Which funds own NSC
Norfolk Southn Corp in the Q2 2026 filings. At least 20 of the 91 current managers on file reported a position, worth $6.7bn between them. At least a fifth of the current managers on file hold it, which is a crowd without being the whole market. The quarter went one way: 15 managers opened or added against 4 cutting.
- Managers holding
- 20
- at least, of 91 current
- Combined value
- $6.7bn
- as reported
- Opened
- 1
- new this quarter
- Added to
- 14
- already held
- Trimmed or sold out
- 4
- 0 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 |
|---|---|---|---|---|---|
| Millennium Management LLC Multi-strategy · $276bn book | $1.6bn | 0.6% | 5,201,728 | +$321m+617,642 | Added |
| D. E. Shaw & Co. Quantitative · $210bn book | $818m | 0.4% | 2,601,202 | +$169m+337,722 | Added |
| Dodge & Cox Value · $191bn book | $789m | 0.4% | 2,508,128 | -$1.0bn-3,749,622 | Trimmed |
| Capital World Investors Long-only · $846bn book | $633m | 0.1% | 2,011,919 | +$57m+5,247 | Added |
| Arrowstreet Capital LP Quantitative · $225bn book | $545m | 0.2% | 1,732,049 | +$78m+105,361 | Added |
| Balyasny Asset Management LLC Multi-strategy · $80.2bn book | $350m | 0.4% | 1,111,173 | -$35m-227,544 | Trimmed |
| Caxton Associates LLP Macro · $5.3bn book | $328m | 6.2% | 1,043,375 | +$231m+705,249 | Added |
| Verition Fund Management LLC Multi-strategy · $19.7bn book | $239m | 1.2% | 758,728 | +$29m+27,595 | Added |
| Marshall Wace LLP Quantitative · $127bn book | $224m | 0.2% | 711,526 | +$39m+68,013 | Added |
| Tudor Investment Corp Macro · $71.9bn book | $204m | 0.3% | 647,145 | +$22m+15,470 | Added |
| Third Point LLC Activist · $4.7bn book | $189m | 4.0% | 600,000 | +$160m+500,000 | Added |
| Hudson Bay Capital Management LP Multi-strategy · $36.8bn book | $153m | 0.4% | 486,264 | +$35m+73,711 | Added |
| Squarepoint Ops LLC Multi-strategy · $90.5bn book | $144m | 0.2% | 457,236 | -$76m-308,415 | Trimmed |
| Rokos Capital Management LLP Macro · $26.8bn book | $99m | 0.4% | 314,671 | +$60m+178,236 | Added |
| Markel Group Inc Activist · $13.1bn book | $89m | 0.7% | 282,500 | +$7.8m0 | Held |
| ExodusPoint Capital Management LP Multi-strategy · $15.5bn book | $77m | 0.5% | 244,499 | +$31m+84,542 | Added |
| Woodline Partners LP Long/short equity · $32.4bn book | $70m | 0.2% | 221,015 | +$16m+35,136 | Added |
| Schonfeld Strategic Advisors LLC Multi-strategy · $27.9bn book | $44m | 0.2% | 140,110 | +$10m+21,492 | Added |
| Walleye Capital LLC Multi-strategy · $28.0bn book | $30m | 0.1% | 96,000 | opened96,000 | New |
| Brevan Howard Capital Management LP Macro · $13.5bn book | $17m | 0.1% | 53,634 | +$300k-4,918 | Trimmed |
Ownership through time
At least 29 of the 95 managers whose filings are on file listed NSC in Q2 2026, against 18 in Q2 2013. 1 manager more than in Q1 2026: 1 started a position; 1 listed it again; 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.
