Cleveland-Cliffs

CLF • NYSE

Cleveland-Cliffs is a steel company in the basic materials sector on NYSE, led by Lourenco Goncalves, with a market cap of $7.2B. As of Q3 2025, 77% of shares are held by 551 institutional investors, with VANGUARD GROUP INC as the largest holder at 9.69%.

Chief Executive OfficerLourenco Goncalves

Market Cap$7.2B

Steel

Basic Materials

Employees28.0K

Websiteclevelandcliffs.com

Country

United States of America

Overview

Overview of institutional ownership in CLF as of Q3 2025 with a market cap of $6.0B

All Institutions

Institutions: 551
Value Held: $4.7B
Shares Held: 382.8M
Avg Position: $8.5M
Median Position: $378.3K

Hedge Funds

Hedge Funds: 57
Value Held: $843.7M
Shares Held: 69.2M
Avg Position: $14.8M
Median Position: $2.4M

Ownership Breakdown

Institutional (non-HF)

63.44%

$3.8B

Hedge Funds

13.98%

$843.7M

Retail & Other

22.58%

$1.4B

Based on market cap of $6.0B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CLF as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$584.9M 0.01% of portfolio	9.69% 47.9M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$583.0M 0.01% of portfolio	9.66% 47.8M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$312.9M 0.01% of portfolio	5.18% 25.6M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
Slate Path Capital LP Hedge Fund•Long/Short	David Gerald Greenspan CEO	$241.0M 3.54% of portfolio	3.99% 19.8M shares	Q4 2020 Held for 4y 11m	$6.8B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$210.1M 0.05% of portfolio	3.48% 17.2M shares	Q1 2016 Held for 9y 8m	$466.32B
FAIRFAX FINANCIAL HOLDINGS LTD/ CAN RIA/Wealth	Christopher George Cousins President	$181.8M 8.80% of portfolio	3.01% 14.9M shares	Q4 2024 Held for 11 months	$2.1B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$106.8M 0.01% of portfolio	1.77% 8.8M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
CITIGROUP INC Institution	Jane Fraser CEO	$97.7M 0.07% of portfolio	1.62% 8.0M shares	≤ Q2 2013 Held for 12y 5m+	$144.32B
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dmitry Balyasny CIO	$97.5M 0.20% of portfolio	1.62% 8.0M shares	Q4 2019 Held for 5y 11m	$48.1B
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	Omar Aguilar Chavez CEO	$81.8M 0.01% of portfolio	1.36% 6.7M shares	≤ Q2 2013 Held for 12y 5m+	$620.51B

Net Capital Flow

Institutional buying and selling activity for CLF in Q3 2025

Traded: +$197.1M
Buyers: 252
Sellers: 246
Total Bought: +$747.2M
Total Sold: −$550.1M
Avg Position: $7.6M

Biggest Buyers

Institution	Net Bought	Current Position
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$91.7M +7.5M shares	$97.5M 8.0M shares
JPMORGAN CHASE & CO Institution	+$61.9M +5.1M shares	$71.7M 5.9M shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	+$51.7M +4.2M shares	$57.1M 4.7M shares
Slate Path Capital LP Hedge Fund•Long/Short	+$49.2M +4.0M shares	$241.0M 19.8M shares
D Duquesne Family Office LLC Institution	+$33.1M +2.7M shares	$33.1M 2.7M shares
Castle Hook Partners LP Hedge Fund•Global Macro	+$32.8M +2.7M shares	$32.8M 2.7M shares
D D. E. Shaw & Co., Inc. Institution	+$30.1M +2.5M shares	$35.5M 2.9M shares
FMR LLC Institution	+$23.6M +1.9M shares	$24.0M 2.0M shares
DISCOVERY CAPITAL MANAGEMENT, LLC / CT Hedge Fund•Global Macro	+$21.7M +1.8M shares	$21.7M 1.8M shares
BARCLAYS PLC Institution	+$20.8M +1.7M shares	$28.2M 2.3M shares

Biggest Sellers

Institution	Net Sold	Current Position
J Jump Financial, LLC Institution	−$49.2M −4.0M shares	$6.6M 541.0K shares
MORGAN STANLEY RIA/Wealth	−$44.9M −3.7M shares	$81.8M 6.7M shares
T Turiya Advisors Asia Ltd Institution	−$39.4M −5.2M shares	Sold Off 0 shares
Marshall Wace LLP Institution	−$36.6M −3.0M shares	$19.2M 1.6M shares
DIMENSIONAL FUND ADVISORS LP Long Only Manager	−$36.5M −3.0M shares	$210.1M 17.2M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$32.3M −2.6M shares	$24.4M 2.0M shares
BANK OF AMERICA CORP /DE/ Institution	−$27.2M −2.2M shares	$68.2M 5.6M shares
M Maple Rock Capital Partners, Inc. Hedge Fund•Multi-Strategy	−$23.0M −1.9M shares	$79.3M 6.5M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$22.6M −1.9M shares	$7.4M 608.6K shares
STATE STREET CORP Institution	−$22.0M −1.8M shares	$312.9M 25.6M shares

