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 ($1.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $2.38. Options: 15 managers hold calls ($15.5m notional), 22 hold puts ($37.3m).
Trends to Q4 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 |
| Q3 2025 | 278 |
| Q4 2025 | 247 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 174 | 139 |
| Q2 2024 | 152 | 169 |
| Q3 2024 | 143 | 158 |
| Q4 2024 | 147 | 136 |
| Q1 2025 | 166 | 115 |
| Q2 2025 | 169 | 131 |
| Q3 2025 | 111 | 172 |
| Q4 2025 | 103 | 151 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $25.3m | $46.1m | 1.82 |
| Q2 2025 | $35.3m | $43.0m | 1.22 |
| Q3 2025 | $24.0m | $45.6m | 1.90 |
| Q4 2025 | $15.5m | $37.3m | 2.41 |
Biggest buyers
| GOLDMAN SACHS GROUP INC | Added | +7.2m |
| D. E. Shaw & Co., Inc. | Added | +2.7m |
| STATE STREET CORP | Added | +1.4m |
| First Eagle Investment Management, LLC | Added | +1.0m |
| VANGUARD GROUP INC | Added | +983.4k |
| MILLENNIUM MANAGEMENT LLC | Added | +933.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | Added | +854.1k |
| Mitsubishi UFJ Asset Management Co., Ltd. | Added | +809.9k |
| Alpine Global Management, LLC | New | +772.1k |
| BW Gestao de Investimentos Ltda. | New | +700.0k |
Biggest sellers
| PARADIGM CAPITAL MANAGEMENT INC/NY | Reduced | -2.6m |
| JPMORGAN CHASE & CO | Reduced | -1.8m |
| UBS Group AG | Reduced | -1.3m |
| BARCLAYS PLC | Reduced | -1.3m |
| BlackRock, Inc. | Reduced | -1.2m |
| CITADEL ADVISORS LLC | Reduced | -1.2m |
| Pacer Advisors, Inc. | Sold out | -1.2m |
| TUDOR INVESTMENT CORP ET AL | Sold out | -745.7k |
| MARSHALL WACE, LLP | Reduced | -717.9k |
| JANE STREET GROUP, LLC | Reduced | -488.7k |
Biggest calls
| UBS Group AG | Added | $7.4m3.1m shares |
| DLD Asset Management, LP | Reduced | $1.4m597.7k shares |
| BARCLAYS PLC | Unchanged | $1.2m500.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.1m445.4k shares |
| Caption Management, LLC | New | $711.0k300.0k shares |
| IMC-Chicago, LLC | Added | $655.1k276.4k shares |
| Walleye Capital LLC | Reduced | $647.0k273.0k shares |
| CITADEL ADVISORS LLC | Reduced | $540.4k228.0k shares |
| MILLENNIUM MANAGEMENT LLC | New | $536.8k226.5k shares |
| SIMPLEX TRADING, LLC | Added | $480.9k202.9k shares |
Biggest puts
| WHITEBOX ADVISORS LLC | Unchanged | $4.7m2.0m shares |
| LMR Partners LLP | Added | $4.6m1.9m shares |
| Parallax Volatility Advisers, L.P. | Reduced | $4.5m1.9m shares |
| Kore Advisors LP | New | $4.4m1.9m shares |
| Schonfeld Strategic Advisors LLC | Unchanged | $3.6m1.5m shares |
| DLD Asset Management, LP | Added | $3.4m1.4m shares |
| TWO SIGMA INVESTMENTS, LP | New | $2.8m1.2m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $2.7m1.1m shares |
| CITADEL ADVISORS LLC | Reduced | $1.1m453.3k shares |
| Caption Management, LLC | Reduced | $841.4k355.0k 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 Q4 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q3 2025 | 2 | $137.8k | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.00% of their portfolio | 11.4m $27.0m | Added +983.4k |
| BlackRock, Inc. 0.00% of their portfolio | 9.8m $23.1m | Reduced -1.2m |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 9.3m $22.0m | Added +7.2m |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 6.1m $14.4m | Reduced -461.7k |
| STATE STREET CORP 0.00% of their portfolio | 5.8m $13.9m | Added +1.4m |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 4.1m $9.7m | Added +2.7m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 3.5m $8.3m | Added +854.1k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 3.1m $7.3m | Reduced -717.9k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 3.1m $7.3m | Added +933.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 2.9m $6.9m | Added +571.7k |
| TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio | 2.6m $6.3m | Added +166.6k |
| TWO SIGMA ADVISERS, LP 0.01% of their portfolio | 2.6m $6.1m | Added +498.3k |
| First Eagle Investment Management, LLC 0.01% of their portfolio | 2.2m $5.2m | Added +1.0m |
| Allianz Asset Management GmbH 0.01% of their portfolio | 2.1m $5.0m | Added +271.4k |
| MORGAN STANLEY 0.00% of their portfolio | 1.8m $4.4m | Reduced -437.7k |
| Man Group plc 0.01% of their portfolio | 1.8m $4.2m | Reduced -37.4k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.00% of their portfolio | 1.6m $3.9m | Added +809.9k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.01% of their portfolio | 1.4m $3.2m | Reduced -172.1k |
| LSV ASSET MANAGEMENT 0.01% of their portfolio | 1.3m $3.0m | Reduced -10.9k |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 1.2m $2.9m | Added +35.2k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.1m $2.5m | Reduced -156.5k |
| PRIVATE MANAGEMENT GROUP INC 0.07% of their portfolio | 973.8k $2.3m | Reduced -77.2k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 941.3k $2.2m | Reduced -1.8m |
| PARADIGM CAPITAL MANAGEMENT INC/NY 0.09% of their portfolio | 880.0k $2.1m | Reduced -2.6m |
| UBS Group AG 0.00% of their portfolio | 806.8k $1.9m | Reduced -1.3m |
| Alpine Global Management, LLC 0.41% of their portfolio | 772.1k $1.8m | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 755.7k $1.8m | Added +10.7k |
| BW Gestao de Investimentos Ltda. 0.06% of their portfolio | 700.0k $1.7m | New |
| Empowered Funds, LLC 0.03% of their portfolio | 652.3k $1.5m | Added +60.2k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 642.2k $1.5m | Reduced -217.3k |
| Engineers Gate Manager LP 0.02% of their portfolio | 593.2k $1.4m | Reduced -96.5k |
| Atom Investors LP 0.11% of their portfolio | 567.3k $1.3m | Added +408.9k |
| GAMCO INVESTORS, INC. ET AL 0.01% of their portfolio | 554.2k $1.3m | Added +126.6k |
| Jump Financial, LLC 0.02% of their portfolio | 549.2k $1.3m | Added +94.0k |
| Mitsubishi UFJ Trust & Banking Corp 0.00% of their portfolio | 544.2k $1.3m | Reduced -20.1k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 525.5k $1.2m | Added +159.5k |
| STOREBRAND ASSET MANAGEMENT AS 0.00% of their portfolio | 503.6k $1.2m | Unchanged |
| Squarepoint Ops LLC 0.00% of their portfolio | 457.9k $1.1m | Added +88.9k |
| Invesco Ltd. 0.00% of their portfolio | 450.4k $1.1m | Added +50.5k |
| SEGALL BRYANT & HAMILL, LLC 0.01% of their portfolio | 433.2k $1.0m | Unchanged |
| Kovack Advisors, Inc. 0.05% of their portfolio | 430.8k $1.0m | Added +152.8k |
| Parallax Volatility Advisers, L.P. 0.03% of their portfolio | 427.6k $1.0m | Reduced -486.9k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 415.6k $984.9k | Reduced -32.6k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 405.5k $961.0k | Reduced -488.7k |
| CastleKnight Management LP 0.05% of their portfolio | 404.6k $958.9k | Unchanged |
| Susquehanna Portfolio Strategies, LLC 0.01% of their portfolio | 374.5k $887.5k | Unchanged |
| Advisors Asset Management, Inc. 0.01% of their portfolio | 370.8k $878.8k | Reduced -237.9k |
| BARCLAYS PLC 0.00% of their portfolio | 356.1k $844.0k | Reduced -1.3m |
| Graham Capital Management, L.P. 0.03% of their portfolio | 327.2k $775.6k | Added +186.3k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 292.9k $694.1k | Reduced -149.3k |
| Point72 Asset Management, L.P. 0.00% of their portfolio | 278.6k $660.3k | Reduced -469.1k |
| Quantbot Technologies LP 0.02% of their portfolio | 272.6k $646.0k | Reduced -68.1k |
| Nuveen, LLC 0.00% of their portfolio | 255.8k $606.3k | Reduced -123.9k |
| Mork Capital Management, LLC 0.36% of their portfolio | 250.0k $592.5k | Unchanged |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 248.0k $587.9k | Reduced -83.6k |
