VAL · Valaris Ltd · Holdings

$101.42 +3.21 (+3.27%) Q3 2025 earnings call transcript

S&P 400 member Russell 2000 member Rebalance outlook locked

Market Cap

$6.78B

69.44M

Volume · Oct 28 265.69K Avg daily vol (3M) 1.08M

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP → See every holder of VAL: 13F, 13D and 13G, insiders and funds →

The Sep 30, 2026 filing window is still open — showing the latest known positions. Funds that have not filed yet carry their prior-quarter positions; a fund that filed without this stock counts as sold out. Each fund's Change is measured against its own previous reported quarter, shown in the Reported column. Pick a completed quarter in the Quarter selector below to put every fund on one quarter and see the stock-wide activity breakdown.

Quarter:

Holders: 338

Total Value: $4,575,387,696

Total Shares: 62,958,878

Showing 1–100 of 359 holdings by value · page 1 of 4

Institutional Ownership Trend

27 quarters

Superinvestors Holding VAL

All superinvestors →

Ray Dalio $23,356,363 Joel Greenblatt $2,561,037

Holder Concentration

Across 339 13F filers

Top Holder

12.6%

of institutional value

Top 5

32.2%

of institutional value

Top 10

49.3%

of institutional value

HHI

372

Broadly held

Who Holds VAL

Last 8 quarters through Sep 30, 2026 (filing window open)

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026, the newest closed quarter: 336 filers, like-for-like change +0.6%; actively managed books -0.4%; index-like books +2.3%.

Holder type	Share	Filers	Change	New	Exited
Registered adviser	49.8%	170	+5.1%	23	46
Exempt adviser	1.2%	10	+74.3%	4	2
Adviser	0.7%	6	-25.8%	1	2
Bank	11.4%	20	+15.7%	1	0
Insurer	0.3%	2	+2.9%	0	0
Broker-dealer	0.3%	2	-13.9%	0	0
Benefit plan	0.2%	8	-12.4%	0	0
Non-US	3.9%	12	-32.5%	2	0
Holding company	20.0%	8	-1.6%	0	1
Registered fund	0.0%	0	—	0	0
Unknown	12.1%	98	-13.7%	8	12

Style	Share	Filers	Change	New	Exited
Index-like	38.2%	40	+2.3%	1	0
Systematic-like	5.0%	22	+32.7%	7	2
Concentrated	17.0%	72	-7.9%	12	24
Diversified active	39.8%	202	-0.1%	19	37
Not measured	0.0%	0	—	0	0
Unknown	0.0%	0	—	0	0

Turnover	Share	Filers	Change	New	Exited
Low turnover	56.0%	184	-5.4%	11	31
Medium turnover	24.4%	72	+8.0%	12	15
High turnover	8.6%	55	+29.9%	15	11
Unknown	10.9%	25	-0.5%	1	6
Not measured	0.0%	0	—	0	0

Holding horizon	Share	Filers	Change	New	Exited
Short horizon	15.8%	48	+21.6%	11	13
Medium horizon	20.3%	58	+4.4%	11	14
Long horizon	57.9%	203	-5.6%	12	29
Unknown	5.9%	27	+4.3%	5	7
Not measured	0.0%	0	—	0	0

13F book size	Share	Filers	Change	New	Exited
Under $1B	10.6%	77	-20.9%	16	28
$1B to $10B	16.8%	96	+11.0%	18	17
$10B to $100B	10.5%	95	+19.3%	3	13
$100B or more	62.1%	68	0.0%	2	5
Not measured	0.0%	0	—	0	0

Client base	Share	Filers	Change	New	Exited
Individuals and high net worth	0.6%	74	-29.9%	9	24
Pooled investment vehicles	23.9%	43	+17.4%	9	11
Registered funds and BDCs	23.9%	26	+2.8%	1	6
Pension and profit sharing plans	0.4%	2	-65.7%	0	2
Insurance companies	0.2%	5	-79.3%	0	0
Charitable organizations	0.0%	1	0.0%	0	0
Governments and sovereign funds	0.3%	1	-1.7%	0	0
Corporations	0.0%	1	-2.7%	0	0
Other investment advisers	0.1%	4	-45.6%	0	1
Diversified	0.4%	12	-47.9%	4	3
Other	0.0%	0	—	0	0
Unknown	50.2%	167	-3.1%	16	16

