Vault-13

FERROVIAL SE FER

ORD SHS · Common Stock · CUSIP N3168P101

274 institutional holders +70 vs Q3 2025
231,429,054231.4m shares reported held*
$14.9bnreported value*
84 new 102 added 59 reduced 24 sold out net sold ≈ $1.0bn (-16.2m shares)

* 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 ($15.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $64.54. Options: 7 managers hold calls ($91.4m notional), 5 hold puts ($27.5m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q2 24: 88Q3 24: 109Q4 24: 135Q1 25: 147Q2 25: 174Q3 25: 204Q4 25: 274274Q2 24Q4 24Q2 25Q4 25
Numbers
QuarterHolders
Q2 202488
Q3 2024109
Q4 2024135
Q1 2025147
Q2 2025174
Q3 2025204
Q4 2025274

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q3 24: 62 bought or addedQ3 24: 38 cut or sold outQ3 24Q4 24: 71 bought or addedQ4 24: 59 cut or sold outQ4 24Q1 25: 87 bought or addedQ1 25: 52 cut or sold outQ1 25Q2 25: 123 bought or addedQ2 25: 49 cut or sold outQ2 25Q3 25: 134 bought or addedQ3 25: 68 cut or sold outQ3 25Q4 25: 186 bought or addedQ4 25: 83 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q3 20246238
Q4 20247159
Q1 20258752
Q2 202512349
Q3 202513468
Q4 202518683

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$50m$100m$150mQ1 25 calls: $25.6mQ1 25 puts: $5.6mQ1 25P/C 0.22Q2 25 calls: $43.9mQ2 25 puts: $1.6mQ2 25P/C 0.04Q3 25 calls: $103.3mQ3 25 puts: $27.5mQ3 25P/C 0.27Q4 25 calls: $91.4mQ4 25 puts: $27.5mQ4 25P/C 0.30
Numbers
QuarterCallsPutsP/C
Q1 2025$25.6m$5.6m0.22
Q2 2025$43.9m$1.6m0.04
Q3 2025$103.3m$27.5m0.27
Q4 2025$91.4m$27.5m0.30

Biggest buyers

Invesco Ltd. Added +20,206,148+20.2m
Banco Santander, S.A. Added +5,810,276+5.8m
BARCLAYS PLC Added +3,345,735+3.3m
CITIGROUP INC Added +2,113,821+2.1m
BlackRock, Inc. Added +1,510,407+1.5m
TCI FUND MANAGEMENT LTD Added +1,269,548+1.3m
ProShare Advisors LLC Added +1,142,513+1.1m
ING GROEP NV New +1,016,291+1.0m
MORGAN STANLEY Added +901,199+901.2k
BNP PARIBAS FINANCIAL MARKETS Added +643,488+643.5k

Biggest sellers

HSBC HOLDINGS PLC Reduced -23,666,335-23.7m
Amundi Reduced -10,578,021-10.6m
LAZARD ASSET MANAGEMENT LLC Reduced -8,506,319-8.5m
JPMORGAN CHASE & CO Reduced -5,122,054-5.1m
FIL Ltd Reduced -3,426,506-3.4m
CREDIT AGRICOLE S A Reduced -3,293,333-3.3m
MILLENNIUM MANAGEMENT LLC Reduced -1,795,020-1.8m
BANK OF AMERICA CORP /DE/ Reduced -1,542,982-1.5m
FMR LLC Reduced -1,227,148-1.2m
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Reduced -1,001,522-1.0m

Biggest calls

JPMORGAN CHASE & CO Added $34.8m539.2k shares
SIH Partners, LLLP Reduced $30.0m463.6k shares
GOLDMAN SACHS GROUP INC New $12.1m187.6k shares
UBS Group AG New $9.7m150.0k shares
LRT Capital Management, LLC New $3.1m47.7k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.7m26.5k shares
GROUP ONE TRADING LLC Reduced $12.9k200 shares

Biggest puts

SIH Partners, LLLP Added $11.2m173.6k shares
JPMORGAN CHASE & CO Reduced $11.2m172.9k shares
Greenland Capital Management LP New $3.9m60.7k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $1.1m16.3k shares
GROUP ONE TRADING LLC New $129.2k2.0k 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.