| XTX Topco Ltd 0.01% of their portfolio | 235.9k $559.1k | New |
| Voleon Capital Management LP 0.01% of their portfolio | 210.1k $497.9k | New |
| Soviero Asset Management, LP 0.26% of their portfolio | 210.0k $497.7k | Reduced -430.0k |
| Verition Fund Management LLC 0.00% of their portfolio | 202.5k $479.9k | Added +37.2k |
| NATIXIS 0.00% of their portfolio | 200.0k $474.0k | Unchanged |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 199.2k $472.1k | Added +34.1k |
| NORGES BANK 0.00% of their portfolio | 193.6k $458.9k | Not comparable |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 188.0k $445.5k | Reduced -68.1k |
| LPL Financial LLC 0.00% of their portfolio | 183.6k $435.1k | Reduced -12.2k |
| Jain Global LLC 0.00% of their portfolio | 183.1k $434.0k | Reduced -80.8k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 178.2k $422.3k | Reduced -22.6k |
| SummerHaven Investment Management, LLC 0.22% of their portfolio | 166.2k $393.8k | Unchanged |
| Quadrature Capital Ltd 0.00% of their portfolio | 155.0k $367.3k | Added +80.7k |
| Aquatic Capital Management LLC 0.01% of their portfolio | 151.9k $360.1k | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 147.2k $348.9k | Added +20.9k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio | 142.9k $338.7k | Added +123.6k |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 142.1k $336.8k | Added +98.9k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 131.9k $312.7k | Added +9.0k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 130.8k $310.1k | Added +23.3k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 125.1k $297.0k | Added +16.4k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.01% of their portfolio | 125.0k $296.3k | Reduced -97.4k |
| Lombard Odier Asset Management (USA) Corp 0.11% of their portfolio | 118.6k $281.1k | Added +72.7k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio | 110.0k $260.8k | Reduced -25.8k |
| FEDERATED HERMES, INC. 0.00% of their portfolio | 109.1k $258.5k | Added +18.2k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 109.0k $336.9k | Added +30.5k |
| NOMURA HOLDINGS INC 0.00% of their portfolio | 89.5k $212.1k | Reduced -101.9k |
| STRS OHIO 0.00% of their portfolio | 88.3k $209.3k | Reduced -20.3k |
| Legal & General Group Plc 0.00% of their portfolio | 87.2k $206.7k | Reduced -127.8k |
| PharVision Advisers, LLC 0.10% of their portfolio | 87.0k $206.2k | Added +40.2k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 85.5k $202.7k | Added +11.9k |
| Versor Investments LP 0.03% of their portfolio | 80.2k $190.1k | New |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 79.7k $189.0k | Reduced -4.1k |
| Aristides Capital LLC 0.06% of their portfolio | 76.3k $180.8k | New |
| Walleye Capital LLC 0.00% of their portfolio | 74.3k $176.0k | Added +58.2k |
| Creative Planning 0.00% of their portfolio | 66.3k $157.1k | Added +10.0k |
| Y-Intercept (Hong Kong) Ltd 0.00% of their portfolio | 66.2k $156.8k | Reduced -431.5k |
| GUGGENHEIM CAPITAL LLC 0.00% of their portfolio | 64.7k $153.4k | Reduced -35.8k |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 62.9k $149.1k | Reduced -99.2k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.00% of their portfolio | 61.3k $145.0k | First filing |
| Marathon Trading Investment Management LLC 0.02% of their portfolio | 60.7k $143.8k | Added +45.7k |
| GABELLI FUNDS LLC 0.00% of their portfolio | 58.0k $137.5k | Added +7.0k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 54.7k $129.7k | Reduced -560 |
| BRAVE ASSET MANAGEMENT INC 0.03% of their portfolio | 54.0k $128.0k | Added +34.5k |
| INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 50.2k $119.1k | Reduced -8.4k |
| GROUP ONE TRADING LLC 0.00% of their portfolio | 49.9k $118.3k | Reduced -65.5k |