Waters Corporation

WAT • NYSE

Waters Corporation is a medical - diagnostics & research company in the healthcare sector on NYSE, led by Udit Batra, with a market cap of $23.5B. As of Q3 2025, 96% of shares are held by 730 institutional investors, with VANGUARD GROUP INC as the largest holder at 12.86%.

CEOUdit Batra

Market Cap$23.5B

Medical - Diagnostics & Research

Healthcare

Employees7.9K

Websitewaters.com

Country

United States of America

Overview

Overview of institutional ownership in WAT as of Q3 2025 with a market cap of $17.8B

All Institutions

Institutions: 730
Value Held: $17.1B
Shares Held: 57.2M
Avg Position: $23.5M
Median Position: $909.2K

Hedge Funds

Hedge Funds: 55
Value Held: $405.8M
Shares Held: 1.4M
Avg Position: $7.4M
Median Position: $1.8M

Ownership Breakdown

Institutional (non-HF)

93.78%

$16.7B

Hedge Funds

2.27%

$405.8M

Retail & Other

3.95%

$705.1M

Based on market cap of $17.8B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in WAT as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$2.3B 0.03% of portfolio	12.86% 7.7M shares	≤ Q2 2013 Held for 12y 6m+	$6.69T
BlackRock, Inc. Institution	Laurence D. Fink CEO	$1.8B 0.03% of portfolio	10.19% 6.1M shares	≤ Q2 2013 Held for 12y 6m+	$5.67T
Fundsmith LLP Long Only Manager	Terence Charles Smith CEO	$1.2B 5.99% of portfolio	6.65% 4.0M shares	Q1 2015 Held for 10y 9m	$19.8B
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	Edward Murray Maloney CEO	$806.4M 0.25% of portfolio	4.52% 2.7M shares	≤ Q2 2013 Held for 12y 6m+	$322.72B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$803.3M 0.03% of portfolio	4.50% 2.7M shares	≤ Q2 2013 Held for 12y 6m+	$2.88T
ALLIANCEBERNSTEIN L.P. Long Only Manager	Seth Perry Bernstein CEO	$624.9M 0.20% of portfolio	3.50% 2.1M shares	≤ Q2 2013 Held for 12y 6m+	$317.45B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$473.3M 0.03% of portfolio	2.66% 1.6M shares	≤ Q2 2013 Held for 12y 6m+	$1.57T
Mawer Investment Management Ltd. Long Only Manager	Geoffrey Grafton Ritchie Chairman	$465.0M 2.41% of portfolio	2.61% 1.6M shares	Q1 2016 Held for 9y 9m	$19.3B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$441.4M 0.07% of portfolio	2.47% 1.5M shares	≤ Q2 2013 Held for 12y 6m+	$633.08B
F FUNDSMITH INVESTMENT SERVICES LTD. Long Only Manager	Terence Charles Smith CEO	$406.6M 6.34% of portfolio	2.28% 1.4M shares	Q1 2022 Held for 3y 9m	$6.4B

Net Capital Flow

Institutional buying and selling activity for WAT in Q3 2025

Traded: +$250.7M
Buyers: 321
Sellers: 388
Total Bought: +$2.4B
Total Sold: −$2.1B
Avg Position: $20.7M

Biggest Buyers

Institution	Net Bought	Current Position
Mawer Investment Management Ltd. Long Only Manager	+$322.1M +1.1M shares	$465.0M 1.6M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	+$247.6M +825.7K shares	$806.4M 2.7M shares
Veritas Asset Management LLP Long Only Manager	+$175.3M +584.8K shares	$175.3M 584.8K shares
HENDERSON GROUP PLC Institution	+$118.7M +396.0K shares	$390.5M 1.3M shares
Invesco Ltd. ETF Provider	+$107.8M +359.6K shares	$441.4M 1.5M shares
Fundsmith LLP Long Only Manager	+$104.1M +347.1K shares	$1.2B 4.0M shares
Holocene Advisors, LP Hedge Fund•Long/Short	+$92.5M +308.5K shares	$92.5M 308.5K shares
D D. E. Shaw & Co., Inc. Institution	+$87.2M +290.7K shares	$87.5M 291.8K shares
Kovitz Investment Group Partners, LLC RIA/Wealth	+$79.5M +265.1K shares	$79.8M 266.2K shares
VANGUARD GROUP INC Institution	+$73.8M +246.1K shares	$2.3B 7.7M shares

Biggest Sellers

Institution	Net Sold	Current Position
ALLIANCEBERNSTEIN L.P. Long Only Manager	−$580.7M −1.9M shares	$624.9M 2.1M shares
Bank of New York Mellon Corp Institution	−$425.8M −1.4M shares	$102.2M 341.0K shares
BlackRock, Inc. Institution	−$149.1M −497.2K shares	$1.8B 6.1M shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	−$100.3M −287.3K shares	Sold Off 0 shares
FENIMORE ASSET MANAGEMENT INC Long Only Manager	−$85.1M −243.8K shares	Sold Off 0 shares
Marshall Wace LLP Institution	−$76.2M −254.1K shares	$10.2M 34.0K shares
B BTIM Corp. Institution	−$51.5M −171.9K shares	$36.7M 122.4K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$37.2M −127.7K shares	$23.7M 81.4K shares
A aeris Capital Holding GmbH Institution	−$35.9M −119.8K shares	$10.4M 34.6K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$31.5M −105.1K shares	$149.4M 498.3K shares

