Alcoa

AA • NYSE

Alcoa is a aluminum company in the basic materials sector on NYSE, led by William F. Oplinger, with a market cap of $11.4B. As of Q3 2025, 73% of shares are held by 499 institutional investors, with VANGUARD GROUP INC as the largest holder at 9.73%.

President and Chief Executive OfficerWilliam F. Oplinger

Market Cap$11.4B

Aluminum

Basic Materials

Employees13.6K

Websitealcoa.com

Country

United States of America

Overview

Overview of institutional ownership in AA as of Q3 2025 with a market cap of $8.5B

All Institutions

Institutions: 499
Value Held: $6.2B
Shares Held: 223.8M
Avg Position: $12.4M
Median Position: $438.0K

Hedge Funds

Hedge Funds: 55
Value Held: $608.5M
Shares Held: 18.5M
Avg Position: $11.1M
Median Position: $2.7M

Ownership Breakdown

Institutional (non-HF)

65.44%

$5.6B

Hedge Funds

7.15%

$608.5M

Retail & Other

27.42%

$2.3B

Based on market cap of $8.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in AA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$828.8M 0.01% of portfolio	9.73% 25.2M shares	Q4 2016 Held for 8y 11m	$6.69T
B BlackRock, Inc. Institution	-	$783.7M 0.01% of portfolio	9.20% 23.8M shares	Q4 2016 Held for 8y 11m	$5.67T
EAGLE CAPITAL MANAGEMENT LLC Long Only Manager	Michael I Falcon CEO	$539.2M 1.72% of portfolio	6.33% 16.4M shares	Q2 2024 Held for 1y 5m	$31.4B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$376.9M 0.01% of portfolio	4.43% 11.5M shares	Q4 2016 Held for 8y 11m	$2.88T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	Gerard Kieran O'Reilly CEO	$365.7M 0.08% of portfolio	4.29% 11.1M shares	Q4 2016 Held for 8y 11m	$466.32B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$226.7M 0.01% of portfolio	2.44% 6.3M shares	Q4 2016 Held for 8y 11m	$1.57T
L L1 Capital Pty Ltd Institution	-	$219.7M 13.87% of portfolio	2.27% 5.9M shares	Q1 2025 Held for 8 months	$1.6B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$162.3M 0.01% of portfolio	1.91% 4.9M shares	Q4 2016 Held for 8y 11m	$1.65T
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$138.8M 0.01% of portfolio	1.63% 4.2M shares	Q4 2016 Held for 8y 11m	$1.56T
UBS Group AG Institution	Sergio P. Ermotti CEO	$111.0M 0.02% of portfolio	1.30% 3.4M shares	Q4 2016 Held for 8y 11m	$511.54B

Net Capital Flow

Institutional buying and selling activity for AA in Q3 2025

Net Flow: +$98.2M
Buyers: 195
Sellers: 199
Total Bought: +$700.4M
Total Sold: −$602.2M
Avg Position: $12.7M

Biggest Buyers

Institution	Net Bought	Current Position
MIRABELLA FINANCIAL SERVICES LLP Institution	+$96.8M +39.8M shares	$97.6M 40.1M shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$60.0M +1.7M shares	$226.7M 6.3M shares
DIMENSIONAL FUND ADVISORS LP Long Only Manager	+$43.5M +1.3M shares	$365.7M 11.1M shares
L L1 Capital Pty Ltd Institution	+$40.1M +1.1M shares	$219.7M 5.9M shares
M Man Group plc Institution	+$38.0M +1.2M shares	$38.3M 1.2M shares
Encompass Capital Advisors LLC Hedge Fund•Long/Short	+$28.2M +857.2K shares	$28.2M 857.2K shares
PANAGORA ASSET MANAGEMENT INC Hedge Fund•Quant	+$25.2M +766.6K shares	$25.5M 774.9K shares
STATE STREET CORP Institution	+$23.7M +721.1K shares	$376.9M 11.5M shares
Q Qube Research & Technologies Ltd Institution	+$21.3M +647.1K shares	$30.3M 921.6K shares
S Squarepoint Ops LLC Hedge Fund•Quant	+$20.7M +629.2K shares	$60.9M 1.9M shares

Biggest Sellers

Institution	Net Sold	Current Position
Sourcerock Group LLC Hedge Fund•Long/Short	−$56.4M −1.7M shares	$40.0M 1.2M shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$51.4M −1.6M shares	$2.7M 81.3K shares
ARGA Investment Management, LP Long Only Manager	−$47.7M −1.5M shares	$51.5M 1.6M shares
A Assenagon Asset Management S.A. Institution	−$44.2M −1.5M shares	Sold Off 0 shares
CAPSTONE INVESTMENT ADVISORS, LLC Hedge Fund•Multi-Strategy	−$30.4M −925.7K shares	$1.1M 33.7K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$27.9M −849.8K shares	$87.5M 2.7M shares
MORGAN STANLEY RIA/Wealth	−$24.4M −741.8K shares	$162.3M 4.9M shares
Drummond Knight Asset Management Pty Ltd Hedge Fund•Distressed	−$19.5M −591.7K shares	$30.6M 929.6K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$18.4M −556.9K shares	$25.4M 769.0K shares
CITIGROUP INC Institution	−$16.9M −515.2K shares	$7.8M 238.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited AA in Q3 2025

