ON HLDG AG ONON
NAMEN AKT A · Common Stock · CUSIP H5919C104
Swiss Performance Running Shoes & Clothing
* 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 ($14.6m this quarter). Holder counts are more reliable. Shares outstanding: 289.3m as of 2024-12-31, 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 ≈ $54.77. Options: 30 managers hold calls ($1.0bn notional), 28 hold puts ($477.5m).
Trends to Q4 2024
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 177 |
| Q4 2022 | 194 |
| Q1 2023 | 219 |
| Q2 2023 | 262 |
| Q3 2023 | 286 |
| Q4 2023 | 303 |
| Q1 2024 | 335 |
| Q2 2024 | 376 |
| Q3 2024 | 419 |
| Q4 2024 | 470 |
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 2023 | 131 | 88 |
| Q2 2023 | 166 | 103 |
| Q3 2023 | 168 | 121 |
| Q4 2023 | 163 | 135 |
| Q1 2024 | 191 | 141 |
| Q2 2024 | 194 | 155 |
| Q3 2024 | 238 | 180 |
| Q4 2024 | 238 | 185 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2024 | $627.5m | $409.6m | 0.65 |
| Q2 2024 | $786.3m | $415.3m | 0.53 |
| Q3 2024 | $877.3m | $385.1m | 0.44 |
| Q4 2024 | $1.0bn | $477.5m | 0.47 |
Biggest buyers
| ACADIAN ASSET MANAGEMENT LLC | Added | +3.4m |
| UBS Group AG | Added | +1.7m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | New | +1.4m |
| NORGES BANK | Added | +1.1m |
| Qube Research & Technologies Ltd | New | +722.2k |
| AXIOM INVESTORS LLC /DE | New | +717.9k |
| BNP PARIBAS FINANCIAL MARKETS | New | +714.2k |
| ALLIANCEBERNSTEIN L.P. | Added | +471.8k |
| FMR LLC | Added | +462.7k |
| JENNISON ASSOCIATES LLC | Added | +440.7k |
Biggest sellers
| MORGAN STANLEY | Reduced | -5.6m |
| JPMORGAN CHASE & CO | Reduced | -4.7m |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | Sold out | -3.2m |
| Select Equity Group, L.P. | Reduced | -2.9m |
| Anomaly Capital Management, LP | Reduced | -1.9m |
| BlackRock, Inc. | Reduced | -1.5m |
| MACQUARIE GROUP LTD | Reduced | -906.3k |
| D. E. Shaw & Co., Inc. | Reduced | -820.0k |
| CITADEL ADVISORS LLC | Reduced | -803.9k |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -738.3k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $329.3m6.0m shares |
| Walleye Trading LLC | Added | $139.7m2.5m shares |
| CITADEL ADVISORS LLC | Added | $94.6m1.7m shares |
| JANE STREET GROUP, LLC | Added | $76.5m1.4m shares |
| D. E. Shaw & Co., Inc. | Reduced | $54.7m998.3k shares |
| Squarepoint Ops LLC | Added | $49.8m909.9k shares |
| Twin Tree Management, LP | Reduced | $47.6m869.0k shares |
| SIMPLEX TRADING, LLC | Added | $42.9m784.1k shares |
| BARCLAYS PLC | Added | $38.8m709.0k shares |
| GROUP ONE TRADING LLC | Reduced | $27.7m505.2k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $188.5m3.4m shares |
| CITADEL ADVISORS LLC | Added | $52.2m953.1k shares |
| Twin Tree Management, LP | Added | $27.4m499.6k shares |
| Walleye Trading LLC | Reduced | $23.2m423.2k shares |
| BARCLAYS PLC | Added | $19.8m360.9k shares |
| Squarepoint Ops LLC | Reduced | $16.8m306.5k shares |
| Cubist Systematic Strategies, LLC | Added | $16.8m306.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $15.9m291.0k shares |
| JANE STREET GROUP, LLC | Added | $15.3m279.3k shares |
| IMC-Chicago, LLC | Added | $12.7m232.6k 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 |
|---|---|
| Allemann David Michael 13G · exempt (held before listing) -1.0 pts · filed 2026-08-12 | 12.9% |
| Sicupira Carlos Alberto 13G · passive investor filed 2024-10-31 | 6.6% |
| MORGAN STANLEY 13G · institution new · filed 2026-02-12 | 6.5% |
| BAMCO INC /NY/ 13G · institution new · filed 2026-08-14 | 5.7% |
| FMR LLC 13G · institution -2.7 pts · filed 2026-08-06 | 5.4% |
Fell to 5% or below in the last year: Hoffmann Martin (1.0%, 2026-08-12), ALLIANCEBERNSTEIN L.P. (3.3%, 2025-11-14)
Insider purchases and sales in Q4 2024
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 2024.
