L3VLUP
Quarter end
30 Sep 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 29 Oct 2025
Managers listing it
30
at least, of 95 tracked, among listed positions
Comparable managers
95
filed both Q2 2025 and Q3 2025; 16 listed it in both
Shares listed
34,306,112
combined, among listed positions
Reported value
$10.3bn
combined, at the quarter end

Among the 95 comparable managers: 23 buyers (opened or added shares) and 11 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 NSC 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.

30 of 30 holders

ActionFiling
Dodge & Cox10,874,249$3.3bn1.76%Added+15,12813 Nov 2025 (the filing on sec.gov)
T. Rowe Price Associates Inc3,840,146$1.2bn0.12%Trimmed-7,101,51714 Nov 2025 (the filing on sec.gov)
Fidelity (FMR LLC)3,212,031$965m0.05%Trimmed-738,11613 Nov 2025 (the filing on sec.gov)
Millennium Management LLC2,644,515$794m0.34%Added+2,208,28914 Nov 2025 (the filing on sec.gov)
Citadel Advisors LLC1,973,277$593m0.09%Addedn.a.14 Nov 2025 (the filing on sec.gov)
Invesco Ltd1,723,196$518m0.08%Trimmed-70,42713 Nov 2025 (the filing on sec.gov)
Third Point LLC1,650,000$496m5.51%Newnew14 Nov 2025 (the filing on sec.gov)
Capital World Investors1,638,009$492m0.07%Added+4,08513 Nov 2025 (the filing on sec.gov)
Arrowstreet Capital LP1,252,565$376m0.24%Added+228,48613 Nov 2025 (the filing on sec.gov)
Balyasny Asset Management LLC1,097,264$330m0.42%Newnew14 Nov 2025 (the filing on sec.gov)
Farallon Capital Management LLC615,000$185m0.76%Newnew17 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC569,124$171m0.12%Addedn.a.27 Oct 2026 (the filing on sec.gov)
AllianceBernstein LP490,103$147munder 0.1%Added+200,80114 Nov 2025 (the filing on sec.gov)
D. E. Shaw & Co.452,788$136m0.08%Trimmed-84,89814 Nov 2025 (the filing on sec.gov)
Verition Fund Management LLC407,313$122m0.51%Added+359,97414 Nov 2025 (the filing on sec.gov)
Squarepoint Ops LLC295,767$89m0.09%Addedn.a.14 Nov 2025 (the filing on sec.gov)
Tudor Investment Corp267,694$80m0.14%Newnew9 Dec 2025 (the filing on sec.gov)
Markel Group Inc256,500$77m0.63%Added+20,00031 Oct 2025 (the filing on sec.gov)
Man Group PLC200,105$60m0.10%Newnew14 Nov 2025 (the filing on sec.gov)
Marshall Wace LLP159,731$48munder 0.1%Trimmed-63,74313 Nov 2025 (the filing on sec.gov)
Hudson Bay Capital Management LP151,463$46m0.15%Added+115,07315 Dec 2025 (the filing on sec.gov)
Woodline Partners LP136,790$41m0.19%Addedn.a.14 Nov 2025 (the filing on sec.gov)
Schonfeld Strategic Advisors LLC114,970$35m0.20%Trimmed-120,94714 Nov 2025 (the filing on sec.gov)
ExodusPoint Capital Management LP102,721$31m0.32%Newnew14 Nov 2025 (the filing on sec.gov)
Rokos Capital Management LLP57,668$17m0.07%Newnew14 Nov 2025 (the filing on sec.gov)
Page 1 of 2

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.

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.
18 in Q3 2024 to 29 in Q2 2026

Tracked managers listing it, at least.

0102030402014201620182020202220242026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
NSC by quarter
QuarterHoldersReported valueBuyersSellers
Q2 201318$1.6bnn.a.n.a.
Q3 201312$1.6bnn.a.n.a.
Q4 201315$2.2bnn.a.n.a.
Q1 201416$2.1bnn.a.n.a.
Q2 201419$2.0bnn.a.n.a.
Q3 201419$2.5bnn.a.n.a.
Q4 201413$2.0bnn.a.n.a.
Q1 201512$3.3bnn.a.n.a.
Q2 201518$3.5bnn.a.n.a.
Q3 201520$3.1bnn.a.n.a.
Q4 201516$3.7bnn.a.n.a.
Q1 201616$2.8bnn.a.n.a.
Q2 201617$2.6bnn.a.n.a.
Q3 201618$3.0bnn.a.n.a.
Q4 201622$2.6bnn.a.n.a.
Q1 201723$3.1bnn.a.n.a.
Q2 201724$3.2bnn.a.n.a.
Q3 201721$3.7bnn.a.n.a.
Q4 201716$4.2bnn.a.n.a.
Q1 201823$4.1bnn.a.n.a.
Q2 201829$5.1bnn.a.n.a.
Q3 201827$5.1bnn.a.n.a.
Q4 201821$3.4bnn.a.n.a.
Q1 201927$4.5bnn.a.n.a.
Q2 201933$5.2bnn.a.n.a.
Q3 201924$4.0bnn.a.n.a.
Q4 201924$4.4bnn.a.n.a.
Q1 202025$3.0bnn.a.n.a.
Q2 202021$3.4bnn.a.n.a.
Q3 202020$4.3bnn.a.n.a.
Q4 202020$5.5bnn.a.n.a.
Q1 202119$6.0bnn.a.n.a.
Q2 202126$5.6bnn.a.n.a.
Q3 202122$4.6bnn.a.n.a.
Q4 202119$5.7bnn.a.n.a.
Q1 202223$5.1bnn.a.n.a.
Q2 202222$3.7bnn.a.n.a.
Q3 202220$2.4bnn.a.n.a.
Q4 202222$3.4bnn.a.n.a.
Q1 202325$3.8bnn.a.n.a.
Q2 202323$5.2bnn.a.n.a.
Q3 202320$4.1bnn.a.n.a.
Q4 202319$4.9bn1111
Q1 202422$5.9bn155
Q2 202417$5.2bn136
Q3 202418$7.2bn128
Q4 202424$7.2bn158
Q1 202517$7.8bn810
Q2 202522$8.8bn148
Q3 202530$10.3bn2311
Q4 202529$10.2bn309
Q1 202628$9.3bn2415
Q2 202629$8.7bn2115

Compare with…

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

NSC and KLAC →NSC and GE →NSC and LRCX →Choose a stock to compare with NSC →

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