Norfolk Southern

NSC • NYSE

Norfolk Southern is a railroads company in the industrials sector on NYSE, led by Alan H. Shaw, with a market cap of $66.2B. As of Q3 2025, 75% of shares are held by 1,745 institutional investors, with VANGUARD GROUP INC as the largest holder at 9.16%.

Chief Executive OfficerAlan H. Shaw

Market Cap$66.2B

Railroads

Industrials

Employees20.7K

Websitenorfolksouthern.com

Country

United States of America

Overview

Overview of institutional ownership in NSC as of Q3 2025 with a market cap of $67.4B

All Institutions

Institutions: 1,745
Value Held: $50.6B
Shares Held: 168.6M
Avg Position: $29.0M
Median Position: $866.1K

Hedge Funds

Hedge Funds: 82
Value Held: $5.7B
Shares Held: 19.1M
Avg Position: $70.1M
Median Position: $14.8M

Ownership Breakdown

Institutional (non-HF)

66.58%

$44.9B

Hedge Funds

8.53%

$5.7B

Retail & Other

24.89%

$16.8B

Based on market cap of $67.4B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NSC as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$6.2B 0.09% of portfolio	9.16% 20.6M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$4.5B 0.08% of portfolio	6.66% 15.0M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
DODGE & COX Long Only Manager	Dana Morton Emery CEO	$3.3B 1.76% of portfolio	4.85% 10.9M shares	≤ Q2 2013 Held for 12y 5m+	$185.33B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$2.8B 0.10% of portfolio	4.16% 9.3M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$1.5B 0.09% of portfolio	2.17% 4.9M shares	≤ Q2 2013 Held for 12y 5m+	$1.56T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$1.4B 0.09% of portfolio	2.16% 4.8M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$1.2B 0.13% of portfolio	1.71% 3.8M shares	≤ Q2 2013 Held for 12y 5m+	$912.31B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$987.7M 0.07% of portfolio	1.47% 3.3M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
FMR LLC Institution	-	$964.9M 0.05% of portfolio	1.43% 3.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.92T
Pentwater Capital Management LP Hedge Fund•Event Driven	Matthew Charles Halbower CEO	$826.1M 7.82% of portfolio	1.23% 2.8M shares	Q3 2025 Held for 2 months	$10.6B

Net Capital Flow

Institutional buying and selling activity for NSC in Q3 2025

Net Flow: −$4.9B
Buyers: 534
Sellers: 696
Total Bought: +$4.8B
Total Sold: −$9.8B
Avg Position: $28.8M

Biggest Buyers

Institution	Net Bought	Current Position
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$663.4M +2.2M shares	$794.4M 2.6M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$589.5M +2.0M shares	$592.8M 2.0M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	+$331.6M +1.1M shares	$392.4M 1.3M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$329.6M +1.1M shares	$329.6M 1.1M shares
D DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Institution	+$316.3M +1.1M shares	$319.0M 1.1M shares
UBS Group AG Institution	+$288.6M +960.8K shares	$622.6M 2.1M shares
R ROYAL BANK OF CANADA Institution	+$158.9M +528.8K shares	$385.2M 1.3M shares
COHEN & STEERS INC Institution	+$154.7M +514.9K shares	$216.3M 719.9K shares
OZ MANAGEMENT LP Hedge Fund•Multi-Strategy	+$140.9M +469.0K shares	$152.6M 508.0K shares
A Assenagon Asset Management S.A. Institution	+$137.9M +459.2K shares	$286.2M 952.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$2.1B −7.1M shares	$1.2B 3.8M shares
EdgePoint Investment Group Inc. Long Only Manager	−$1.3B −4.2M shares	$4.6M 15.3K shares
Robeco Investment Management, Inc. Long Only Manager	−$1.1B −3.7M shares	$3.0M 9.9K shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	−$986.9M −3.3M shares	$1.2M 3.9K shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	−$352.4M −1.4M shares	Sold Off 0 shares
A AMERICAN CENTURY COMPANIES INC Institution	−$255.6M −851.0K shares	$647.3M 2.2M shares
Holocene Advisors, LP Hedge Fund•Long/Short	−$251.7M −983.4K shares	Sold Off 0 shares
JPMORGAN CHASE & CO Institution	−$244.5M −813.9K shares	$1.5B 4.9M shares
FMR LLC Institution	−$221.7M −738.1K shares	$964.9M 3.2M shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	−$206.1M −686.1K shares	$225.4M 750.3K shares

Entry and Exit Activity

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

New Positions: 101
New Value: $2.3B
Exited Positions: 102
Exited Value: $1.6B

New Positions

Institution	Position Value
Pentwater Capital Management LP Hedge Fund•Event Driven	$826.1M 2.8M shares
Third Point LLC Hedge Fund•Multi-Strategy	$495.7M 1.7M shares
FARALLON CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$184.8M 615.0K shares
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb	$151.0M 502.6K shares
O Omni Event Management Ltd Institution	$98.8M 329.0K shares
A AustralianSuper Pty Ltd Institution	$64.9M 216.0K shares
TIG Advisors, LLC Hedge Fund•Multi-Strategy	$62.1M 206.6K shares
SONA ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$56.9M 189.3K shares
Empyrean Capital Partners, LP Hedge Fund•Event Driven	$41.0M 136.5K shares
Governors Lane LP Hedge Fund•Event Driven	$40.3M 134.3K shares