HolderStakeChangeShares Last filed
Rijn Capital SARL 13G · exempt (held before listing) filed 2026-07-29 22.3% 159.5m≈ $10.9bn 2026-07-29
del Pino Calvo-Sotelo Maria 13G · exempt (held before listing) filed 2025-11-13 8.8% 62.9m≈ $4.3bn 2025-11-13
BlackRock, Inc. 13G · institution new · filed 2026-10-27 5.0% new 36.8m≈ $2.5bn 2026-10-27

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

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Invesco Ltd. 0.13% of their portfolio ATLANTA, GA 20,963,22221.0m $1.4bn $1.4bn 0.13% Added +20.2m +20,206,148
2 TCI FUND MANAGEMENT LTD 2.51% of their portfolio LONDON, X0 20,740,21420.7m $1.3bn $1.3bn 2.51% Added +1.3m +1,269,548
3 VANGUARD GROUP INC 0.02% of their portfolio Valley Forge, PA 20,699,24620.7m $1.3bn $1.3bn 0.02% Added +354.5k +354,530
4 LAZARD ASSET MANAGEMENT LLC 1.49% of their portfolio NEW YORK, NY 13,481,38313.5m $875.3m $875.3m 1.49% Reduced -8.5m -8,506,319
5 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 13,231,60313.2m $854.9m $854.9m 0.06% Reduced -1.5m -1,542,982
6 Amundi 0.19% of their portfolio Paris, I0 10,950,55311.0m $707.5m $707.5m 0.19% Reduced -10.6m -10,578,021
7 FIL Ltd 0.48% of their portfolio HAMILTON, D0 9,870,6039.9m $641.9m $641.9m 0.48% Reduced -3.4m -3,426,506
8 Banco Santander, S.A. 4.68% of their portfolio Madrid, U3 9,678,4049.7m $625.3m $625.3m 4.68% Added +5.8m +5,810,276
9 NORGES BANK 0.06% of their portfolio OSLO, Q8 9,321,1999.3m $605.2m $605.2m 0.06% Not comparable
10 UBS Group AG 0.11% of their portfolio ZURICH, V8 8,419,9648.4m $544.0m $544.0m 0.11% Added +473.8k +473,774
11 BARCLAYS PLC 0.20% of their portfolio LONDON, X0 7,809,5027.8m $504.6m $504.6m 0.20% Added +3.3m +3,345,735
12 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 6,455,6946.5m $417.1m $417.1m 0.03% Reduced -5.1m -5,122,054
13 Legal & General Group Plc 0.09% of their portfolio London, X0 6,228,9706.2m $404.8m $404.8m 0.09% Reduced -319.3k -319,319
14 FMR LLC 0.02% of their portfolio BOSTON, MA 5,214,7965.2m $339.1m $339.1m 0.02% Reduced -1.2m -1,227,148
15 DEUTSCHE BANK AG\ 0.10% of their portfolio FRANKFURT AM MAIN, 2M 4,530,1144.5m $292.7m $292.7m 0.10% Added +250.9k +250,921
16 CITIGROUP INC 0.18% of their portfolio NEW YORK, NY 4,117,3194.1m $267.6m $267.6m 0.18% Added +2.1m +2,113,821
17 LANDESBANK BADEN-WUERTTEMBERG 39.03% of their portfolio STUTTGART BADEN-WUERTTEMBERG, 2M 3,250,0003.2m $212.9m $212.9m 39.03% First filing
18 Clearbridge Investments, LLC 0.15% of their portfolio NEW YORK, NY 2,963,4443.0m $191.5m $191.5m 0.15% Reduced -333.2k -333,232
19 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 2,821,3982.8m $182.3m $182.3m 0.03% Added +231.0k +230,994
20 Bank of Italy 7.52% of their portfolio ROME, L6 2,663,1982.7m $173.2m $173.2m 7.52% Added +459.2k +459,192
21 CREDIT AGRICOLE S A 0.46% of their portfolio Montrouge Cedex, I0 2,566,2382.6m $165.8m $165.8m 0.46% Reduced -3.3m -3,293,333
22 ANTIPODES PARTNERS Ltd 3.28% of their portfolio ROYAL EXCHANGE, C3 2,406,4482.4m $156.4m $156.4m 3.28% Reduced -661.6k -661,633