Private funds	Share	Filers	Change	New	Exited
Hedge funds	23.0%	62	+10.1%	13	17
Private equity funds	0.3%	9	-16.3%	0	1
Venture capital funds	0.0%	1	-48.9%	0	0
Real estate funds	0.0%	3	+36.3%	0	1
Liquidity funds	0.0%	1	-76.7%	1	1
Securitized asset funds	0.0%	1	-99.1%	0	0
Other private funds	8.6%	12	+1.7%	0	1
Mixed private funds	0.2%	1	-11.3%	0	0
Private funds, type not stated	2.5%	4	+34.7%	0	0
No private funds	16.4%	86	+1.8%	13	27
Unknown	48.9%	156	-4.7%	12	15

Location	Share	Filers	Change	New	Exited
United States	84.8%	274	+2.8%	30	55
Outside the US	15.2%	62	-11.2%	9	8

The Sep 30, 2026 filing window is still open, so its bar carries the Jun 30, 2026 positions of filers that have not filed yet.

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Excluded 4 holders with no observed 2026-03-31 13F and 5 holders with no observed 2026-06-30 13F. Compared across CIK changes: JANUS HENDERSON GROUP PLC continues as Jupiter Topco LLC.

Conviction and Crowding

336 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders

2.38% of filers hold it in their top 10

Mar 31, 2026: 16

Holders above 5%

median weight 0.004%

Mar 31, 2026: 10

Crowding

32.4%

of shares outstanding, 85th percentile

Mar 31, 2026: 30.5%

Private-fund advisers

31.4%

of shares outstanding

Institutional ownership

90.4%

91.2% of the estimated free float

Top 10 holders

51.4%

of 13F shares, Herfindahl 0.040

Active holders

-0.4%

like-for-like share change of active filers

5% stakes on record

3 13D, 1 13G (0 institutional, 1 passive, 0 exempt)

How long holders have held it value-weighted 12.3 quarters

Under 1 year 22.4% 1 to 3 years 23.9% 3 years or more 53.8% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net sellers of $184,299 (0 buying, 1 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost

$61.42

estimated per share

Mar 31, 2026: $55.82

Quarter-end price

$72.60

implied by 13F values

Estimated gain or loss

+18.2%

price against the estimated cost

Estimated at a loss

22.8%

of costed 13F value

Estimated cost covers 86.3% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Shared Holders

Companies VAL's active holders also own, quarter ended Jun 30, 2026

#	Company	Shared holders	Similarity
1	TDW Tidewater Inc	15	0.268
2	APGE Apogee Therapeutics, Inc.	16	0.251
3	OGN Organon & Co.	13	0.250
4	SDRL SEADRILL Ltd	11	0.249
5	NE Noble Corp plc	12	0.247
6	WBS Webster Financial Corp	17	0.237
7	NATL NCR Atleos Corp	10	0.234
8	SLAB Silicon Laboratories Inc.	11	0.226
9	DBRHP DigitalBridge Group, Inc.	11	0.224
10	PEN Penumbra Inc	15	0.223

Shareholder Targets

13F filers that own its peers but not VAL, quarter ended Jun 30, 2026

Found through its holder-overlap peers: TDW, APGE, OGN, SDRL, NE, WBS, NATL, SLAB, DBRHP, PEN, BORR, TALK, UNF, LBRDK, QRVO, GTLS, RAMP, DEC, TECH, XPRO. 1,342 filers in all.

