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 ($120.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $328.58. Options: 7 managers hold calls ($22.0m notional), 5 hold puts ($10.6m).
Trends to Q4 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 |
| Q4 2025 | 750 |
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 | 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 |
| Q4 2025 | 303 | 360 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $168.9m | $98.0m | 0.58 |
| Q2 2025 | $116.6m | $25.3m | 0.22 |
| Q3 2025 | $36.2m | $41.0m | 1.13 |
| Q4 2025 | $22.0m | $10.6m | 0.48 |
Biggest buyers
| Dodge & Cox | Added | +3.3m |
| T. Rowe Price Investment Management, Inc. | Added | +3.0m |
| HARRIS ASSOCIATES L P | Added | +1.3m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | New | +866.0k |
| BANK OF MONTREAL /CAN/ | Added | +817.3k |
| BAUPOST GROUP LLC/MA | Added | +268.5k |
| Balyasny Asset Management L.P. | Added | +219.7k |
| HSBC HOLDINGS PLC | Added | +133.7k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +93.8k |
| BARCLAYS PLC | Added | +92.8k |
Biggest sellers
| FMR LLC | Reduced | -1.1m |
| BlackRock, Inc. | Reduced | -794.9k |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -466.3k |
| Southpoint Capital Advisors LP | Sold out | -400.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -283.3k |
| JPMORGAN CHASE & CO | Reduced | -282.6k |
| Tidal Investments LLC | Sold out | -255.7k |
| Nuveen, LLC | Reduced | -210.7k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -205.9k |
| Caisse de depot et placement du Quebec | Sold out | -199.4k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $9.1m27.7k shares |
| CITADEL ADVISORS LLC | Reduced | $7.6m23.1k shares |
| JANE STREET GROUP, LLC | Reduced | $2.6m7.9k shares |
| Twin Tree Management, LP | New | $1.3m4.0k shares |
| Jefferies Financial Group Inc. | New | $690.1k2.1k shares |
| Squarepoint Ops LLC | Reduced | $624.3k1.9k shares |
| GROUP ONE TRADING LLC | Added | $65.7k200 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $4.9m14.8k shares |
| CITADEL ADVISORS LLC | Reduced | $2.0m6.2k shares |
| Walleye Trading LLC | Reduced | $1.8m5.4k shares |
| Twin Tree Management, LP | New | $1.5m4.6k shares |
| JANE STREET GROUP, LLC | Added | $394.3k1.2k 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 |
|---|---|
| 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 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 | — | 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 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.05% of their portfolio | 11.2m $3.7bn | Reduced -155.1k |
| BlackRock, Inc. 0.05% of their portfolio | 8.5m $2.8bn | Reduced -794.9k |
| Dodge & Cox 1.23% of their portfolio | 6.9m $2.3bn | Added +3.3m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.63% of their portfolio | 6.0m $2.0bn | Reduced -205.9k |
| T. Rowe Price Investment Management, Inc. 0.76% of their portfolio | 5.9m $1.9bn | Added +3.0m |
| HARRIS ASSOCIATES L P 2.34% of their portfolio | 5.6m $1.8bn | Added +1.3m |
| First Eagle Investment Management, LLC 2.46% of their portfolio | 4.3m $1.4bn | Reduced -14.3k |
| STATE STREET CORP 0.05% of their portfolio | 4.2m $1.4bn | Reduced -43.1k |
| Artisan Partners Limited Partnership 1.74% of their portfolio | 3.5m $1.1bn | Reduced -83.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.05% of their portfolio | 2.5m $833.7m | Reduced -32.4k |
| FMR LLC 0.04% of their portfolio | 2.2m $727.7m | Reduced -1.1m |
| Invesco Ltd. 0.07% of their portfolio | 2.2m $727.1m | Added +57.2k |
| NORGES BANK 0.05% of their portfolio | 1.6m $511.2m | Not comparable |
| BAUPOST GROUP LLC/MA 8.45% of their portfolio | 1.4m $446.1m | Added +268.5k |
| VICTORY CAPITAL MANAGEMENT INC 0.23% of their portfolio | 1.3m $415.1m | Reduced -63.8k |
