LINDE PLC LIN
SHS · Common Stock · CUSIP G54950103
Multinational industrial gases and engineering company founded in Germany in 1879
* 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 ($582.2m this quarter). Holder counts are more reliable. Shares outstanding: 481.6m as of 2024-01-31, 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 ≈ $410.24. Options: 45 managers hold calls ($1.1bn notional), 44 hold puts ($1.0bn).
Trends to Q4 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 7 |
| Q4 2022 | 13 |
| Q1 2023 | 1,444 |
| Q2 2023 | 1,572 |
| Q3 2023 | 1,615 |
| Q4 2023 | 1,774 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 7 | 2 |
| Q1 2023 | 1,396 | 4 |
| Q2 2023 | 752 | 636 |
| Q3 2023 | 755 | 655 |
| Q4 2023 | 772 | 726 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2023 | $612.7m | $868.4m | 1.42 |
| Q2 2023 | $649.3m | $544.9m | 0.84 |
| Q3 2023 | $666.4m | $712.7m | 1.07 |
| Q4 2023 | $1.1bn | $1.0bn | 0.98 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +7.4m |
| MORGAN STANLEY | Added | +7.3m |
| BlackRock Inc. | Added | +1.1m |
| MILLENNIUM MANAGEMENT LLC | Added | +829.1k |
| HRT FINANCIAL LP | New | +727.1k |
| Qube Research & Technologies Ltd | Added | +552.9k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +525.8k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +483.3k |
| BARCLAYS PLC | Added | +470.3k |
| AXA S.A. | Added | +436.1k |
Biggest sellers
| Clearbridge Investments, LLC | Reduced | -1.8m |
| Capital Research Global Investors | Reduced | -1.6m |
| Echo Street Capital Management LLC | Sold out | -1.1m |
| Artisan Partners Limited Partnership | Reduced | -427.0k |
| PARNASSUS INVESTMENTS, LLC | Reduced | -337.3k |
| DIMENSIONAL FUND ADVISORS LP | Reduced | -324.7k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -295.8k |
| Holocene Advisors, LP | Reduced | -295.5k |
| WCM INVESTMENT MANAGEMENT, LLC | Reduced | -261.6k |
| TORONTO DOMINION BANK | Reduced | -260.2k |
Biggest calls
| CITADEL ADVISORS LLC | Added | $159.4m388.1k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $115.0m279.9k shares |
| Twin Tree Management, LP | Added | $110.9m270.0k shares |
| JANE STREET GROUP, LLC | Added | $97.1m236.3k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $69.0m168.0k shares |
| SIMPLEX TRADING, LLC | Added | $43.2m105.3k shares |
| Squarepoint Ops LLC | Reduced | $40.5m98.7k shares |
| GOLDMAN SACHS GROUP INC | Added | $37.6m91.5k shares |
| BANK OF AMERICA CORP /DE/ | Added | $31.1m75.7k shares |
| UBS Group AG | Added | $30.5m74.3k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $173.5m422.5k shares |
| CITADEL ADVISORS LLC | Added | $122.0m297.0k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $81.9m199.5k shares |
| CITIGROUP INC | Added | $68.4m166.6k shares |
| SIMPLEX TRADING, LLC | Added | $56.5m137.5k shares |
| UBS Group AG | Added | $49.5m120.6k shares |
| GROUP ONE TRADING LLC | Added | $44.5m108.4k shares |
| IMC-Chicago, LLC | Added | $43.5m105.8k shares |
| WOLVERINE ASSET MANAGEMENT LLC | Reduced | $40.2m97.8k shares |
| Optiver Holding B.V. | Unchanged | $38.8m94.6k 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 | 7.5% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2023
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 2022 | 2 | $1.1m | 0 | — | — |
| Q2 2022 | 0 | — | 1 | $57.9k | — |
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 3 | $26.2m | — |
| Q1 2023 | 0 | — | 1 | $1.5m | — |
| Q2 2023 | 0 | — | 4 | $23.9m | — |
| Q3 2023 | 0 | — | 3 | $20.9m | $482.6k |
| Q4 2023 | 0 | — | 0 | — | — |
None reported in Q4 2023.
