Millicom International Cellular

TIGO • NASDAQ

Millicom International Cellular is a telecommunications services company in the communication services sector on NASDAQ, led by Marcelo Benitez, with a market cap of $8.7B. As of Q3 2025, 42% of shares are held by 258 institutional investors, with DODGE & COX as the largest holder at 5.06%.

Chief Executive OfficerMarcelo Benitez

Market Cap$8.7B

Telecommunications Services

Communication Services

Employees16.5K

Websitemillicom.com

Overview

Overview of institutional ownership in TIGO as of Q3 2025 with a market cap of $8.1B

All Institutions

Institutions: 258
Value Held: $3.4B
Shares Held: 70.3M
Avg Position: $13.2M
Median Position: $972.1K

Hedge Funds

Hedge Funds: 32
Value Held: $224.2M
Shares Held: 4.6M
Avg Position: $7.0M
Median Position: $1.8M

Ownership Breakdown

Institutional (non-HF)

39.31%

$3.2B

Hedge Funds

2.76%

$224.2M

Retail & Other

57.92%

$4.7B

Based on market cap of $8.1B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TIGO as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
DODGE & COX Long Only Manager	Dana Morton Emery CEO	$410.1M 0.22% of portfolio	5.06% 8.4M shares	Q1 2025 Held for 8 months	$185.33B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$313.6M 0.02% of portfolio	3.87% 6.5M shares	Q2 2024 Held for 1y 5m	$1.56T
B BRANDES INVESTMENT PARTNERS, LP Long Only Manager	Oliver Michael Murray CEO	$283.2M 2.27% of portfolio	3.49% 5.8M shares	Q2 2022 Held for 3y 5m	$12.5B
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$283.1M 0.03% of portfolio	3.49% 5.8M shares	Q1 2024 Held for 1y 8m	$912.31B
B BlackRock, Inc. Institution	-	$257.4M 0.00% of portfolio	3.17% 5.3M shares	Q3 2020 Held for 5y 2m	$5.67T
BARCLAYS PLC Institution	-	$140.5M 0.05% of portfolio	1.73% 2.9M shares	Q2 2024 Held for 1y 5m	$271.65B
P Perpetual Ltd Institution	-	$132.6M 1.65% of portfolio	1.64% 2.7M shares	Q4 2024 Held for 11 months	$8.1B
S Swedbank AB Institution	-	$116.3M 0.12% of portfolio	1.43% 2.4M shares	Q3 2025 Held for 2 months	$98.7B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$96.3M 0.00% of portfolio	1.19% 2.0M shares	Q3 2024 Held for 1y 2m	$2.88T
Robeco Investment Management, Inc. Long Only Manager	Joseph Francis Feeney CEO	$75.8M 0.08% of portfolio	0.94% 1.6M shares	Q1 2025 Held for 8 months	$97.8B

Net Capital Flow

Institutional buying and selling activity for TIGO in Q3 2025

Net Flow: +$104.6M
Buyers: 90
Sellers: 103
Total Bought: +$661.4M
Total Sold: −$556.8M
Avg Position: $14.2M

Biggest Buyers

Institution	Net Bought	Current Position
JPMORGAN CHASE & CO Institution	+$243.7M +5.0M shares	$313.6M 6.5M shares
P Perpetual Ltd Institution	+$130.1M +2.7M shares	$132.6M 2.7M shares
NORTHERN TRUST CORP Institution	+$34.7M +714.2K shares	$61.7M 1.3M shares
UBS Group AG Institution	+$19.4M +398.7K shares	$25.7M 528.6K shares
S SG Americas Securities, LLC Institution	+$18.1M +373.0K shares	$19.7M 406.5K shares
P PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO Institution	+$17.7M +365.1K shares	$23.4M 482.1K shares
B BlackRock, Inc. Institution	+$16.9M +348.0K shares	$257.4M 5.3M shares
FIRST TRUST ADVISORS LP ETF Provider	+$16.9M +347.4K shares	$47.0M 969.1K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	+$14.9M +307.3K shares	$14.9M 307.3K shares
FMR LLC Institution	+$14.3M +294.0K shares	$14.3M 294.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
Robeco Investment Management, Inc. Long Only Manager	−$67.7M −1.4M shares	$75.8M 1.6M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$46.3M −952.9K shares	$59.1M 1.2M shares
Park West Asset Management LLC Hedge Fund•Multi-Strategy	−$45.0M −927.0K shares	$21.9M 450.5K shares
MANGROVE PARTNERS Hedge Fund•Multi-Strategy	−$40.4M −1.1M shares	Sold Off 0 shares
S SOUTHEASTERN ASSET MANAGEMENT INC/TN/ Long Only Manager	−$38.9M −1.0M shares	Sold Off 0 shares
B BRANDES INVESTMENT PARTNERS, LP Long Only Manager	−$38.3M −789.4K shares	$283.2M 5.8M shares
MORGAN STANLEY RIA/Wealth	−$30.5M −627.5K shares	$29.8M 613.7K shares
Q Qube Research & Technologies Ltd Institution	−$22.9M −472.0K shares	$31.5M 648.0K shares
DODGE & COX Long Only Manager	−$18.8M −387.5K shares	$410.1M 8.4M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$17.0M −453.3K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 76
New Value: $342.0M
Exited Positions: 41
Exited Value: $203.3M