#	Filer	In peers	Of book	Largest peers
1	Venrock Adviser, LLC Registered adviser, Concentrated	$1,127,318,496 1 held	34.2%	APGE
2	Pentwater Capital Management LP Registered adviser, Concentrated	$908,112,865 6 held	7.26%	OGN, APGE, DBRHP
3	NEUBERGER BERMAN GROUP LLC Holding company, Diversified active	$825,854,911 15 held	0.550%	TECH, TDW, PEN
4	O'Connor Alternative Investments LLC Adviser, Concentrated	$598,643,814 1 held	52.7%	GTLS
5	Kryger Capital LLC Registered adviser, Concentrated	$573,582,763 7 held	32.9%	GTLS, DBRHP, APGE
6	First Eagle Investment Management, LLC Registered adviser, Diversified active	$530,505,558 3 held	0.870%	NE, SDRL, TALK
7	Starboard Value LP Registered adviser, Concentrated	$523,387,030 1 held	11.6%	QRVO
8	TIG Advisors, LLC Registered adviser, Concentrated	$498,819,906 11 held	23.3%	PEN, GTLS, TECH
9	GLAZER CAPITAL, LLC Registered adviser, Diversified active	$498,389,190 10 held	16.5%	APGE, DBRHP, WBS
10	ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Registered adviser, Diversified active	$463,144,190 11 held	0.210%	PEN, RAMP, WBS

Fund Ownership of VAL by Fund Type

Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026

Index funds and index ETFs hold 9.36% of shares outstanding.

Fund type	Of shares outstanding	Change	Shares	Funds
Index funds	0.57%	+0.22 pp	393,395	27
Index ETFs	8.80%	+0.05 pp	6,107,325	27
Active ETFs	1.57%	-2.15 pp	1,090,846	14
Active funds	1.11%	-0.23 pp	769,698	22
Unclassified	2.24%	+2.24 pp	1,553,366	11
All registered funds	14.28%	+0.12 pp	9,914,630	101

How fund types are measured

Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.

Holder type: Registered adviser 170 Exempt adviser 9 Adviser 6 Bank 20 Insurer 2 Broker-dealer 2 Benefit plan 8 Non-US 12 Holding company 9 Unknown 100

Showing 100 of 359

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

BlackRock, Inc.

$596,289,494

13.03%

8,213,354

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BLACKROCK FINANCIAL MANAGEMENT INC/DE	76,644	$5,564,354	0.9%	Sole
BlackRock Investment Management (Australia) Ltd	164	$11,906	0.0%	Sole
BlackRock Asset Management Canada Ltd	6,430	$466,818	0.1%	Sole
BlackRock Investment Management, LLC	277,581	$20,152,380	3.4%	Sole
BLACKROCK ADVISORS LLC	225,423	$16,365,709	2.7%	Sole
BlackRock Fund Advisors	5,037,945	$365,754,807	61.3%	Sole
BlackRock Institutional Trust Company, N.A.	2,160,418	$156,846,346	26.3%	Sole
BlackRock Japan Co. Ltd	2,151	$156,162	0.0%	Sole
BlackRock Fund Managers Ltd.	10,696	$776,529	0.1%	Sole
BlackRock Investment Management (UK) Ltd.	30,156	$2,189,325	0.4%	Sole
BlackRock (Netherlands) B.V.	15,004	$1,089,290	0.2%	Sole
BlackRock Asset Management Ireland Ltd	97,590	$7,085,034	1.2%	Sole
BlackRock Life Ltd	367	$26,644	0.0%	Sole
BlackRock Asset Management Schweiz AG	10,044	$729,194	0.1%	Sole
Aperio Group, LLC	262,741	$19,074,996	3.2%	Sole

OAK HILL ADVISORS LP

$283,559,773

6.20%

3,905,782

DIMENSIONAL FUND ADVISORS LP

$247,083,499

5.40%

3,403,354

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Dimensional Fund Advisors Ltd.	5,829	$423,185	0.2%	Defined
DFA Australia Ltd.	25,422	$1,845,637	0.7%	Defined
Dimensional Fund Advisors Pte. Ltd.	754	$54,740	0.0%	Defined
Dimensional Ireland Ltd	137,454	$9,979,160	4.0%	Defined
Held directly	3,233,895	$234,780,777	95.0%	Sole

VANGUARD PORTFOLIO MANAGEMENT LLC

$210,868,006

4.61%

2,904,518

VANGUARD CAPITAL MANAGEMENT LLC

$189,071,308

4.13%

2,604,288

STATE STREET CORP

$183,070,483

4.00%

2,521,632

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
STATE STREET GLOBAL ADVISORS EUROPE LIMITED joint	2,521,632	$183,070,483	100.0%	Defined