- Q2 2013: 18
- Q3 2013: 12
- Q4 2013: 14
- Q1 2014: 15
- Q2 2014: 18
- Q3 2014: 19
- Q4 2014: 13
- Q1 2015: 12
- Q2 2015: 18
- Q3 2015: 20
- Q4 2015: 16
- Q1 2016: 16
- Q2 2016: 17
- Q3 2016: 18
- Q4 2016: 22
- Q1 2017: 23
- Q2 2017: 24
- Q3 2017: 21
- Q4 2017: 16
- Q1 2018: 23
- Q2 2018: 29
- Q3 2018: 27
- Q4 2018: 21
- Q1 2019: 27
- Q2 2019: 33
- Q3 2019: 24
- Q4 2019: 24
- Q1 2020: 25
- Q2 2020: 21
- Q3 2020: 20
- Q4 2020: 20
- Q1 2021: 19
- Q2 2021: 26
- Q3 2021: 22
- Q4 2021: 19
- Q1 2022: 23
- Q2 2022: 22
- Q3 2022: 20
- Q4 2022: 22
- Q1 2023: 25
- Q2 2023: 23
- Q3 2023: 20
- Q4 2023: 19
- Q1 2024: 22
- Q2 2024: 17
- Q3 2024: 18
- Q4 2024: 24
- Q1 2025: 17
- Q2 2025: 22
- Q3 2025: 30
- Q4 2025: 29
- Q1 2026: 28
- Q2 2026: 29
- Q2 2013: $1.6bn
- Q3 2013: $1.6bn
- Q4 2013: $2.1bn
- Q1 2014: $2.0bn
- Q2 2014: $1.9bn
- Q3 2014: $2.5bn
- Q4 2014: $2.0bn
- Q1 2015: $3.3bn
- Q2 2015: $3.5bn
- Q3 2015: $3.1bn
- Q4 2015: $3.7bn
- Q1 2016: $2.8bn
- Q2 2016: $2.6bn
- Q3 2016: $3.0bn
- Q4 2016: $2.6bn
- Q1 2017: $3.1bn
- Q2 2017: $3.2bn
- Q3 2017: $3.7bn
- Q4 2017: $4.2bn
- Q1 2018: $4.1bn
- Q2 2018: $5.1bn
- Q3 2018: $5.1bn
- Q4 2018: $3.4bn
- Q1 2019: $4.5bn
- Q2 2019: $5.2bn
- Q3 2019: $4.0bn
- Q4 2019: $4.4bn
- Q1 2020: $3.0bn
- Q2 2020: $3.4bn
- Q3 2020: $4.3bn
- Q4 2020: $5.5bn
- Q1 2021: $6.0bn
- Q2 2021: $5.6bn
- Q3 2021: $4.6bn
- Q4 2021: $5.7bn
- Q1 2022: $5.1bn
- Q2 2022: $3.7bn
- Q3 2022: $2.4bn
- Q4 2022: $3.4bn
- Q1 2023: $3.8bn
- Q2 2023: $5.2bn
- Q3 2023: $4.1bn
- Q4 2023: $4.9bn
- Q1 2024: $5.9bn
- Q2 2024: $5.2bn
- Q3 2024: $7.2bn
- Q4 2024: $7.2bn
- Q1 2025: $7.8bn
- Q2 2025: $8.8bn
- Q3 2025: $10.3bn
- Q4 2025: $10.2bn
- Q1 2026: $9.3bn
- Q2 2026: $8.7bn
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
- Caxton Associates LLP338,126 to 1,043,375 shares+$222m
- Millennium Management LLC4,584,086 to 5,201,728 shares+$194m
- Third Point LLC100,000 to 600,000 shares+$157m
- D. E. Shaw & Co.2,263,480 to 2,601,202 shares+$106m
- Rokos Capital Management LLP136,435 to 314,671 shares+$56m
Largest decreases, by shares
- Dodge & Cox6,257,750 to 2,508,128 shares-$1.2bn
- Citadel Advisors LLC2,620,382 to 1,585,467 shares-$326m
- Invesco Ltd1,767,095 to 1,346,401 shares-$132m
- Squarepoint Ops LLC765,651 to 457,236 shares-$97m
- Balyasny Asset Management LLC1,338,717 to 1,111,173 shares-$72m
Left it
No manager on file is shown leaving it.
| Manager | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| Millennium Management LLC | Q2 2014 | $1.6bn | $1.6bn | |
| D. E. Shaw & Co. | Q2 2013 | $818m | $818m | |
| Dodge & Cox | Q2 2013 | $3.3bn | $789m | |
| Capital World Investors | Q2 2013 | $2.2bn | $633m | |
| T. Rowe Price Associates Inc | Q2 2013 | $2.8bn | $606m | |
| Arrowstreet Capital LP | Q2 2017 | $545m | $545m | |
| Citadel Advisors LLC | Q1 2016 | $752m | $499m | |
| Invesco Ltd | Q2 2013 | $518m | $424m | |
| Balyasny Asset Management LLC | Q3 2014 | $482m | $350m | |
| Caxton Associates LLP | Q2 2016 | $328m | $328m | |
| Verition Fund Management LLC | Q2 2013 | $239m | $239m | |
| Marshall Wace LLP | Q3 2014 | $224m | $224m | |
| Tudor Investment Corp | Q2 2013 | $204m | $204m | |
| Third Point LLC | Q3 2025 | $496m | $189m | |
| AllianceBernstein LP | Q2 2013 | $686m | $166m | |
| Capital Research Global Investors | Q2 2013 | $2.6bn | last listed Q1 2022 | |
| Fidelity (FMR LLC) | Q4 2013 | $2.0bn | last listed Q1 2026 | |
| TCI Fund Management Ltd | Q2 2017 | $677m | last listed Q3 2018 | |
| Soroban Capital Partners LP | Q1 2018 | $617m | last listed Q1 2020 | |
| Wellington Management Group LLP | Q3 2013 | $598m | last listed Q2 2020 | |
| Two Sigma Advisers LP | Q2 2013 | $312m | last listed Q2 2024 | |
| Viking Global Investors LP | Q2 2017 | $258m | last listed Q1 2020 | |
| Holocene Advisors LP | Q3 2024 | $252m | last listed Q2 2025 | |
| AQR Capital Management LLC | Q2 2013 | $207m | last listed Q2 2023 | |
| Point72 Asset Management LP | Q2 2014 | $205m | last listed Q2 2025 |
What NSC 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 NSC →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.
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The holdings, every quarter, and the week between
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