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NET in the 13F filings

Cloudflare Inc · CUSIP 18915M107

Sector · Software and IT servicesTheme · Cloud and enterprise software· L3VLUP-definedTheme · Prepackaged software
Quarter
Q3 2026 · early filersQ2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023
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
39
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 21 listed it in both
Shares listed
84,665,784
combined, among listed positions
Reported value
$16.7bn
combined, at the quarter end

Among the 92 comparable managers: 24 buyers (opened or added shares) and 18 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was -7,426,078.

Managers listing NET 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.

39 of 39 holders

ActionFiling
Capital World Investors35,825,517$7.1bn0.96%Trimmed-4,689,86911 Feb 2026 (the filing on sec.gov)
Baillie Gifford & Co16,823,947$3.3bn2.76%Trimmed-5,024,79323 Jan 2026 (the filing on sec.gov)
Fidelity (FMR LLC)12,750,499$2.5bn0.13%Trimmed-498,22617 Feb 2026 (the filing on sec.gov)
Invesco Ltd3,700,696$730m0.07%Trimmed-264,03719 Feb 2026 (the filing on sec.gov)
Two Sigma Advisers LP2,340,000$461m0.90%Added+805,70017 Feb 2026 (the filing on sec.gov)
Wellington Management Group LLP1,707,014$337m0.06%Added+451,28017 Feb 2026 (the filing on sec.gov)
MFS Investment Management1,639,661$323m0.10%Added+336,76822 Jan 2026 (the filing on sec.gov)
Squarepoint Ops LLC1,526,578$301m0.32%Added+624,34113 Feb 2026 (the filing on sec.gov)
Two Sigma Investments LP1,257,598$248m0.35%Added+20,63417 Feb 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc1,034,680$204munder 0.1%Trimmed-320,82617 Feb 2026 (the filing on sec.gov)
Marshall Wace LLP690,747$136m0.12%Added+163,96613 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC612,686$121m0.06%Added+49,43817 Feb 2026 (the filing on sec.gov)
Artisan Partners LP588,598$116m0.17%Trimmed-126,46017 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC552,666$109m0.08%Trimmed-29,91927 Oct 2026 (the filing on sec.gov)
Jane Street Group LLC515,140$102munder 0.1%Added+417,35612 Feb 2026 (the filing on sec.gov)
Arrowstreet Capital LP512,554$101m0.06%Added+60,60513 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC356,619$70munder 0.1%Trimmed-2,16617 Feb 2026 (the filing on sec.gov)
Balyasny Asset Management LLC262,698$52m0.07%Trimmed-7,43217 Feb 2026 (the filing on sec.gov)
Man Group PLC241,799$48m0.08%Added+174,27017 Feb 2026 (the filing on sec.gov)
Millennium Management LLC215,369$42munder 0.1%Added+180,10217 Feb 2026 (the filing on sec.gov)
ARK Investment Management LLC210,090$41m0.27%Trimmed-12,22811 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP197,714$39munder 0.1%Trimmed-71,82417 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP168,141$33munder 0.1%Added+109,34217 Feb 2026 (the filing on sec.gov)
Renaissance Technologies LLC130,400$26munder 0.1%Trimmed-198,10012 Feb 2026 (the filing on sec.gov)
Woodline Partners LP115,784$23m0.09%Trimmed-67,42217 Feb 2026 (the filing on sec.gov)
Page 1 of 2

What managers have written about NET

Shown because the letter names the company. A letter is commentary; it is not a record of why a position changed.

By writers not tracked in the 13F universe

Their positions are not shown: no 13F filings of theirs are tracked here.

Every letter beside its positions →

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.

New (5)

Exited (3)

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.
13 in Q3 2024 to 32 in Q2 2026

Tracked managers listing it, at least.

0102030402020202120222023202420252026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
NET by quarter
QuarterHoldersReported valueBuyersSellers
Q3 20198$410mn.a.n.a.
Q4 20193$363mn.a.n.a.
Q1 20205$625mn.a.n.a.
Q2 20209$1.6bnn.a.n.a.
Q3 202011$2.5bnn.a.n.a.
Q4 202021$5.0bnn.a.n.a.
Q1 202112$4.6bnn.a.n.a.
Q2 202114$7.0bnn.a.n.a.
Q3 202114$7.4bnn.a.n.a.
Q4 202122$10.6bnn.a.n.a.
Q1 202215$8.7bnn.a.n.a.
Q2 202212$2.7bnn.a.n.a.
Q3 202213$3.2bnn.a.n.a.
Q4 20229$2.9bnn.a.n.a.
Q1 202313$4.1bnn.a.n.a.
Q2 20237$4.9bnn.a.n.a.
Q3 202312$5.0bnn.a.n.a.
Q4 202314$6.7bn123
Q1 202414$8.0bn114
Q2 202412$7.1bn67
Q3 202413$7.1bn76
Q4 202416$9.3bn97
Q1 202518$9.4bn118
Q2 202519$18.3bn138
Q3 202524$19.5bn167
Q4 202529$16.4bn2418
Q1 202632$15.7bn2717
Q2 202632$17.9bn2226

Compare with…

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

NET and GOOGL →NET and AMZN →NET and MSFT →Choose a stock to compare with NET →

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