Entry and Exit Activity

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

New Positions: 30
New Value: $77.1M
Exited Positions: 64
Exited Value: $96.7M

New Positions

Institution	Position Value
D Duquesne Family Office LLC Institution	$33.1M 2.7M shares
DISCOVERY CAPITAL MANAGEMENT, LLC / CT Hedge Fund•Global Macro	$21.7M 1.8M shares
C Contrarius Group Holdings Ltd Institution	$10.9M 896.1K shares
Phocas Financial Corp. Long Only Manager	$3.9M 323.0K shares
Voleon Capital Management LP Hedge Fund•Quant	$2.0M 160.4K shares
Kovitz Investment Group Partners, LLC RIA/Wealth	$1.8M 149.9K shares
I Ilex Capital Partners LLP Institution	$666.6K 54.6K shares
L Landing Point Financial Group, LLC RIA/Wealth	$524.4K 43.0K shares
F Farringdon Capital, Ltd. Institution	$481.9K 39.5K shares
SILVER OAK SECURITIES, Inc RIA/Wealth	$383.8K 31.5K shares

Exited Positions

Institution	Previous Position
T Turiya Advisors Asia Ltd Institution	$39.4M 5.2M shares
C Cubist Systematic Strategies, LLC Institution	$18.0M 2.4M shares
A Assenagon Asset Management S.A. Institution	$8.2M 1.1M shares
C CastleKnight Management LP Hedge Fund•Event Driven	$5.9M 772.6K shares
Holocene Advisors, LP Hedge Fund•Long/Short	$2.9M 383.4K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$2.8M 373.3K shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	$2.2M 291.0K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$2.0M 263.9K shares
HighVista Strategies LLC Fund of Funds	$1.9M 255.6K shares
IMC-Chicago, LLC RIA/Wealth	$1.4M 190.6K shares

Options Activity

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

Call Positions: 39
Call Value: $447.5M
Put Positions: 30
Put Value: $271.5M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$116.7M 95.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$84.5M 69.3K contracts
J JANE STREET GROUP, LLC Institution	$34.6M 28.4K contracts
Diameter Capital Partners LP Hedge Fund•Credit Arb	$30.5M 25.0K contracts
N NOMURA HOLDINGS INC Institution	$20.5M 16.8K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$17.5M 14.4K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$15.4M 12.6K contracts
W WOLVERINE TRADING, LLC Institution	$15.3M 11.9K contracts
UBS Group AG Institution	$13.3M 10.9K contracts
C Cubist Systematic Strategies, LLC Institution	$13.2M 10.8K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$66.5M 54.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$35.7M 29.3K contracts
UBS Group AG Institution	$22.5M 18.4K contracts
D D. E. Shaw & Co., Inc. Institution	$22.4M 18.3K contracts
J JANE STREET GROUP, LLC Institution	$20.4M 16.7K contracts
N NOMURA HOLDINGS INC Institution	$11.6M 9.5K contracts
C Cubist Systematic Strategies, LLC Institution	$11.6M 9.5K contracts
Walleye Trading LLC RIA/Wealth	$9.5M 7.8K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$9.1M 7.4K contracts
GOLDMAN SACHS GROUP INC Institution	$8.8M 7.2K contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Drexel Morgan & Co. RIA/Wealth	George Washington Connell CEO	10.73% $68.3M	1.13% 5.6M shares	Q3 2022 Held for 3y 2m	$636.7M
FAIRFAX FINANCIAL HOLDINGS LTD/ CAN RIA/Wealth	Christopher George Cousins President	8.80% $181.8M	3.01% 14.9M shares	Q4 2024 Held for 11 months	$2.1B
M MASTERS CAPITAL MANAGEMENT LLC Hedge Fund•Long/Short	Michael Willingham Masters CEO	4.68% $24.4M	0.40% 2.0M shares	Q1 2016 Held for 9y 8m	$521.3M
Slate Path Capital LP Hedge Fund•Long/Short	David Gerald Greenspan CEO	3.54% $241.0M	3.99% 19.8M shares	Q4 2020 Held for 4y 11m	$6.8B
S Soviero Asset Management, LP Hedge Fund•Long/Short	Thomas E King CFO	3.28% $5.3M	0.09% 435.0K shares	Q1 2025 Held for 8 months	$161.8M
M Maple Rock Capital Partners, Inc. Hedge Fund•Multi-Strategy	Xavier George Majic CEO	3.10% $79.3M	1.31% 6.5M shares	Q2 2025 Held for 5 months	$2.6B
Hodges Capital Management Inc. Long Only Manager	Craig Donaldson Hodges CEO	2.56% $29.7M	0.49% 2.4M shares	≤ Q2 2013 Held for 12y 5m+	$1.2B
Axim Planning & Wealth RIA/Wealth	Luong Pham Managing Partner	2.35% $2.9M	0.05% 241.3K shares	Q4 2024 Held for 11 months	$125.1M
SFE Investment Counsel RIA/Wealth	James Thomas Moylan President	1.95% $12.2M	0.20% 1.0M shares	Q1 2017 Held for 8y 8m	$626.3M
Collar Capital Management, LLC RIA/Wealth	Patrick Daniel Collar Managing Partner	1.95% $2.8M	0.05% 229.5K shares	Q4 2024 Held for 11 months	$143.5M

Hedge Fund Spotlight

Discover hedge funds investing in CLF

OCCUDO QUANTITATIVE STRATEGIES LP

Hedge Fund • Market Neutral

Portfolio ManagerRicky Xiaoxiao Shi

Portfolio Value: $821.7M
Positions: 644
Last Reported: Q3 2025

Sector Allocation

Position in Cleveland-Cliffs

Market Value: $393.5K
Shares Held: 32.3K
Portfolio Weight: 0.05%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Lam Research LRCX	Semiconductors Technology	$9.4M	1.15%
2 Intuitive Surgical ISRG	Medical - Instruments & Supplies Healthcare	$9.4M	1.15%
3 Costco Wholesale COST	Discount Stores Consumer Defensive	$9.3M	1.14%