Who owns Norfolk Southern (NSC)
Which tracked institutional funds hold NSC, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See NSC company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-09-22). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
492 tracked funds added or opened NSC while 191 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
NSC’s largest tracked holder by dollar value, BlackRock, Inc., sizes it at 0.1% of its own reported 13F book, while the median holder sizes it at 0.1% of theirs — a 0.1pp gap the other way — the median holder sizes NSC more heavily than its largest holder by dollar value does.
Book-share is each fund’s reported value in NSC divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 1768 tracked filers holding NSC, 719 increased or opened the position and 797 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in NSC between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 38
- MIZUHO MARKETS AMERICAS LLC$70M
- Nearwater Capital Markets, Ltd$47M
- Encompass Capital Advisors LLC$46M
- BOUSSARD & GAVAUDAN GESTION SAS$43M
- Yaupon Capital Management LP$38M
- Walleye Capital LLC$30M
Full exits 114
- Amundi$639M
- COHEN & STEERS, INC.$214M
- SG Americas Securities, LLC$132M
- HighTower Advisors, LLC$79M
- Decagon Asset Management LLP$62M
- NEW YORK STATE TEACHERS RETIREMENT SYSTEM$48M
Largest adds
- BlackRock, Inc.$1.3B
- VANGUARD PORTFOLIO MANAGEMENT LLC$1.1B
- VANGUARD CAPITAL MANAGEMENT LLC$427M
- STATE STREET CORP$400M
- NORGES BANK$396M
- MILLENNIUM MANAGEMENT LLC$321M
Largest trims
- DODGE & COX$1.0B
- CITADEL ADVISORS LLC$253M
- DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main$223M
- UBS Group AG$194M
- Eurizon Capital SGR S.p.A.$109M
- AMERICAN CENTURY COMPANIES INC$102M
Institutional holders
One row per tracked fund, most shares held first (every row is from one quarter; reported value breaks ties). “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding.
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| BlackRock, Inc. added | 16,000,346 | $5.0B | 11.2% | 2026-Q2 |
| VANGUARD CAPITAL MANAGEMENT LLC added | 14,666,136 | $4.6B | 10.3% | 2026-Q2 |
| STATE STREET CORP added | 10,242,817 | $3.2B | 7.2% | 2026-Q2 |
| VANGUARD PORTFOLIO MANAGEMENT LLC added | 7,215,898 | $2.3B | 5.1% | 2026-Q2 |
| MILLENNIUM MANAGEMENT LLC added | 5,201,728 | $1.6B | 3.6% | 2026-Q2 |
| GEODE CAPITAL MANAGEMENT, LLC added | 5,114,278 | $1.6B | 3.6% | 2026-Q2 |
| BANK OF AMERICA CORP /DE/ trimmed | 3,111,914 | $979M | 2.2% | 2026-Q2 |
| NORGES BANK added | 3,040,628 | $957M | 2.1% | 2026-Q2 |
| Pentwater Capital Management LP trimmed | 2,775,000 | $873M | 1.9% | 2026-Q2 |
| NORTHERN TRUST CORP trimmed | 2,614,406 | $822M | 1.8% | 2026-Q2 |
| MORGAN STANLEY trimmed | 2,611,985 | $822M | 1.8% | 2026-Q2 |
| D. E. Shaw & Co., Inc. added | 2,601,202 | $818M | 1.8% | 2026-Q2 |
| DODGE & COX trimmed | 2,508,128 | $789M | 1.8% | 2026-Q2 |
| DIMENSIONAL FUND ADVISORS LP added | 2,259,711 | $711M | 1.6% | 2026-Q2 |
| Capital World Investors added | 2,011,919 | $633M | 1.4% | 2026-Q2 |
| PRICE T ROWE ASSOCIATES INC /MD/ trimmed | 1,925,031 | $606M | 1.3% | 2026-Q2 |