| NORTHERN TRUST CORP 0.05% of their portfolio | 1.1m $363.5m | Reduced -46.2k |
| DIMENSIONAL FUND ADVISORS LP 0.07% of their portfolio | 988.7k $324.9m | Added +3.9k |
| MORGAN STANLEY 0.02% of their portfolio | 942.4k $309.7m | Added +40.8k |
| BANK OF MONTREAL /CAN/ 0.13% of their portfolio | 941.6k $309.4m | Added +817.3k |
| ALLIANCEBERNSTEIN L.P. 0.10% of their portfolio | 924.6k $303.8m | Reduced -172.3k |
| JANUS HENDERSON GROUP PLC 0.13% of their portfolio | 894.5k $293.9m | Added +19.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.06% of their portfolio | 866.0k $284.6m | New |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 0.81% of their portfolio | 743.9k $244.5m | Reduced -91.1k |
| ABRAMS CAPITAL MANAGEMENT, L.P. 4.17% of their portfolio | 720.8k $236.8m | Unchanged |
| Legal & General Group Plc 0.05% of their portfolio | 690.2k $226.8m | Added +10.7k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.02% of their portfolio | 664.3k $218.3m | Reduced -283.3k |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 654.1k $214.9m | Added +70.2k |
| AMERICAN CENTURY COMPANIES INC 0.11% of their portfolio | 644.1k $211.7m | Reduced -48.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 601.7k $197.7m | Reduced -2.5k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 539.5k $177.3m | Reduced -34.0k |
| ALTRINSIC GLOBAL ADVISORS LLC 5.97% of their portfolio | 506.8k $166.5m | Reduced -26.9k |
| Bank of New York Mellon Corp 0.03% of their portfolio | 474.5k $155.9m | Reduced -16.8k |
| Balyasny Asset Management L.P. 0.27% of their portfolio | 432.8k $142.2m | Added +219.7k |
| BARCLAYS PLC 0.05% of their portfolio | 403.5k $132.6m | Added +92.8k |
| WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio | 374.6k $123.1m | Reduced -466.3k |
| PARNASSUS INVESTMENTS, LLC 0.30% of their portfolio | 357.5k $117.5m | Added +5.2k |
| River Road Asset Management, LLC 1.23% of their portfolio | 340.5k $111.9m | Reduced -149.1k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 336.5k $110.6m | Reduced -2.2k |
| Atalan Capital Partners, LP 7.86% of their portfolio | 336.0k $110.4m | Reduced -179.3k |
| CRAWFORD INVESTMENT COUNSEL INC 1.81% of their portfolio | 331.4k $108.9m | Added +357 |
| Brandywine Global Investment Management, LLC 0.72% of their portfolio | 328.3k $107.9m | Added +38.5k |
| Amundi 0.03% of their portfolio | 320.7k $105.4m | Added +41.8k |
| Nuveen, LLC 0.03% of their portfolio | 317.3k $104.3m | Reduced -210.7k |
| UBS Group AG 0.02% of their portfolio | 307.5k $101.1m | Added +14.7k |
| Clarkston Capital Partners, LLC 2.31% of their portfolio | 303.3k $99.7m | Reduced -146.5k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 302.0k $99.2m | Reduced -282.6k |
| JOHNSON INVESTMENT COUNSEL INC 0.76% of their portfolio | 284.4k $93.5m | Reduced -4.1k |
| BRANDES INVESTMENT PARTNERS, LP 0.69% of their portfolio | 275.6k $90.6m | Added +16.0k |
| Swiss National Bank 0.05% of their portfolio | 267.3k $87.8m | Reduced -18.5k |
| SEI INVESTMENTS CO 0.09% of their portfolio | 263.1k $86.4m | Added +27.2k |
| Canoe Financial LP 1.16% of their portfolio | 260.1k $85.5m | Added +2.5k |
| California Public Employees Retirement System 0.05% of their portfolio | 249.8k $82.1m | Reduced -55.2k |
| Sumitomo Mitsui Trust Group, Inc. 0.05% of their portfolio | 239.5k $78.7m | Reduced -11.1k |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 228.5k $75.1m | Added +42.0k |
| Sound Shore Management Inc /CT/ 2.36% of their portfolio | 226.1k $74.3m | Reduced -21.4k |
| HSBC HOLDINGS PLC 0.02% of their portfolio | 204.6k $67.6m | Added +133.7k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.05% of their portfolio | 204.5k $66.7m | Added +7.7k |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 201.7k $66.3m | Reduced -9.8k |