23 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.09% of their portfolio BOSTON, MA 2,310,9502.3m $149.9m $149.9m 0.09% Added +408.5k +408,456
24 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.12% of their portfolio FRANKFURT AM MAIN, 2M 2,045,3442.0m $132.1m $132.1m 0.12% Reduced -1.0m -1,001,522
25 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,836,0571.8m $118.6m $118.6m 0.02% Added +633.2k +633,211
26 THORNBURG INVESTMENT MANAGEMENT INC 1.41% of their portfolio SANTA FE, NM 1,724,2281.7m $112.0m $112.0m 1.41% Added +2.9k +2,884
27 DekaBank Deutsche Girozentrale 0.11% of their portfolio FRANKFURT, 2M 1,628,8461.6m $64.6m $64.6m 0.11% Unchanged
28 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,511,2711.5m $97.6m $97.6m 0.00% Added +1.5m +1,510,407
29 Swiss National Bank 0.05% of their portfolio ZURICH, V8 1,402,8801.4m $91.1m $91.1m 0.05% Reduced -82.4k -82,404
30 Nuveen, LLC 0.02% of their portfolio CHARLOTTE, NC 1,290,0291.3m $83.8m $83.8m 0.02% Reduced -67.7k -67,656
31 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,196,5501.2m $77.3m $77.3m 0.00% Added +901.2k +901,199
32 ProShare Advisors LLC 0.14% of their portfolio BETHESDA, MD 1,194,7221.2m $77.2m $77.2m 0.14% Added +1.1m +1,142,513
33 J. Safra Sarasin Holding AG 1.11% of their portfolio BASEL, V8 1,054,5701.1m $68.5m $68.5m 1.11% Added +35.2k +35,232
34 ING GROEP NV 0.40% of their portfolio AMSTERDAM, P7 1,016,2911.0m $65.7m $65.7m 0.40% New
35 1832 Asset Management L.P. 0.08% of their portfolio TORONTO, A6 1,002,0861.0m $64.7m $64.7m 0.08% Reduced -602 -602
36 Russell Investments Group, Ltd. 0.07% of their portfolio Seattle, WA 954,267954.3k $62.3m $62.3m 0.07% Added +483.4k +483,369
37 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.07% of their portfolio CAUSEWAY BAY, K3 733,300733.3k $44.3m $44.3m 0.07% Added +449.4k +449,447
38 BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio PARIS, I0 707,840707.8k $45.7m $45.7m 0.03% Added +643.5k +643,488
39 Exane Asset Management 8.78% of their portfolio PARIS, I0 642,431642.4k $41.7m $41.7m 8.78% Reduced -2.0k -2,040
40 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 614,067614.1k $39.7m $39.7m 0.00% Reduced -10.7k -10,717
41 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.04% of their portfolio Paris, I0 611,977612.0k $34.6m $34.6m 0.04% New
42 Fisher Asset Management, LLC 0.01% of their portfolio PLANO, TX 591,820591.8k $38.2m $38.2m 0.01% Added +53.6k +53,600
43 AVIVA PLC 0.06% of their portfolio LONDON, X0 562,628562.6k $36.5m $36.5m 0.06% Added +11.1k +11,124
44 Maryland State Retirement & Pension System 0.74% of their portfolio BALTIMORE, MD 553,340553.3k $36.0m $36.0m 0.74% Reduced -33.7k -33,722
45 NEUBERGER BERMAN GROUP LLC 0.03% of their portfolio NEW YORK, NY 532,640532.6k $34.6m $34.6m 0.03% Reduced -234.1k -234,081
46 Partners Group Holding AG 2.47% of their portfolio BAAR-ZUG, V8 531,719531.7k $34.4m $34.4m 2.47% Added +33.2k +33,156
47 M&G PLC 0.17% of their portfolio London, X0 520,190520.2k $33.6m $33.6m 0.17% Reduced -160.7k -160,658
48 Pictet Asset Management Holding SA 0.03% of their portfolio CAROUGE, V8 518,603518.6k $33.7m $33.7m 0.03% Reduced -99.4k -99,392