Holders, Q4 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.40% of their portfolio | 44.3m $18.2bn | Added +210.9k |
| BlackRock Inc. 0.37% of their portfolio | 35.1m $14.4bn | Added +1.1m |
| STATE STREET CORP 0.39% of their portfolio | 19.6m $8.0bn | Added +257.6k |
| MORGAN STANLEY 0.25% of their portfolio | 13.9m $5.7bn | Added +7.3m |
| FMR LLC 0.44% of their portfolio | 13.9m $5.7bn | Reduced -45.2k |
| JPMORGAN CHASE & CO 0.29% of their portfolio | 13.7m $5.6bn | Added +7.4m |
| Capital World Investors 0.88% of their portfolio | 12.0m $4.9bn | Reduced -35.5k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 1.53% of their portfolio | 11.5m $4.7bn | Reduced -295.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.60% of their portfolio | 10.8m $4.4bn | Added +141.3k |
| Capital International Investors 0.99% of their portfolio | 10.8m $4.4bn | Reduced -176.8k |
| Capital Research Global Investors 1.05% of their portfolio | 10.4m $4.3bn | Reduced -1.6m |
| GEODE CAPITAL MANAGEMENT, LLC 0.44% of their portfolio | 10.2m $4.2bn | Added +483.3k |
| NORGES BANK 0.54% of their portfolio | 7.5m $3.1bn | Reduced -753 |
| Bank of New York Mellon Corp 0.62% of their portfolio | 7.4m $3.1bn | Reduced -42.6k |
| WELLINGTON MANAGEMENT GROUP LLP 0.51% of their portfolio | 6.7m $2.8bn | Reduced -212.7k |
| Nuveen Asset Management, LLC 0.85% of their portfolio | 6.4m $2.6bn | Reduced -159.9k |
| Winder Pte. Ltd. 45.81% of their portfolio | 5.1m $2.1bn | Unchanged |
| NORTHERN TRUST CORP 0.37% of their portfolio | 4.9m $2.0bn | Reduced -167.7k |
| FRANKLIN RESOURCES INC 0.81% of their portfolio | 4.2m $1.7bn | Reduced -72.1k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 2.15% of their portfolio | 4.0m $1.6bn | Added +138.6k |
| WELLS FARGO & COMPANY/MN 0.45% of their portfolio | 3.9m $1.6bn | Added +20.6k |
| GOLDMAN SACHS GROUP INC 0.33% of their portfolio | 3.7m $1.5bn | Reduced -181.3k |
| WCM INVESTMENT MANAGEMENT, LLC 4.03% of their portfolio | 3.6m $1.5bn | Reduced -261.6k |
| AMERIPRISE FINANCIAL INC 0.42% of their portfolio | 3.4m $1.4bn | Reduced -58.5k |
| BANK OF AMERICA CORP /DE/ 0.13% of their portfolio | 2.9m $1.2bn | Added +87.7k |
| Artisan Partners Limited Partnership 1.85% of their portfolio | 2.9m $1.2bn | Reduced -427.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.30% of their portfolio | 2.8m $1.2bn | Added +64.4k |
| CANADA PENSION PLAN INVESTMENT BOARD 1.47% of their portfolio | 2.8m $1.2bn | Reduced -134.3k |
| Impax Asset Management Group plc 4.63% of their portfolio | 2.8m $1.2bn | Reduced -62.4k |
| Legal & General Group Plc 0.35% of their portfolio | 2.8m $1.1bn | Added +55.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.41% of their portfolio | 2.6m $1.1bn | Added +43.9k |
| PARNASSUS INVESTMENTS, LLC 2.26% of their portfolio | 2.5m $1.0bn | Reduced -337.3k |
| NORDEA INVESTMENT MANAGEMENT AB 1.27% of their portfolio | 2.4m $998.6m | Reduced -165.5k |
