Merck & Co.: which funds bought and sold

Institutions that bought and sold Merck & 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, 1,766 institutions that filed 13F reports for both quarters added to or opened positions in Merck &, and 1,579 cut or closed them. Together they added a net 15.6M shares, +0.8% on what they held at the start of the quarter. Active managers and hedge funds on our list were net buyers of 14.8M shares (+4.3%); index fund managers were net buyers of 8.0M shares (+1.1%). 155 opened a new position and 116 sold out entirely.

Bought, Q2 2026 1,766 institutions, 155 of them new holders Sold, Q2 2026 1,579 institutions, 116 of them sold out

Net change, all compared +15.6M shares (+0.8%)

Net change, active managers +14.8M shares (+4.3%), 51 bought, 67 sold

Buyers versus sellers

institutions compared, 3,821

1,766 bought 476 1,579 sold

Active managers and hedge funds 51 bought · 67 sold · +14.8M

Index fund managers 9 bought · 3 sold · +8.0M

Other institutions 1,706 bought · 1,509 sold · −7.2M

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Capital International Investors Active manager	+14.5M +1668.1%	15.4M	$2B
Fisher Asset Management, LLC Active manager	+12.1M +45.7%	38.5M	$4.9B
Assenagon Asset Management S.A.	+4.7M +627.4%	5.4M	$695M
Charles Schwab Investment Management Inc Index funds	+4.6M +9.2%	54.4M	$7B
Franklin Resources Inc Active manager	+3.3M +20.2%	19.5M	$2.5B
Dimensional Fund Advisors LP	+2.0M +13.1%	17.5M	$2.2B
Goldman Sachs Group Inc	+1.9M +9.6%	22.1M	$2.8B
Wellington Management Group LLP Active manager	+1.9M +2.3%	86.2M	$11.1B
Alliancebernstein L.P. Active manager	+1.8M +16.2%	13.1M	$1.6B
SG Americas Securities, LLC	+1.4M +84.5%	3.1M	$395M
Voya Investment Management LLC	+1.3M +25.7%	6.5M	$833M
Geode Capital Management, LLC Index funds	+1.2M +2.0%	60.7M	$7.8B
Blackrock, Inc. Index funds	+1.2M +0.5%	227.0M	$29.2B
Ameriprise Financial Inc	+1.1M +6.9%	17.4M	$2.2B
Royal Bank Of Canada	+1.1M +8.3%	14.3M	$1.8B
State Street Corp Index funds	+1.1M +0.9%	120.4M	$15.6B
Qube Research & Technologies Ltd Hedge fund	+1.0M New position	1.0M	$134M
Arrowstreet Capital, Limited Partnership Hedge fund	+1.0M +35.1%	4.0M	$510M
Morgan Stanley	+1.0M +2.1%	48.6M	$6.3B
BNP Paribas Financial Markets	+925K +41.9%	3.1M	$402M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Capital International Investors Active manager	+14.5M +1668.1%	15.4M	$2B
Fisher Asset Management, LLC Active manager	+12.1M +45.7%	38.5M	$4.9B
Franklin Resources Inc Active manager	+3.3M +20.2%	19.5M	$2.5B
Wellington Management Group LLP Active manager	+1.9M +2.3%	86.2M	$11.1B
Alliancebernstein L.P. Active manager	+1.8M +16.2%	13.1M	$1.6B
Qube Research & Technologies Ltd Hedge fund	+1.0M New position	1.0M	$134M
Arrowstreet Capital, Limited Partnership Hedge fund	+1.0M +35.1%	4.0M	$510M
FMR LLC Active manager	+924K +2.1%	45.4M	$5.8B
Schroder Investment Management Group Active manager	+699K +39.8%	2.5M	$316M
Capital International, Inc. Active manager	+448K +7463.2%	454K	$58.4M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Jpmorgan Chase & Co	−9.1M −17.2%	43.9M	$5.7B
Nordea Investment Management AB	−5.0M −58.9%	3.5M	$445M
Price T Rowe Associates Inc Active manager	−4.5M −19.6%	18.5M	$2.4B
Jennison Associates LLC Active manager	−3.5M −56.3%	2.7M	$351M
Invesco Ltd.	−3.2M −14.8%	18.6M	$2.4B
Marshall Wace, LLP Hedge fund	−2.8M Sold out	0	—
California Public Employees Retirement System	−2.0M −26.9%	5.4M	$694M
Citadel Advisors LLC Hedge fund	−1.9M −49.4%	1.9M	$248M
First Trust Advisors LP	−1.9M −42.0%	2.6M	$333M
Balyasny Asset Management L.P. Hedge fund	−1.8M −96.9%	56K	$7.2M
Amundi	−1.4M −10.3%	12.3M	$1.6B
Lazard Asset Management LLC Active manager	−1.4M −43.3%	1.8M	$237M
Millennium Management LLC Hedge fund	−1.4M −71.5%	561K	$72.1M
Employees Provident Fund Board	−1.4M −71.7%	536K	$68.8M
Omers Administration Corp	−1.1M −65.8%	548K	$70.4M
Artisan Partners Limited Partnership Active manager	−975K −91.8%	87K	$11.2M
Beutel, Goodman & Co Ltd.	−957K −31.6%	2.1M	$266M
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC	−868K −4.3%	19.5M	$2.5B
Northern Trust Corp Index funds	−814K −3.0%	26.3M	$3.4B
Barclays PLC	−764K −10.1%	6.8M	$873M

