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
36
at least, of 95 tracked, among listed positions
Comparable managers
95
filed both Q2 2025 and Q3 2025; 33 listed it in both
Shares listed
304,185,912
combined, among listed positions
Reported value
$49.3bn
combined, at the quarter end

Among the 95 comparable managers: 20 buyers (opened or added shares) and 15 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 PM 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.

36 of 36 holders

ActionFiling
Capital World Investors128,776,327$20.9bn2.85%Added+2,714,67413 Nov 2025 (the filing on sec.gov)
Capital Research Global Investors43,546,533$7.1bn1.33%Added+2,911,83513 Nov 2025 (the filing on sec.gov)
Fidelity (FMR LLC)40,470,733$6.6bn0.34%Added+7,900,38613 Nov 2025 (the filing on sec.gov)
Wellington Management Group LLP17,992,693$2.9bn0.51%Trimmed-2,848,02314 Nov 2025 (the filing on sec.gov)
Invesco Ltd15,247,622$2.5bn0.39%Trimmed-749,41913 Nov 2025 (the filing on sec.gov)
T. Rowe Price Associates Inc12,591,342$2.0bn0.22%Added+1,196,64914 Nov 2025 (the filing on sec.gov)
MFS Investment Management6,825,908$1.1bn0.34%Trimmed-2,071,69129 Oct 2025 (the filing on sec.gov)
First Eagle Investment Management LLC6,121,345$993m1.81%Trimmed-1,010,77412 Nov 2025 (the filing on sec.gov)
Lone Pine Capital LLC4,614,443$748m5.45%Added+1,856,74914 Nov 2025 (the filing on sec.gov)
Viking Global Investors LP4,426,128$718m1.86%Added+971,94214 Nov 2025 (the filing on sec.gov)
AllianceBernstein LP3,817,984$619m0.20%Added+52,66914 Nov 2025 (the filing on sec.gov)
Arrowstreet Capital LP3,290,983$534m0.34%Trimmed-289,77313 Nov 2025 (the filing on sec.gov)
AQR Capital Management LLC3,245,746$526m0.34%Trimmed-133,45014 Nov 2025 (the filing on sec.gov)
Janus Henderson Group Ltd2,772,304$450m0.21%Added+1,470,85814 Nov 2025 (the filing on sec.gov)
Neuberger Berman Group LLC2,626,956$426m0.31%Trimmed-566,23827 Oct 2026 (the filing on sec.gov)
Maverick Capital Ltd1,622,102$263m3.52%Added+140,62414 Nov 2025 (the filing on sec.gov)
D. E. Shaw & Co.1,431,328$232m0.13%Added+840,64314 Nov 2025 (the filing on sec.gov)
Artisan Partners LP969,601$157m0.22%Added+24,65612 Nov 2025 (the filing on sec.gov)
Acadian Asset Management LLC828,501$134m0.23%Trimmed-54,52313 Nov 2025 (the filing on sec.gov)
D1 Capital Partners LP740,308$120m1.38%Trimmed-484,72514 Nov 2025 (the filing on sec.gov)
Millennium Management LLC619,995$101munder 0.1%Trimmed-1,072,19714 Nov 2025 (the filing on sec.gov)
Man Group PLC227,109$37m0.06%Added+35,50814 Nov 2025 (the filing on sec.gov)
Voloridge Investment Management LLC224,235$36m0.12%Newnew14 Nov 2025 (the filing on sec.gov)
Tudor Investment Corp208,204$34m0.06%Addedn.a.9 Dec 2025 (the filing on sec.gov)
Woodline Partners LP205,721$33m0.16%Added+37,35514 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.
39 in Q3 2024 to 27 in Q2 2026

Tracked managers listing it, at least.

02040602014201620182020202220242026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
PM by quarter
QuarterHoldersReported valueBuyersSellers
Q2 201329$22.1bnn.a.n.a.
Q3 201328$22.5bnn.a.n.a.
Q4 201329$22.6bnn.a.n.a.
Q1 201430$21.4bnn.a.n.a.
Q2 201431$22.6bnn.a.n.a.
Q3 201426$22.2bnn.a.n.a.
Q4 201427$21.7bnn.a.n.a.
Q1 201530$20.6bnn.a.n.a.
Q2 201526$21.4bnn.a.n.a.
Q3 201525$21.6bnn.a.n.a.
Q4 201522$24.7bnn.a.n.a.
Q1 201628$29.2bnn.a.n.a.
Q2 201634$30.6bnn.a.n.a.
Q3 201633$28.9bnn.a.n.a.
Q4 201630$27.1bnn.a.n.a.
Q1 201726$34.1bnn.a.n.a.
Q2 201727$34.7bnn.a.n.a.
Q3 201730$32.0bnn.a.n.a.
Q4 201727$29.4bnn.a.n.a.
Q1 201834$27.4bnn.a.n.a.
Q2 201829$23.1bnn.a.n.a.
Q3 201821$22.5bnn.a.n.a.
Q4 201836$18.6bnn.a.n.a.
Q1 201927$23.5bnn.a.n.a.
Q2 201924$20.4bnn.a.n.a.
Q3 201928$18.8bnn.a.n.a.
Q4 201929$21.8bnn.a.n.a.
Q1 202025$19.1bnn.a.n.a.
Q2 202028$18.0bnn.a.n.a.
Q3 202025$19.7bnn.a.n.a.
Q4 202025$21.5bnn.a.n.a.
Q1 202127$22.1bnn.a.n.a.
Q2 202120$23.2bnn.a.n.a.
Q3 202125$22.8bnn.a.n.a.
Q4 202126$22.3bnn.a.n.a.
Q1 202229$23.2bnn.a.n.a.
Q2 202228$25.8bnn.a.n.a.
Q3 202233$22.2bnn.a.n.a.
Q4 202226$27.0bnn.a.n.a.
Q1 202336$27.6bnn.a.n.a.
Q2 202329$28.9bnn.a.n.a.
Q3 202332$28.5bnn.a.n.a.
Q4 202334$28.8bn1617
Q1 202436$28.4bn2113
Q2 202431$31.4bn1614
Q3 202439$38.2bn2215
Q4 202440$36.6bn2217
Q1 202544$49.1bn2022
Q2 202544$54.3bn1923
Q3 202536$49.3bn2015
Q4 202526$50.5bn2024
Q1 202625$57.3bn2217
Q2 202627$63.8bn2019

Compare with…

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

PM and KO →PM and COST →PM and CVS →Choose a stock to compare with PM →

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