letter") to the Issuer's Board of Directors. In the September Letter, the Reporting Persons acknowledged the Issuer's operational and financial progress, but expressed concern that the Issuer remains deeply undervalued. The Reporting Persons urged the Board of Directors to provide more detailed financial reporting on Xerox Financial Services ("XFS") and to engage financial advisors to conduct a formal strategic review of XFS, evaluating all available alternatives to unlock value, including a joint venture, capital partnership, partial monetizati… Full filing |
7.3% |
Fell to 5% or below in the last year: GOLDMAN SACHS GROUP INC (4.5%, 2026-05-14), VANGUARD GROUP INC (0.0%, 2026-03-27), DIMENSIONAL FUND ADVISORS LP (4.8%, 2026-01-21)
Insider purchases and sales in Q2 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 |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 2 | $2.3m | $2.3m |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 4 | $364.3k | 0 | — | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-05-23 | Letier A. Scott Director | Bought | $110.8k25.0k shares |
| 2025-05-23 | BRUNO JOHN G President and COO, director | Bought | $109.5k25.0k shares |
| 2025-05-23 | BANDROWCZAK STEVEN JOHN CEO, director | Bought | $99.9k22.3k shares |
| 2025-05-23 | Gecaj Mirlanda CFO | Bought | $44.1k10.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.00% of their portfolio | 19.4m $102.3m | Added +14.6k |
| VANGUARD GROUP INC 0.00% of their portfolio | 14.4m $75.6m | Reduced -1.3m |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 7.0m $36.8m | Reduced -427.5k |
| STATE STREET CORP 0.00% of their portfolio | 6.1m $32.5m | Added +597.1k |
| UBS Group AG 0.01% of their portfolio | 5.4m $28.6m | Reduced -1.8m |
| MORGAN STANLEY 0.00% of their portfolio | 4.0m $20.9m | Added +2.1m |
| MARSHALL WACE, LLP 0.02% of their portfolio | 3.9m $20.7m | Added +1.6m |
| FEDERATED HERMES, INC. 0.03% of their portfolio | 3.3m $17.5m | Reduced -362.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 2.9m $15.2m | Reduced -45.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 2.5m $13.4m | Added +477.6k |
| Alyeska Investment Group, L.P. 0.04% of their portfolio | 1.9m $10.1m | New |
| Invesco Ltd. 0.00% of their portfolio | 1.9m $10.0m | Added +61.7k |
| PARADIGM CAPITAL MANAGEMENT INC/NY 0.47% of their portfolio | 1.8m $9.5m | Added +564.0k |
| TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio | 1.7m $9.1m | Added +1.1m |
| BARCLAYS PLC 0.00% of their portfolio | 1.7m $8.8m | Added +251.6k |
| Allianz Asset Management GmbH 0.01% of their portfolio | 1.7m $8.8m | Added +268.5k |
| Man Group plc 0.02% of their portfolio | 1.6m $8.6m | Added +119.2k |
| LSV ASSET MANAGEMENT 0.02% of their portfolio | 1.4m $7.2m | Reduced -2.1m |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.4m $7.2m | Added +83.8k |
| TWO SIGMA ADVISERS, LP 0.01% of their portfolio | 1.3m $7.0m | Added +1.1m |
| Nuveen, LLC 0.00% of their portfolio | 1.2m $6.3m | Added +213.4k |
| Pacer Advisors, Inc. 0.02% of their portfolio | 1.2m $6.3m | Reduced -280.5k |
| Sound Income Strategies, LLC 0.35% of their portfolio | 1.2m $6.2m | Added +44.2k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 1.1m $5.7m | Added +183.8k |
| PRIVATE MANAGEMENT GROUP INC 0.18% of their portfolio | 1.0m $5.5m | New |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 1.0m $5.4m | Reduced -827.3k |
| Connor, Clark & Lunn Investment Management Ltd. 0.02% of their portfolio | 1.0m $5.4m | Added +66.6k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.13% of their portfolio | 1.0m $5.4m | Added +27.1k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 877.9k $4.6m | Reduced -697.4k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.00% of their portfolio | 785.8k $4.1m | Added +245.7k |
| Mitsubishi UFJ Trust & Banking Corp 0.01% of their portfolio | 782.3k $4.1m | Added +226.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 775.5k $4.1m | Reduced -29.5k |
| Advisors Asset Management, Inc. 0.07% of their portfolio | 753.2k $4.0m | Reduced -149.4k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 735.0k $3.9m | Added +225.8k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 722.2k $3.8m | Reduced -14.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 700.7k $3.7m | Added +100.7k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio | 696.7k $3.7m | Added +254.9k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.01% of their portfolio | 684.7k $3.6m | Added +199.8k |
| Verition Fund Management LLC 0.02% of their portfolio | 672.1k $3.5m | Reduced -161.4k |
| Empowered Funds, LLC 0.04% of their portfolio | 667.9k $3.5m | Added +48.5k |
