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
25
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 8 listed it in both
Shares listed
6,207,965
combined, among listed positions
Reported value
$3.9bn
combined, at the quarter end

Among the 92 comparable managers: 16 buyers (opened or added shares) and 11 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +548,434.

Managers listing MLM 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.

25 of 25 holders

ActionFiling
Fidelity (FMR LLC)2,921,794$1.8bn0.09%Added+42,24717 Feb 2026 (the filing on sec.gov)
Baillie Gifford & Co1,159,375$722m0.60%Trimmed-36,41923 Jan 2026 (the filing on sec.gov)
Invesco Ltd769,904$479munder 0.1%Added+65,62319 Feb 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc303,031$189munder 0.1%Added+214,27017 Feb 2026 (the filing on sec.gov)
Balyasny Asset Management LLC175,911$110m0.14%Added+127,49217 Feb 2026 (the filing on sec.gov)
Freestone Grove Partners LP151,872$95m0.68%Added+26,90917 Feb 2026 (the filing on sec.gov)
Arrowstreet Capital LP138,034$86m0.05%Added+109,28513 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC99,779$62munder 0.1%Added+9,53117 Feb 2026 (the filing on sec.gov)
Millennium Management LLC89,693$56munder 0.1%Trimmed-18,47417 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC88,934$55munder 0.1%Added+76,20617 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP71,434$44munder 0.1%Trimmed-3,28117 Feb 2026 (the filing on sec.gov)
Janus Henderson Group Ltd56,626$35munder 0.1%Added+52617 Feb 2026 (the filing on sec.gov)
Walleye Capital LLC49,228$31m0.09%Added+48,82913 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP38,554$24munder 0.1%Added+28,09117 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC21,586$13munder 0.1%Added+2,44727 Oct 2026 (the filing on sec.gov)
Verition Fund Management LLC16,046$10.0munder 0.1%Trimmed-2,56013 Feb 2026 (the filing on sec.gov)
Squarepoint Ops LLC15,782$9.8munder 0.1%Added+13,34213 Feb 2026 (the filing on sec.gov)
Two Sigma Investments LP13,963$8.7munder 0.1%Trimmed-84,19317 Feb 2026 (the filing on sec.gov)
Man Group PLC11,424$7.1munder 0.1%Trimmed-56,71117 Feb 2026 (the filing on sec.gov)
Hudson Bay Capital Management LP7,612$4.7munder 0.1%Added+1,82713 Feb 2026 (the filing on sec.gov)
Jane Street Group LLC2,973$1.9munder 0.1%Trimmed-31712 Feb 2026 (the filing on sec.gov)
MFS Investment Management2,109$1.3munder 0.1%Added+13922 Jan 2026 (the filing on sec.gov)
Woodline Partners LP1,103$687kunder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Wellington Management Group LLP682$425kunder 0.1%Trimmed-57917 Feb 2026 (the filing on sec.gov)
Brevan Howard Capital Management LP516$321kunder 0.1%Trimmed-24417 Feb 2026 (the filing on sec.gov)

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.
10 in Q3 2024 to 9 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.
MLM by quarter
QuarterHoldersReported valueBuyersSellers
Q2 20139$969mn.a.n.a.
Q3 20135$984mn.a.n.a.
Q4 201310$1.2bnn.a.n.a.
Q1 20147$1.6bnn.a.n.a.
Q2 201412$1.9bnn.a.n.a.
Q3 201411$2.1bnn.a.n.a.
Q4 20146$1.8bnn.a.n.a.
Q1 201513$2.1bnn.a.n.a.
Q2 201510$2.0bnn.a.n.a.
Q3 201511$2.5bnn.a.n.a.
Q4 20159$2.2bnn.a.n.a.
Q1 201611$2.3bnn.a.n.a.
Q2 201612$2.6bnn.a.n.a.
Q3 201612$2.3bnn.a.n.a.
Q4 201615$3.0bnn.a.n.a.
Q1 201717$2.6bnn.a.n.a.
Q2 201716$2.7bnn.a.n.a.
Q3 20179$1.5bnn.a.n.a.
Q4 201714$1.7bnn.a.n.a.
Q1 20189$1.3bnn.a.n.a.
Q2 201811$1.9bnn.a.n.a.
Q3 20188$1.5bnn.a.n.a.
Q4 20188$1.4bnn.a.n.a.
Q1 201911$2.0bnn.a.n.a.
Q2 201911$2.1bnn.a.n.a.
Q3 201913$2.5bnn.a.n.a.
Q4 201915$2.2bnn.a.n.a.
Q1 202012$1.3bnn.a.n.a.
Q2 202010$1.2bnn.a.n.a.
Q3 20208$1.2bnn.a.n.a.
Q4 20207$1.2bnn.a.n.a.
Q1 202112$1.8bnn.a.n.a.
Q2 20217$2.1bnn.a.n.a.
Q3 20218$2.1bnn.a.n.a.
Q4 20218$3.3bnn.a.n.a.
Q1 202210$2.8bnn.a.n.a.
Q2 202211$2.0bnn.a.n.a.
Q3 202211$1.5bnn.a.n.a.
Q4 202211$1.7bnn.a.n.a.
Q1 202314$1.6bnn.a.n.a.
Q2 202315$2.3bnn.a.n.a.
Q3 202317$2.9bnn.a.n.a.
Q4 202316$3.4bn79
Q1 202415$4.3bn79
Q2 202411$4.0bn75
Q3 202410$3.8bn72
Q4 202410$3.4bn64
Q1 202511$2.7bn83
Q2 202513$3.0bn77
Q3 20258$3.2bn35
Q4 202510$3.6bn1611
Q1 20269$3.8bn1018
Q2 20269$4.2bn1813

Compare with…

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

MLM and LIN →MLM and GLW →MLM and HWM →Choose a stock to compare with MLM →

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