L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 10 Feb 2026
Managers listing it
34
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 7 listed it in both
Shares listed
133,102,906
combined, among listed positions
Reported value
$2.0bn
combined, at the quarter end

Among the 92 comparable managers: 21 buyers (opened or added shares) and 14 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +28,700,763.

Managers listing AAL in Q4 2025

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q3 2025, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

34 of 34 holders

ActionFiling
Marshall Wace LLP25,969,286$398m0.36%Added+22,820,82913 Feb 2026 (the filing on sec.gov)
D. E. Shaw & Co.16,143,624$247m0.14%Trimmed-10,937,35417 Feb 2026 (the filing on sec.gov)
Appaloosa LP14,150,000$217m3.13%Added+4,900,00017 Feb 2026 (the filing on sec.gov)
Two Sigma Investments LP12,582,898$193m0.27%Trimmed-1,087,90217 Feb 2026 (the filing on sec.gov)
Two Sigma Advisers LP12,066,900$185m0.36%Trimmed-793,00017 Feb 2026 (the filing on sec.gov)
Jane Street Group LLC9,182,184$141munder 0.1%Added+3,254,04512 Feb 2026 (the filing on sec.gov)
Millennium Management LLC5,772,476$88munder 0.1%Added+1,018,54217 Feb 2026 (the filing on sec.gov)
Point72 Asset Management LP5,609,589$86m0.10%Newnew17 Feb 2026 (the filing on sec.gov)
Voloridge Investment Management LLC4,869,928$75m0.26%Added+1,140,23917 Feb 2026 (the filing on sec.gov)
Holocene Advisors LP4,007,936$61m0.13%Newnew17 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP3,964,893$61munder 0.1%Trimmed-2,666,70817 Feb 2026 (the filing on sec.gov)
Invesco Ltd3,349,837$51munder 0.1%Added+96,14519 Feb 2026 (the filing on sec.gov)
Balyasny Asset Management LLC2,862,180$44m0.06%Added+2,377,72217 Feb 2026 (the filing on sec.gov)
Walleye Capital LLC2,755,329$42m0.13%Added+2,595,92313 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC1,984,457$30munder 0.1%Added+1,874,90917 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC1,978,573$30munder 0.1%Trimmed-5,179,62317 Feb 2026 (the filing on sec.gov)
Renaissance Technologies LLC1,447,132$22munder 0.1%Trimmed-1,264,20012 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP956,320$15munder 0.1%Added+102,82117 Feb 2026 (the filing on sec.gov)
Arrowstreet Capital LP756,879$12munder 0.1%Newnew13 Feb 2026 (the filing on sec.gov)
Brevan Howard Capital Management LP550,670$8.4m0.09%Added+166,02117 Feb 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc545,947$8.4munder 0.1%Added+36,06517 Feb 2026 (the filing on sec.gov)
Woodline Partners LP359,972$5.5munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Fidelity (FMR LLC)277,160$4.2munder 0.1%Trimmed-3,06617 Feb 2026 (the filing on sec.gov)
Verition Fund Management LLC271,956$4.2munder 0.1%Trimmed-128,21213 Feb 2026 (the filing on sec.gov)
Hudson Bay Capital Management LP237,548$3.6munder 0.1%Newnew13 Feb 2026 (the filing on sec.gov)
Page 1 of 2

Largest increases and reductions, by shares

Q3 2025 to Q4 2025, among managers that listed it in both quarters or opened it.

Increases

Reductions

New positions and exits

At least these many: a manager is shown exiting only where its own filing shows the position gone.

Ownership over time

Every quarter on file. A quarter-end value moves with the price as well as with the shares held; buyers and sellers count comparable managers, by shares.
9 in Q3 2024 to 10 in Q2 2026

Tracked managers listing it, at least.

01020302014201620182020202220242026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
AAL by quarter
QuarterHoldersReported valueBuyersSellers
Q4 201318$1.8bnn.a.n.a.
Q1 201425$5.8bnn.a.n.a.
Q2 201427$8.5bnn.a.n.a.
Q3 201429$6.9bnn.a.n.a.
Q4 201425$10.8bnn.a.n.a.
Q1 201518$10.4bnn.a.n.a.
Q2 201519$6.4bnn.a.n.a.
Q3 201516$5.8bnn.a.n.a.
Q4 201519$5.7bnn.a.n.a.
Q1 201619$5.3bnn.a.n.a.
Q2 201613$3.1bnn.a.n.a.
Q3 201615$5.2bnn.a.n.a.
Q4 201619$7.2bnn.a.n.a.
Q1 201715$6.2bnn.a.n.a.
Q2 201719$7.2bnn.a.n.a.
Q3 201716$7.1bnn.a.n.a.
Q4 201713$7.8bnn.a.n.a.
Q1 201813$7.8bnn.a.n.a.
Q2 201815$5.3bnn.a.n.a.
Q3 201816$4.9bnn.a.n.a.
Q4 201814$3.4bnn.a.n.a.
Q1 201911$2.9bnn.a.n.a.
Q2 20198$3.0bnn.a.n.a.
Q3 201911$2.0bnn.a.n.a.
Q4 201911$2.3bnn.a.n.a.
Q1 20208$543mn.a.n.a.
Q2 20206$249mn.a.n.a.
Q3 20202$3.9mn.a.n.a.
Q4 20207$463mn.a.n.a.
Q1 20216$443mn.a.n.a.
Q2 20217$812mn.a.n.a.
Q3 202110$738mn.a.n.a.
Q4 20216$298mn.a.n.a.
Q1 20229$492mn.a.n.a.
Q2 20226$298mn.a.n.a.
Q3 20227$340mn.a.n.a.
Q4 20228$532mn.a.n.a.
Q1 202311$967mn.a.n.a.
Q2 202315$1.3bnn.a.n.a.
Q3 202311$748mn.a.n.a.
Q4 20237$309m27
Q1 202413$430m113
Q2 20248$183m63
Q3 20249$120m91
Q4 202416$973m123
Q1 202510$504m94
Q2 202510$446m82
Q3 20258$792m54
Q4 202514$1.8bn2114
Q1 20267$459m1221
Q2 202610$959m1513

Compare with…

Holders over time, buyers and sellers, and the managers holding both, side by side for up to four stocks.

AAL and KLAC →AAL and GE →AAL and LRCX →Choose a stock to compare with AAL →

How much of the picture this is

A 13F is a manager’s long US-listed equity book at a quarter end, filed up to 45 days later. It shows no shorts, cash, bonds or performance, and it is never today’s portfolio. Large books are listed to their largest positions, so a manager missing from this table may still hold a small position below that line. These are 95 tracked managers, not the institutional market.

Which funds own AAL, latest filings →Back to the 13F Explorer →