ALCON AG ALC
ORD SHS · Common Stock · CUSIP H01301128
* 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 ($10.8m this quarter). Holder counts are more reliable. Shares outstanding: 487.4m as of 2025-12-31, 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 ≈ $78.91. Options: 13 managers hold calls ($1.1bn notional), 24 hold puts ($577.4m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 561 |
| Q4 2022 | 587 |
| Q1 2023 | 592 |
| Q2 2023 | 598 |
| Q3 2023 | 601 |
| Q4 2023 | 613 |
| Q1 2024 | 617 |
| Q2 2024 | 634 |
| Q3 2024 | 659 |
| Q4 2024 | 661 |
| Q1 2025 | 662 |
| Q2 2025 | 655 |
| Q3 2025 | 639 |
| Q4 2025 | 657 |
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 | 265 | 264 |
| Q2 2024 | 272 | 266 |
| Q3 2024 | 272 | 289 |
| Q4 2024 | 250 | 300 |
| Q1 2025 | 266 | 294 |
| Q2 2025 | 265 | 297 |
| Q3 2025 | 275 | 313 |
| Q4 2025 | 275 | 295 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $205.1m | $339.6m | 1.66 |
| Q2 2025 | $1.0bn | $317.2m | 0.31 |
| Q3 2025 | $1.1bn | $552.3m | 0.51 |
| Q4 2025 | $1.1bn | $577.4m | 0.54 |
Biggest buyers
| Bank of New York Mellon Corp | Added | +4.4m |
| Southpoint Capital Advisors LP | New | +2.0m |
| GOLDMAN SACHS GROUP INC | Added | +1.7m |
| DEUTSCHE BANK AG\ | Added | +1.5m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +1.4m |
| Focus Partners Wealth | Added | +1.3m |
| Point72 Asset Management, L.P. | Added | +1.3m |
| 1832 Asset Management L.P. | New | +1.2m |
| Ilex Capital Partners (UK) LLP | Added | +1.2m |
| D. E. Shaw & Co., Inc. | New | +1.1m |
Biggest sellers
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -7.1m |
| JPMORGAN CHASE & CO | Reduced | -2.7m |
| ALLIANCEBERNSTEIN L.P. | Reduced | -2.3m |
| Capital Research Global Investors | Reduced | -1.7m |
| T. Rowe Price Investment Management, Inc. | Reduced | -1.5m |
| NorthCoast Asset Management LLC | Sold out | -1.4m |
| Sustainable Growth Advisers, LP | Reduced | -1.1m |
| NEUBERGER BERMAN GROUP LLC | Reduced | -1.1m |
| SIH Partners, LLLP | Reduced | -889.5k |
| Invesco Ltd. | Reduced | -828.0k |
Biggest calls
| UBS Group AG | Reduced | $977.5m12.4m shares |
| SIH Partners, LLLP | Reduced | $23.0m292.1k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $18.3m232.1k shares |
| Vontobel Holding Ltd. | Added | $17.5m219.9k shares |
| GOLDMAN SACHS GROUP INC | Added | $13.8m175.4k shares |
| Walleye Capital LLC | Added | $3.6m45.5k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $3.2m42.8k shares |
| Walleye Trading LLC | Added | $2.2m28.2k shares |
| Squarepoint Ops LLC | Added | $2.0m25.5k shares |
| JANE STREET GROUP, LLC | Added | $1.4m17.8k shares |
Biggest puts
| SIH Partners, LLLP | Reduced | $305.9m3.9m shares |
| Qube Research & Technologies Ltd | Added | $79.8m1.0m shares |
| GOLDMAN SACHS GROUP INC | Added | $73.0m926.5k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $21.7m275.7k shares |
| JPMORGAN CHASE & CO | Reduced | $21.5m273.4k shares |
| Optiver Holding B.V. | Added | $17.4m220.7k shares |
| CITADEL ADVISORS LLC | Added | $12.1m153.9k shares |
| CREDIT INDUSTRIEL ET COMMERCIAL | Unchanged | $10.0m125.0k shares |
| CITIGROUP INC | Added | $6.0m75.0k shares |
| UBS Group AG | Reduced | $5.9m75.0k 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 |
|---|---|
| BlackRock, Inc. 13G · institution filed 2025-04-23 | 5.9% |
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.