| CORTLAND ASSOCIATES INC/MO 7.75% of their portfolio | 186.9k $61.4m | Reduced -3.2k |
| RHUMBLINE ADVISERS 0.05% of their portfolio | 176.5k $58.0m | Reduced -6.2k |
| NATIXIS ADVISORS, LLC 0.08% of their portfolio | 171.5k $56.4m | Reduced -8.3k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 165.5k $54.4m | Reduced -17.1k |
| AQR CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 162.7k $53.5m | Added +29.4k |
| National Pension Service 0.04% of their portfolio | 158.7k $52.2m | Added +9.1k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.05% of their portfolio | 158.6k $52.1m | Reduced -4.1k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 142.7k $46.9m | Reduced -32.6k |
| Rockefeller Capital Management L.P. 0.08% of their portfolio | 142.5k $46.8m | Added +375 |
| Alberta Investment Management Corp 0.28% of their portfolio | 140.4k $46.1m | Added +15.4k |
| CIDEL ASSET MANAGEMENT INC 3.03% of their portfolio | 130.2k $42.8m | Reduced -5.5k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 129.5k $42.5m | Added +3.5k |
| CITIGROUP INC 0.03% of their portfolio | 117.6k $38.6m | Reduced -22.2k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 112.0k $36.8m | Reduced -2.3k |
| Gotham Asset Management, LLC 0.13% of their portfolio | 112.0k $36.8m | Added +16.7k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.02% of their portfolio | 111.4k $36.6m | Added +93.8k |
| NEW SOUTH CAPITAL MANAGEMENT INC 1.57% of their portfolio | 103.9k $34.1m | Reduced -885 |
| CANADA PENSION PLAN INVESTMENT BOARD 0.02% of their portfolio | 103.1k $33.9m | Reduced -956 |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.05% of their portfolio | 86.5k $28.4m | Reduced -4.6k |
| BAMCO INC /NY/ 0.08% of their portfolio | 86.4k $28.4m | Reduced -10.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 85.1k $28.0m | Reduced -16.3k |
| DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC 1.35% of their portfolio | 84.1k $27.6m | Reduced -1.4k |
| AVIVA PLC 0.05% of their portfolio | 84.0k $27.6m | Added +5.3k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.03% of their portfolio | 83.7k $30.3m | Added +24.6k |
| CANADA LIFE ASSURANCE Co 0.05% of their portfolio | 81.2k $26.7m | Reduced -52.2k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 78.7k $25.9m | Added +443 |
| STOREBRAND ASSET MANAGEMENT AS 0.06% of their portfolio | 72.9k $23.9m | Reduced -4.4k |
| Aberdeen Group plc 0.04% of their portfolio | 72.7k $23.9m | Reduced -200 |
| DANSKE BANK A/S 0.06% of their portfolio | 72.6k $23.9m | Added +1.6k |
| Arbejdsmarkedets Tillaegspension 0.60% of their portfolio | 72.2k $23.7m | First filing |
| NEW YORK STATE COMMON RETIREMENT FUND 0.03% of their portfolio | 69.4k $22.8m | Unchanged |
| WESTPORT ASSET MANAGEMENT INC 9.98% of their portfolio | 69.2k $23.9m | Unchanged |
| BROWN ADVISORY INC 0.03% of their portfolio | 68.7k $22.6m | Added +2.7k |
| APG Asset Management N.V. 0.05% of their portfolio | 68.1k $19.1m | Reduced -8.5k |
| AMF Tjanstepension AB 0.14% of their portfolio | 67.8k $22.3m | Reduced -41.5k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.04% of their portfolio | 66.7k $21.9m | Reduced -3.7k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.03% of their portfolio | 66.5k $21.8m | Added +20.7k |
| Rivermont Capital Management LP 5.18% of their portfolio | 66.3k $21.8m | Reduced -18.8k |
| Diamond Hill Capital Management, LLC (Investment Advisor) 0.11% of their portfolio | 66.0k $21.7m | Reduced -2.5k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.03% of their portfolio | 62.4k $20.5m | First filing |
| SG Americas Securities, LLC 0.03% of their portfolio | 61.1k $20.1m | Added +53.4k |
| EXCHANGE TRADED CONCEPTS, LLC 0.17% of their portfolio | 60.9k $20.0m | Added +17.0k |