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Norfolk Southern
NSC

1,653 hedge funds and large institutions have $41.3B invested in Norfolk Southern in 2025 Q1 according to their latest regulatory filings, with 104 funds opening new positions, 558 increasing their positions, 593 reducing their positions, and 106 closing their positions.

New
Increased
Maintained
Reduced
Closed

12% more call options, than puts

Call options by funds: $177M | Put options by funds: $158M

0% more funds holding in top 10

Funds holding in top 10: 12 → 12 (0)

0.09% less ownership

Funds ownership: 77.13% → 77.04% (-0.09%)

2% less first-time investments, than exits

New positions opened: 104 | Existing positions closed: 106

4% less capital invested

Capital invested by funds: $43.1B → $41.3B (-$1.8B)

6% less repeat investments, than reductions

Existing positions increased: 558 | Existing positions reduced: 593

2% less funds holding

Funds holding: 1,683 → 1,653 (-30)

Holders
1,653
Holders Change
-30
Holders Change %
-1.78%
% of All Funds
22.16%
Holding in Top 10
12
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.16%
New
104
Increased
558
Reduced
593
Closed
106
Calls
$177M
Puts
$158M
Net Calls
+$19.3M
Net Calls Change
-$158M

Top Buyers

Rank Fund Capital Flow
1
T. Rowe Price Associates
T. Rowe Price Associates
Maryland
+$661M
2
Fidelity Investments
Fidelity Investments
Massachusetts
+$247M
3
Adage Capital Partners
Adage Capital Partners
Massachusetts
+$149M
4
PF
Phoenix Financial
Israel
+$113M
5
Arrowstreet Capital
Arrowstreet Capital
Massachusetts
+$103M

Top Sellers

Rank Fund Capital Flow
1
Lazard Asset Management
Lazard Asset Management
New York
-$323M
2
Stifel Financial
Stifel Financial
Missouri
-$251M
3
Neuberger Berman Group
Neuberger Berman Group
New York
-$175M
4
Amundi
Amundi
France
-$157M
5
Deutsche Bank
Deutsche Bank
Germany
-$124M
Name Holding Trade Value Shares
Change 		Change in
Stake
Fidelity International
26
Fidelity International
Bermuda
$282M +$23.4M +95,939 +9%
Wells Fargo
27
Wells Fargo
California
$282M -$28.4M -116,382 -9%
Mirae Asset Global ETFs Holdings
28
Mirae Asset Global ETFs Holdings
Hong Kong
$278M +$49M +201,033 +21%
Deutsche Bank
29
Deutsche Bank
Germany
$247M -$124M -510,333 -33%
UBS Group
30
UBS Group
Switzerland
$242M -$105M -430,076 -30%
Fisher Asset Management
31
Fisher Asset Management
Washington
$233M +$2M +8,219 +0.8%
AA
32
Ancora Advisors
Ohio
$228M -$10.8M -44,259 -4%
Hotchkis & Wiley Capital Management
33
Hotchkis & Wiley Capital Management
California
$195M -$1.21M -4,980 -0.6%
Mitsubishi UFJ Trust & Banking
34
Mitsubishi UFJ Trust & Banking
Japan
$190M -$33.2M -136,182 -14%
Adage Capital Partners
35
Adage Capital Partners
Massachusetts
$187M +$149M +611,198 +342%
Arrowstreet Capital
36
Arrowstreet Capital
Massachusetts
$185M +$103M +424,276 +119%
Primecap Management
37
Primecap Management
California
$167M +$7.73M +31,720 +5%
Swiss National Bank
38
Swiss National Bank
Switzerland
$151M -$146K -600 -0.1%
CIMLRA
39
CBRE Investment Management Listed Real Assets
Pennsylvania
$146M +$71.7M +294,182 +91%
Amundi
40
Amundi
France
$145M -$157M -644,219 -49%
Massachusetts Financial Services
41
Massachusetts Financial Services
Massachusetts
$142M -$332K -1,364 -0.2%
CFC
42
Cincinnati Financial Corp
Ohio
$139M – – –
National Pension Service
43
National Pension Service
South Korea
$133M +$13.5M +55,362 +11%
Franklin Resources
44
Franklin Resources
California
$130M +$7.99M +32,794 +6%
Sumitomo Mitsui Trust Group
45
Sumitomo Mitsui Trust Group
Japan
$128M +$1.12M +4,597 +0.9%
Royal Bank of Canada
46
Royal Bank of Canada
Ontario, Canada
$128M -$59.4M -243,833 -31%
DC
47
Davenport & Co
Virginia
$127M -$135K -555 -0.1%
Ameriprise
48
Ameriprise
Minnesota
$123M +$14.4M +59,098 +13%
N
49
Nuveen
North Carolina
$122M -$486K -1,994 -0.4%
Manulife (Manufacturers Life Insurance)
50
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$118M -$42.7M -175,233 -26%
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NSC Hedge Fund Activity: Q1 2025 in Review

1,653 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in Norfolk Southern (NSC) for Q1 2025, worth a combined $41.3B — down 4.2% from $43.1B a quarter earlier.

Sellers outnumbered buyers: 106 funds closed out of NSC and 104 opened new positions — a net loss of 2 holders — while 593 trimmed existing stakes and 558 added.

The largest buyer was T. Rowe Price Associates, adding an estimated $661M. The largest seller was Lazard Asset Management, cutting an estimated $323M.

  • 1,653 institutional investors held Norfolk Southern (NSC) as of Q1 2025, down from 1,683 in Q4 2024.
  • Funds reported $41.3B of Norfolk Southern stock for Q1 2025, down 4.2% quarter-over-quarter.
  • 104 funds opened new Norfolk Southern positions in Q1 2025 and 106 closed out, a net change of -2 holders.
  • The largest Norfolk Southern buyer in Q1 2025 was T. Rowe Price Associates, an estimated $661M added.
  • The largest Norfolk Southern seller in Q1 2025 was Lazard Asset Management, an estimated $323M sold.

Based on aggregated 13F filings for Q1 2025.