WILLIS TOWERS WATSON PLC LTD WTW
SHS · Common Stock · CUSIP G96629103
Global insurance company
* 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 ($166.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $345.17. Options: 10 managers hold calls ($36.2m notional), 10 hold puts ($41.0m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 565 |
| Q4 2022 | 596 |
| Q1 2023 | 607 |
| Q2 2023 | 581 |
| Q3 2023 | 560 |
| Q4 2023 | 631 |
| Q1 2024 | 663 |
| Q2 2024 | 652 |
| Q3 2024 | 672 |
| Q4 2024 | 708 |
| Q1 2025 | 760 |
| Q2 2025 | 724 |
| Q3 2025 | 729 |
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 2023 | 293 | 271 |
| Q1 2024 | 305 | 287 |
| Q2 2024 | 332 | 270 |
| Q3 2024 | 324 | 278 |
| Q4 2024 | 325 | 301 |
| Q1 2025 | 351 | 329 |
| Q2 2025 | 318 | 378 |
| Q3 2025 | 330 | 327 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $29.0m | $31.5m | 1.08 |
| Q1 2025 | $168.9m | $98.0m | 0.58 |
| Q2 2025 | $116.6m | $25.3m | 0.22 |
| Q3 2025 | $36.2m | $41.0m | 1.13 |
Biggest buyers
| Dodge & Cox | Added | +2.4m |
| T. Rowe Price Investment Management, Inc. | Added | +966.4k |
| HARRIS ASSOCIATES L P | Added | +508.4k |
| JPMORGAN CHASE & CO | Added | +332.0k |
| Tidal Investments LLC | Added | +216.1k |
| Balyasny Asset Management L.P. | Added | +209.9k |
| GOLDMAN SACHS GROUP INC | Added | +181.7k |
| River Road Asset Management, LLC | Added | +158.2k |
| FIRST TRUST ADVISORS LP | Added | +111.2k |
| VANGUARD GROUP INC | Added | +103.8k |
Biggest sellers
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Sold out | -1.1m |
| Soundwatch Capital LLC | Sold out | -890.0k |
| BlackRock, Inc. | Reduced | -453.7k |
| ROYAL BANK OF CANADA | Reduced | -377.7k |
| Prana Capital Management, LP | Sold out | -327.5k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | Reduced | -300.9k |
| VICTORY CAPITAL MANAGEMENT INC | Reduced | -244.9k |
| Caisse de depot et placement du Quebec | Reduced | -225.5k |
| BAUPOST GROUP LLC/MA | Reduced | -225.1k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | Reduced | -186.4k |
Biggest calls
| CITADEL ADVISORS LLC | Added | $14.7m42.6k shares |
| JANE STREET GROUP, LLC | Reduced | $9.1m26.4k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $6.6m19.1k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $2.2m6.3k shares |
| Squarepoint Ops LLC | Reduced | $2.1m6.1k shares |
| BANK OF AMERICA CORP /DE/ | New | $725.4k2.1k shares |
| WOLVERINE TRADING, LLC | Reduced | $513.3k1.5k shares |
| SIMPLEX TRADING, LLC | Unchanged | $103.0k300 shares |
| JPMORGAN CHASE & CO | New | $69.1k200 shares |
| GROUP ONE TRADING LLC | Reduced | $34.5k100 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $22.0m63.8k shares |
| BANK OF AMERICA CORP /DE/ | New | $8.4m24.2k shares |
| CITADEL ADVISORS LLC | Added | $2.8m8.1k shares |
| MARSHALL WACE, LLP | New | $2.1m6.2k shares |
| Walleye Trading LLC | New | $2.1m6.2k shares |
| WOLVERINE TRADING, LLC | New | $1.3m3.9k shares |
| Squarepoint Ops LLC | Reduced | $1.2m3.4k shares |
| JANE STREET GROUP, LLC | Added | $380.0k1.1k shares |
| SIMPLEX TRADING, LLC | Reduced | $379.0k1.1k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | New | $241.8k700 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 |
|---|---|
| DODGE & COX 13G · institution +1.3 pts · filed 2026-08-13 | 8.5% |
| BlackRock, Inc. 13G · institution filed 2025-04-23 | 7.6% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-28 | 7.5% |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 13G · institution filed 2025-02-13 | 6.4% |
| Artisan Partners Limited Partnership 13G · institution new · filed 2026-08-13 | 5.9% |
| HARRIS ASSOCIATES L P 13G · institution new · filed 2026-02-17 | 5.9% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q3 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 |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 1 | $78.8k | — |
| Q1 2024 | 0 | — | 3 | $3.1m | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 1 | $1.7m | — |
| Q2 2025 | 0 | — | 3 | $3.7m | $3.7m |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.06% of their portfolio | 11.4m $3.9bn | Added +103.8k |
| BlackRock, Inc. 0.06% of their portfolio | 9.3m $3.2bn | Reduced -453.7k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.66% of their portfolio | 6.2m $2.1bn | Reduced -54.6k |
