Lincoln National

LNC • NYSE

Lincoln National is a insurance - life company in the financial services sector on NYSE, led by Ellen G. Cooper, with a market cap of $8.6B. As of Q3 2025, 71% of shares are held by 591 institutional investors, with VANGUARD GROUP INC as the largest holder at 10.5%.

President and CEOEllen G. Cooper

Market Cap$8.6B

Insurance - Life

Financial Services

Employees11.0K

Websitelincolnfinancial.com

Country

United States of America

Overview

Overview of institutional ownership in LNC as of Q3 2025 with a market cap of $7.6B

All Institutions

Institutions: 591
Value Held: $5.4B
Shares Held: 134.0M
Avg Position: $9.1M
Median Position: $559.9K

Hedge Funds

Hedge Funds: 54
Value Held: $322.5M
Shares Held: 8.0M
Avg Position: $6.0M
Median Position: $2.0M

Ownership Breakdown

Institutional (non-HF)

66.44%

$5.1B

Hedge Funds

4.22%

$322.5M

Retail & Other

29.34%

$2.2B

Based on market cap of $7.6B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in LNC as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$802.7M 0.01% of portfolio	10.50% 19.9M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$743.2M 0.01% of portfolio	9.72% 18.4M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$241.1M 0.01% of portfolio	3.15% 6.0M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	Edward Murray Maloney CEO	$240.1M 0.07% of portfolio	3.14% 6.0M shares	Q2 2024 Held for 1y 5m	$322.72B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$231.1M 0.05% of portfolio	3.02% 5.7M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$209.9M 0.02% of portfolio	2.75% 5.2M shares	≤ Q2 2013 Held for 12y 5m+	$912.31B
FIRST TRUST ADVISORS LP ETF Provider	James Allen Bowen CEO	$196.8M 0.15% of portfolio	2.57% 4.9M shares	≤ Q2 2013 Held for 12y 5m+	$134.11B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$170.9M 0.01% of portfolio	2.24% 4.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$118.8M 0.01% of portfolio	1.55% 2.9M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
L LSV ASSET MANAGEMENT Long Only Manager	Josef Nmn Lakonishok CEO	$105.5M 0.23% of portfolio	1.38% 2.6M shares	≤ Q2 2013 Held for 12y 5m+	$45.1B

Net Capital Flow

Institutional buying and selling activity for LNC in Q3 2025

Traded: +$250.7M
Buyers: 282
Sellers: 229
Total Bought: +$662.0M
Total Sold: −$411.3M
Avg Position: $8.5M

Biggest Buyers

Institution	Net Bought	Current Position
B BlackRock, Inc. Institution	+$78.4M +1.9M shares	$743.2M 18.4M shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$56.6M +1.4M shares	$209.9M 5.2M shares
VANGUARD GROUP INC Institution	+$47.7M +1.2M shares	$802.7M 19.9M shares
DIMENSIONAL FUND ADVISORS LP Long Only Manager	+$46.7M +1.2M shares	$231.1M 5.7M shares
JENNISON ASSOCIATES LLC Long Only Manager	+$42.6M +1.1M shares	$93.5M 2.3M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	+$41.8M +1.0M shares	$240.1M 6.0M shares
R ROYAL BANK OF CANADA Institution	+$41.1M +1.0M shares	$98.3M 2.4M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$40.6M +1.0M shares	$41.2M 1.0M shares
Marshall Wace LLP Institution	+$29.8M +739.7K shares	$29.8M 739.7K shares
UBS Group AG Institution	+$15.4M +382.6K shares	$70.9M 1.8M shares

Biggest Sellers

Institution	Net Sold	Current Position
HENNESSY ADVISORS INC Institution	−$48.5M −1.4M shares	Sold Off 0 shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$34.9M −865.4K shares	$11.5M 285.0K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$33.8M −837.4K shares	$4.7M 115.3K shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$23.3M −578.9K shares	$6.5M 162.3K shares
PRINCIPAL FINANCIAL GROUP INC Institution	−$18.6M −460.9K shares	$94.1M 2.3M shares
NORTHERN TRUST CORP Institution	−$18.1M −449.5K shares	$81.5M 2.0M shares
A Algebris Ltd Institution	−$16.8M −416.3K shares	$44.0M 1.1M shares
H HSBC HOLDINGS PLC Institution	−$16.7M −418.8K shares	$49.0M 1.2M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$12.7M −314.1K shares	$19.9M 494.6K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$9.5M −235.1K shares	$33.0M 819.0K shares

Entry and Exit Activity

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

New Positions: 32
New Value: $20.8M
Exited Positions: 42
Exited Value: $73.4M

New Positions

Institution	Position Value
C CSM Advisors, LLC Institution	$13.5M 334.3K shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	$1.8M 45.0K shares
WESPAC Advisors, LLC RIA/Wealth	$736.6K 18.3K shares
Steadtrust LLC RIA/Wealth	$625.1K 15.5K shares
Comprehensive Portfolio Management, LLC RIA/Wealth	$530.3K 13.2K shares
Lantz Financial LLC RIA/Wealth	$471.5K 11.7K shares
MMA ASSET MANAGEMENT LLC Pension/Endowment	$337.0K 8.4K shares
P PharVision Advisers, LLC Hedge Fund•Long/Short	$325.8K 8.1K shares
AlphaCore Capital LLC Real Assets	$227.7K 5.6K shares
RFG Advisory Group, LLC RIA/Wealth	$222.6K 5.5K shares