Holders, Q4 2024
| Manager | Shares | Change |
|---|---|---|
| FMR LLC 0.09% of their portfolio | 28.9m $1.6bn | Added +462.7k |
| ALLIANCEBERNSTEIN L.P. 0.32% of their portfolio | 17.4m $951.8m | Added +471.8k |
| MORGAN STANLEY 0.04% of their portfolio | 11.3m $620.3m | Reduced -5.6m |
| Durable Capital Partners LP 2.45% of their portfolio | 5.5m $300.2m | Reduced -137.0k |
| BANK OF AMERICA CORP /DE/ 0.03% of their portfolio | 5.3m $292.6m | Reduced -90.0k |
| UBS Group AG 0.06% of their portfolio | 4.8m $261.9m | Added +1.7m |
| WELLINGTON MANAGEMENT GROUP LLP 0.05% of their portfolio | 4.6m $250.1m | Reduced -738.3k |
| AMERICAN CENTURY COMPANIES INC 0.14% of their portfolio | 4.4m $238.6m | Reduced -352.5k |
| ACADIAN ASSET MANAGEMENT LLC 0.69% of their portfolio | 4.3m $237.4m | Added +3.4m |
| Nuveen Asset Management, LLC 0.05% of their portfolio | 3.5m $192.6m | Reduced -100.4k |
| T. Rowe Price Investment Management, Inc. 0.11% of their portfolio | 3.4m $184.1m | Added +18.8k |
| BAMCO INC /NY/ 0.45% of their portfolio | 3.2m $173.0m | Added +898 |
| NORGES BANK 0.02% of their portfolio | 3.0m $164.6m | Added +1.1m |
| MACQUARIE GROUP LTD 0.19% of their portfolio | 2.9m $159.1m | Reduced -906.3k |
| Bond Capital Management, LP 66.25% of their portfolio | 2.8m $154.1m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 2.7m $145.4m | Reduced -1.5m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 2.6m $143.4m | Reduced -4.7m |
| 1832 Asset Management L.P. 0.21% of their portfolio | 2.2m $118.6m | Added +150 |
| JENNISON ASSOCIATES LLC 0.07% of their portfolio | 2.0m $112.3m | Added +440.7k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.39% of their portfolio | 2.0m $111.0m | Added +196.3k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 1.6m $87.7m | Added +79.7k |
| Select Equity Group, L.P. 0.33% of their portfolio | 1.5m $81.7m | Reduced -2.9m |
| Pictet Asset Management Holding SA 0.09% of their portfolio | 1.4m $79.0m | Reduced -416.5k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.06% of their portfolio | 1.4m $78.8m | New |
| Allspring Global Investments Holdings, LLC 0.12% of their portfolio | 1.4m $76.2m | Added +349.8k |
| Capital Research Global Investors 0.02% of their portfolio | 1.4m $74.2m | Reduced -178.9k |
| FEDERATED HERMES, INC. 0.15% of their portfolio | 1.3m $70.0m | Reduced -28.7k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.15% of their portfolio | 1.2m $64.2m | Reduced -68.2k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 1.0m $56.8m | Added +242.1k |
| FRANKLIN RESOURCES INC 0.02% of their portfolio | 1.0m $55.7m | Added +26.6k |
| JANUS HENDERSON GROUP PLC 0.03% of their portfolio | 1.0m $55.2m | Reduced -189.2k |
| Cerity Partners LLC 0.09% of their portfolio | 765.4k $41.8m | Added +45.9k |
| OGBORNE CAPITAL MANAGEMENT, LLC 10.16% of their portfolio | 760.2k $41.6m | Unchanged |
| VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio | 749.6k $41.1m | Reduced -13.5k |
| APEIRON CAPITAL Ltd 15.01% of their portfolio | 735.1k $40.3m | Reduced -369.9k |
| Qube Research & Technologies Ltd 0.06% of their portfolio | 722.2k $39.6m | New |
| AXIOM INVESTORS LLC /DE 0.29% of their portfolio | 717.9k $39.3m | New |
| BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio | 714.2k $39.1m | New |
| VILLERE ST DENIS J & CO LLC 3.46% of their portfolio | 700.4k $38.4m | Reduced -41.8k |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 688.6k $37.7m | Added +337.7k |
| AXA S.A. 0.11% of their portfolio | 684.8k $37.5m | Added +33.1k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 680.9k $37.3m | Added +112.9k |
| VOYA INVESTMENT MANAGEMENT LLC 0.04% of their portfolio | 640.1k $35.1m | Added +25.7k |
| Hodges Capital Management Inc. 2.13% of their portfolio | 633.8k $34.7m | Reduced -8.4k |
| ZEVENBERGEN CAPITAL INVESTMENTS LLC 0.71% of their portfolio | 633.3k $34.7m | Reduced -38.2k |
| FRED ALGER MANAGEMENT, LLC 0.16% of their portfolio | 616.9k $33.8m | Reduced -105.8k |
| ThornTree Capital Partners LP 5.37% of their portfolio | 584.2k $32.0m | Added +142.7k |
| LORD, ABBETT & CO. LLC 0.10% of their portfolio | 582.8k $31.9m | Reduced -12.1k |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.30% of their portfolio | 578.5k $31.7m | Reduced -36.0k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 521.7k $28.6m | First filing |
