L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 4 Feb 2026
Managers listing it
26
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
29,859,314
combined, among listed positions
Reported value
$1.5bn
combined, at the quarter end

Among the 92 comparable managers: 12 buyers (opened or added shares) and 17 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was -6,554,653.

Managers listing PAAS 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.

26 of 26 holders

ActionFiling
Fidelity (FMR LLC)6,858,204$355munder 0.1%Trimmed-395,67117 Feb 2026 (the filing on sec.gov)
Invesco Ltd5,989,873$310munder 0.1%Trimmed-3,908,52419 Feb 2026 (the filing on sec.gov)
Arrowstreet Capital LP4,581,099$237m0.14%Trimmed-91,64613 Feb 2026 (the filing on sec.gov)
First Eagle Investment Management LLC3,488,959$181m0.32%Trimmed-1,105,5754 Feb 2026 (the filing on sec.gov)
Millennium Management LLC1,199,441$62munder 0.1%Trimmed-1,862,27317 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC1,185,712$61munder 0.1%Added+631,44217 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP1,079,519$56munder 0.1%Added+904,92417 Feb 2026 (the filing on sec.gov)
Man Group PLC1,001,833$52m0.09%Trimmed-350,06217 Feb 2026 (the filing on sec.gov)
Two Sigma Investments LP988,715$51m0.07%Added+332,52617 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC649,129$34munder 0.1%Added+603,40717 Feb 2026 (the filing on sec.gov)
Rokos Capital Management LLP574,217$30m0.12%Newnew13 Feb 2026 (the filing on sec.gov)
D. E. Shaw & Co.423,564$22munder 0.1%Added+119,79117 Feb 2026 (the filing on sec.gov)
Two Sigma Advisers LP398,643$21munder 0.1%Trimmed-3,30017 Feb 2026 (the filing on sec.gov)
Janus Henderson Group Ltd274,802$14munder 0.1%Trimmed-69,93517 Feb 2026 (the filing on sec.gov)
Acadian Asset Management LLC220,588$11munder 0.1%Trimmed-105,39710 Feb 2026 (the filing on sec.gov)
Point72 Asset Management LP198,707$10munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Jane Street Group LLC177,634$9.2munder 0.1%Trimmed-663,41412 Feb 2026 (the filing on sec.gov)
Schonfeld Strategic Advisors LLC143,877$7.5munder 0.1%Trimmed-82,82517 Feb 2026 (the filing on sec.gov)
ExodusPoint Capital Management LP84,469$4.4munder 0.1%Added+17,15317 Feb 2026 (the filing on sec.gov)
Wellington Management Group LLP83,844$4.4munder 0.1%Added+12,43017 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC69,752$3.6munder 0.1%Trimmed-4,89427 Oct 2026 (the filing on sec.gov)
Squarepoint Ops LLC59,163$3.1munder 0.1%Added+48,07013 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP44,655$2.3munder 0.1%Trimmed-71,15317 Feb 2026 (the filing on sec.gov)
Tudor Investment Corp38,139$2.0munder 0.1%Added+6,73917 Feb 2026 (the filing on sec.gov)
GAMCO Investors Inc36,940$1.9munder 0.1%Added+6005 Feb 2026 (the filing on sec.gov)
Page 1 of 2

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.
1 in Q2 2024 to 11 in Q2 2026

Tracked managers listing it, at least.

0510152014201620182020202220242026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
PAAS by quarter
QuarterHoldersReported valueBuyersSellers
Q3 20133$551kn.a.n.a.
Q4 20132$1.6mn.a.n.a.
Q1 20144$11mn.a.n.a.
Q2 20143$14mn.a.n.a.
Q3 20142$4.0mn.a.n.a.
Q4 20143$22mn.a.n.a.
Q1 20151$408kn.a.n.a.
Q2 20151$29mn.a.n.a.
Q3 20152$30mn.a.n.a.
Q4 20151$34mn.a.n.a.
Q1 20162$78mn.a.n.a.
Q2 20164$104mn.a.n.a.
Q3 20164$92mn.a.n.a.
Q4 20165$59mn.a.n.a.
Q1 20172$57mn.a.n.a.
Q2 20171$46mn.a.n.a.
Q3 20171$64mn.a.n.a.
Q4 20172$125mn.a.n.a.
Q1 20181$71mn.a.n.a.
Q2 20181$87mn.a.n.a.
Q3 20182$86mn.a.n.a.
Q4 20181$102mn.a.n.a.
Q1 20193$114mn.a.n.a.
Q2 20193$118mn.a.n.a.
Q3 20194$163mn.a.n.a.
Q4 20193$154mn.a.n.a.
Q1 20204$114mn.a.n.a.
Q2 20204$279mn.a.n.a.
Q3 20203$228mn.a.n.a.
Q4 20203$121mn.a.n.a.
Q1 20212$3.7mn.a.n.a.
Q2 20212$9.1mn.a.n.a.
Q3 20212$35mn.a.n.a.
Q4 20211$112kn.a.n.a.
Q1 20223$76mn.a.n.a.
Q2 20221$58mn.a.n.a.
Q3 20222$51mn.a.n.a.
Q4 20224$126mn.a.n.a.
Q1 20234$95mn.a.n.a.
Q2 20233$86mn.a.n.a.
Q3 20231$23mn.a.n.a.
Q1 20241$1.9m10
Q2 20241$792k10
Q4 20242$49m20
Q1 20251$700k10
Q2 20256$332m50
Q3 20259$995m65
Q4 20259$901m1217
Q1 202614$1.2bn2211
Q2 202611$751m1516

Compare with…

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

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

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