| Amundi 0.44% of their portfolio | 2.4m $971.5m | Reduced -51.2k |
| DEUTSCHE BANK AG\ 0.49% of their portfolio | 2.4m $965.6m | Reduced -75.4k |
| BARCLAYS PLC 0.50% of their portfolio | 2.3m $961.8m | Added +470.3k |
| ROYAL BANK OF CANADA 0.24% of their portfolio | 2.3m $951.4m | Added +105.8k |
| Invesco Ltd. 0.23% of their portfolio | 2.3m $951.3m | Added +333.1k |
| UBS Group AG 0.37% of their portfolio | 2.2m $913.4m | Added +42.8k |
| COMGEST GLOBAL INVESTORS S.A.S. 12.77% of their portfolio | 2.1m $850.9m | Reduced -2.9k |
| T. Rowe Price Investment Management, Inc. 0.53% of their portfolio | 2.0m $815.5m | Added +84.2k |
| DIMENSIONAL FUND ADVISORS LP 0.23% of their portfolio | 1.9m $799.0m | Reduced -324.7k |
| JANUS HENDERSON GROUP PLC 0.47% of their portfolio | 1.9m $792.7m | Added +15.0k |
| ALLIANCEBERNSTEIN L.P. 0.27% of their portfolio | 1.7m $689.6m | Reduced -111.7k |
| STIFEL FINANCIAL CORP 0.86% of their portfolio | 1.7m $686.5m | Reduced -15.5k |
| Swiss National Bank 0.46% of their portfolio | 1.5m $626.7m | Reduced -49.0k |
| Sumitomo Mitsui Trust Group, Inc. 0.44% of their portfolio | 1.4m $591.8m | Reduced -86.3k |
| MACKENZIE FINANCIAL CORP 0.84% of their portfolio | 1.4m $556.4m | Added +18.6k |
| PRINCIPAL FINANCIAL GROUP INC 0.35% of their portfolio | 1.3m $546.8m | Added +40.6k |
| Dodge & Cox 0.35% of their portfolio | 1.3m $545.0m | Reduced -28.2k |
| California Public Employees Retirement System 0.40% of their portfolio | 1.3m $526.7m | Added +347.5k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.31% of their portfolio | 1.3m $526.5m | Reduced -52.9k |
| BANK OF MONTREAL /CAN/ 0.17% of their portfolio | 1.3m $520.7m | Added +346.4k |
| BROWN BROTHERS HARRIMAN & CO 4.30% of their portfolio | 1.3m $517.4m | Reduced -13.2k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 1.48% of their portfolio | 1.2m $507.4m | Reduced -106.5k |
| PUBLIC INVESTMENT FUND 1.41% of their portfolio | 1.2m $496.3m | Unchanged |
| Harding Loevner LP 2.70% of their portfolio | 1.2m $481.1m | Reduced -30.6k |
| CREDIT SUISSE AG/ 0.46% of their portfolio | 1.2m $478.1m | Added +18.8k |
| Alphinity Investment Management Pty Ltd 4.79% of their portfolio | 1.1m $472.0m | Added +116.1k |
| WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST 5.70% of their portfolio | 1.1m $460.0m | Unchanged |
| TD Asset Management Inc 0.45% of their portfolio | 1.1m $456.2m | Reduced -27.7k |
| Pictet Asset Management Holding SA 0.49% of their portfolio | 1.1m $446.3m | Reduced -6.4k |
| C WorldWide Group Holding A/S 5.80% of their portfolio | 1.1m $431.8m | Reduced -127.7k |
| FIL Ltd 0.45% of their portfolio | 1.1m $431.4m | Added +36.0k |
| CIBC Private Wealth Group LLC 0.90% of their portfolio | 1.0m $426.1m | Reduced -23.7k |
| Swedbank AB 0.64% of their portfolio | 958.4k $393.6m | Reduced -16.7k |
| RHUMBLINE ADVISERS 0.39% of their portfolio | 915.7k $376.1m | Reduced -21.9k |
