Norfolk Southern
1,800 hedge funds and large institutions have $50.8B invested in Norfolk Southern in 2025 Q3 according to their latest regulatory filings, with 237 funds opening new positions, 519 increasing their positions, 615 reducing their positions, and 100 closing their positions.
193% more funds holding in top 10
Funds holding in top 10: 14 → 41 (+27)
137% more first-time investments, than exits
New positions opened: 237 | Existing positions closed: 100
13% more capital invested
Capital invested by funds: $45.1B → $50.8B (+$5.68B)
6% more funds holding
Funds holding: 1,691 → 1,800 (+109)
2.87% less ownership
Funds ownership: 78.18% → 75.31% (-2.9%)
16% less repeat investments, than reductions
Existing positions increased: 519 | Existing positions reduced: 615
16% less call options, than puts
Call options by funds: $275M | Put options by funds: $327M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
PCM
Pentwater Capital Management
Naples,
Florida
|
+$764M |
| 2 |
Millennium Management
New York
|
+$613M |
| 3 |
Citadel Advisors
Miami,
Florida
|
+$545M |
| 4 |
TP
Third Point
New York
|
+$458M |
| 5 |
HI
HBK Investments
Dallas,
Texas
|
+$353M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
T. Rowe Price Associates
Baltimore,
Maryland
|
-$1.97B |
| 2 |
EIG
EdgePoint Investment Group
Toronto,
Ontario, Canada
|
-$1.16B |
| 3 |
Boston Partners
Boston,
Massachusetts
|
-$1.04B |
| 4 |
Lazard Asset Management
New York
|
-$913M |
| 5 |
Holocene Advisors
New York
|
-$252M |
NSC Hedge Fund Activity: Q3 2025 in Review
1,800 of the 7,638 institutional investors tracked by Wall St. Rank reported a position in Norfolk Southern (NSC) for Q3 2025, worth a combined $50.8B — up 13% from $45.1B a quarter earlier.
Buyers outnumbered sellers: 237 funds opened new NSC positions and 100 closed out — a net gain of 137 holders — while 519 added to existing stakes and 615 trimmed.
The largest buyer was Pentwater Capital Management, opening a new position worth an estimated $764M. The largest seller was T. Rowe Price Associates, cutting an estimated $1.97B.
- 1,800 institutional investors held Norfolk Southern (NSC) as of Q3 2025, up from 1,691 in Q2 2025.
- Funds reported $50.8B of Norfolk Southern stock for Q3 2025, up 13% quarter-over-quarter.
- 237 funds opened new Norfolk Southern positions in Q3 2025 and 100 closed out, a net change of +137 holders.
- The largest Norfolk Southern buyer in Q3 2025 was Pentwater Capital Management, an estimated $764M added.
- The largest Norfolk Southern seller in Q3 2025 was T. Rowe Price Associates, an estimated $1.97B sold.
Based on aggregated 13F filings for Q3 2025.