| GOLDMAN SACHS GROUP INC added | 1,888,947 | $594M | 1.3% | 2026-Q2 |
| HBK INVESTMENTS L P added | 1,750,000 | $551M | 1.2% | 2026-Q2 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added | 1,732,049 | $545M | 1.2% | 2026-Q2 |
| LONDON CO OF VIRGINIA trimmed | 1,652,991 | $520M | 1.2% | 2026-Q2 |
| Legal & General Group Plc trimmed | 1,599,203 | $503M | 1.1% | 2026-Q2 |
| CITADEL ADVISORS LLC trimmed | 1,585,467 | $499M | 1.1% | 2026-Q2 |
| AMERICAN CENTURY COMPANIES INC trimmed | 1,526,249 | $480M | 1.1% | 2026-Q2 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC added | 1,483,414 | $467M | 1.0% | 2026-Q2 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. added | 1,427,631 | $449M | 1.0% | 2026-Q2 |
| FMR LLC trimmed | 1,389,376 | $437M | 1.0% | 2026-Q2 |
| JPMORGAN CHASE & CO trimmed | 1,350,252 | $428M | 1.0% | 2026-Q2 |
| Invesco Ltd. trimmed | 1,346,401 | $424M | 0.9% | 2026-Q2 |
| VANGUARD FIDUCIARY TRUST CO trimmed | 1,260,990 | $397M | 0.9% | 2026-Q2 |
| Fisher Asset Management, LLC added | 1,200,449 | $378M | 0.8% | 2026-Q2 |
| Capital Wealth Planning, LLC added | 1,189,769 | $374M | 0.8% | 2026-Q2 |
| Bank of New York Mellon Corp trimmed | 1,158,377 | $364M | 0.8% | 2026-Q2 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC added | 1,157,595 | $364M | 0.8% | 2026-Q2 |
| DEUTSCHE BANK AG\ added | 1,133,406 | $357M | 0.8% | 2026-Q2 |
| BALYASNY ASSET MANAGEMENT L.P. trimmed | 1,111,173 | $350M | 0.8% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN added | 1,044,885 | $329M | 0.7% | 2026-Q2 |
| CAXTON ASSOCIATES LLP added | 1,043,375 | $328M | 0.7% | 2026-Q2 |
| PRIMECAP MANAGEMENT CO/CA/ trimmed | 1,032,910 | $325M | 0.7% | 2026-Q2 |
| UBS Group AG trimmed | 1,004,653 | $316M | 0.7% | 2026-Q2 |
| Qube Research & Technologies Ltd trimmed | 895,245 | $282M | 0.6% | 2026-Q2 |
| ADAGE CAPITAL PARTNERS GP, L.L.C. trimmed | 766,536 | $241M | 0.5% | 2026-Q2 |
| Kryger Capital LLC added | 766,243 | $241M | 0.5% | 2026-Q2 |
| Verition Fund Management LLC added | 758,728 | $239M | 0.5% | 2026-Q2 |
| CITIGROUP INC added | 752,636 | $237M | 0.5% | 2026-Q2 |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC trimmed | 727,138 | $229M | 0.5% | 2026-Q2 |
| LMR Partners LLP added | 721,895 | $227M | 0.5% | 2026-Q2 |
| MARSHALL WACE, LLP added | 711,526 | $224M | 0.5% | 2026-Q2 |
| Symmetry Investments LP added | 650,496 | $205M | 0.5% | 2026-Q2 |
| TUDOR INVESTMENT CORP ET AL added | 647,145 | $204M | 0.5% | 2026-Q2 |
| Swiss National Bank trimmed | 633,240 | $199M | 0.4% | 2026-Q2 |
| Nuveen, LLC trimmed | 628,769 | $198M | 0.4% | 2026-Q2 |
| Third Point LLC added | 600,000 | $189M | 0.4% | 2026-Q2 |
| CANADA PENSION PLAN INVESTMENT BOARD added | 588,715 | $185M | 0.4% | 2026-Q2 |
| AQR Arbitrage LLC added | 578,240 | $181M | 0.4% | 2026-Q2 |
| ALLIANCEBERNSTEIN L.P. added | 577,036 | $166M | 0.4% | 2026-Q2 |
| BANK OF NOVA SCOTIA trimmed | 575,207 | $181M | 0.4% | 2026-Q2 |
| CINCINNATI FINANCIAL CORP trimmed | 574,287 | $181M | 0.4% | 2026-Q2 |
| National Pension Service added | 548,054 | $172M | 0.4% | 2026-Q2 |
