Morningstar, Inc.: which funds bought and sold

Institutions that bought and sold Morningstar shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 189 institutions that filed 13F reports for both quarters added to or opened positions in Morningstar, and 261 cut or closed them. Together they added a net 514K shares, +2.2% on what they held at the start of the quarter. Active managers and hedge funds on our list were net buyers of 1.6M shares (+17.9%); index fund managers were net sellers of 523K shares (−8.3%). 60 opened a new position and 90 sold out entirely.

Bought, Q2 2026 189 institutions, 60 of them new holders Sold, Q2 2026 261 institutions, 90 of them sold out

Net change, all compared +514K shares (+2.2%)

Net change, active managers +1.6M shares (+17.9%), 24 bought, 37 sold

Buyers versus sellers

institutions compared, 498

189 bought 48 261 sold

Active managers and hedge funds 24 bought · 37 sold · +1.6M

Index fund managers 0 bought · 10 sold · −523K

Other institutions 165 bought · 214 sold · −532K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
BAMCO Inc Active manager	+2.7M +360.7%	3.5M	$546M
AQR Capital Management LLC Hedge fund	+681K +109.2%	1.3M	$204M
Brookfield Corp	+157K New position	157K	$24.5M
Kensico Capital Management Corp Hedge fund	+149K +110.4%	284K	$44.3M
UBS Group AG	+139K +198.9%	209K	$32.6M
Jane Street Group, LLC	+97K +29.2%	431K	$67.3M
Copeland Capital Management, LLC Active manager	+94K +69.8%	230K	$35.8M
Nordea Investment Management AB	+75K +102.1%	148K	$22.9M
Candriam S.C.A.	+74K New position	74K	$11.6M
FMR LLC Active manager	+74K +69.6%	181K	$28.2M
Bank Of New York Mellon Corp	+57K +32.8%	232K	$36.3M
Squarepoint Ops LLC Hedge fund	+48K New position	48K	$7.4M
Dimensional Fund Advisors LP	+44K +8.5%	562K	$87.7M
Tudor Investment Corp Et Al Hedge fund	+36K +90.2%	76K	$11.9M
Mariner, LLC	+33K +200.6%	50K	$7.7M
Quadrature Capital Ltd Hedge fund	+30K +1540.6%	32K	$4.9M
Engineers Gate Manager LP Hedge fund	+26K +182.2%	40K	$6.2M
Arrowstreet Capital, Limited Partnership Hedge fund	+26K +6.5%	421K	$65.6M
Ieq Capital, LLC	+25K +85.0%	54K	$8.4M
Crawford Fund Management, LLC	+20K +22.8%	110K	$17.1M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
BAMCO Inc Active manager	+2.7M +360.7%	3.5M	$546M
AQR Capital Management LLC Hedge fund	+681K +109.2%	1.3M	$204M
Kensico Capital Management Corp Hedge fund	+149K +110.4%	284K	$44.3M
Copeland Capital Management, LLC Active manager	+94K +69.8%	230K	$35.8M
FMR LLC Active manager	+74K +69.6%	181K	$28.2M
Squarepoint Ops LLC Hedge fund	+48K New position	48K	$7.4M
Tudor Investment Corp Et Al Hedge fund	+36K +90.2%	76K	$11.9M
Quadrature Capital Ltd Hedge fund	+30K +1540.6%	32K	$4.9M
Engineers Gate Manager LP Hedge fund	+26K +182.2%	40K	$6.2M
Arrowstreet Capital, Limited Partnership Hedge fund	+26K +6.5%	421K	$65.6M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Select Equity Group, L.P. Active manager	−638K Sold out	0	—
Two Sigma Investments, LP Hedge fund	−375K −43.7%	484K	$75.6M
Blackrock, Inc. Index funds	−256K −11.0%	2.1M	$325M
Morgan Stanley	−246K −14.2%	1.5M	$232M
Renaissance Technologies LLC Hedge fund	−210K −46.8%	239K	$37.3M
Jpmorgan Chase & Co	−194K −45.0%	236K	$37M
Wellington Management Group LLP Active manager	−169K −10.2%	1.5M	$233M
Millennium Management LLC Hedge fund	−160K −49.7%	163K	$25.4M
M&G PLC	−150K Sold out	0	—
Qube Research & Technologies Ltd Hedge fund	−140K Sold out	0	—
Point72 Asset Management, L.P. Hedge fund	−138K −80.8%	33K	$5.1M
Focus Partners Wealth	−119K −88.2%	16K	$2.5M
Vanguard Portfolio Management LLC Index funds	−102K −9.7%	950K	$148M
Vanguard Capital Management LLC Index funds	−95K −9.6%	894K	$140M
Incline Global Management LLC	−88K Sold out	0	—
Los Angeles Capital Management LLC Active manager	−87K −13.5%	558K	$87.1M
Schroder Investment Management Group Active manager	−84K Sold out	0	—
Congress Asset Management Co Active manager	−77K Sold out	0	—
Sei Investments Co	−77K −40.4%	113K	$17.6M
Raymond James Financial Inc	−47K −82.0%	10K	$1.6M

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Select Equity Group, L.P. Active manager	−638K Sold out	0	—
Two Sigma Investments, LP Hedge fund	−375K −43.7%	484K	$75.6M
Renaissance Technologies LLC Hedge fund	−210K −46.8%	239K	$37.3M
Wellington Management Group LLP Active manager	−169K −10.2%	1.5M	$233M
Millennium Management LLC Hedge fund	−160K −49.7%	163K	$25.4M
Qube Research & Technologies Ltd Hedge fund	−140K Sold out	0	—
Point72 Asset Management, L.P. Hedge fund	−138K −80.8%	33K	$5.1M
Los Angeles Capital Management LLC Active manager	−87K −13.5%	558K	$87.1M
Schroder Investment Management Group Active manager	−84K Sold out	0	—
Congress Asset Management Co Active manager	−77K Sold out	0	—

New positions

largest by value

Institution	Shares	Value June 30, 2026
Brookfield Corp	157K	$24.5M
Candriam S.C.A.	74K	$11.6M
Squarepoint Ops LLCHedge fund	48K	$7.4M
Axxcess Wealth Management, LLC	16K	$2.6M
Redwood Investment Management, LLC	14K	$2.2M
Franklin Resources IncActive manager	14K	$2.1M
Savant Capital, LLC	7,400	$1.4M
Zurich Insurance Group Ltd	7,500	$1.2M
Mosaic Family Wealth Partners, LLC	6,878	$1.1M
Mitsubishi Ufj Trust & Banking Corp	6,085	$949,382

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Select Equity Group, L.P.Active manager	638K	$108M
M&G PLC	150K	$25.3M
Qube Research & Technologies LtdHedge fund	140K	$23.6M
Incline Global Management LLC	88K	$14.9M
Schroder Investment Management GroupActive manager	84K	$13.9M
Congress Asset Management CoActive manager	77K	$13.1M
River Road Asset Management, LLCActive manager	42K	$7.1M
Panagora Asset Management IncActive manager	35K	$5.9M
Trexquant Investment LPHedge fund	29K	$4.9M
Bank Of Nova Scotia	28K	$4.7M

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 416
Ten largest holders: 56.0%
Index fund managers: 23.9%
Active managers and hedge funds: 42.9%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	24	37	4	17	+1.6M	+17.9%
Index fund managers	0	10	0	0	−523K	−8.3%
Other institutions	165	214	56	73	−532K	−6.4%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on Morningstar.

Only managers that filed a holdings report for both quarters are compared (498 here). 16 other holders are left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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