Which funds own UNP
Union Pac Corp in the Q2 2026 filings. At least 20 of the 91 current managers on file reported a position, worth $21.4bn between them. At least a fifth of the current managers on file hold it, which is a crowd without being the whole market. Buying and selling roughly cancelled this quarter, which is what a name looks like when the argument is still live.
- Managers holding
- 20
- at least, of 91 current
- Combined value
- $21.4bn
- as reported
- Opened
- 1
- new this quarter
- Added to
- 8
- already held
- Trimmed or sold out
- 11
- 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 |
|---|---|---|---|---|---|
| Capital World Investors Long-only · $846bn book | $7.4bn | 0.9% | 27,141,622 | +$815m+69,388 | Added |
| Capital Research Global Investors Long-only · $717bn book | $4.7bn | 0.6% | 17,112,417 | +$553m+206,008 | Added |
| Invesco Ltd Long-only · $1264bn book | $1.7bn | 0.1% | 6,384,935 | -$29m-892,425 | Trimmed |
| MFS Investment Management Long-only · $315bn book | $1.7bn | 0.6% | 6,272,629 | -$5.4m-757,303 | Trimmed |
| Harris Associates LP Value · $75.4bn book | $1.0bn | 1.4% | 3,844,522 | +$128m+62,084 | Added |
| T. Rowe Price Associates Inc Long-only · $999bn book | $805m | 0.1% | 2,958,826 | +$60m-111,480 | Trimmed |
| Arrowstreet Capital LP Quantitative · $225bn book | $641m | 0.3% | 2,357,775 | +$48m-86,745 | Trimmed |
| Neuberger Berman Group LLC Long-only · $150bn book | $562m | 0.4% | 2,066,771 | +$127m+275,004 | Added |
| Viking Global Investors LP Long/short equity · $35.1bn book | $557m | 1.6% | 2,047,332 | opened2,047,332 | New |
| Janus Henderson Group Ltd Long-only · $245bn book | $479m | 0.2% | 1,762,230 | +$38m-58,566 | Trimmed |
| AllianceBernstein LP Long-only · $302bn book | $418m | 0.1% | 1,723,631 | -$31m-217,696 | Trimmed |
| Two Sigma Investments LP Quantitative · $138bn book | $341m | 0.2% | 1,254,083 | +$75m+157,136 | Added |
| Baupost Group LLC Activist · $5.4bn book | $322m | 6.0% | 1,185,395 | -$51m-355,600 | Trimmed |
| Point72 Asset Management LP Multi-strategy · $90.7bn book | $253m | 0.3% | 931,024 | +$186m+654,960 | Added |
| Bridgewater Associates LP Macro · $24.4bn book | $140m | 0.6% | 514,266 | +$11m-18,584 | Trimmed |
| Third Point LLC Activist · $4.7bn book | $95m | 2.0% | 350,000 | +$71m+250,000 | Added |
| Voloridge Investment Management LLC Quantitative · $23.5bn book | $85m | 0.4% | 314,096 | -$4.7m-57,238 | Trimmed |
| Dodge & Cox Value · $191bn book | $71m | 0.0% | 260,902 | +$7.7m-50 | Trimmed |
| Markel Group Inc Activist · $13.1bn book | $44m | 0.3% | 161,028 | +$7.3m+10,750 | Added |
| Moore Capital Management LP Macro · $6.7bn book | $7.1m | 0.1% | 26,195 | -$6.1m-28,129 | Trimmed |
Ownership through time
At least 27 of the 95 managers whose filings are on file listed UNP in Q2 2026, against 22 in Q2 2013. The same number as in Q1 2026: 1 started a position; 4 listed it again; 5 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: 22
- Q3 2013: 25
- Q4 2013: 23
- Q1 2014: 22
- Q2 2014: 28
- Q3 2014: 27
- Q4 2014: 24
- Q1 2015: 28
- Q2 2015: 30
- Q3 2015: 21
- Q4 2015: 28
- Q1 2016: 23
- Q2 2016: 27
- Q3 2016: 29
- Q4 2016: 29
- Q1 2017: 28
- Q2 2017: 36
- Q3 2017: 30
- Q4 2017: 31
- Q1 2018: 31
- Q2 2018: 31
- Q3 2018: 32
- Q4 2018: 35
- Q1 2019: 34
- Q2 2019: 41
- Q3 2019: 42
- Q4 2019: 36
- Q1 2020: 36
- Q2 2020: 40
- Q3 2020: 36
- Q4 2020: 35
- Q1 2021: 34
- Q2 2021: 29
- Q3 2021: 35
- Q4 2021: 29
- Q1 2022: 35
- Q2 2022: 33
- Q3 2022: 40
- Q4 2022: 35
- Q1 2023: 32
- Q2 2023: 33
- Q3 2023: 34
- Q4 2023: 30
- Q1 2024: 34
- Q2 2024: 32
- Q3 2024: 29
- Q4 2024: 30