| Mitsubishi UFJ Asset Management Co., Ltd. added | 543,331 | $171M | 0.4% | 2026-Q2 |
| HSBC HOLDINGS PLC added | 517,163 | $163M | 0.4% | 2026-Q2 |
| Westchester Capital Management, LLC added | 515,734 | $162M | 0.4% | 2026-Q2 |
| FIL Ltd added | 501,163 | $158M | 0.4% | 2026-Q2 |
| Sumitomo Mitsui Trust Group, Inc. trimmed | 498,289 | $157M | 0.3% | 2026-Q2 |
| Hudson Bay Capital Management LP added | 486,264 | $153M | 0.3% | 2026-Q2 |
| Vanguard Global Advisers, LLC trimmed | 483,772 | $152M | 0.3% | 2026-Q2 |
| VANGUARD ASSET MANAGEMENT, Ltd added | 476,099 | $150M | 0.3% | 2026-Q2 |
| ALPINE ASSOCIATES MANAGEMENT INC. trimmed | 461,655 | $145M | 0.3% | 2026-Q2 |
| Squarepoint Ops LLC trimmed | 457,236 | $144M | 0.3% | 2026-Q2 |
| ROYAL BANK OF CANADA added | 450,634 | $142M | 0.3% | 2026-Q2 |
| DAVENPORT & Co LLC trimmed | 445,588 | $140M | 0.3% | 2026-Q2 |
| California Public Employees Retirement System added | 432,067 | $136M | 0.3% | 2026-Q2 |
| RHUMBLINE ADVISERS trimmed | 420,195 | $132M | 0.3% | 2026-Q2 |
| Laurion Capital Management LP added | 384,349 | $121M | 0.3% | 2026-Q2 |
| Sculptor Capital LP trimmed | 366,413 | $115M | 0.3% | 2026-Q2 |
| TWO SIGMA INVESTMENTS, LP added | 349,135 | $110M | 0.2% | 2026-Q2 |
| PNC Financial Services Group, Inc. trimmed | 347,991 | $109M | 0.2% | 2026-Q2 |
| NEUBERGER BERMAN GROUP LLC trimmed | 343,678 | $108M | 0.2% | 2026-Q2 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM added | 341,574 | $107M | 0.2% | 2026-Q2 |
| Aberdeen Group plc added | 330,016 | $104M | 0.2% | 2026-Q2 |
| RAYMOND JAMES FINANCIAL INC trimmed | 329,989 | $104M | 0.2% | 2026-Q2 |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS trimmed | 321,969 | $101M | 0.2% | 2026-Q2 |
| CIBC Bancorp USA Inc. added | 321,792 | $101M | 0.2% | 2026-Q2 |
| BARCLAYS PLC trimmed | 320,164 | $101M | 0.2% | 2026-Q2 |
| TIG Advisors, LLC trimmed | 316,508 | $100M | 0.2% | 2026-Q2 |
| Rokos Capital Management LLP added | 314,671 | $99M | 0.2% | 2026-Q2 |
| Fort Baker Capital Management LP added | 314,269 | $99M | 0.2% | 2026-Q2 |
| BNP PARIBAS FINANCIAL MARKETS trimmed | 303,204 | $95M | 0.2% | 2026-Q2 |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND added | 294,092 | $93M | 0.2% | 2026-Q2 |
| AMERIPRISE FINANCIAL INC trimmed | 289,229 | $91M | 0.2% | 2026-Q2 |
| Markel Group Inc. | 282,500 | $89M | 0.2% | 2026-Q2 |
| Empyrean Capital Partners, LP trimmed | 279,800 | $88M | 0.2% | 2026-Q2 |
| ING GROEP NV added | 276,878 | $87M | 0.2% | 2026-Q2 |
| Magnetar Financial LLC added | 275,215 | $87M | 0.2% | 2026-Q2 |
| LPL Financial LLC added | 272,157 | $86M | 0.2% | 2026-Q2 |
| PRINCIPAL FINANCIAL GROUP INC trimmed | 249,080 | $78M | 0.2% | 2026-Q2 |
| NOMURA HOLDINGS INC added | 247,656 | $78M | 0.2% | 2026-Q2 |
| ExodusPoint Capital Management, LP added | 244,499 | $77M | 0.2% | 2026-Q2 |
| Melqart Asset Management (UK) Ltd added | 242,944 | $76M | 0.2% | 2026-Q2 |
| Calamos Advisors LLC trimmed | 242,024 | $76M | 0.2% | 2026-Q2 |
| Governors Lane LP added | 234,843 | $74M | 0.2% | 2026-Q2 |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.