| Woodline Partners LP 0.19% of their portfolio | 515.4k $28.2m | Added +19.1k |
| GATES FOUNDATION TRUST 0.07% of their portfolio | 500.0k $27.4m | Unchanged |
| SEI INVESTMENTS CO 0.03% of their portfolio | 490.5k $26.9m | Added +214.9k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 483.1k $26.5m | Added +45.0k |
| Artisan Partners Limited Partnership 0.04% of their portfolio | 480.1k $26.3m | Reduced -352.7k |
| NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio | 477.6k $26.2m | Added +2.9k |
| Balyasny Asset Management L.P. 0.06% of their portfolio | 461.7k $25.3m | Reduced -347.8k |
| BARCLAYS PLC 0.01% of their portfolio | 457.8k $25.1m | Added +367.8k |
| LPL Financial LLC 0.01% of their portfolio | 441.9k $24.2m | Added +16.1k |
| Amundi 0.01% of their portfolio | 436.7k $24.3m | Reduced -43.2k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.05% of their portfolio | 431.5k $23.6m | Added +263.5k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 388.1k $21.3m | Added +67.6k |
| California Public Employees Retirement System 0.01% of their portfolio | 386.6k $21.2m | Reduced -17.9k |
| WASATCH ADVISORS LP 0.10% of their portfolio | 373.9k $20.5m | Reduced -45.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 372.7k $20.4m | Added +11.0k |
| CAPITAL FUND MANAGEMENT S.A. 0.19% of their portfolio | 359.4k $19.7m | Added +238.2k |
| Arnhold LLC 1.94% of their portfolio | 359.0k $19.7m | Reduced -17.5k |
| Verition Fund Management LLC 0.09% of their portfolio | 338.3k $18.5m | Added +212.5k |
| DE BURLO GROUP INC 2.38% of their portfolio | 325.4k $17.8m | Added +42.6k |
| Manchester Global Management (UK) Ltd 2.30% of their portfolio | 318.0k $17.4m | Reduced -114.1k |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 312.7k $17.2m | Added +94.6k |
| KINGDON CAPITAL MANAGEMENT, L.L.C. 2.81% of their portfolio | 300.0k $16.4m | Added +20.0k |
| Fullerton Fund Management Co Ltd. 0.56% of their portfolio | 292.2k $16.0m | New |
| AZZAD ASSET MANAGEMENT INC /ADV 1.69% of their portfolio | 292.0k $15.3m | Added +146.2k |
| Aragon Global Management, LP 5.93% of their portfolio | 291.9k $16.0m | Unchanged |
| Quantbot Technologies LP 0.58% of their portfolio | 290.3k $15.9m | Added +134.2k |
| Baltimore-Washington Financial Advisors, Inc. 0.81% of their portfolio | 286.6k $15.7m | Reduced -14.0k |
| POLEN CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 278.4k $15.2m | Reduced -17.1k |
| TREMBLANT CAPITAL GROUP 1.59% of their portfolio | 276.6k $15.1m | New |
| COOKSON PEIRCE & CO INC 0.67% of their portfolio | 270.7k $14.8m | Added +33.4k |
| CREDIT AGRICOLE S A 0.05% of their portfolio | 270.4k $14.8m | Reduced -31.3k |
| MARSICO CAPITAL MANAGEMENT LLC 0.39% of their portfolio | 263.1k $14.4m | New |
| VANGUARD GROUP INC 0.00% of their portfolio | 262.3k $14.4m | Added +6.1k |
| TD Asset Management Inc 0.01% of their portfolio | 261.4k $14.3m | Unchanged |
| TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio | 245.5k $13.4m | Added +178.4k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 235.6k $12.9m | Reduced -820.0k |
| BANQUE PICTET & CIE SA 0.12% of their portfolio | 234.0k $12.8m | Added +1.9k |
| STATE STREET CORP 0.00% of their portfolio | 233.2k $12.8m | Added +4.3k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 221.8k $12.1m | Added +112.1k |
| Anomaly Capital Management, LP 0.35% of their portfolio | 219.2k $12.0m | Reduced -1.9m |
| GILDER GAGNON HOWE & CO LLC 0.12% of their portfolio | 209.7k $11.5m | New |
| Bank of New York Mellon Corp 0.00% of their portfolio | 200.8k $11.0m | Reduced -64.5k |
| Migdal Insurance & Financial Holdings Ltd. 0.16% of their portfolio | 200.0k $11.0m | New |
| Engineers Gate Manager LP 0.18% of their portfolio | 193.9k $10.6m | Added +50.3k |
| STIFEL FINANCIAL CORP 0.01% of their portfolio | 193.1k $10.6m | Added +16.6k |
| GAM Holding AG 0.76% of their portfolio | 186.3k $10.2m | Reduced -96.1k |
| ExodusPoint Capital Management, LP 0.11% of their portfolio | 185.8k $10.2m | New |
| CI INVESTMENTS INC. 0.04% of their portfolio | 184.7k $10.1m | Reduced -22.8k |
| Norman Fields, Gottscho Capital Management, LLC 3.26% of their portfolio | 180.8k $9.9m | Reduced -5.9k |
| FIL Ltd 0.01% of their portfolio | 177.8k $9.7m | Reduced -119.5k |