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Which funds own CMC

Commercial Metals Co in the Q2 2026 filings. At least 3 of the 91 current managers on file reported a position, worth $41m between them. It is among the largest positions of fewer than a fifth of the current managers on file. Buying and selling roughly cancelled this quarter, which is what a name looks like when the argument is still live.

Managers holding: 3; at least, of 91 current
Combined value: $41m; as reported
Opened: 2; new this quarter
Added to: 1; already held
Trimmed or sold out: 2; 2 sold out entirely

Only each manager’s largest 200 positions are listed here, so a smaller holder may be missing.

Managers reporting a position

Largest first. Weight is the share of that manager’s whole reported book, which is the number worth quoting: $400m is a rounding error in one book and a defining bet in another.

Manager	Value	Weight	Shares	Change on the quarter	Action
First Eagle Investment Management LLC Value · $60.8bn book	$22m	0.0%	350,366	+$4.4m+64,820	Added
ExodusPoint Capital Management LP Multi-strategy · $15.5bn book	$15m	0.1%	236,478	opened236,478	New
Farallon Capital Management LLC Long/short equity · $21.7bn book	$4.2m	0.0%	67,000	opened67,000	New

Sold out of this quarter

Valued at what the position was worth in the previous filing, because by this one it is gone.

Caxton Associates LLP · Macro$2.5m held before
Bridgewater Associates LP · Macro$2.3m held before

Ownership through time

At least 4 of the 95 managers whose filings are on file listed CMC in Q2 2026, against 3 in Q2 2013. 2 managers more than in Q1 2026: 3 started positions; 1 no longer listed it among the positions read, which can mean a holding below the listed range, a filing that reported no holdings, or a filing not yet made.

Each manager’s largest 500 positions a quarter are read, so a small holding in a very large book can be missing, and a manager is counted as leaving only where its own filing shows it.

Managers on file listing it

Their combined reported value

Between the quarter ends of Q1 2026 and Q2 2026. Each change in shares is valued at the Q2 2026 price, so the price’s own move is left out; a 13F shows the two quarter ends, not when in between anything was bought or sold.

Started in Q2 2026

Largest increases, by shares

ExodusPoint Capital Management LPnew: 236,478 shares+$15m
Farallon Capital Management LLCnew: 67,000 shares+$4.2m
First Eagle Investment Management LLC285,546 to 350,366 shares+$4.1m
Freestone Grove Partners LPnew: 29,479 shares+$1.9m

Largest decreases, by shares

No manager on file sold part of it.

Left it

No manager on file is shown leaving it.

Manager	First listed	Largest	Q2 2026
First Eagle Investment Management LLC	Q2 2021	$22m	$22m
ExodusPoint Capital Management LP	Q4 2018	$26m	$15m
Farallon Capital Management LLC	Q2 2026	$4.2m	$4.2m
Freestone Grove Partners LP	Q2 2026	$1.9m	$1.9m
Fidelity (FMR LLC)	Q3 2022	$405m	last listed Q4 2022
AllianceBernstein LP	Q2 2013	$162m	last listed Q3 2021
Citadel Advisors LLC	Q2 2019	$114m	last listed Q4 2019
AQR Capital Management LLC	Q2 2013	$98m	last listed Q2 2024
Millennium Management LLC	Q3 2014	$95m	last listed Q4 2025
Janus Henderson Group Ltd	Q4 2020	$91m	last listed Q4 2025
Holocene Advisors LP	Q2 2019	$51m	last listed Q3 2025
Acadian Asset Management LLC	Q4 2014	$41m	last listed Q1 2024
Marshall Wace LLP	Q2 2015	$35m	last listed Q2 2023
Verition Fund Management LLC	Q2 2015	$26m	last listed Q2 2025

What CMC is worth

Knowing who owns it is half the question. The other half is what it is worth against the companies it trades beside, which is the one an interviewer will follow up with.

Build the comp set around CMC →

How much of the picture this is

A Form 13F reports US-listed long equity and nothing else: no shorts, no bonds, no cash and no non-US listings. It arrives forty-five days after the quarter ends, so a manager who sold in July still shows the position in a filing published in August. This page reads the managers on file here rather than every filer in the market, and each manager’s largest positions rather than the whole table, so a small position in a very large book may not appear. Say “their last filing showed” rather than “they own”, and the distinction will do you credit.

What to do with a name the funds are buying

Knowing who owns something is the start of a pitch, not the pitch. The next questions are what it is worth and why they were buying.

Comps ExplorerValue it against the peers it trades beside Every managerRead any of these books in full Deal tapeWhat buyers paid for whole companies, not slices Hedge fund interviewsHow the room runs, and the stock pitch it wants

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The holdings, every quarter, and the week between

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