| HARRIS ASSOCIATES L P 2.38% of their portfolio | 4.3m $1.5bn | Added +508.4k |
| STATE STREET CORP 0.05% of their portfolio | 4.3m $1.5bn | Reduced -34.5k |
| First Eagle Investment Management, LLC 2.68% of their portfolio | 4.3m $1.5bn | Reduced -28.4k |
| Dodge & Cox 0.68% of their portfolio | 3.6m $1.3bn | Added +2.4m |
| Artisan Partners Limited Partnership 1.76% of their portfolio | 3.5m $1.2bn | Reduced -34.3k |
| FMR LLC 0.06% of their portfolio | 3.3m $1.2bn | Reduced -143.8k |
| T. Rowe Price Investment Management, Inc. 0.60% of their portfolio | 2.8m $981.4m | Added +966.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.06% of their portfolio | 2.6m $887.4m | Reduced -11.9k |
| Invesco Ltd. 0.12% of their portfolio | 2.2m $744.7m | Reduced -123.7k |
| VICTORY CAPITAL MANAGEMENT INC 0.27% of their portfolio | 1.3m $458.4m | Reduced -244.9k |
| NORTHERN TRUST CORP 0.05% of their portfolio | 1.2m $398.0m | Reduced -7.0k |
| ALLIANCEBERNSTEIN L.P. 0.12% of their portfolio | 1.1m $378.9m | Added +58.6k |
| BAUPOST GROUP LLC/MA 7.85% of their portfolio | 1.1m $376.2m | Reduced -225.1k |
| DIMENSIONAL FUND ADVISORS LP 0.07% of their portfolio | 984.8k $340.2m | Added +30.4k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.04% of their portfolio | 947.6k $327.3m | Reduced -71.9k |
| MORGAN STANLEY 0.02% of their portfolio | 901.6k $311.5m | Added +25.2k |
| Burgundy Asset Management Ltd. 2.71% of their portfolio | 877.5k $286.8m | Reduced -16.5k |
| JANUS HENDERSON GROUP PLC 0.14% of their portfolio | 875.2k $302.3m | Added +9.1k |
| WELLINGTON MANAGEMENT GROUP LLP 0.05% of their portfolio | 840.9k $290.5m | Reduced -20.2k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 0.92% of their portfolio | 835.1k $288.5m | Reduced -186.4k |
| ABRAMS CAPITAL MANAGEMENT, L.P. 4.04% of their portfolio | 720.8k $249.0m | Unchanged |
| AMERICAN CENTURY COMPANIES INC 0.12% of their portfolio | 692.4k $239.2m | Reduced -101.2k |
| Legal & General Group Plc 0.05% of their portfolio | 679.5k $234.7m | Added +19.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 604.2k $208.7m | Reduced -5.4k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 584.7k $202.0m | Added +332.0k |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 583.8k $201.7m | Added +181.7k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 573.5k $198.1m | Reduced -171.6k |
| ALTRINSIC GLOBAL ADVISORS LLC 6.82% of their portfolio | 533.7k $184.4m | Reduced -70.8k |
| Nuveen, LLC 0.05% of their portfolio | 528.0k $182.4m | Reduced -9.8k |
| Atalan Capital Partners, LP 12.43% of their portfolio | 515.3k $178.0m | Added +15.3k |
| Bank of New York Mellon Corp 0.03% of their portfolio | 491.3k $169.7m | Reduced -7.8k |
| River Road Asset Management, LLC 1.90% of their portfolio | 489.7k $169.2m | Added +158.2k |
| Clarkston Capital Partners, LLC 3.35% of their portfolio | 449.8k $155.4m | Reduced -22.0k |
| Southpoint Capital Advisors LP 3.62% of their portfolio | 400.0k $138.2m | Unchanged |
| PARNASSUS INVESTMENTS, LLC 0.28% of their portfolio | 352.4k $121.7m | Added +11.0k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 338.7k $117.0m | Added +7.9k |
| CRAWFORD INVESTMENT COUNSEL INC 1.90% of their portfolio | 331.1k $114.4m | Added +14.0k |
| BARCLAYS PLC 0.04% of their portfolio | 310.7k $107.3m | Reduced -13.6k |
| California Public Employees Retirement System 0.06% of their portfolio | 304.9k $105.3m | Reduced -68.9k |
| UBS Group AG 0.02% of their portfolio | 292.8k $101.2m | Added +15.0k |
| Brandywine Global Investment Management, LLC 0.69% of their portfolio | 289.7k $100.1m | Reduced -10.5k |
| JOHNSON INVESTMENT COUNSEL INC 0.83% of their portfolio | 288.4k $99.6m | Reduced -636 |
| Swiss National Bank 0.06% of their portfolio | 285.8k $98.7m | Reduced -15.1k |
| Amundi 0.03% of their portfolio | 279.0k $97.5m | Reduced -3.6k |
| BRANDES INVESTMENT PARTNERS, LP 0.72% of their portfolio | 259.6k $89.7m | Added +25.8k |
| Canoe Financial LP 1.27% of their portfolio | 257.6k $89.0m | Added +22.2k |
| Tidal Investments LLC 0.38% of their portfolio | 255.7k $88.3m | Added +216.1k |
| Sumitomo Mitsui Trust Group, Inc. 0.05% of their portfolio | 250.6k $86.6m | Added +1.1k |
| Sound Shore Management Inc /CT/ 2.83% of their portfolio | 247.6k $85.5m | Reduced -9.6k |