49 Allianz Asset Management GmbH 0.04% of their portfolio MUNICH, 2M 509,841509.8k $33.1m $33.1m 0.04% Reduced -9.0k -8,956
50 CANADA PENSION PLAN INVESTMENT BOARD 0.02% of their portfolio TORONTO ONTARIO, A6 504,214504.2k $32.7m $32.7m 0.02% Added +4.4k +4,352
51 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 450,655450.7k $29.1m $29.1m 0.00% Added +308.1k +308,124
52 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 438,773438.8k $28.5m $28.5m 0.01% Added +138.5k +138,455
53 JANE STREET GROUP, LLC 0.03% of their portfolio NEW YORK, NY 411,404411.4k $26.6m $26.6m 0.03% Reduced -137.3k -137,300
54 Zurich Insurance Group Ltd/FI 0.18% of their portfolio ZURICH, V8 392,840392.8k $25.5m $25.5m 0.18% Added +266.6k +266,593
55 Thrivent Financial for Lutherans 0.05% of their portfolio Minneapolis, MN 391,267391.3k $25.4m $25.4m 0.05% Added +214.5k +214,543
56 Groupe la Francaise 0.37% of their portfolio PARIS, I0 390,652390.7k $25.4m $25.4m 0.37% Added +210.7k +210,705
57 Skye Global Management LP 0.49% of their portfolio WEST PALM BEACH, FL 372,000372.0k $24.0m $24.0m 0.49% Added +10.0k +10,000
58 Zurcher Kantonalbank (Zurich Cantonalbank) 0.05% of their portfolio ZURICH, V8 351,534351.5k $22.9m $22.9m 0.05% Reduced -262.5k -262,525
59 TUDOR INVESTMENT CORP ET AL 0.12% of their portfolio STAMFORD, CT 342,041342.0k $22.1m $22.1m 0.12% Added +154.2k +154,200
60 TD Asset Management Inc 0.02% of their portfolio Toronto, A6 337,205337.2k $21.9m $21.9m 0.02% Added +159.9k +159,926
61 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 335,581335.6k $21.7m $21.7m 0.00% Added +322.3k +322,330
62 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 330,245330.2k $21.3m $21.3m 0.01% New
63 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio Toronto, A6 318,341318.3k $20.7m $20.7m 0.02% Reduced -1.1k -1,139
64 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 317,983318.0k $20.5m $20.5m 0.01% Added +69.2k +69,216
65 ACADIAN ASSET MANAGEMENT LLC 0.03% of their portfolio Boston, MA 315,149315.1k $20.5m $20.5m 0.03% Added +45.2k +45,168
66 JANUS HENDERSON GROUP PLC 0.01% of their portfolio LONDON, X0 304,724304.7k $19.8m $19.8m 0.01% Added +6.2k +6,212
67 SG Americas Securities, LLC 0.03% of their portfolio NEW YORK, NY 304,454304.5k $19.7m $19.7m 0.03% New
68 Public Sector Pension Investment Board 0.06% of their portfolio MONTREAL, A8 269,613269.6k $17.5m $17.5m 0.06% Reduced -39.4k -39,414
69 Korea Investment CORP 0.03% of their portfolio SEOUL, M5 262,985263.0k $17.1m $17.1m 0.03% Reduced -54.5k -54,503
70 Quantinno Capital Management LP 0.03% of their portfolio NEW YORK, NY 255,532255.5k $16.5m $16.5m 0.03% Added +50.0k +50,032
71 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 251,091251.1k $16.2m $16.2m 0.00% Added +123.1k +123,095
72 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.03% of their portfolio TORONTO, A6 242,871242.9k $15.7m $15.7m 0.03% New
73 ASR Vermogensbeheer N.V. 0.18% of their portfolio UTRECHT, P7 233,851233.9k $15.2m $15.2m 0.18% Added +7.1k +7,085