New Positions

Institution	Position Value
S Swedbank AB Institution	$116.3M 2.4M shares
Marathon Asset Mgmt Ltd Long Only Manager	$47.8M 984.5K shares
Cullen Capital Management, LLC Long Only Manager	$31.2M 643.0K shares
C CREDIT AGRICOLE S A Institution	$27.4M 564.5K shares
S Standard Life Aberdeen plc Institution	$26.2M 539.1K shares
Aperture Investors, LLC Hedge Fund•Multi-Strategy	$18.6M 383.0K shares
R READYSTATE ASSET MANAGEMENT LP Hedge Fund•Multi-Strategy	$10.2M 210.5K shares
C CANADA PENSION PLAN INVESTMENT BOARD Institution	$9.1M 188.4K shares
CX Institutional RIA/Wealth	$8.5M 175.7K shares
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS Private Equity	$5.6M 116.3K shares

Exited Positions

Institution	Previous Position
MANGROVE PARTNERS Hedge Fund•Multi-Strategy	$40.4M 1.1M shares
S SOUTHEASTERN ASSET MANAGEMENT INC/TN/ Long Only Manager	$38.9M 1.0M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$17.0M 453.3K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$14.3M 383.0K shares
I Itau Unibanco Holding S.A. Institution	$13.9M 703.3K shares
CLIFFORD CAPITAL PARTNERS LLC Long Only Manager	$13.4M 358.0K shares
Western Standard, LLC Hedge Fund•Long/Short	$11.8M 313.9K shares
M MOON CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	$8.1M 215.9K shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	$7.0M 187.4K shares
S Skandinaviska Enskilda Banken AB Institution	$5.8M 153.8K shares

Options Activity

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

Call Positions: 7
Call Value: $23.3M
Put Positions: 4
Put Value: $1.4M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$12.7M 2.6K contracts
J JANE STREET GROUP, LLC Institution	$5.4M 1.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.7M 549.0 contracts
C Cubist Systematic Strategies, LLC Institution	$1.4M 279.0 contracts
CITIGROUP INC Institution	$1.2M 240.0 contracts
Delos Wealth Advisors, LLC RIA/Wealth	- - contracts
W WOLVERINE TRADING, LLC Institution	- - contracts

Put Positions

Institution	Position Value
C Cubist Systematic Strategies, LLC Institution	$708.7K 146.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$402.9K 83.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$310.7K 64.0 contracts
W WOLVERINE TRADING, LLC Institution	- - contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
L LB Partners LLC Hedge Fund•Multi-Strategy	Charles Pollard Cocke Managing Partner	9.72% $15.1M	0.19% 312.0K shares	Q4 2023 Held for 1y 11m	$155.8M
Aperture Investors, LLC Hedge Fund•Multi-Strategy	Peter Steven Kraus CEO	2.58% $18.6M	0.23% 383.0K shares	Q3 2025 Held for 2 months	$719.9M
T Triodos Investment Management BV Institution	-	2.49% $34.4M	0.42% 709.0K shares	Q1 2025 Held for 8 months	$1.4B
B BRANDES INVESTMENT PARTNERS, LP Long Only Manager	Oliver Michael Murray CEO	2.27% $283.2M	3.49% 5.8M shares	Q2 2022 Held for 3y 5m	$12.5B
Park West Asset Management LLC Hedge Fund•Multi-Strategy	Peter Sang Hun Park CIO	2.00% $21.9M	0.27% 450.5K shares	Q4 2024 Held for 11 months	$1.1B
Marathon Asset Mgmt Ltd Long Only Manager	Robert Charles Hingley Chairman	1.76% $47.8M	0.59% 984.5K shares	Q3 2025 Held for 2 months	$2.7B
P Perpetual Ltd Institution	-	1.65% $132.6M	1.64% 2.7M shares	Q4 2024 Held for 11 months	$8.1B
T Triasima Portfolio Management inc. Long Only Manager	Andre R. Chabot CEO	1.49% $9.9M	0.12% 203.4K shares	Q2 2025 Held for 5 months	$662.6M
F Future Fund LLC Institution	-	1.11% $3.2M	0.04% 65.1K shares	Q1 2025 Held for 8 months	$283.4M
R READYSTATE ASSET MANAGEMENT LP Hedge Fund•Multi-Strategy	David Barnett Grossman Managing Partner	1.02% $10.2M	0.13% 210.5K shares	Q3 2025 Held for 2 months	$1.0B

Hedge Fund Spotlight

Discover hedge funds investing in TIGO

Quent Capital, LLC

Hedge Fund • Long/Short

Portfolio ManagerWilliam Albert Jollie

Portfolio Value: $1.2B
Positions: 1,433
Last Reported: Q3 2025

Sector Allocation

Position in Millicom International Cellular

Market Value: $146.0
Shares Held: 3.0
Portfolio Weight: 0.00%
Owned Since: 2025-Q3

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