MORGAN STANLEY

$164,392,967

3.59%

2,264,366

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MORGAN STANLEY & CO INTERNATIONAL PLC	78	$5,662	0.0%	Defined
MORGAN STANLEY & CO. LLC	2,004,961	$145,560,168	88.5%	Defined
MORGAN STANLEY CAPITAL SERVICES, LLC	93,465	$6,785,559	4.1%	Defined
MORGAN STANLEY AIP GP LP	340	$24,683	0.0%	Defined
MORGAN STANLEY INVESTMENT MANAGEMENT INC	486	$35,283	0.0%	Defined
Morgan Stanley Investment Management LTD	6,024	$437,341	0.3%	Defined
MORGAN STANLEY SMITH BARNEY LLC	10,072	$731,227	0.4%	Defined
Morgan Stanley Bank, N.A.	4,335	$314,721	0.2%	Defined
PARAMETRIC PORTFOLIO ASSOCIATES LLC	144,605	$10,498,323	6.4%	Defined

GEODE CAPITAL MANAGEMENT, LLC

$149,493,999

3.27%

2,059,146

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GEODE CAPITAL MANAGEMENT TRUST COMPANY, LLC	309,505	$22,470,063	15.0%	Defined
Held directly	1,749,641	$127,023,936	85.0%	Defined

GOLDMAN SACHS GROUP INC

$138,066,323

3.02%

1,901,740

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GOLDMAN SACHS & CO. LLC	1,786,599	$129,707,087	93.9%	Defined
GOLDMAN SACHS ASSET MANAGEMENT, L.P.	115,141	$8,359,236	6.1%	Defined

AMERICAN CENTURY COMPANIES INC

$116,716,551

2.55%

1,607,666

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
AMERICAN CENTURY INVESTMENT MANAGEMENT INC	1,607,666	$116,716,551	100.0%	Defined

HBK INVESTMENTS L P

$114,355,381

2.50%

1,575,143

Goehring & Rozencwajg Associates, LLC

$102,623,149

2.24%

1,413,542

HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND

$91,572,195

2.00%

1,261,325

Condire Management, LP

$77,464,926

1.69%

1,067,010

MILLENNIUM MANAGEMENT LLC

$77,233,985

1.69%

1,063,829

AQR Arbitrage LLC

$76,201,468

1.67%

1,049,607

VAN ECK ASSOCIATES CORP

$73,557,811

1.61%

1,013,193

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
VanEck Asset Management B.V.	116,665	$8,469,879	11.5%	Sole
VanEck Investments Limited	47,185	$3,425,631	4.7%	Sole
Held directly	849,343	$61,662,301	83.8%	Sole

ANTIPODES PARTNERS Ltd

$72,342,270

1.58%

996,450

WHITEBOX ADVISORS LLC

$61,760,529

1.35%

850,696

UBS Group AG

$60,775,492

1.33%

837,128

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
UBS Financial Services Inc	297	$21,562	0.0%	Defined
UBS AG	823,374	$59,776,952	98.4%	Defined
UBS Switzerland AG	13,457	$976,978	1.6%	Defined

BANK OF AMERICA CORP /DE/

$58,019,377

1.27%

799,165

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BANK OF AMERICA NA	338,368	$24,565,516	42.3%	Defined
BOFA SECURITIES, INC.	414,720	$30,108,672	51.9%	Defined
MANAGED ACCOUNT ADVISORS LLC joint	46,077	$3,345,189	5.8%	Defined

NORTHERN TRUST CORP

$57,863,505

1.26%

797,018

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
NORTHERN TRUST CO joint	736,425	$53,464,454	92.4%	Defined
NORTHERN TRUST GLOBAL INVESTMENTS LTD	21,722	$1,577,017	2.7%	Defined
MASON STREET ADVISORS, LLC joint	29,941	$2,173,716	3.8%	Other
DWS INVESTMENT MANAGEMENT AMERICAS, INC joint	8,930	$648,318	1.1%	Other