| Allianz Asset Management GmbH 0.69% of their portfolio | 900.5k $369.8m | Reduced -73.8k |
| Winslow Capital Management, LLC 1.53% of their portfolio | 895.3k $367.7m | Reduced -189.1k |
| Perpetual Ltd 3.79% of their portfolio | 894.7k $367.5m | Reduced -128.0k |
| ABN AMRO Bank N.V. 5.98% of their portfolio | 881.3k $363.6m | Reduced -23.2k |
| MILLENNIUM MANAGEMENT LLC 0.34% of their portfolio | 872.2k $358.2m | Added +829.1k |
| DekaBank Deutsche Girozentrale 0.71% of their portfolio | 846.3k $344.3m | Reduced -120.4k |
| LOOMIS SAYLES & CO L P 0.53% of their portfolio | 840.9k $345.4m | Added +10.2k |
| Qube Research & Technologies Ltd 0.73% of their portfolio | 789.2k $324.1m | Added +552.9k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.44% of their portfolio | 779.4k $320.1m | Added +4.3k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.54% of their portfolio | 779.0k $320.0m | Added +525.8k |
| AXA S.A. 0.51% of their portfolio | 773.8k $317.8m | Added +436.1k |
| Russell Investments Group, Ltd. 0.55% of their portfolio | 755.4k $310.2m | Reduced -50.0k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.43% of their portfolio | 750.7k $308.3m | Reduced -63.1k |
| HRT FINANCIAL LP 2.24% of their portfolio | 727.1k $298.6m | New |
| NEUBERGER BERMAN GROUP LLC 0.26% of their portfolio | 725.2k $297.8m | Reduced -20.3k |
| Robeco Institutional Asset Management B.V. 0.71% of their portfolio | 716.6k $294.3m | Added +10.9k |
| ENVESTNET ASSET MANAGEMENT INC 0.12% of their portfolio | 702.6k $288.6m | Added +13.6k |
| SEI INVESTMENTS CO 0.46% of their portfolio | 692.8k $284.5m | Reduced -35.2k |
| Intermede Investment Partners Ltd 6.37% of their portfolio | 646.9k $265.7m | Reduced -36.5k |
| JENNISON ASSOCIATES LLC 0.20% of their portfolio | 641.9k $263.6m | Added +73.3k |
| AMF Tjanstepension AB 2.25% of their portfolio | 641.6k $263.5m | Added +77.3k |
| Fiera Capital Corp 0.79% of their portfolio | 627.0k $257.5m | Reduced -162.3k |
| FIRST MANHATTAN CO. LLC. 0.88% of their portfolio | 626.2k $253.1m | Reduced -19.2k |
| APG Asset Management N.V. 0.45% of their portfolio | 613.9k $228.2m | Added +56.6k |
| AMERICAN CENTURY COMPANIES INC 0.17% of their portfolio | 592.4k $243.3m | Reduced -195.9k |
| BESSEMER GROUP INC 0.46% of their portfolio | 573.2k $235.4m | Reduced -2.7k |
| RAYMOND JAMES & ASSOCIATES 0.17% of their portfolio | 567.9k $233.2m | Reduced -26.1k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.64% of their portfolio | 546.2k $224.3m | Added +38.6k |
| AKO CAPITAL LLP 3.17% of their portfolio | 543.0k $223.0m | Reduced -56.2k |
| Sustainable Growth Advisers, LP 1.01% of their portfolio | 538.2k $221.0m | Reduced -18.8k |
| Corient Private Wealth LP 0.41% of their portfolio | 538.1k $221.0m | Added +28.1k |
| CITIGROUP INC 0.29% of their portfolio | 532.9k $218.9m | Added +41.3k |
| LANSDOWNE PARTNERS (UK) LLP 15.89% of their portfolio | 527.1k $216.5m | Reduced -36.9k |