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.02% of their portfolio | 21.5m $1.7bn | Added +269.3k |
| Bank of New York Mellon Corp 0.18% of their portfolio | 13.2m $1.0bn | Added +4.4m |
| NORGES BANK 0.10% of their portfolio | 12.1m $961.1m | Not comparable |
| FMR LLC 0.04% of their portfolio | 10.8m $856.6m | Added +23.6k |
| Aristotle Capital Management, LLC 1.60% of their portfolio | 10.1m $799.8m | Reduced -557.5k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 1.33% of their portfolio | 7.7m $618.2m | Reduced -753.1k |
| AKO CAPITAL LLP 9.28% of their portfolio | 7.7m $609.4m | Reduced -287.7k |
| UBS Group AG 0.10% of their portfolio | 6.5m $509.4m | Added +229.9k |
| Select Equity Group, L.P. 2.31% of their portfolio | 6.2m $496.7m | Reduced -509.4k |
| Amundi 0.11% of their portfolio | 5.3m $416.2m | Added +468.2k |
| DEUTSCHE BANK AG\ 0.13% of their portfolio | 5.2m $411.7m | Added +1.5m |
| FRANKLIN RESOURCES INC 0.10% of their portfolio | 5.1m $399.6m | Reduced -246.1k |
| Pictet Asset Management Holding SA 0.39% of their portfolio | 5.0m $396.8m | Added +161.3k |
| Harding Loevner LP 3.34% of their portfolio | 4.8m $379.2m | Reduced -671.6k |
| GOLDMAN SACHS GROUP INC 0.05% of their portfolio | 4.8m $375.8m | Added +1.7m |
| Vontobel Holding Ltd. 1.16% of their portfolio | 4.4m $350.8m | Reduced -620.1k |
| BARCLAYS PLC 0.14% of their portfolio | 4.3m $338.4m | Added +358.4k |
| ROYAL BANK OF CANADA 0.06% of their portfolio | 4.1m $326.1m | Added +408.4k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 4.0m $314.9m | Added +137.4k |
| Legal & General Group Plc 0.07% of their portfolio | 3.9m $311.3m | Reduced -35.1k |
| T. Rowe Price Investment Management, Inc. 0.10% of their portfolio | 3.3m $264.0m | Reduced -1.5m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.03% of their portfolio | 3.2m $248.4m | Reduced -7.1m |
| Troy Asset Management Ltd 4.87% of their portfolio | 3.0m $189.0m | Added +15.0k |
| Allspring Global Investments Holdings, LLC 0.36% of their portfolio | 2.9m $221.5m | Added +91.4k |
| Cantillon Capital Management LLC 1.21% of their portfolio | 2.8m $224.2m | Added +21.8k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 2.7m $212.0m | Reduced -2.7m |
| BROWN BROTHERS HARRIMAN & CO 1.01% of their portfolio | 2.3m $184.6m | Reduced -80.1k |
| CAISSE DES DEPOTS ET CONSIGNATIONS 4.12% of their portfolio | 2.3m $180.8m | Unchanged |
| Rudius Management LP 36.68% of their portfolio | 2.1m $169.1m | Reduced -26.2k |
| Clearbridge Investments, LLC 0.14% of their portfolio | 2.1m $168.7m | Added +970.5k |
| Sustainable Growth Advisers, LP 1.16% of their portfolio | 2.1m $168.0m | Reduced -1.1m |
| Fiera Capital Corp 0.51% of their portfolio | 2.0m $159.8m | Reduced -79.7k |
| KING LUTHER CAPITAL MANAGEMENT CORP 0.65% of their portfolio | 2.0m $158.7m | Reduced -67.7k |
| Southpoint Capital Advisors LP 3.66% of their portfolio | 2.0m $157.6m | New |
| Point72 Asset Management, L.P. 0.22% of their portfolio | 1.8m $140.0m | Added +1.3m |
| THORNBURG INVESTMENT MANAGEMENT INC 1.74% of their portfolio | 1.7m $138.1m | Added +311.9k |
| CIBC Private Wealth Group LLC 0.22% of their portfolio | 1.6m $130.4m | Added +20.7k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.07% of their portfolio | 1.6m $127.5m | Added +1.4m |
| Nuveen, LLC 0.03% of their portfolio | 1.5m $118.9m | Reduced -247.9k |
| Bank Julius Baer & Co. Ltd, Zurich 0.32% of their portfolio | 1.5m $117.1m | Reduced -13.0k |
| Focus Partners Wealth 0.13% of their portfolio | 1.5m $117.1m | Added +1.3m |
| MORGAN STANLEY 0.01% of their portfolio | 1.4m $111.9m | Reduced -765.4k |
| Liontrust Investment Partners LLP 1.67% of their portfolio | 1.4m $112.7m | Added +256.0k |
| PRIMECAP MANAGEMENT CO/CA/ 0.08% of their portfolio | 1.3m $105.7m | Reduced -4.0k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.07% of their portfolio | 1.3m $99.8m | Added +268.7k |
| Allianz Asset Management GmbH 0.11% of their portfolio | 1.2m $98.8m | Added +282.4k |
| 1832 Asset Management L.P. 0.12% of their portfolio | 1.2m $93.1m | New |
| Ilex Capital Partners (UK) LLP 2.66% of their portfolio | 1.2m $94.1m | Added +1.2m |
| Vestal Point Capital, LP 3.19% of their portfolio | 1.1m $87.1m | Added +5.0k |
| D. E. Shaw & Co., Inc. 0.06% of their portfolio | 1.1m $84.9m | New |
