L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
19 Feb 2026
latest of these filings; the earliest 22 Jan 2026
Managers listing it
28
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 13 listed it in both
Shares listed
53,331,988
combined, among listed positions
Reported value
$1.5bn
combined, at the quarter end

Among the 92 comparable managers: 15 buyers (opened or added shares) and 18 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was -1,898,465.

Managers listing SARO 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.

28 of 28 holders

ActionFiling
T. Rowe Price Associates Inc14,000,143$402munder 0.1%Added+3,540,16717 Feb 2026 (the filing on sec.gov)
Janus Henderson Group Ltd11,224,061$322m0.14%Added+1,108,06617 Feb 2026 (the filing on sec.gov)
Wellington Management Group LLP10,867,767$312m0.05%Added+522,20317 Feb 2026 (the filing on sec.gov)
MFS Investment Management3,465,939$99munder 0.1%Added+179,93022 Jan 2026 (the filing on sec.gov)
Steadfast Capital Management LP3,310,834$95m1.63%Added+72,30017 Feb 2026 (the filing on sec.gov)
Fidelity (FMR LLC)3,005,466$86munder 0.1%Added+1,241,12617 Feb 2026 (the filing on sec.gov)
Invesco Ltd2,958,630$85munder 0.1%Trimmed-123,27619 Feb 2026 (the filing on sec.gov)
Woodline Partners LP811,804$23m0.09%Held017 Feb 2026 (the filing on sec.gov)
Millennium Management LLC732,143$21munder 0.1%Added+79,39417 Feb 2026 (the filing on sec.gov)
Renaissance Technologies LLC598,700$17munder 0.1%Trimmed-569,30012 Feb 2026 (the filing on sec.gov)
Soros Fund Management LLC424,600$12m0.14%Trimmed-261,40813 Feb 2026 (the filing on sec.gov)
Squarepoint Ops LLC352,422$10munder 0.1%Newnew13 Feb 2026 (the filing on sec.gov)
Voloridge Investment Management LLC254,685$7.3munder 0.1%Trimmed-739,84217 Feb 2026 (the filing on sec.gov)
Verition Fund Management LLC206,417$5.9munder 0.1%Trimmed-30,92313 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP199,799$5.7munder 0.1%Added+152,32517 Feb 2026 (the filing on sec.gov)
Bridgewater Associates LP196,560$5.6munder 0.1%Trimmed-414,19113 Feb 2026 (the filing on sec.gov)
Freestone Grove Partners LP154,286$4.4munder 0.1%Trimmed-2,128,18817 Feb 2026 (the filing on sec.gov)
Marshall Wace LLP153,052$4.4munder 0.1%Added+27,80113 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC150,495$4.3munder 0.1%Trimmed-285,04617 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC70,167$2.0munder 0.1%Added+32,50617 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP52,054$1.5munder 0.1%Trimmed-4,132,76317 Feb 2026 (the filing on sec.gov)
Winton Group Ltd32,334$927kunder 0.1%Trimmed-73,26611 Feb 2026 (the filing on sec.gov)
Jane Street Group LLC30,604$878kunder 0.1%Added+19,50512 Feb 2026 (the filing on sec.gov)
First Eagle Investment Management LLC23,500$674kunder 0.1%Newnew4 Feb 2026 (the filing on sec.gov)
PDT Partners LLC20,000$574kunder 0.1%Trimmed-25,25017 Feb 2026 (the filing on sec.gov)
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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.
14 in Q4 2024 to 9 in Q2 2026

Tracked managers listing it, at least.

05101520Q4 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.
SARO by quarter
QuarterHoldersReported valueBuyersSellers
Q4 202414$795m130
Q1 202514$973m123
Q2 202520$1.6bn155
Q3 202513$1.3bn69
Q4 202512$1.3bn1518
Q1 202617$1.7bn2311
Q2 20269$1.9bn1121

Compare with…

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

SARO and RTX →SARO and BA →SARO and TDG →Choose a stock to compare with SARO →

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