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
21
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 3 listed it in both
Shares listed
8,406,690
combined, among listed positions
Reported value
$320m
combined, at the quarter end

Among the 92 comparable managers: 10 buyers (opened or added shares) and 16 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was -502,396.

Managers listing NATL 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.

21 of 21 holders

ActionFiling
AllianceBernstein LP3,246,870$124munder 0.1%Trimmed-65,99617 Feb 2026 (the filing on sec.gov)
Fidelity (FMR LLC)2,416,145$92munder 0.1%Trimmed-140,99317 Feb 2026 (the filing on sec.gov)
MFS Investment Management1,255,678$48munder 0.1%Trimmed-136,33022 Jan 2026 (the filing on sec.gov)
Invesco Ltd294,410$11munder 0.1%Added+2,69919 Feb 2026 (the filing on sec.gov)
Woodline Partners LP270,515$10munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Millennium Management LLC247,259$9.4munder 0.1%Trimmed-131,76817 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC120,884$4.6munder 0.1%Trimmed-16,47517 Feb 2026 (the filing on sec.gov)
Two Sigma Investments LP113,333$4.3munder 0.1%Added+94,93317 Feb 2026 (the filing on sec.gov)
Arrowstreet Capital LP70,157$2.7munder 0.1%Trimmed-133,01113 Feb 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc67,616$2.6munder 0.1%Added+4,23517 Feb 2026 (the filing on sec.gov)
D. E. Shaw & Co.52,464$2.0munder 0.1%Added+12,31117 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP47,867$1.8munder 0.1%Added+1,81817 Feb 2026 (the filing on sec.gov)
Two Sigma Advisers LP39,400$1.5munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
GAMCO Investors Inc33,086$1.3munder 0.1%Trimmed-2955 Feb 2026 (the filing on sec.gov)
Janus Henderson Group Ltd32,285$1.2munder 0.1%Trimmed-48,59117 Feb 2026 (the filing on sec.gov)
Acadian Asset Management LLC30,775$1.2munder 0.1%Newnew10 Feb 2026 (the filing on sec.gov)
Winton Group Ltd22,616$862kunder 0.1%Trimmed-102,46011 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC19,164$730kunder 0.1%Trimmed-35,99617 Feb 2026 (the filing on sec.gov)
Verition Fund Management LLC10,326$394kunder 0.1%Trimmed-31513 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC8,892$339kunder 0.1%Added+23427 Oct 2026 (the filing on sec.gov)
Marshall Wace LLP6,948$265kunder 0.1%Newnew13 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.
4 in Q3 2024 to 6 in Q2 2026

Tracked managers listing it, at least.

0246Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
NATL by quarter
QuarterHoldersReported valueBuyersSellers
Q4 20232$68m20
Q1 20243$51m20
Q2 20244$162m21
Q3 20244$295m31
Q4 20245$344m23
Q1 20253$216m12
Q2 20253$251m22
Q3 20253$190m12
Q4 20253$182m1016
Q1 20264$62m229
Q2 20266$256m1713

Compare with…

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

NATL and AAPL →NATL and SNDK →NATL and CSCO →Choose a stock to compare with NATL →

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