| Banque Cantonale Vaudoise 2.95% of their portfolio | 1.0m $82.7m | Reduced -3.6k |
| Compagnie Lombard Odier SCmA 0.88% of their portfolio | 1.0m $81.0m | Added +124.5k |
| LGT Group Foundation 0.81% of their portfolio | 935.9k $74.6m | Added +259.3k |
| CITIGROUP INC 0.05% of their portfolio | 925.1k $73.9m | Reduced -1.7k |
| SEI INVESTMENTS CO 0.07% of their portfolio | 906.9k $71.5m | Added +38.0k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 893.1k $70.4m | Added +54.9k |
| Williams Jones Wealth Management, LLC. 0.73% of their portfolio | 823.1k $64.9m | Reduced -32.0k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 798.0k $63.7m | Added +60.2k |
| Ninety One North America, Inc. 2.36% of their portfolio | 728.3k $58.2m | Added +28.6k |
| DekaBank Deutsche Girozentrale 0.11% of their portfolio | 726.8k $62.0m | Unchanged |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.05% of their portfolio | 725.8k $57.4m | Added +3.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio | 719.7k $56.8m | Reduced -257.8k |
| ANCHOR CAPITAL ADVISORS LLC 1.64% of their portfolio | 716.6k $56.5m | Added +566.7k |
| NICHOLAS COMPANY, INC. 0.95% of their portfolio | 688.6k $54.3m | Added +28.5k |
| TWO SIGMA ADVISERS, LP 0.10% of their portfolio | 648.9k $51.1m | Added +432.6k |
| M&G PLC 0.26% of their portfolio | 638.2k $50.9m | Added +91.2k |
| BANQUE PICTET & CIE SA 0.51% of their portfolio | 633.6k $50.6m | Reduced -15.1k |
| BlackRock, Inc. 0.00% of their portfolio | 603.5k $47.6m | Reduced -132.6k |
| NEUBERGER BERMAN GROUP LLC 0.03% of their portfolio | 572.1k $45.1m | Reduced -1.1m |
| AVIVA PLC 0.08% of their portfolio | 567.5k $45.2m | Added +15.0k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 547.3k $43.1m | Added +319.8k |
| FIL Ltd 0.03% of their portfolio | 515.9k $41.2m | Reduced -109.0k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.04% of their portfolio | 501.0k $31.7m | New |
| TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio | 497.6k $39.2m | Added +431.7k |
| State of Tennessee, Department of Treasury 0.12% of their portfolio | 479.1k $38.8m | Added +166.8k |
| Cerity Partners LLC 0.05% of their portfolio | 474.1k $37.4m | Added +72.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 459.9k $36.2m | Reduced -18.4k |
| Russell Investments Group, Ltd. 0.04% of their portfolio | 455.3k $36.4m | Added +55.2k |
| SCHWARTZ INVESTMENT COUNSEL INC 1.23% of their portfolio | 447.5k $35.3m | Added +265.0k |
| Birch Hill Investment Advisors LLC 1.46% of their portfolio | 441.8k $34.8m | Reduced -2.3k |
| PARNASSUS INVESTMENTS, LLC 0.09% of their portfolio | 435.2k $34.3m | Reduced -174.4k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.11% of their portfolio | 433.7k $34.6m | Added +405.1k |
| M.D. Sass, LLC 2.68% of their portfolio | 431.0k $34.0m | Reduced -80.8k |
| Korea Investment CORP 0.06% of their portfolio | 412.8k $33.0m | Added +7.4k |
| BRIDGES INVESTMENT MANAGEMENT INC 0.41% of their portfolio | 412.2k $32.5m | Reduced -22.4k |
| Pictet North America Advisors SA 2.94% of their portfolio | 388.0k $31.0m | Added +35.5k |
| Davidson Kempner Capital Management LP 0.41% of their portfolio | 347.9k $27.8m | Added +89.6k |
| TD Asset Management Inc 0.02% of their portfolio | 347.2k $27.6m | Reduced -195.4k |
| CREDIT AGRICOLE S A 0.07% of their portfolio | 339.0k $26.7m | Reduced -366.7k |
| Rathbones Group PLC 0.05% of their portfolio | 337.1k $26.9m | New |
| Canoe Financial LP 0.36% of their portfolio | 332.8k $26.6m | Reduced -7.9k |
| Sofinnova Investments, Inc. 1.13% of their portfolio | 332.5k $26.2m | New |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.10% of their portfolio | 329.1k $25.9m | Reduced -352.7k |
| Walleye Capital LLC 0.15% of their portfolio | 323.3k $25.5m | New |
| Madison Asset Management, LLC 0.29% of their portfolio | 320.9k $25.3m | Reduced -39.2k |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 316.8k $25.3m | Added +53.5k |
| MACKENZIE FINANCIAL CORP 0.03% of their portfolio | 313.3k $24.9m | Reduced -231.6k |
| Reynders McVeigh Capital Management, LLC 1.15% of their portfolio | 309.8k $24.4m | Reduced -22.3k |
| JANUS HENDERSON GROUP PLC 0.01% of their portfolio | 297.6k $23.8m | Reduced -291.1k |
| Corient Private Wealth LP 0.02% of their portfolio | 290.6k $22.9m | Added +82.0k |