CITIGROUP INC

$57,320,385

1.25%

789,537

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citigroup Financial Products Inc. joint	789,537	$57,320,385	100.0%	Defined

NORGES BANK

$51,325,368

1.12%

706,961

CHARLES SCHWAB INVESTMENT MANAGEMENT INC

$47,546,974

1.04%

654,917

SUSQUEHANNA INTERNATIONAL GROUP, LLP

$47,407,800

1.04%

653,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SUSQUEHANNA SECURITIES, LLC	653,000	$47,407,800	100.0%	Other

CITADEL ADVISORS LLC

$38,555,899

0.84%

531,073

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	14,992	$1,088,419	2.8%	Defined
Held directly	516,081	$37,467,480	97.2%	Defined

THIRD AVENUE MANAGEMENT LLC

$37,484,323

0.82%

516,313

Capula Management Ltd

$37,091,194

0.81%

510,898

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Capula Investment Management (ME) Ltd	510,898	$37,091,194	100.0%	Defined

Man Group plc

$36,477,870

0.80%

502,450

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GLG LLC	329,640	$23,931,864	65.6%	Defined
GLG Partners LP	172,810	$12,546,006	34.4%	Defined

Magnetar Financial LLC

$35,865,125

0.78%

494,010

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Magnetar Asset Management LLC	151,458	$10,995,850	30.7%	Sole
Held directly	342,552	$24,869,275	69.3%	Sole

JPMORGAN CHASE & CO

$34,279,176

0.75%

472,165

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
JPMorgan Chase Bank, N.A.	429,375	$31,172,624	90.9%	Defined
J.P. Morgan Investment Management Inc.	42,299	$3,070,907	9.0%	Defined
J.P. Morgan Securities LLC	30	$2,178	0.0%	Defined
J.P. Morgan Securities plc	71	$5,154	0.0%	Defined
55I, LLC	12	$871	0.0%	Other
J.P. Morgan Markets Ltd	378	$27,442	0.1%	Defined

ALPINE ASSOCIATES MANAGEMENT INC.

$34,147,337

0.75%

470,349

Verition Fund Management LLC

$33,319,697

0.73%

458,949

Bank of New York Mellon Corp

$33,218,271

0.73%

457,552

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BNY Mellon Trust of Delaware joint	380	$27,588	0.1%	Defined
Mellon Investments Corporation joint	214,380	$15,563,986	46.9%	Other
BNY Mellon Investment Adviser, Inc.	23,737	$1,723,306	5.2%	Defined
The Bank of New York Mellon	182,012	$13,214,071	39.8%	Defined
BNY Mellon, NA joint	37,041	$2,689,175	8.1%	Defined
Held directly	2	$145	0.0%	Defined

Balyasny Asset Management L.P.

$33,139,068

0.72%

456,461

VANGUARD FIDUCIARY TRUST CO

$30,768,533

0.67%

423,809

D. E. Shaw & Co., Inc.

$28,821,908

0.63%

396,996

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
D. E. SHAW & CO, L.P.	346,893	$25,184,431	87.4%	Defined
D. E. Shaw Investment Management, L.L.C. joint	50,103	$3,637,477	12.6%	Defined

EDMOND DE ROTHSCHILD HOLDING S.A.

$23,595,000

0.52%

325,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE)	325,000	$23,595,000	100.0%	Sole

Invesco Ltd.

$23,415,531

0.51%

322,528

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Invesco Advisers, Inc. joint	33,711	$2,447,418	10.5%	Defined
Invesco Trust Co joint	23,044	$1,672,994	7.1%	Defined
Invesco Capital Management LLC	265,773	$19,295,119	82.4%	Defined

Bridgewater Associates, LP

$23,356,363

0.51%

321,713

SUSQUEHANNA INTERNATIONAL GROUP, LLP

$21,293,580

0.47%

293,300

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SUSQUEHANNA SECURITIES, LLC	293,300	$21,293,580	100.0%	Other

JANE STREET GROUP, LLC

$20,727,300

0.45%

285,500

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Jane Street Capital, LLC	285,500	$20,727,300	100.0%	Defined

