L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 22 Jan 2026
Managers listing it
33
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 11 listed it in both
Shares listed
30,146,528
combined, among listed positions
Reported value
$2.1bn
combined, at the quarter end

Among the 92 comparable managers: 18 buyers (opened or added shares) and 18 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was -3,818,166.

Managers listing CMS 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.

33 of 33 holders

ActionFiling
MFS Investment Management8,272,363$578m0.19%Trimmed-570,24222 Jan 2026 (the filing on sec.gov)
Invesco Ltd7,482,026$523munder 0.1%Added+43,57819 Feb 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc3,583,397$251munder 0.1%Trimmed-2,513,20517 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC1,754,905$123munder 0.1%Trimmed-1,263,67817 Feb 2026 (the filing on sec.gov)
Soroban Capital Partners LP1,058,781$78m0.54%Trimmed-527,96317 Feb 2026 (the filing on sec.gov)
Soros Fund Management LLC1,106,375$77m0.90%Added+330,14813 Feb 2026 (the filing on sec.gov)
Fidelity (FMR LLC)976,670$68munder 0.1%Added+139,82117 Feb 2026 (the filing on sec.gov)
ExodusPoint Capital Management LP955,297$67m0.52%Added+176,03217 Feb 2026 (the filing on sec.gov)
Freestone Grove Partners LP926,977$65m0.47%Newnew17 Feb 2026 (the filing on sec.gov)
Millennium Management LLC899,709$63munder 0.1%Added+549,03217 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC672,661$47munder 0.1%Trimmed-3,08517 Feb 2026 (the filing on sec.gov)
Janus Henderson Group Ltd522,492$37munder 0.1%Trimmed-6,92717 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP348,248$24munder 0.1%Added+3,59917 Feb 2026 (the filing on sec.gov)
Verition Fund Management LLC338,227$24m0.09%Added+62,55313 Feb 2026 (the filing on sec.gov)
Hudson Bay Capital Management LP225,896$16m0.05%Newnew13 Feb 2026 (the filing on sec.gov)
Two Sigma Investments LP115,819$8.1munder 0.1%Trimmed-264,03417 Feb 2026 (the filing on sec.gov)
Renaissance Technologies LLC113,500$7.9munder 0.1%Trimmed-365,30012 Feb 2026 (the filing on sec.gov)
Man Group PLC104,613$7.3munder 0.1%Added+46,69017 Feb 2026 (the filing on sec.gov)
D. E. Shaw & Co.99,906$7.0munder 0.1%Trimmed-93,88517 Feb 2026 (the filing on sec.gov)
Marshall Wace LLP99,340$6.9munder 0.1%Added+55,88713 Feb 2026 (the filing on sec.gov)
Voloridge Investment Management LLC93,478$6.5munder 0.1%Added+6,97017 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP93,323$6.5munder 0.1%Added+57,07417 Feb 2026 (the filing on sec.gov)
Bridgewater Associates LP66,089$4.6munder 0.1%Added+15,53813 Feb 2026 (the filing on sec.gov)
Woodline Partners LP51,831$3.6munder 0.1%Added+12,27017 Feb 2026 (the filing on sec.gov)
Wellington Management Group LLP50,764$3.5munder 0.1%Trimmed-15,18017 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.
7 in Q3 2024 to 10 in Q2 2026

Tracked managers listing it, at least.

051015202014201620182020202220242026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
CMS by quarter
QuarterHoldersReported valueBuyersSellers
Q2 20134$682mn.a.n.a.
Q3 20139$769mn.a.n.a.
Q4 20133$682mn.a.n.a.
Q1 20147$810mn.a.n.a.
Q2 20145$840mn.a.n.a.
Q3 20146$1.4bnn.a.n.a.
Q4 20147$1.5bnn.a.n.a.
Q1 20159$1.3bnn.a.n.a.
Q2 20155$482mn.a.n.a.
Q3 20154$862mn.a.n.a.
Q4 20157$935mn.a.n.a.
Q1 20169$1.2bnn.a.n.a.
Q2 20169$1.4bnn.a.n.a.
Q3 20169$1.1bnn.a.n.a.
Q4 20169$1.1bnn.a.n.a.
Q1 201713$1.2bnn.a.n.a.
Q2 201714$1.2bnn.a.n.a.
Q3 201714$1.1bnn.a.n.a.
Q4 201715$987mn.a.n.a.
Q1 201814$1.0bnn.a.n.a.
Q2 201813$1.4bnn.a.n.a.
Q3 201815$1.9bnn.a.n.a.
Q4 201814$1.6bnn.a.n.a.
Q1 201914$2.0bnn.a.n.a.
Q2 201917$2.1bnn.a.n.a.
Q3 201919$2.3bnn.a.n.a.
Q4 201916$2.1bnn.a.n.a.
Q1 202020$2.0bnn.a.n.a.
Q2 202018$2.1bnn.a.n.a.
Q3 202017$1.8bnn.a.n.a.
Q4 202011$1.6bnn.a.n.a.
Q1 202116$1.7bnn.a.n.a.
Q2 202118$2.0bnn.a.n.a.
Q3 202112$2.1bnn.a.n.a.
Q4 202111$2.4bnn.a.n.a.
Q1 202215$2.4bnn.a.n.a.
Q2 202215$2.0bnn.a.n.a.
Q3 202216$1.3bnn.a.n.a.
Q4 202216$1.4bnn.a.n.a.
Q1 202315$1.4bnn.a.n.a.
Q2 202312$1.3bnn.a.n.a.
Q3 202312$1.3bnn.a.n.a.
Q4 202310$1.5bn85
Q1 20249$1.1bn45
Q2 202410$1.2bn55
Q3 20247$1.8bn53
Q4 20248$2.2bn71
Q1 202510$2.7bn75
Q2 20259$1.8bn72
Q3 202512$2.2bn102
Q4 202510$1.7bn1818
Q1 202613$2.3bn1518
Q2 202610$2.4bn1020

Compare with…

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

CMS and SO →CMS and D →CMS and NEE →Choose a stock to compare with CMS →

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 CMS, latest filings →Back to the 13F Explorer →