Exited Positions

Institution	Previous Position
HENNESSY ADVISORS INC Institution	$48.5M 1.4M shares
A AXA Institution	$7.7M 221.4K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$4.4M 127.3K shares
S South Dakota Investment Council Institution	$3.2M 92.1K shares
Ted Buchan & Co RIA/Wealth	$1.3M 36.2K shares
L Laurel Wealth Advisors LLC RIA/Wealth	$1.0M 29.5K shares
Walleye Trading LLC RIA/Wealth	$899.4K 26.0K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$704.1K 20.4K shares
CAPSTONE INVESTMENT ADVISORS, LLC Hedge Fund•Multi-Strategy	$467.8K 13.5K shares
Deschutes Portfolio Strategy, LLC RIA/Wealth	$467.1K 13.5K shares

Options Activity

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

Call Positions: 20
Call Value: $106.0M
Put Positions: 20
Put Value: $109.3M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$25.2M 6.3K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$17.4M 4.3K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$11.4M 2.8K contracts
J JANE STREET GROUP, LLC Institution	$9.1M 2.3K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$8.6M 2.1K contracts
W WOLVERINE TRADING, LLC Institution	$5.6M 1.4K contracts
Walleye Trading LLC RIA/Wealth	$5.3M 1.3K contracts
P PEAK6 LLC Institution	$4.9M 1.2K contracts
D D. E. Shaw & Co., Inc. Institution	$4.0M 992.0 contracts
UBS Group AG Institution	$3.2M 785.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$23.7M 5.9K contracts
D D. E. Shaw & Co., Inc. Institution	$11.6M 2.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$10.4M 2.6K contracts
UBS Group AG Institution	$8.7M 2.2K contracts
J JANE STREET GROUP, LLC Institution	$8.6M 2.1K contracts
Walleye Trading LLC RIA/Wealth	$6.9M 1.7K contracts
L LPL Financial LLC Institution	$6.1M 1.5K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$6.0M 1.5K contracts
Interval Partners, LLC Hedge Fund•Long/Short	$5.3M 1.3K contracts
P PEAK6 LLC Institution	$5.0M 1.2K contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
LMM LLC Long Only Manager	William Herbert Miller Chairman	7.72% $21.0M	0.27% 520.7K shares	Q1 2024 Held for 1y 8m	$272.2M
N NEW VERNON INVESTMENT MANAGEMENT LLC Hedge Fund•Multi-Strategy	Steven Arthur Shapiro Managing Partner	5.80% $6.2M	0.08% 154.1K shares	Q3 2024 Held for 1y 2m	$107.2M
A Algebris Ltd Institution	-	5.51% $44.0M	0.58% 1.1M shares	Q4 2023 Held for 1y 11m	$799.8M
R RK Asset Management, LLC Institution	-	3.40% $3.7M	0.05% 92.6K shares	Q4 2022 Held for 2y 11m	$110.0M
KEMPNER CAPITAL MANAGEMENT INC. Long Only Manager	Vera Delynn Greene President	3.18% $3.3M	0.04% 81.8K shares	Q1 2020 Held for 5y 8m	$103.7M
N New Century Financial Group, LLC RIA/Wealth	Jon Paul Brouard President	3.05% $1.7M	0.02% 42.5K shares	Q4 2023 Held for 1y 11m	$56.3M
Loudon Investment Management, LLC RIA/Wealth	Emily Loudon Sands President	2.95% $5.6M	0.07% 139.6K shares	Q1 2024 Held for 1y 8m	$190.9M
Collar Capital Management, LLC RIA/Wealth	Patrick Daniel Collar Managing Partner	2.56% $3.7M	0.05% 91.0K shares	Q4 2024 Held for 11 months	$143.5M
M Mork Capital Management Institution	-	2.41% $3.5M	0.05% 86.7K shares	Q4 2023 Held for 1y 11m	$145.1M
OAK HARBOR WEALTH PARTNERS, LLC RIA/Wealth	Paul Boddie Elam CCO	2.19% $8.9M	0.12% 219.7K shares	Q4 2021 Held for 3y 11m	$404.8M

Hedge Fund Spotlight

Discover hedge funds investing in LNC

SHERBROOKE PARK ADVISERS LLC

Hedge Fund • Quant

Portfolio ManagerKun Gao

Portfolio Value: $215.3M
Positions: 498
Last Reported: Q3 2025

Sector Allocation

Position in Lincoln National

Market Value: $276.5K
Shares Held: 6.9K
Portfolio Weight: 0.13%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 Airbnb ABNB	Travel Services Consumer Cyclical	$1.9M	0.87%
2 Duolingo DUOL	Software - Application Technology	$1.8M	0.83%
3 Atlassian TEAM	Software - Application Technology	$1.6M	0.74%