Hosking Partners LLP

$18,447,802

0.40%

234,944

CAPSTONE INVESTMENT ADVISORS, LLC

$17,424,000

0.38%

240,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Capstone Investment Advisors (UK), LLP	240,000	$17,424,000	100.0%	Defined

Squarepoint Ops LLC

$17,311,107

0.38%

238,445

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Squarepoint Capital LLP	238,445	$17,311,107	100.0%	Defined

TORONTO DOMINION BANK

$17,061,871

0.37%

235,012

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
TD SECURITIES INC	12	$871	0.0%	Defined
Held directly	235,000	$17,061,000	100.0%	Sole

WOLVERINE ASSET MANAGEMENT LLC

$16,683,480

0.36%

229,800

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Wolverine Holdings, LLC	229,800	$16,683,480	100.0%	Defined

TUDOR INVESTMENT CORP ET AL

$16,305,960

0.36%

224,600

CITADEL ADVISORS LLC

$14,556,300

0.32%

200,500

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	200,500	$14,556,300	100.0%	Defined

VALUEWORKS LLC

$14,155,765

0.31%

194,983

RHUMBLINE ADVISERS

$13,896,656

0.30%

191,414

PRINCIPAL FINANCIAL GROUP INC

$13,814,473

0.30%

190,282

NOMURA HOLDINGS INC

$13,721,400

0.30%

189,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
NOMURA SECURITIES INTERNATIONAL INC	189,000	$13,721,400	100.0%	Defined

TUDOR INVESTMENT CORP ET AL

$12,480,448

0.27%

171,907

Woodline Partners LP

$11,304,110

0.25%

155,704

PEAK6 LLC

$11,136,114

0.24%

153,390

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
PEAK6 Investments LLC joint	153,390	$11,136,114	100.0%	Defined

Nuveen, LLC

$10,602,140

0.23%

146,035

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Nuveen Asset Management, LLC joint	22,706	$1,648,455	15.5%	Defined
TEACHERS ADVISORS, LLC joint	123,329	$8,953,685	84.5%	Defined

CITADEL ADVISORS LLC

$10,360,020

0.23%

142,700

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	142,700	$10,360,020	100.0%	Defined

California Public Employees Retirement System

$9,953,314

0.22%

137,098

WELLS FARGO & COMPANY/MN

$9,091,552

0.20%

125,228

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
WELLS FARGO BANK N A	51,745	$3,756,687	41.3%	Defined
WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC	48,047	$3,488,212	38.4%	Defined
WELLS FARGO CLEARING SERVICES, LLC	25,410	$1,844,766	20.3%	Defined
WELLS FARGO INVESTMENT INSTITUTE, INC.	26	$1,887	0.0%	Defined

Public Sector Pension Investment Board

$8,620,524

0.19%

118,740

Hara Capital LLC

$8,568,832

0.19%

118,028

UBS Group AG

$8,349,000

0.18%

115,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
UBS AG	115,000	$8,349,000	100.0%	Defined

TUDOR INVESTMENT CORP ET AL

$8,167,500

0.18%

112,500

ALLIANCEBERNSTEIN L.P.

$8,070,942

0.18%

111,170

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Equitable Holdings, Inc.	111,170	$8,070,942	100.0%	Defined

Swiss National Bank

$8,065,860

0.18%

111,100

Glenorchy Capital Ltd

$8,022,300

0.18%

110,500

Stanley-Laman Group, Ltd.

$8,012,494

0.18%

102,044

MUFG Securities EMEA plc

$7,865,484

0.17%

108,340

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MUFG Bank, Ltd. joint	108,340	$7,865,484	100.0%	Defined

Kintayl Capital LP

$7,000,237

0.15%

96,422

HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC

$6,693,574

0.15%

92,198

De Lisle Partners LLP

$6,629,904

0.14%

91,321

Legal & General Group Plc

$6,516,067

0.14%

89,753

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Legal & General Investment Management America Inc	36,807	$2,672,188	41.0%	Defined
Legal & General Investment Management Ltd joint	52,946	$3,843,879	59.0%	Defined