| SEI INVESTMENTS CO 0.09% of their portfolio | 235.8k $81.5m | Added +10.9k |
| POLEN CAPITAL MANAGEMENT LLC 0.25% of their portfolio | 219.8k $75.9m | Reduced -94.3k |
| Balyasny Asset Management L.P. 0.15% of their portfolio | 213.1k $73.6m | Added +209.9k |
| Russell Investments Group, Ltd. 0.08% of their portfolio | 211.5k $73.0m | Reduced -28.8k |
| Caisse de depot et placement du Quebec 0.12% of their portfolio | 199.4k $68.9m | Reduced -225.5k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.05% of their portfolio | 196.8k $68.0m | Added +3.5k |
| CORTLAND ASSOCIATES INC/MO 7.76% of their portfolio | 190.1k $65.7m | Reduced -390 |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 186.5k $64.4m | Reduced -24.3k |
| RHUMBLINE ADVISERS 0.05% of their portfolio | 182.7k $63.1m | Reduced -410 |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 182.6k $63.1m | Reduced -377.7k |
| NATIXIS ADVISORS, LLC 0.09% of their portfolio | 179.8k $62.1m | Added +12.6k |
| RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio | 175.3k $60.6m | Added +59.2k |
| MACQUARIE GROUP LTD 0.06% of their portfolio | 166.7k $54.3m | Added +82.4k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.06% of their portfolio | 162.7k $56.2m | Reduced -276 |
| National Pension Service 0.04% of their portfolio | 149.6k $51.7m | Added +4.2k |
| Rockefeller Capital Management L.P. 0.10% of their portfolio | 142.2k $49.1m | Reduced -75.4k |
| RENAISSANCE TECHNOLOGIES LLC 0.06% of their portfolio | 140.8k $48.6m | Reduced -170.9k |
| CITIGROUP INC 0.03% of their portfolio | 139.8k $48.3m | Added +36.4k |
| CIDEL ASSET MANAGEMENT INC 2.69% of their portfolio | 135.7k $46.9m | Added +10 |
| CANADA LIFE ASSURANCE Co 0.07% of their portfolio | 133.4k $45.6m | Reduced -3.8k |
| AQR CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 133.4k $45.9m | Reduced -71.8k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 126.0k $43.5m | Added +111.2k |
| Alberta Investment Management Corp 0.31% of their portfolio | 125.0k $43.2m | Unchanged |
| BANK OF MONTREAL /CAN/ 0.02% of their portfolio | 124.3k $43.0m | Reduced -36.8k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 114.3k $39.5m | Reduced -4.8k |
| AMF Tjanstepension AB 0.15% of their portfolio | 109.3k $37.8m | Added +41.5k |
| THOMPSON SIEGEL & WALMSLEY LLC 0.61% of their portfolio | 109.0k $37.7m | Reduced -14.4k |
| NEW SOUTH CAPITAL MANAGEMENT INC 1.65% of their portfolio | 104.7k $36.2m | Reduced -2.1k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.03% of their portfolio | 104.0k $35.9m | Reduced -3.9k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 101.4k $35.0m | Reduced -24.6k |
| BAMCO INC /NY/ 0.09% of their portfolio | 96.4k $33.3m | Unchanged |
| Gotham Asset Management, LLC 0.14% of their portfolio | 95.2k $32.9m | Added +21.0k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.06% of their portfolio | 91.1k $31.5m | Reduced -5.0k |
| Perpetual Ltd 0.38% of their portfolio | 88.4k $30.5m | Reduced -14.4k |
| DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC 1.48% of their portfolio | 85.5k $29.5m | Reduced -988 |
| Rivermont Capital Management LP 7.77% of their portfolio | 85.1k $29.4m | Added +850 |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 80.6k $27.8m | Added +24.1k |
| AVIVA PLC 0.05% of their portfolio | 78.7k $27.2m | Added +4.5k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 78.2k $27.0m | Reduced -20.2k |
| STOREBRAND ASSET MANAGEMENT AS 0.07% of their portfolio | 77.3k $26.7m | Added +328 |
| APG Asset Management N.V. 0.06% of their portfolio | 76.6k $22.5m | Reduced -800 |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.02% of their portfolio | 74.6k $25.5m | Added +3.6k |
| Aberdeen Group plc 0.04% of their portfolio | 72.9k $25.2m | Reduced -3.4k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.04% of their portfolio | 72.7k $25.1m | Reduced -73 |
| FEDERATED HERMES, INC. 0.04% of their portfolio | 72.7k $25.1m | Reduced -31.7k |
| DANSKE BANK A/S 0.06% of their portfolio | 71.0k $24.5m | Added +8.9k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 70.9k $24.4m | Reduced -2.3k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.05% of their portfolio | 70.4k $24.3m | Reduced -1.5k |