L3VLUP
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
26
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 3 listed it in both
Shares listed
19,894,772
combined, among listed positions
Reported value
$1.2bn
combined, at the quarter end

Among the 92 comparable managers: 19 buyers (opened or added shares) and 7 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +65,596.

Managers listing TRNO 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)10,801,378$634munder 0.1%Trimmed-696,39317 Feb 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc3,856,662$226munder 0.1%Trimmed-154,01517 Feb 2026 (the filing on sec.gov)
Invesco Ltd1,500,146$88munder 0.1%Trimmed-62,83119 Feb 2026 (the filing on sec.gov)
Wellington Management Group LLP780,705$46munder 0.1%Added+64,60717 Feb 2026 (the filing on sec.gov)
MFS Investment Management584,628$34munder 0.1%Trimmed-50,30322 Jan 2026 (the filing on sec.gov)
Schonfeld Strategic Advisors LLC494,070$29m0.13%Added+146,16617 Feb 2026 (the filing on sec.gov)
Balyasny Asset Management LLC407,497$24munder 0.1%Added+342,74017 Feb 2026 (the filing on sec.gov)
Two Sigma Investments LP375,907$22munder 0.1%Added+145,29917 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC237,772$14munder 0.1%Added+6,27427 Oct 2026 (the filing on sec.gov)
Tudor Investment Corp171,222$10munder 0.1%Added+132,25517 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP143,704$8.4munder 0.1%Added+4,86717 Feb 2026 (the filing on sec.gov)
Two Sigma Advisers LP86,801$5.1munder 0.1%Added+22,20117 Feb 2026 (the filing on sec.gov)
Point72 Asset Management LP76,033$4.5munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
ExodusPoint Capital Management LP73,814$4.3munder 0.1%Added+44,61017 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC56,157$3.3munder 0.1%Added+4,50617 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC49,797$2.9munder 0.1%Added+42,86417 Feb 2026 (the filing on sec.gov)
Janus Henderson Group Ltd47,524$2.8munder 0.1%Added+3,50517 Feb 2026 (the filing on sec.gov)
Marshall Wace LLP32,103$1.9munder 0.1%Newnew13 Feb 2026 (the filing on sec.gov)
Millennium Management LLC29,453$1.7munder 0.1%Added+15,46117 Feb 2026 (the filing on sec.gov)
Quantbot Technologies LP18,997$1.1munder 0.1%Newnew10 Feb 2026 (the filing on sec.gov)
Jane Street Group LLC16,329$959kunder 0.1%Newnew12 Feb 2026 (the filing on sec.gov)
Verition Fund Management LLC14,400$845kunder 0.1%Trimmed-84,53413 Feb 2026 (the filing on sec.gov)
Holocene Advisors LP13,716$805kunder 0.1%Trimmed-22,30217 Feb 2026 (the filing on sec.gov)
Man Group PLC11,265$661kunder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP8,361$491kunder 0.1%Trimmed-43917 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.

Exited (0)

No exit shown by a manager’s own filing.

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.
6 in Q3 2024 to 7 in Q2 2026

Tracked managers listing it, at least.

0246820162017201820192020202120222023202420252026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
TRNO by quarter
QuarterHoldersReported valueBuyersSellers
Q2 20131$1.3mn.a.n.a.
Q4 20152$129mn.a.n.a.
Q1 20161$133mn.a.n.a.
Q2 20161$147mn.a.n.a.
Q3 20161$155mn.a.n.a.
Q4 20161$159mn.a.n.a.
Q1 20171$169mn.a.n.a.
Q2 20172$218mn.a.n.a.
Q3 20172$299mn.a.n.a.
Q4 20173$274mn.a.n.a.
Q1 20182$237mn.a.n.a.
Q2 20182$278mn.a.n.a.
Q3 20183$301mn.a.n.a.
Q4 20182$257mn.a.n.a.
Q1 20193$286mn.a.n.a.
Q2 20191$332mn.a.n.a.
Q3 20193$336mn.a.n.a.
Q4 20191$332mn.a.n.a.
Q1 20203$310mn.a.n.a.
Q2 20202$306mn.a.n.a.
Q3 20202$315mn.a.n.a.
Q4 20202$332mn.a.n.a.
Q1 20212$346mn.a.n.a.
Q2 20212$373mn.a.n.a.
Q3 20213$390mn.a.n.a.
Q4 20213$511mn.a.n.a.
Q1 20223$501mn.a.n.a.
Q2 20224$439mn.a.n.a.
Q3 20224$203mn.a.n.a.
Q4 20223$175mn.a.n.a.
Q1 20235$451mn.a.n.a.
Q2 20236$475mn.a.n.a.
Q3 20236$501mn.a.n.a.
Q4 20236$634m42
Q1 20247$1.2bn61
Q2 20246$1.1bn42
Q3 20246$1.4bn42
Q4 20246$949m23
Q1 20255$1.0bn41
Q2 20255$822m34
Q3 20253$900m30
Q4 20253$890m197
Q1 20266$1.1bn1710
Q2 20267$1.2bn1611

Compare with…

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

TRNO and WELL →TRNO and EQIX →TRNO and BN →Choose a stock to compare with TRNO →

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