Graham Capital Management’s Norfolk Southern NSC Stock Holding History

Graham Capital Management’s Portfolio NSC Stock Details NSC Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-4,250	Closed	-$1.28M	–	1477
2025 Q3	$1.28M	Sell	4,250 -2,050	-33%	-$570K	0.02%	313
2025 Q2	$1.61M	Buy	6,300 +1,250	+25%	+$295K	0.02%	426
2025 Q1	$1.2M	Buy	+5,050	New	+$1.23M	0.02%	494
2024 Q4	–	Sell	-8,000	Closed	-$1.99M	–	1403
2024 Q3	$1.99M	Buy	8,000 +5,035	+170%	+$1.21M	0.03%	276
2024 Q2	$637K	Sell	2,965 -31,970	-92%	-$7.42M	0.01%	507
2024 Q1	$8.9M	Buy	34,935 +26,595	+319%	+$6.58M	0.17%	81
2023 Q4	$1.97M	Buy	+8,340	New	+$1.75M	0.04%	212
2022 Q4	–	Sell	-3,957	Closed	-$829K	–	1239
2022 Q3	$829K	Buy	+3,957	New	+$952K	0.03%	564
2022 Q2	–	Sell	-1,286	Closed	-$366K	–	1170
2022 Q1	$366K	Buy	+1,286	New	+$354K	0.01%	665
2017 Q1	–	Sell	-9,300	Closed	-$1M	–	109
2016 Q4	$1M	Buy	+9,300	New	+$939K	0.04%	70

Other funds holding NSC

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

BlackRock New York $6.73T AUM 46.02% 1-Year Est. Return

State Street Boston, Massachusetts $3.38T AUM 44.17% 1-Year Est. Return

Dodge & Cox San Francisco, California $191B AUM 17.5% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.88T AUM 44.46% 1-Year Est. Return

Millennium Management New York $276B AUM 44.8% 1-Year Est. Return

Norges Bank Oslo, Norway $1T AUM

Bank of America Charlotte, North Carolina $1.55T AUM 33.47% 1-Year Est. Return

PCM

Pentwater Capital Management Naples, Florida $16.4B AUM 55.44% 1-Year Est. Return

T. Rowe Price Associates Baltimore, Maryland $999B AUM 46.22% 1-Year Est. Return

Graham Capital Management's NSC Position: Q4 2025 in Review

Graham Capital Management sold out of Norfolk Southern (NSC) in Q4 2025, closing a stake of 4,250 shares — an estimated $1.28M sold.

Graham Capital Management first reported a position in NSC in Q4 2016 and held it in 10 quarters. The position peaked at $8.9M in Q1 2024. 1,852 funds tracked by Wall St. Rank hold NSC as of Q4 2025.

Graham Capital Management reported no remaining Norfolk Southern position as of Q4 2025 after selling out during the quarter.
Graham Capital Management sold 4,250 Norfolk Southern shares in Q4 2025, an estimated $1.28M.
Graham Capital Management first reported a position in Norfolk Southern in Q4 2016 and held it in 10 quarters.
Graham Capital Management's Norfolk Southern position peaked at $8.9M in Q1 2024.
1,852 funds tracked by Wall St. Rank held Norfolk Southern as of Q4 2025.

Based on Graham Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.