- Q1 2025: 28
- Q2 2025: 37
- Q3 2025: 44
- Q4 2025: 36
- Q1 2026: 27
- Q2 2026: 27
- Q2 2013: $14.7bn
- Q3 2013: $13.6bn
- Q4 2013: $14.4bn
- Q1 2014: $16.2bn
- Q2 2014: $15.4bn
- Q3 2014: $15.7bn
- Q4 2014: $16.3bn
- Q1 2015: $13.7bn
- Q2 2015: $12.8bn
- Q3 2015: $12.1bn
- Q4 2015: $11.6bn
- Q1 2016: $11.9bn
- Q2 2016: $13.4bn
- Q3 2016: $14.7bn
- Q4 2016: $14.5bn
- Q1 2017: $14.2bn
- Q2 2017: $14.3bn
- Q3 2017: $14.6bn
- Q4 2017: $15.7bn
- Q1 2018: $16.7bn
- Q2 2018: $17.3bn
- Q3 2018: $20.1bn
- Q4 2018: $15.3bn
- Q1 2019: $19.1bn
- Q2 2019: $19.8bn
- Q3 2019: $18.4bn
- Q4 2019: $20.7bn
- Q1 2020: $14.7bn
- Q2 2020: $16.7bn
- Q3 2020: $19.0bn
- Q4 2020: $19.1bn
- Q1 2021: $18.0bn
- Q2 2021: $17.3bn
- Q3 2021: $14.6bn
- Q4 2021: $18.4bn
- Q1 2022: $18.1bn
- Q2 2022: $14.7bn
- Q3 2022: $12.8bn
- Q4 2022: $11.9bn
- Q1 2023: $11.5bn
- Q2 2023: $12.4bn
- Q3 2023: $13.4bn
- Q4 2023: $15.7bn
- Q1 2024: $14.9bn
- Q2 2024: $14.0bn
- Q3 2024: $14.8bn
- Q4 2024: $13.4bn
- Q1 2025: $12.4bn
- Q2 2025: $13.0bn
- Q3 2025: $16.2bn
- Q4 2025: $17.1bn
- Q1 2026: $19.2bn
- Q2 2026: $22.1bn
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
- Viking Global Investors LPnew: 2,047,332 shares+$557m
- Point72 Asset Management LP276,064 to 931,024 shares+$178m
- Neuberger Berman Group LLC1,791,767 to 2,066,771 shares+$75m
- Third Point LLC100,000 to 350,000 shares+$68m
- Capital Research Global Investors16,906,409 to 17,112,417 shares+$56m
Largest decreases, by shares
- Invesco Ltd7,277,360 to 6,384,935 shares-$243m
- MFS Investment Management7,029,932 to 6,272,629 shares-$210m
- Artisan Partners LP626,963 to 52,199 shares-$156m
- Baupost Group LLC1,540,995 to 1,185,395 shares-$97m
- AllianceBernstein LP1,941,327 to 1,723,631 shares-$53m
Left it
No manager on file is shown leaving it.
| Manager | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| Capital World Investors | Q2 2013 | $7.4bn | $7.4bn | |
| Capital Research Global Investors | Q2 2013 | $4.8bn | $4.7bn | |
| Invesco Ltd | Q2 2013 | $1.8bn | $1.7bn | |
| MFS Investment Management | Q2 2013 | $3.1bn | $1.7bn | |
| Harris Associates LP | Q2 2013 | $1.2bn | $1.0bn | |
| T. Rowe Price Associates Inc | Q2 2013 | $2.6bn | $805m | |
| Arrowstreet Capital LP | Q1 2017 | $861m | $641m | |
| Fidelity (FMR LLC) | Q2 2013 | $4.6bn | $605m | |
| Neuberger Berman Group LLC | Q2 2013 | $814m | $562m | |
| Viking Global Investors LP | Q4 2016 | $557m | $557m | |
| Janus Henderson Group Ltd | Q2 2013 | $783m | $479m | |
| AllianceBernstein LP | Q2 2013 | $751m | $418m | |
| Two Sigma Investments LP | Q3 2013 | $341m | $341m | |
| Baupost Group LLC | Q2 2023 | $376m | $322m | |
| Point72 Asset Management LP | Q2 2014 | $343m | $253m | |
| Wellington Management Group LLP | Q2 2013 | $4.4bn | last listed Q3 2025 | |
| Soroban Capital Partners LP | Q2 2016 | $1.7bn | last listed Q4 2025 | |
| TCI Fund Management Ltd | Q2 2017 | $1.5bn | last listed Q4 2022 | |
| Egerton Capital UK LLP | Q1 2018 | $1.3bn | last listed Q3 2020 | |
| First Eagle Investment Management LLC | Q4 2014 | $887m | last listed Q3 2023 | |
| Lone Pine Capital LLC | Q3 2018 | $834m | last listed Q4 2019 | |
| Citadel Advisors LLC | Q4 2015 | $450m | last listed Q4 2025 | |
| Balyasny Asset Management LLC | Q3 2014 | $441m | last listed Q3 2025 | |
| Two Sigma Advisers LP | Q3 2013 | $434m | last listed Q4 2025 | |
| Millennium Management LLC | Q2 2013 | $416m | last listed Q3 2025 |
What UNP 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 UNP →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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