New Positions: 34
New Value: $9.1M
Exited Positions: 53
Exited Value: $121.4M

New Positions

Institution	Position Value
Alphadyne Asset Management, LLC Hedge Fund•Global Macro	$2.5M 75.0K shares
Horizon Investments, LLC/SC Long Only Manager	$2.4M 73.6K shares
S SIH Partners, LLLP Institution	$1.2M 37.0K shares
O Old West Investment Management, LLC Hedge Fund•Multi-Strategy	$719.1K 21.9K shares
Beirne Wealth Consulting Services, LLC RIA/Wealth	$485.9K 14.8K shares
Aegis Wealth Management LLC RIA/Wealth	$329.2K 10.0K shares
M MQS Management LLC Hedge Fund•Global Macro	$308.6K 9.4K shares
Consolidated Portfolio Review Corp RIA/Wealth	$297.7K 9.1K shares
LEIGH BALDWIN & CO., LLC RIA/Wealth	$254.0K 3.7K shares
C CLS Investments, LLC Institution	$213.6K 6.5K shares

Exited Positions

Institution	Previous Position
A Assenagon Asset Management S.A. Institution	$44.2M 1.5M shares
S Senator Investment Group LP Institution	$12.5M 422.8K shares
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	$9.4M 317.7K shares
Bridgewater Associates, LP Hedge Fund•Global Macro	$7.7M 262.0K shares
Kailix Advisors LLC RIA/Wealth	$7.7M 260.4K shares
T THOMIST CAPITAL MANAGEMENT, LP Hedge Fund•Long/Short	$7.4M 260.4K shares
A AXA Institution	$7.3M 248.4K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$6.1M 205.8K shares
Arrow Capital Pty Ltd Hedge Fund•Market Neutral	$5.4M 120.0K shares
Engineers Gate Manager LP Hedge Fund•Quant	$1.6M 53.7K shares

Options Activity

Institutions with the largest Call and Put options positions in AA as of Q3 2025

Call Positions: 33
Call Value: $410.6M
Put Positions: 33
Put Value: $443.1M

Call Positions

Institution	Position Value
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$82.3M 25.0K contracts
M MASTERS CAPITAL MANAGEMENT LLC Hedge Fund•Long/Short	$65.8M 20.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$63.0M 19.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$45.5M 13.8K contracts
BANK OF AMERICA CORP /DE/ Institution	$28.2M 8.6K contracts
J JANE STREET GROUP, LLC Institution	$17.0M 5.2K contracts
UBS Group AG Institution	$12.4M 3.8K contracts
Walleye Trading LLC RIA/Wealth	$11.8M 3.6K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$11.6M 3.5K contracts
BARCLAYS PLC Institution	$11.1M 3.4K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$111.5M 33.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$74.8M 22.7K contracts
J JANE STREET GROUP, LLC Institution	$41.3M 12.5K contracts
BANK OF AMERICA CORP /DE/ Institution	$37.6M 11.4K contracts
UBS Group AG Institution	$35.6M 10.8K contracts
Walleye Trading LLC RIA/Wealth	$30.4M 9.2K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$10.8M 3.3K contracts
W WOLVERINE TRADING, LLC Institution	$10.3M 3.1K contracts
BARCLAYS PLC Institution	$8.7M 2.6K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$8.5M 2.6K contracts

Most Committed Institutions

Institutions with AA as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
L L1 Capital Pty Ltd Institution	-	13.87% $219.7M	2.27% 5.9M shares	Q1 2025 Held for 8 months	$1.6B
Drummond Knight Asset Management Pty Ltd Hedge Fund•Distressed	Scott Eckart Vollmer CEO	9.36% $30.6M	0.36% 929.6K shares	Q4 2024 Held for 11 months	$326.7M
MIRABELLA FINANCIAL SERVICES LLP Institution	Jared Corey Kushner CEO	8.33% $97.6M	15.48% 40.1M shares	Q1 2025 Held for 8 months	$1.2B
Mountaineer Partners Management, LLC Hedge Fund•Long/Short	Mark M Lee Managing Partner	5.67% $9.8M	0.11% 296.6K shares	Q1 2023 Held for 2y 8m	$171.9M
Monaco Asset Management SAM RIA/Wealth	Kirstin Lynn Hark Director	3.21% $8.2M	0.10% 250.0K shares	Q3 2022 Held for 3y 2m	$256.5M
Sourcerock Group LLC Hedge Fund•Long/Short	Andrew Michael Haley COO	2.72% $40.0M	0.47% 1.2M shares	Q3 2024 Held for 1y 2m	$1.5B
L Lesa Sroufe & Co RIA/Wealth	Lesa Anne Sroufe President	2.46% $2.5M	0.03% 75.5K shares	Q1 2025 Held for 8 months	$100.9M
Global Alpha Capital Management Ltd. Long Only Manager	Buddie Cloys Ballard Managing Partner	2.44% $42.7M	0.50% 1.3M shares	Q3 2024 Held for 1y 2m	$1.7B
F Freemont Management S.A. Institution	-	1.97% $2.5M	0.03% 75.0K shares	Q4 2020 Held for 4y 11m	$125.1M
B BW Gestao de Investimentos Ltda. Institution	-	1.74% $22.7M	0.27% 690.0K shares	Q3 2025 Held for 2 months	$1.3B

Hedge Fund Spotlight

Discover hedge funds investing in AA

Bridgefront Capital, LLC

Hedge Fund • Quant

Portfolio ManagerBrian Huber

Portfolio Value: $340.5M
Positions: 563
Last Reported: Q3 2025

Sector Allocation

Position in Alcoa

Market Value: $397.9K
Shares Held: 12.1K
Portfolio Weight: 0.12%
Owned Since: 2023-Q1

Top Holding	Sector	Market Value	Weight
1 Lam Research LRCX	Semiconductors Technology	$4.4M	1.30%
2 Honeywell International HON	Conglomerates Industrials	$3.1M	0.91%
3 Autodesk ADSK	Software - Application Technology	$3.1M	0.90%