L3VLUP
Quarter end
30 Sep 2025
the date the book describes
Filed
14 Nov 2025
latest of these filings; the earliest 31 Oct 2025
Managers listing it
8
at least, of 95 tracked, among listed positions
Comparable managers
95
filed both Q2 2025 and Q3 2025; 7 listed it in both
Shares listed
5,145,582
combined, among listed positions
Reported value
$3.2bn
combined, at the quarter end

Among the 95 comparable managers: 3 buyers (opened or added shares) and 5 sellers (trimmed or exited), at least, among listed positions. Their net change in shares is not known from listed positions, because at least one of them lists it in only one of the two quarters.

Managers listing MLM in Q3 2025

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q2 2025, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

8 of 8 holders

ActionFiling
Fidelity (FMR LLC)2,879,547$1.8bn0.09%Trimmed-130,61513 Nov 2025 (the filing on sec.gov)
Baillie Gifford & Co1,195,794$754m0.56%Trimmed-35,14931 Oct 2025 (the filing on sec.gov)
Invesco Ltd704,281$444m0.07%Trimmed-8,17613 Nov 2025 (the filing on sec.gov)
Freestone Grove Partners LP124,963$79m0.59%Added+110,23614 Nov 2025 (the filing on sec.gov)
Two Sigma Investments LP98,156$62m0.09%Trimmed-119,18614 Nov 2025 (the filing on sec.gov)
Man Group PLC68,135$43m0.07%Added+21,76014 Nov 2025 (the filing on sec.gov)
Janus Henderson Group Ltd56,100$35munder 0.1%Trimmed-69914 Nov 2025 (the filing on sec.gov)
Verition Fund Management LLC18,606$12munder 0.1%Addedn.a.14 Nov 2025 (the filing on sec.gov)

Largest increases and reductions, by shares

Q2 2025 to Q3 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.

New (0)

No new position among listed positions.

Exited (0)

No exit shown by a manager’s own filing.

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 →