Entry and Exit Activity

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

New Positions: 33
New Value: $92.1M
Exited Positions: 99
Exited Value: $290.5M

New Positions

Institution	Position Value
T T. Rowe Price Investment Management, Inc. Insurance Manager	$54.3M 181.3K shares
M Meridiem Capital Partners LP Hedge Fund•Long/Short	$20.6M 68.8K shares
Morningstar Investment Management LLC Long Only Manager	$3.9M 12.9K shares
G GRAYBILL BARTZ & ASSOC LTD RIA/Wealth	$2.6M 8.6K shares
F Financiere des Professionnels - Fonds d,investissement inc. Institution	$1.8M 5.8K shares
U Union Bancaire Privee, UBP SA Institution	$1.6M 5.9K shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	$1.5M 5.1K shares
Numerai GP LLC Hedge Fund•Quant	$1.1M 3.8K shares
Caption Management, LLC Hedge Fund•Long/Short	$1.0M 3.5K shares
P Polymer Capital Management LLC Hedge Fund•Multi-Strategy	$710.3K 2.4K shares

Exited Positions

Institution	Previous Position
JUPITER ASSET MANAGEMENT LTD Long Only Manager	$100.3M 287.3K shares
FENIMORE ASSET MANAGEMENT INC Long Only Manager	$85.1M 243.8K shares
SEGALL BRYANT & HAMILL Long Only Manager	$10.6M 30.4K shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	$10.3M 29.5K shares
LEUCADIA NATIONAL CORP Institution	$10.1M 28.9K shares
Sivik Global Healthcare LLC Hedge Fund•Long/Short	$6.3M 18.0K shares
A AXA Institution	$5.5M 15.8K shares
Trexquant Investment LP Hedge Fund•Quant	$5.3M 15.3K shares
F Fieldview Capital Management, LLC Hedge Fund•Long/Short	$5.3M 15.1K shares
Integral Health Asset Management, LLC Hedge Fund•Sector	$5.2M 15.0K shares

Options Activity

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

Call Positions: 13
Call Value: $53.1M
Put Positions: 12
Put Value: $84.2M

Call Positions

Institution	Position Value
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$16.4M 547.0 contracts
N NOMURA HOLDINGS INC Institution	$8.7M 289.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$7.3M 244.0 contracts
F Freemont Management S.A. Institution	$4.2M 140.0 contracts
BANK OF MONTREAL /CAN/ Institution	$3.9M 130.0 contracts
J JANE STREET GROUP, LLC Institution	$3.3M 109.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.1M 103.0 contracts
Caption Management, LLC Hedge Fund•Long/Short	$2.9M 96.0 contracts
C Cubist Systematic Strategies, LLC Institution	$1.7M 58.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.1M 37.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$27.6M 921.0 contracts
BARCLAYS PLC Institution	$15.0M 500.0 contracts
Caption Management, LLC Hedge Fund•Long/Short	$11.9M 396.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$9.9M 331.0 contracts
N NOMURA HOLDINGS INC Institution	$8.7M 289.0 contracts
J JANE STREET GROUP, LLC Institution	$6.1M 204.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$1.8M 61.0 contracts
C Cubist Systematic Strategies, LLC Institution	$1.4M 47.0 contracts
W WOLVERINE TRADING, LLC Institution	$781.5K 27.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$449.7K 15.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
F FUNDSMITH INVESTMENT SERVICES LTD. Long Only Manager	Terence Charles Smith CEO	6.34% $406.6M	2.28% 1.4M shares	Q1 2022 Held for 3y 9m	$6.4B
Fundsmith LLP Long Only Manager	Terence Charles Smith CEO	5.99% $1.2B	6.65% 4.0M shares	Q1 2015 Held for 10y 9m	$19.8B
NUANCE INVESTMENTS, LLC Long Only Manager	Jack Anthony Meurer President	4.48% $44.0M	0.25% 146.9K shares	Q2 2025 Held for 6 months	$982.1M
GUARDCAP ASSET MANAGEMENT Ltd Long Only Manager	Steven Andrew Ralph Bates CIO	4.35% $187.5M	1.05% 625.5K shares	Q4 2023 Held for 2 years	$4.3B
Tikehau Investment Management RIA/Wealth	Lawrence Howard Levy Managing Partner	3.76% $2.6M	0.01% 8.6K shares	Q1 2022 Held for 3y 9m	$68.4M
A AKO CAPITAL LLP Institution	-	3.44% $241.9M	1.36% 806.9K shares	Q3 2023 Held for 2y 3m	$7.0B
A aeris Capital Holding GmbH Institution	-	2.72% $10.4M	0.06% 34.6K shares	Q2 2023 Held for 2y 6m	$381.2M
HUTCHINSON CAPITAL MANAGEMENT/CA RIA/Wealth	Steven Kelley Wilkes CEO	2.50% $14.4M	0.08% 48.2K shares	Q2 2023 Held for 2y 6m	$577.9M
Mawer Investment Management Ltd. Long Only Manager	Geoffrey Grafton Ritchie Chairman	2.41% $465.0M	2.61% 1.6M shares	Q1 2016 Held for 9y 9m	$19.3B
SCHAPER BENZ & WISE INVESTMENT COUNSEL INC/WI RIA/Wealth	Bradley Everett Benz Chairman	2.36% $31.7M	0.18% 105.7K shares	≤ Q2 2013 Held for 12y 6m+	$1.3B

Hedge Fund Spotlight

Discover hedge funds investing in WAT

Holocene Advisors, LP

Hedge Fund • Long/Short

Portfolio ManagerJohn Brandon Haley

Portfolio Value: $43.5B
Positions: 726
Last Reported: Q3 2025

Sector Allocation

Position in Waters Corporation

Market Value: $92.5M
Shares Held: 308.5K
Portfolio Weight: 0.21%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$3.1B	7.21%
2 Tesla, Inc. TSLA	Auto - Manufacturers Consumer Cyclical	$2.7B	6.29%
3 Amazon AMZN	Specialty Retail Consumer Cyclical	$2.3B	5.30%