Norfolk Southern
1,850 hedge funds and large institutions have $49.8B invested in Norfolk Southern in 2025 Q4 according to their latest regulatory filings, with 189 funds opening new positions, 584 increasing their positions, 633 reducing their positions, and 99 closing their positions.
91% more first-time investments, than exits
New positions opened: 189 | Existing positions closed: 99
17% more funds holding in top 10
Funds holding in top 10: 41 → 48 (+7)
3% more funds holding
Funds holding: 1,800 → 1,850 (+50)
1.64% more ownership
Funds ownership: 75.31% → 76.95% (+1.6%)
5% more call options, than puts
Call options by funds: $243M | Put options by funds: $231M
2% less capital invested
Capital invested by funds: $50.8B → $49.8B (-$966M)
8% less repeat investments, than reductions
Existing positions increased: 584 | Existing positions reduced: 633
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
D.E. Shaw & Co
New York
|
+$528M |
| 2 |
Millennium Management
New York
|
+$436M |
| 3 |
HI
HBK Investments
Dallas,
Texas
|
+$249M |
| 4 |
Amundi
Paris,
France
|
+$223M |
| 5 |
Balyasny Asset Management
Chicago,
Illinois
|
+$166M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
JP Morgan Chase
New York
|
-$668M |
| 2 |
Fidelity Investments
Boston,
Massachusetts
|
-$408M |
| 3 |
Dodge & Cox
San Francisco,
California
|
-$362M |
| 4 |
T. Rowe Price Associates
Baltimore,
Maryland
|
-$307M |
| 5 |
UBS Group
Zurich,
Switzerland
|
-$295M |
NSC Hedge Fund Activity: Q4 2025 in Review
1,850 institutional investors reported a position in Norfolk Southern (NSC) for Q4 2025, worth a combined $49.8B — down 1.9% from $50.8B a quarter earlier.
Buyers outnumbered sellers: 189 funds opened new NSC positions and 99 closed out — a net gain of 90 holders — while 584 added to existing stakes and 633 trimmed.
The largest buyer was D.E. Shaw & Co, adding an estimated $528M. The largest seller was JP Morgan Chase, cutting an estimated $668M.
- 1,850 institutional investors held Norfolk Southern (NSC) as of Q4 2025, up from 1,800 in Q3 2025.
- Funds reported $49.8B of Norfolk Southern stock for Q4 2025, down 1.9% quarter-over-quarter.
- 189 funds opened new Norfolk Southern positions in Q4 2025 and 99 closed out, a net change of +90 holders.
- The largest Norfolk Southern buyer in Q4 2025 was D.E. Shaw & Co, an estimated $528M added.
- The largest Norfolk Southern seller in Q4 2025 was JP Morgan Chase, an estimated $668M sold.
Based on aggregated 13F filings for Q4 2025.