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Norfolk Southern
NSC

1,691 hedge funds and large institutions have $45.1B invested in Norfolk Southern in 2025 Q2 according to their latest regulatory filings, with 157 funds opening new positions, 532 increasing their positions, 618 reducing their positions, and 101 closing their positions.

New
Increased
Maintained
Reduced
Closed

55% more first-time investments, than exits

New positions opened: 157 | Existing positions closed: 101

17% more funds holding in top 10

Funds holding in top 10: 12 → 14 (+2)

12% more call options, than puts

Call options by funds: $221M | Put options by funds: $197M

9% more capital invested

Capital invested by funds: $41.3B → $45.1B (+$3.82B)

2% more funds holding

Funds holding: 1,653 → 1,691 (+38)

1.14% more ownership

Funds ownership: 77.04% → 78.18% (+1.1%)

14% less repeat investments, than reductions

Existing positions increased: 532 | Existing positions reduced: 618

Holders
1,691
Holders Change
+38
Holders Change %
+2.3%
% of All Funds
22.26%
Holding in Top 10
14
Holding in Top 10 Change
+2
Holding in Top 10 Change %
+16.67%
% of All Funds
0.18%
New
157
Increased
532
Reduced
618
Closed
101
Calls
$221M
Puts
$197M
Net Calls
+$23.9M
Net Calls Change
+$4.58M

Top Buyers

Rank Fund Capital Flow
1
Holocene Advisors
Holocene Advisors
New York
+$196M
2
IP
Interval Partners
New York
+$184M
3
TCIM
TOMS Capital Investment Management
New York
+$168M
4
D.E. Shaw & Co
D.E. Shaw & Co
New York
+$127M
5
Goldman Sachs
Goldman Sachs
New York
+$106M

Top Sellers

Rank Fund Capital Flow
1
JP Morgan Chase
JP Morgan Chase
New York
-$424M
2
UBS AM
UBS AM
Illinois
-$258M
3
BlackRock
BlackRock
New York
-$137M
4
Boston Partners
Boston Partners
Massachusetts
-$94.4M
5
T. Rowe Price Associates
T. Rowe Price Associates
Maryland
-$89M
Name Holding Trade Value Shares
Change 		Change in
Stake
MIF
1701
Mediolanum International Funds
Ireland
– -$7.21M -31,278 Closed
TAF
1702
Tredje AP-fonden
Sweden
– -$6.71M -28,312 Closed
TI
1703
Trexquant Investment
Connecticut
– -$6.23M -26,303 Closed
QC
1704
Quadrature Capital
United Kingdom
– -$4.65M -19,647 Closed
CIA
1705
Covington Investment Advisors
Pennsylvania
– -$4.54M -19,171 Closed
DFCM
1706
Dark Forest Capital Management
Puerto Rico
– -$2.75M -11,613 Closed
ACM
1707
Aquatic Capital Management
Illinois
– -$2.72M -11,484 Closed
EP
1708
Edgestream Partners
New Jersey
– -$2.64M -11,129 Closed
SCM
1709
Sone Capital Management
New York
– -$2.52M -10,639 Closed
Balyasny Asset Management
1710
Balyasny Asset Management
Illinois
– -$2.17M -9,173 Closed
Two Sigma Advisers
1711
Two Sigma Advisers
New York
– -$1.75M -7,400 Closed
FCI
1712
Financial Counselors Inc
Kansas
– -$1.75M -7,377 Closed
Nomura Holdings
1713
Nomura Holdings
Japan
– -$1.69M -7,149 Closed
BCM
1714
Bayesian Capital Management
New York
– -$1.63M -6,900 Closed
Jane Street
1715
Jane Street
New York
– -$1.58M -6,716 Closed
AC
1716
Allstate Corporation
Illinois
– -$1.57M -6,645 Closed
PAMP
1717
Polar Asset Management Partners
Ontario, Canada
– -$1.53M -6,452 Closed
LA
1718
Legacy Advisors
Pennsylvania
– -$1.3M -5,480 Closed
NP
1719
Ninepoint Partners
Ontario, Canada
– -$1.25M -5,285 Closed
USAA
1720
United Services Automobile Association
Texas
– -$1.21M -5,248 Closed
GCP
1721
Garda Capital Partners
Minnesota
– -$1.14M -4,820 Closed
ACM
1722
Aster Capital Management
United Arab Emirates
– -$1.11M -4,497 Closed
Parallax Volatility Advisers
1723
Parallax Volatility Advisers
California
– -$1.05M -4,449 Closed
AWP
1724
Ascent Wealth Partners
New York
– -$988K -4,172 Closed
QT
1725
Quantbot Technologies
New York
– -$853K -3,601 Closed
67 68
69
70 71

NSC Hedge Fund Activity: Q2 2025 in Review

1,691 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Norfolk Southern (NSC) for Q2 2025, worth a combined $45.1B — up 9.3% from $41.3B a quarter earlier.

Buyers outnumbered sellers: 157 funds opened new NSC positions and 101 closed out — a net gain of 56 holders — while 532 added to existing stakes and 618 trimmed.

The largest buyer was Holocene Advisors, adding an estimated $196M. The largest seller was JP Morgan Chase, cutting an estimated $424M.

  • 1,691 institutional investors held Norfolk Southern (NSC) as of Q2 2025, up from 1,653 in Q1 2025.
  • Funds reported $45.1B of Norfolk Southern stock for Q2 2025, up 9.3% quarter-over-quarter.
  • 157 funds opened new Norfolk Southern positions in Q2 2025 and 101 closed out, a net change of +56 holders.
  • The largest Norfolk Southern buyer in Q2 2025 was Holocene Advisors, an estimated $196M added.
  • The largest Norfolk Southern seller in Q2 2025 was JP Morgan Chase, an estimated $424M sold.

Based on aggregated 13F filings for Q2 2025.