Exited Positions

Institution	Previous Position
Kingstone Capital Partners Texas, LLC RIA/Wealth	$352.4M 1.4M shares
Holocene Advisors, LP Hedge Fund•Long/Short	$251.7M 983.4K shares
Interval Partners, LLC Hedge Fund•Long/Short	$199.4M 778.9K shares
T TOMS Capital Investment Management LP Hedge Fund•Long/Short	$182.0M 711.0K shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	$161.5M 630.9K shares
Corvex Management LP Hedge Fund•Event Driven	$76.1M 297.4K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$70.9M 276.9K shares
Junto Capital Management LP Hedge Fund•Long/Short	$42.8M 167.2K shares
Encompass Capital Advisors LLC Hedge Fund•Long/Short	$25.6M 100.0K shares
Davidson Kempner Capital Management LP Hedge Fund•Multi-Strategy	$21.8M 85.0K shares

Options Activity

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

Call Positions: 29
Call Value: $244.8M
Put Positions: 25
Put Value: $298.2M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$78.8M 2.6K contracts
UBS Group AG Institution	$30.5M 1.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$17.2M 571.0 contracts
N NOMURA HOLDINGS INC Institution	$16.6M 554.0 contracts
J JANE STREET GROUP, LLC Institution	$16.5M 549.0 contracts
GOLDMAN SACHS GROUP INC Institution	$15.0M 500.0 contracts
H HSBC HOLDINGS PLC Institution	$9.0M 299.0 contracts
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$7.5M 251.0 contracts
W WOLVERINE TRADING, LLC Institution	$7.3M 243.0 contracts
CITIGROUP INC Institution	$6.0M 201.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$95.2M 3.2K contracts
UBS Group AG Institution	$45.4M 1.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$29.0M 965.0 contracts
H HSBC HOLDINGS PLC Institution	$20.7M 691.0 contracts
GOLDMAN SACHS GROUP INC Institution	$15.4M 511.0 contracts
CITIGROUP INC Institution	$13.8M 461.0 contracts
B BNP PARIBAS ARBITRAGE, SA Institution	$13.2M 4.4 contracts
Walleye Trading LLC RIA/Wealth	$11.8M 393.0 contracts
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$11.5M 383.0 contracts
W WOLVERINE TRADING, LLC Institution	$10.9M 363.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Taylor Financial Group, Inc. RIA/Wealth	Marvin William Taylor Chairman	14.26% $24.8M	0.04% 82.5K shares	Q4 2023 Held for 1y 11m	$173.8M
V Vazirani Asset Management LLC Institution	-	13.42% $3.8M	0.01% 12.5K shares	Q3 2025 Held for 2 months	$28.0M
Laurion Capital Management LP Hedge Fund•Multi-Strategy	Masih Mohebbi-Forushani CFO	13.34% $90.6M	0.13% 301.7K shares	Q2 2025 Held for 5 months	$679.7M
C COBALT CAPITAL MANAGEMENT INC Institution	-	12.43% $27.0M	0.04% 90.0K shares	Q3 2025 Held for 2 months	$217.6M
S Sand Grove Capital Management LLP Hedge Fund•Event Driven	Daniel Caplan CEO	12.39% $25.4M	0.04% 84.4K shares	Q3 2025 Held for 2 months	$204.7M
O Omni Event Management Ltd Institution	-	11.48% $98.8M	0.15% 329.0K shares	Q3 2025 Held for 2 months	$860.9M
Slotnik Capital, LLC Hedge Fund•Event Driven	Loren Russell Sauer CCO	10.74% $29.8M	0.04% 99.2K shares	Q3 2025 Held for 2 months	$277.4M
H HARVEST MANAGEMENT LLC Hedge Fund•Event Driven	Nathaniel Lee Bohrer Managing Partner	9.81% $19.9M	0.03% 66.4K shares	Q3 2025 Held for 2 months	$203.3M
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb	Robert Emil Zoellner CEO	9.21% $151.0M	0.22% 502.6K shares	Q3 2025 Held for 2 months	$1.6B
Kintayl Capital LP Hedge Fund•Long/Short	Ashley Taylor Amarosa COO	7.85% $11.4M	0.02% 38.1K shares	Q3 2025 Held for 2 months	$145.8M

Hedge Fund Spotlight

Discover hedge funds investing in NSC

ARROWSTREET CAPITAL LIMITED PARTNERSHIP

Hedge Fund • Quant

Portfolio ManagerAnthony Ryan

Portfolio Value: $158.92B
Positions: 1,827
Last Reported: Q3 2025

Sector Allocation

Position in Norfolk Southern

Market Value: $376.3M
Shares Held: 1.3M
Portfolio Weight: 0.24%
Owned Since: 2021-Q1

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3 Nvidia NVDA	Semiconductors Technology	$4.8B	3.02%