TIM S.a.: which funds bought and sold

Institutions that bought and sold TIM 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, 83 institutions that filed 13F reports for both quarters added to or opened positions in TIM, and 83 cut or closed them. Together they sold a net 833K shares, −3.8% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 271K shares (−3.6%); index fund managers were net sellers of 396K shares (−15.2%). 31 opened a new position and 27 sold out entirely.

Bought, Q2 2026 83 institutions, 31 of them new holders Sold, Q2 2026 83 institutions, 27 of them sold out

Net change, all compared −833K shares (−3.8%)

Net change, active managers −271K shares (−3.6%), 12 bought, 11 sold

Buyers versus sellers

institutions compared, 191

83 bought 25 83 sold

Active managers and hedge funds 12 bought · 11 sold · −271K

Index fund managers 2 bought · 4 sold · −396K

Other institutions 69 bought · 68 sold · −166K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Tredje Ap-Fonden	+317K +512.4%	378K	$8.1M
Alliancebernstein L.P. Active manager	+248K +18.1%	1.6M	$42.9M
Connor, Clark & Lunn Investment Management Ltd.	+236K +65.5%	595K	$12.7M
Qube Research & Technologies Ltd Hedge fund	+190K +121.7%	346K	$7.4M
Assetmark, Inc	+164K +33.4%	654K	$14M
UBS Group AG	+123K +21.7%	688K	$14.7M
Citadel Advisors LLC Hedge fund	+97K +84.8%	211K	$4.5M
Creative Planning	+86K +53.4%	246K	$5.3M
American Century Companies Inc Active manager	+74K +10.4%	792K	$17M
D. E. Shaw & Co., Inc. Hedge fund	+41K +40.5%	142K	$3M
Northwestern Mutual Wealth Management Co	+38K +33.0%	154K	$3.3M
Sigma Planning Corp	+33K New position	33K	$714,604
Y-Intercept (Hong Kong) Ltd	+33K New position	33K	$699,427
Encompass More Asset Management	+30K New position	30K	$632,361
Jane Street Group, LLC	+23K +28.0%	105K	$2.3M
Nuveen, LLC	+19K New position	19K	$397,449
Northwest & Ethical Investments L.P.	+18K +126.0%	33K	$706,881
O'Shaughnessy Asset Management, LLC Active manager	+17K +4.2%	429K	$9.2M
Jain Global LLC Hedge fund	+15K New position	15K	$323,442
Savant Capital, LLC	+15K New position	15K	$357,386

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Alliancebernstein L.P. Active manager	+248K +18.1%	1.6M	$42.9M
Qube Research & Technologies Ltd Hedge fund	+190K +121.7%	346K	$7.4M
Citadel Advisors LLC Hedge fund	+97K +84.8%	211K	$4.5M
American Century Companies Inc Active manager	+74K +10.4%	792K	$17M
D. E. Shaw & Co., Inc. Hedge fund	+41K +40.5%	142K	$3M
O'Shaughnessy Asset Management, LLC Active manager	+17K +4.2%	429K	$9.2M
Jain Global LLC Hedge fund	+15K New position	15K	$323,442
Boston Partners Active manager	+12K +9.4%	142K	$3M
Acadian Asset Management LLC Active manager	+11K +19.3%	69K	$1.5M
Squarepoint Ops LLC Hedge fund	+8,226 +45.7%	26K	$561,697

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Arrowstreet Capital, Limited Partnership Hedge fund	−381K −31.8%	818K	$17.5M
Jpmorgan Chase & Co	−350K −37.7%	577K	$12.5M
Bank Of America Corp	−227K −90.5%	24K	$512,902
Blackrock, Inc. Index funds	−227K −17.0%	1.1M	$23.7M
Marshall Wace, LLP Hedge fund	−218K Sold out	0	—
Robeco Institutional Asset Management B.V.	−185K −4.6%	3.8M	$81.8M
Point72 Asset Management, L.P. Hedge fund	−177K −46.8%	201K	$4.3M
Nomura Asset Management International Inc.	−154K −12.9%	1.0M	$22.3M
Vanguard Capital Management LLC Index funds	−153K −30.3%	352K	$7.5M
Schonfeld Strategic Advisors LLC Hedge fund	−72K Sold out	0	—
Schroder Investment Management Group Active manager	−70K −24.0%	223K	$4.8M
Banco Santander, S.A.	−66K Sold out	0	—
Renaissance Technologies LLC Hedge fund	−57K −3.2%	1.7M	$37M
Morgan Stanley	−41K −18.1%	187K	$4M
Barclays PLC	−36K −94.8%	1,959	$41,962
HSBC Holdings PLC	−35K −26.1%	100K	$2.1M
Axq Capital, LP	−34K Sold out	0	—
Legal & General Group PLC	−32K −15.7%	169K	$3.6M
Abacus Wealth Partners, LLC	−28K −38.5%	45K	$974,374
Rfg Advisory, LLC	−22K Sold out	0	—

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Arrowstreet Capital, Limited Partnership Hedge fund	−381K −31.8%	818K	$17.5M
Marshall Wace, LLP Hedge fund	−218K Sold out	0	—
Point72 Asset Management, L.P. Hedge fund	−177K −46.8%	201K	$4.3M
Schonfeld Strategic Advisors LLC Hedge fund	−72K Sold out	0	—
Schroder Investment Management Group Active manager	−70K −24.0%	223K	$4.8M
Renaissance Technologies LLC Hedge fund	−57K −3.2%	1.7M	$37M
Lazard Asset Management LLC Active manager	−7,169 −19.0%	30K	$653,021
Two Sigma Investments, LP Hedge fund	−1,900 −3.4%	54K	$1.2M
Wellington Management Group LLP Active manager	−1,465 −10.3%	13K	$272,827
Brandes Investment Partners, LP Active manager	−1,349 −0.8%	159K	$3.4M

New positions

largest by value

Institution	Shares	Value June 30, 2026
Sigma Planning Corp	33K	$714,604
Y-Intercept (Hong Kong) Ltd	33K	$699,427
Encompass More Asset Management	30K	$632,361
Nuveen, LLC	19K	$397,449
Savant Capital, LLC	15K	$357,386
Jain Global LLCHedge fund	15K	$323,442
Mitsubishi Ufj Trust & Banking Corp	12K	$252,820
Xtx Topco Ltd	11K	$238,812
Lvw Advisors, LLC	9,860	$211,202
Mirae Asset Global Investments Co., Ltd.	7,131	$152,746

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Marshall Wace, LLPHedge fund	218K	$5.8M
Schonfeld Strategic Advisors LLCHedge fund	72K	$1.9M
Banco Santander, S.A.	66K	$1.8M
Axq Capital, LP	34K	$910,461
Rfg Advisory, LLC	22K	$577,370
Fox Run Management, L.L.C.	20K	$498,703
Aquatic Capital Management LLC	18K	$488,449
GAM Holding AG	15K	$397,350
Sanctuary Advisors, LLC	15K	$396,953
Toth Financial Advisory Corp	12K	$312,582

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 167
Ten largest holders: 61.5%
Index fund managers: 10.5%
Active managers and hedge funds: 34.6%

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	12	11	1	2	−271K	−3.6%
Index fund managers	2	4	0	0	−396K	−15.2%
Other institutions	69	68	30	25	−166K	−1.4%

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 TIM.

Only managers that filed a holdings report for both quarters are compared (191 here). 8 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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