74 NEOS Investment Management LLC 0.09% of their portfolio Westport, CT 233,343233.3k $15.1m $15.1m 0.09% New
75 Mirae Asset Global Investments Co., Ltd. 0.04% of their portfolio SEOUL, M5 229,576229.6k $14.8m $14.8m 0.04% New
76 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 221,015221.0k $14.3m $14.3m 0.01% Reduced -1.8m -1,795,020
77 Lansforsakringar Fondforvaltning AB (publ) 0.07% of their portfolio Stockholm, V7 214,015214.0k $13.9m $13.9m 0.07% Added +2.2k +2,178
78 71 West Capital Partners 0.57% of their portfolio BOSTON, MA 192,313192.3k $12.5m $12.5m 0.57% First filing
79 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 191,347191.3k $12.4m $12.4m 0.01% Added +35.7k +35,656
80 Rafferty Asset Management, LLC 0.04% of their portfolio New York, NY 184,755184.8k $11.9m $11.9m 0.04% New
81 Susquehanna Portfolio Strategies, LLC 0.18% of their portfolio Bala Cynwyd, PA 184,454184.5k $11.9m $11.9m 0.18% Added +159.4k +159,368
82 STATE OF WISCONSIN INVESTMENT BOARD 0.03% of their portfolio MADISON, WI 179,901179.9k $11.7m $11.7m 0.03% New
83 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 171,133171.1k $11.1m $11.1m 0.01% New
84 ABN AMRO Bank N.V. 0.10% of their portfolio AMSTERDAM, P7 168,649168.6k $10.9m $10.9m 0.10% Added +164.5k +164,540
85 FIRST TRUST ADVISORS LP 0.01% of their portfolio Wheaton, IL 166,986167.0k $10.8m $10.8m 0.01% Added +156.2k +156,234
86 SIH Partners, LLLP 0.62% of their portfolio Wilmington, DE 163,871163.9k $10.6m $10.6m 0.62% Added +95.9k +95,937
87 GF FUND MANAGEMENT CO. LTD. 0.17% of their portfolio GUANGZHOU, F4 154,774154.8k $10.0m $10.0m 0.17% New
88 NOMURA HOLDINGS INC 0.03% of their portfolio TOKYO, M0 137,113137.1k $8.9m $8.9m 0.03% New
89 CIBC Asset Management Inc 0.02% of their portfolio TORONTO, Z4 133,759133.8k $8.6m $8.6m 0.02% New
90 Sumitomo Mitsui Trust Group, Inc. 0.00% of their portfolio CHIYODA-KU, TOKYO, M0 128,001128.0k $8.3m $8.3m 0.00% New
91 COOPER INVESTORS PTY LTD 2.75% of their portfolio MELBOURNE, VICTORIA, C3 127,941127.9k $8.3m $8.3m 2.75% Added +424 +424
92 Triasima Portfolio Management inc. 1.23% of their portfolio MONTREAL, A8 127,492127.5k $8.2m $8.2m 1.23% Added +5.9k +5,942
93 OCCUDO QUANTITATIVE STRATEGIES LP 0.54% of their portfolio FORT LAUDERDALE, FL 125,434125.4k $8.1m $8.1m 0.54% Added +61.2k +61,175
94 FORSTA AP-FONDEN 0.00% of their portfolio STOCKHOLM, V7 125,195125.2k $0 $0 0.00% Reduced -290 -290
95 Qube Research & Technologies Ltd 0.01% of their portfolio LONDON, X0 117,921117.9k $7.6m $7.6m 0.01% Reduced -851.7k -851,653
96 Vennlight Capital Management, LP 8.74% of their portfolio WESTON, CT 115,871115.9k $7.5m $7.5m 8.74% New
97 USS Investment Management Ltd 0.04% of their portfolio London, X0 112,797112.8k $7.3m $7.3m 0.04% Added +973 +973
98 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.02% of their portfolio COLUMBUS, OH 111,223111.2k $7.2m $7.2m 0.02% Added +36.3k +36,309
99 PRUDENTIAL PLC 0.06% of their portfolio LONDON, X0 109,811109.8k $7.1m $7.1m 0.06% Added +1.6k +1,583
100 ROYAL LONDON ASSET MANAGEMENT LTD 0.01% of their portfolio UNITED KINGDOM, X0 106,766106.8k $6.9m $6.9m 0.01% Reduced -5.2k -5,246