| Cambria Investment Management, L.P. 0.23% of their portfolio | 654.7k $3.5m | Reduced -85.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 580.0k $3.1m | Added +3.7k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 568.0k $3.0m | Added +75.5k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 566.6k $3.0m | Reduced -27.9k |
| STOREBRAND ASSET MANAGEMENT AS 0.01% of their portfolio | 503.6k $2.7m | Unchanged |
| Cubist Systematic Strategies, LLC 0.03% of their portfolio | 501.9k $2.6m | Added +271.4k |
| Point72 Asset Management, L.P. 0.01% of their portfolio | 489.4k $2.6m | Added +222.8k |
| CAXTON ASSOCIATES LLP 0.07% of their portfolio | 489.2k $2.6m | Unchanged |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 482.2k $2.5m | Added +62.5k |
| GAMCO INVESTORS, INC. ET AL 0.02% of their portfolio | 449.1k $2.4m | Added +30.8k |
| GROUP ONE TRADING LLC 0.08% of their portfolio | 445.1k $2.3m | New |
| Parallax Volatility Advisers, L.P. 0.09% of their portfolio | 423.1k $2.2m | Added +216.8k |
| CastleKnight Management LP 0.14% of their portfolio | 404.6k $2.1m | New |
| Public Sector Pension Investment Board 0.01% of their portfolio | 398.8k $2.1m | Added +31.9k |
| Legal & General Group Plc 0.00% of their portfolio | 393.8k $2.1m | Added +12.4k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 386.4k $2.0m | Added +40.8k |
| CAPITAL FUND MANAGEMENT S.A. 0.02% of their portfolio | 378.7k $2.0m | Added +74.7k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 376.7k $2.0m | Added +190.8k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 360.2k $1.9m | Added +8.2k |
| Engineers Gate Manager LP 0.02% of their portfolio | 332.0k $1.7m | Reduced -151.0k |
| Squarepoint Ops LLC 0.00% of their portfolio | 321.4k $1.7m | Reduced -167.3k |
| Soviero Asset Management, LP 1.24% of their portfolio | 320.0k $1.7m | New |
| PEAK6 LLC 0.03% of their portfolio | 271.1k $1.4m | New |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 264.5k $1.4m | Added +60.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 256.1k $1.3m | Reduced -494.7k |
| Quantbot Technologies LP 0.03% of their portfolio | 255.9k $1.3m | Added +187.8k |
| Mork Capital Management, LLC 0.96% of their portfolio | 250.0k $1.3m | Added +100.0k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.03% of their portfolio | 230.5k $1.2m | Reduced -343.5k |
| Swiss National Bank 0.00% of their portfolio | 230.4k $1.2m | Unchanged |
| Gotham Asset Management, LLC 0.01% of their portfolio | 225.2k $1.2m | Added +207.0k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 224.4k $1.2m | Added +127.4k |
| DARK FOREST CAPITAL MANAGEMENT LP 0.04% of their portfolio | 205.2k $1.1m | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 204.6k $1.1m | Added +29.9k |
| NORGES BANK 0.00% of their portfolio | 193.6k $1.0m | Unchanged |
| ARISTEIA CAPITAL, L.L.C. 0.03% of their portfolio | 193.6k $1.0m | New |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 189.2k $996.9k | Added +29.2k |
| Jain Global LLC 0.02% of their portfolio | 187.5k $988.3k | Added +155.1k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 177.6k $936.0k | Added +60.7k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 175.9k $926.9k | Added +16.7k |
| LPL Financial LLC 0.00% of their portfolio | 173.2k $912.9k | Added +65.5k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 164.6k $868.0k | Added +3.1k |
| Kovack Advisors, Inc. 0.08% of their portfolio | 161.1k $848.7k | Added +36.6k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 156.0k $822.1k | Added +109.0k |
| Brevan Howard Capital Management LP 0.01% of their portfolio | 154.1k $812.1k | Reduced -47.9k |
| Counterpoint Mutual Funds LLC 0.07% of their portfolio | 147.0k $774.9k | Reduced -254.1k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio | 135.8k $715.8k | Added +20.5k |
| Quantinno Capital Management LP 0.00% of their portfolio | 135.7k $715.4k | Added +111.6k |
| Creative Planning 0.00% of their portfolio | 135.6k $714.4k | Added +81.1k |
| Atom Investors LP 0.06% of their portfolio | 134.0k $706.3k | Reduced -36.4k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 128.4k $676.7k | Reduced -4.2k |
| Susquehanna Portfolio Strategies, LLC 0.01% of their portfolio | 128.0k $674.7k | Added +99.9k |
| NOMURA HOLDINGS INC 0.01% of their portfolio | 125.8k $662.9k | Reduced -79.3k |
| CITIGROUP INC 0.00% of their portfolio | 125.1k $659.1k | Reduced -73.5k |
| GUGGENHEIM CAPITAL LLC 0.01% of their portfolio | 117.2k $617.9k | Reduced -10.1k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 115.1k $607.0k | Unchanged |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 112.2k $591.5k | Added +12.7k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 110.3k $581.2k | Unchanged |
| STRS OHIO 0.00% of their portfolio | 108.6k $572.3k | Added +9.4k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 105.6k $556.6k | Added +14.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 97.0k $512.0k | Added +7.0k |