L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 10 Feb 2026
Managers listing it
29
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 9 listed it in both
Shares listed
36,435,301
combined, among listed positions
Reported value
$3.9bn
combined, at the quarter end

Among the 92 comparable managers: 14 buyers (opened or added shares) and 19 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +4,214,521.

Managers listing TW 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.

29 of 29 holders

ActionFiling
T. Rowe Price Associates Inc15,790,200$1.7bn0.18%Added+2,904,98417 Feb 2026 (the filing on sec.gov)
Wellington Management Group LLP9,349,923$1.0bn0.18%Added+378,25717 Feb 2026 (the filing on sec.gov)
Viking Global Investors LP2,768,659$298m0.79%Newnew17 Feb 2026 (the filing on sec.gov)
Capital World Investors2,075,580$223munder 0.1%Added+30,23311 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC1,854,882$199m0.10%Added+1,375,92517 Feb 2026 (the filing on sec.gov)
Two Sigma Investments LP597,825$64m0.09%Added+93,82517 Feb 2026 (the filing on sec.gov)
Renaissance Technologies LLC592,518$64m0.10%Trimmed-1,052,30212 Feb 2026 (the filing on sec.gov)
Fidelity (FMR LLC)566,419$61munder 0.1%Trimmed-1,040,04817 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC445,541$48munder 0.1%Trimmed-42,16027 Oct 2026 (the filing on sec.gov)
D. E. Shaw & Co.428,918$46munder 0.1%Trimmed-160,93017 Feb 2026 (the filing on sec.gov)
Millennium Management LLC368,189$40munder 0.1%Trimmed-70,91117 Feb 2026 (the filing on sec.gov)
Jane Street Group LLC262,910$28munder 0.1%Trimmed-127,31912 Feb 2026 (the filing on sec.gov)
Tudor Investment Corp249,143$27munder 0.1%Added+9,25317 Feb 2026 (the filing on sec.gov)
Marshall Wace LLP219,038$24munder 0.1%Newnew13 Feb 2026 (the filing on sec.gov)
Invesco Ltd213,263$23munder 0.1%Trimmed-641,79419 Feb 2026 (the filing on sec.gov)
Squarepoint Ops LLC207,306$22munder 0.1%Trimmed-201,84713 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP118,279$13munder 0.1%Trimmed-15,12917 Feb 2026 (the filing on sec.gov)
Man Group PLC85,069$9.1munder 0.1%Trimmed-8,46317 Feb 2026 (the filing on sec.gov)
ExodusPoint Capital Management LP60,277$6.5m0.05%Newnew17 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP48,111$5.2munder 0.1%Trimmed-38317 Feb 2026 (the filing on sec.gov)
Two Sigma Advisers LP37,200$4.0munder 0.1%Added+8,50017 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC26,668$2.9munder 0.1%Trimmed-33,07817 Feb 2026 (the filing on sec.gov)
Balyasny Asset Management LLC18,415$2.0munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Janus Henderson Group Ltd18,306$2.0munder 0.1%Added+2,36817 Feb 2026 (the filing on sec.gov)
Brevan Howard Capital Management LP16,943$1.8munder 0.1%Trimmed-21,13617 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.
10 in Q3 2024 to 15 in Q2 2026

Tracked managers listing it, at least.

051015202020202120222023202420252026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
TW by quarter
QuarterHoldersReported valueBuyersSellers
Q2 201913$593mn.a.n.a.
Q3 201912$267mn.a.n.a.
Q4 201913$783mn.a.n.a.
Q1 202011$860mn.a.n.a.
Q2 202010$1.5bnn.a.n.a.
Q3 20208$1.6bnn.a.n.a.
Q4 20209$1.7bnn.a.n.a.
Q1 202110$2.7bnn.a.n.a.
Q2 20219$3.1bnn.a.n.a.
Q3 202112$2.8bnn.a.n.a.
Q4 202111$3.2bnn.a.n.a.
Q1 202210$2.6bnn.a.n.a.
Q2 202212$1.8bnn.a.n.a.
Q3 202218$1.1bnn.a.n.a.
Q4 202213$1.2bnn.a.n.a.
Q1 202313$1.3bnn.a.n.a.
Q2 20238$1.4bnn.a.n.a.
Q3 202310$1.9bnn.a.n.a.
Q4 202315$2.1bn96
Q1 202412$2.3bn75
Q2 202413$2.9bn94
Q3 202410$3.6bn47
Q4 202415$3.3bn105
Q1 202512$3.8bn75
Q2 202510$3.4bn56
Q3 202511$3.0bn76
Q4 202510$3.6bn1419
Q1 202611$3.7bn1714
Q2 202615$3.4bn2212

Compare with…

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

TW and V →TW and AXP →TW and BAC →Choose a stock to compare with TW →

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