According to the latest 13F filings, several top investors increased their holdings in Union Pacific Corp. (UNP) this quarter, highlighting growing conviction in the railroad’s pricing power, operating leverage, and long-duration cash-flow profile. Below are the most notable additions from the period:
Point72 Asset Management, L.P. (Steve Cohen)
Shares: 1,450,812 Change: +719,042 Value: $0.34B
Steve Cohen made the largest incremental move among superinvestors this quarter, adding more than 700,000 shares. The increase suggests Point72 sees continued upside in Union Pacific’s efficiency gains, disciplined capital allocation, and ability to compound earnings through the cycle.
AQR Capital Management LLC (Cliff Asness)
Shares: 653,321 Change: +191,024 Value: $0.15B
Cliff Asness meaningfully increased AQR’s position, reinforcing quantitative support for UNP’s strong free-cash-flow yield, high barriers to entry, and attractive risk-adjusted returns within industrials.
Fisher Asset Management, LLC (Ken Fisher)
Shares: 6,428,229 Change: +29,514 Value: $1.52B
Ken Fisher continued steady accumulation, adding nearly 30,000 shares. The move aligns with Fisher’s preference for dominant franchises with durable demand, scale advantages, and consistent long-term earnings growth.
Markel Group Inc. (Tom Gayner)
Shares: 126,778 Change: +29,500 Value: $0.03B
Tom Gayner added almost 30,000 shares, underscoring Markel’s view of Union Pacific as a high-quality compounder with predictable cash flows and strong returns on incremental capital.
Grantham, Mayo, Van Otterloo & Co. LLC (Jeremy Grantham)
Shares: 12,942 Change: +4,760 Value: $0.00B
Jeremy Grantham increased GMO’s position modestly, reflecting selective exposure to a real-asset-linked business with pricing power and inflation-resistant characteristics.
Gardner Russo & Quinn LLC (Tom Russo)
Shares: 24,843 Change: +128 Value: $0.01B
Tom Russo made a small addition, consistent with his long-term ownership style focused on businesses with durable competitive advantages and reinvestment optionality.
New Positions
Baupost Group LLC/MA (Seth Klarman)
Shares: 1,496,204 Change: NEW POSITION Value: $0.35B
Seth Klarman initiated a sizable new position in Union Pacific. The entry signals confidence in UNP’s downside protection, asset intensity, and ability to generate resilient cash flows across economic environments.
Maverick Capital Ltd (Lee Ainslie)
Shares: 1,115,610 Change: NEW POSITION Value: $0.26B
Lee Ainslie established a large stake, suggesting a bullish view on earnings normalization and margin expansion as operating efficiency continues to improve.
Third Point LLC (Dan Loeb)
Shares: 875,000 Change: NEW POSITION Value: $0.21B
Dan Loeb’s new position points to a tactical opportunity in a best-in-class railroad with room for further operational and capital-allocation upside.
Bridgewater Associates, LP (Ray Dalio)
Shares: 194,619 Change: NEW POSITION Value: $0.05B
Ray Dalio added Union Pacific as a new holding, fitting Bridgewater’s preference for economically critical infrastructure assets with durable pricing power and long-term real return potential.
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