BESSEMER GROUP INC

$6,164,974

0.13%

84,917

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BESSEMER TRUST Co NATIONAL ASSOCIATION	84,917	$6,164,974	100.0%	Defined

MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC

$5,853,744

0.13%

74,551

Alberta Investment Management Corp

$5,821,140

0.13%

80,181

PRICE T ROWE ASSOCIATES INC /MD/

$5,602,469

0.12%

77,169

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
T. Rowe Price International Ltd	77,169	$5,602,469	100.0%	Defined

DEUTSCHE BANK AG\

$5,493,568

0.12%

75,669

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Deutsche Bank Trust Co Americas	1,506	$109,335	2.0%	Defined
DWS INVESTMENT MANAGEMENT AMERICAS, INC	15,369	$1,115,789	20.3%	Defined
DWS Investments UK Ltd	58,702	$4,261,765	77.6%	Defined
DBX Advisors LLC	92	$6,679	0.1%	Defined

Creative Planning

$5,376,247

0.12%

74,053

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
CREATIVE PLANNING TRUST Co LLC	3,314	$240,596	4.5%	Defined
Held directly	70,739	$5,135,651	95.5%	Sole

FMR LLC

$5,214,349

0.11%

71,823

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Fidelity Management & Research Co LLC	70,017	$5,083,234	97.5%	Defined
STRATEGIC ADVISERS LLC	1,806	$131,115	2.5%	Defined

Polar Asset Management Partners Inc.

$5,186,108

0.11%

71,434

Sagefield Capital LP

$5,107,482

0.11%

70,351

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Sagefield Investment Group, LP	60,835	$4,416,621	86.5%	Other
Held directly	9,516	$690,861	13.5%	Sole

RENAISSANCE TECHNOLOGIES LLC

$4,893,240

0.11%

67,400

Retirement Systems of Alabama

$4,836,031

0.11%

66,612

CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM

$4,671,955

0.10%

64,352

MetLife Investment Management, LLC

$4,604,437

0.10%

63,422

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
METLIFE INC	63,422	$4,604,437	100.0%	Defined

Westchester Capital Management, LLC

$4,548,099

0.10%

62,646

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
WESTCHESTER CAPITAL PARTNERS, LLC	980	$71,148	1.6%	Sole
Virtus Investment Advisers, LLC	53,487	$3,883,156	85.4%	Other
Held directly	8,179	$593,795	13.1%	Sole

AMERIPRISE FINANCIAL INC

$4,531,981

0.10%

62,424

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Columbia Management Investment Advisers, LLC	62,326	$4,524,867	99.8%	Defined
Ameriprise Financial Services, LLC	98	$7,114	0.2%	Defined

Lingotto Investment Management LLP

$4,435,673

0.10%

56,491

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Giovanni Agnelli B.V. joint	56,491	$4,435,673	100.0%	Sole

Russell Investments Group, Ltd.

$4,381,627

0.10%

60,353

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Russell Investment Management, LLC	52,543	$3,814,621	87.1%	Defined
Russell Investments Japan Co., LTD. joint	7,810	$567,006	12.9%	Other

LMR Partners LLP

$4,360,791

0.10%

60,066

Walleye Trading LLC

$4,290,660

0.09%

59,100

Centiva Capital, LP

$4,284,997

0.09%

59,022

D. E. Shaw & Co., Inc.

$3,934,920

0.09%

54,200

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
D. E. SHAW & CO, L.P.	54,200	$3,934,920	100.0%	Defined

Jupiter Topco LLC

$3,803,514

0.08%

52,390

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
JANUS HENDERSON INVESTORS UK Ltd	52,390	$3,803,514	100.0%	Defined

Point72 Asset Management, L.P.

$3,745,797

0.08%

51,595

Soviero Asset Management, LP

$3,702,600

0.08%

51,000

PLATINUM INVESTMENT MANAGEMENT LTD

$3,336,405

0.07%

45,956

VANGUARD ASSET MANAGEMENT, Ltd

$3,295,241

0.07%

45,389

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Key facts CIK 314808 CUSIP G9460G101 13F (30d) 55 filings 55 filers Visit website