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Price T Rowe Associates Inc Active manager	−4.5M −19.6%	18.5M	$2.4B
Jennison Associates LLC Active manager	−3.5M −56.3%	2.7M	$351M
Marshall Wace, LLP Hedge fund	−2.8M Sold out	0	—
Citadel Advisors LLC Hedge fund	−1.9M −49.4%	1.9M	$248M
Balyasny Asset Management L.P. Hedge fund	−1.8M −96.9%	56K	$7.2M
Lazard Asset Management LLC Active manager	−1.4M −43.3%	1.8M	$237M
Millennium Management LLC Hedge fund	−1.4M −71.5%	561K	$72.1M
Artisan Partners Limited Partnership Active manager	−975K −91.8%	87K	$11.2M
American Century Companies Inc Active manager	−682K −12.3%	4.9M	$625M
D. E. Shaw & Co., Inc. Hedge fund	−660K −19.4%	2.7M	$352M

New positions

largest by value

Institution	Shares	Value June 30, 2026
Qube Research & Technologies LtdHedge fund	1.0M	$134M
Temasek Holdings (Private) Ltd	816K	$105M
Life Cycle Investment Partners Ltd	371K	$47.7M
Arbejdsmarkedets Tillaegspension	238K	$30.6M
Everett Harris & Co	221K	$28.4M
Rhenman & Partners Asset Management AB	214K	$27.4M
Ddd Partners, LLC	191K	$24.5M
Logan Capital Management Inc	155K	$20M
Pfm Health Sciences, LPHedge fund	127K	$16.3M
Susquehanna Fundamental Investments, LLC	89K	$11.5M

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Marshall Wace, LLPHedge fund	2.8M	$334M
Exoduspoint Capital Management, LPHedge fund	145K	$17.4M
Blue Sparrow, LLC	137K	$16.5M
Dupont Capital Management Corp	102K	$12.3M
Patient Square Capital LP	80K	$9.6M
Bcwm, LLC	51K	$6.2M
Peak6 LLC	49K	$5.8M
Pinnbrook Capital Management LP	46K	$5.5M
Empire Financial Management Company, LLC	40K	$4.8M
Mubadala Investment Co Pjsc	39K	$4.7M

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 3,769
Ten largest holders: 46.3%
Index fund managers: 37.2%
Active managers and hedge funds: 18.1%

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	51	67	8	7	+14.8M	+4.3%
Index fund managers	9	3	0	0	+8.0M	+1.1%
Other institutions	1,706	1,509	147	109	−7.2M	−0.8%

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 Merck &.

Only managers that filed a holdings report for both quarters are compared (3,821 here). 136 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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