Who holds ticker verified against the SEC company list on 2026-09-10 — a reviewed name-and-class mapping row, never an inferred symbol. how tickers are mapped ↗

UNION PAC CORP · COM · quarter ended 2026-03-31 · 48 members disclosed UNP ↗

13F filers reporting this class for the quarter ended 2026-03-31; 1–500 of 2,306 holders are listed, largest first: 2,306
sum of the reported values across every holder; NULL values are excluded, never zero-filled: $117B
holders whose share count rose or who opened the position (new + add), by shares: 1,092
holders absent this quarter after holding last quarter — inferred from absence, not a sale record: 183

Holders — quarter ended 2026-03-31

ranked by reported value · Δ shares vs 2025-12-31 · kind by shares

13F holders of UNP ranked by reported value
#	Filer	Reported value	Shares	Δ shares	Change
1	BlackRock, Inc.	$11.6B	47,778,540	−1,418,053	TRIM
2	VANGUARD CAPITAL MANAGEMENT LLC	$9.4B	38,555,904	—	NO PRIOR
3	Capital World Investors	$6.6B	27,072,234	+6,935,885	ADD
4	STATE STREET CORP	$6.5B	26,587,866	+257,786	ADD
5	JPMORGAN CHASE & CO	$4.2B	17,642,696	+6,184,832	ADD
6	Capital Research Global Investors	$4.1B	16,906,409	+5,925,505	ADD
7	GEODE CAPITAL MANAGEMENT, LLC	$3.8B	15,862,607	+501,939	ADD
8	MORGAN STANLEY	$3.6B	14,884,882	+2,248,832	ADD
9	BANK OF AMERICA CORP /DE/	$3.5B	14,463,071	+2,084,808	ADD
10	VANGUARD PORTFOLIO MANAGEMENT LLC	$3.5B	14,444,761	—	NO PRIOR
11	Invesco Ltd.	$1.8B	7,277,360	+391,800	ADD
12	MASSACHUSETTS FINANCIAL SERVICES CO /MA/	$1.7B	7,029,932	−576,001	TRIM
13	NORTHERN TRUST CORP	$1.6B	6,676,592	−101,226	TRIM
14	Fisher Asset Management, LLC	$1.6B	6,504,065	+73,257	ADD
15	CANADA PENSION PLAN INVESTMENT BOARD	$1.5B	6,084,355	+20,197	ADD
16	FRANKLIN RESOURCES INC	$1.5B	6,059,505	−1,138,944	TRIM
17	UBS Group AG	$1.4B	5,747,295	+794,579	ADD
18	UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	$1.3B	5,183,497	+1,277,353	ADD
19	AMERIPRISE FINANCIAL INC	$1.3B	5,171,644	+25,779	ADD
20	DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main	$1.2B	4,955,395	−647,964	TRIM
21	ROYAL BANK OF CANADA	$1.1B	4,617,313	+40,298	ADD
22	Nuveen, LLC	$1.1B	4,614,321	−25,281	TRIM
23	RAYMOND JAMES FINANCIAL INC	$1.1B	4,398,367	+254,522	ADD
24	Legal & General Group Plc	$1.0B	4,299,101	−159,069	TRIM
25	DEUTSCHE BANK AG\	$984M	4,054,641	+210,594	ADD
26	CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$942M	3,884,298	+115,241	ADD
27	HARRIS ASSOCIATES L P	$918M	3,782,438	+125,928	ADD
28	DIMENSIONAL FUND ADVISORS LP	$895M	3,688,640	+4,508	ADD
29	Bank of New York Mellon Corp	$876M	3,610,494	−129,883	TRIM
30	WELLS FARGO & COMPANY/MN	$830M	3,422,302	+164,895	ADD
31	VANGUARD FIDUCIARY TRUST CO	$812M	3,347,364	—	NO PRIOR
32	Capital International Investors	$787M	3,245,301	−920,741	TRIM
33	Clearbridge Investments, LLC	$746M	3,074,356	−398,401	TRIM
34	STATE FARM MUTUAL AUTOMOBILE INSURANCE CO	$732M	3,018,016	0	NO CHANGE
35	ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$593M	2,444,520	−792,216	TRIM
36	Amundi	$544M	2,240,995	+353,292	ADD
37	EdgePoint Investment Group Inc.	$526M	2,168,586	−477,320	TRIM
38	STIFEL FINANCIAL CORP	$525M	2,164,416	−41,577	TRIM
39	Baird Financial Group, Inc.	$504M	2,076,555	+2,076,555	NEW
40	FMR LLC	$468M	1,927,178	−112,625	TRIM
41	ENVESTNET ASSET MANAGEMENT INC	$466M	1,921,367	+184,928	ADD
42	ALLIANCEBERNSTEIN L.P.	$449M	1,941,327	+78,317	ADD
43	Janus Henderson Group Ltd.	$442M	1,820,796	+162,065	ADD
44	CIBC Bancorp USA Inc.	$442M	1,819,472	—	NO PRIOR
45	Swiss National Bank	$422M	1,740,800	+115,400	ADD
46	MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	$407M	1,676,764	+438,103	ADD
47	VOYA INVESTMENT MANAGEMENT LLC	$374M	1,542,865	−12,750	TRIM
48	LPL Financial LLC	$336M	1,383,482	+11,643	ADD
49	National Pension Service	$327M	1,347,860	+1,347,860	NEW
50	MACKENZIE FINANCIAL CORP	$327M	1,346,316	+175,095	ADD
51	CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM	$326M	1,343,908	−11,933	TRIM
52	Mitsubishi UFJ Asset Management Co., Ltd.	$326M	1,343,206	+93,234	ADD
53	Sumitomo Mitsui Trust Group, Inc.	$319M	1,314,265	−67,234	TRIM
54	Vanguard Global Advisers, LLC	$314M	1,295,136	—	NO PRIOR
55	Mitsubishi UFJ Trust & Banking Corp	$300M	1,236,747	+3,879	ADD
56	AMERICAN CENTURY COMPANIES INC	$286M	1,177,750	+92,713	ADD
57	HSBC HOLDINGS PLC	$273M	1,127,236	−1,345,230	TRIM
58	VANGUARD ASSET MANAGEMENT, Ltd	$273M	1,125,675	—	NO PRIOR
59	TWO SIGMA INVESTMENTS, LP	$266M	1,096,947	+184,749	ADD
60	TRUIST FINANCIAL CORP	$264M	1,087,484	+71,413	ADD
61	Cercano Management LLC	$255M	1,050,823	−75,785	TRIM
62	BARCLAYS PLC	$251M	1,034,314	+47,696	ADD
63	DIAMOND HILL CAPITAL MANAGEMENT INC	$251M	1,033,797	−510,883	TRIM
64	ATLAS Infrastructure Partners (UK) Ltd.	$246M	1,015,731	+105,709	ADD
65	Aberdeen Group plc	$228M	940,564	+155,988	ADD
66	BANK OF MONTREAL /CAN/	$226M	932,922	−117,754	TRIM
67	COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS	$226M	931,625	−20,135	TRIM
68	Connor, Clark & Lunn Investment Management Ltd.	$226M	929,527	+195,167	ADD
69	PUBLIC SECTOR PENSION INVESTMENT BOARD	$215M	886,914	+18,486	ADD
70	PRIMECAP MANAGEMENT CO/CA/	$200M	823,240	−132,500	TRIM
71	KING LUTHER CAPITAL MANAGEMENT CORP	$196M	805,853	−31,495	TRIM
72	FIFTH THIRD BANCORP	$193M	793,795	+228,567	ADD
73	CITIGROUP INC	$183M	754,081	+112,923	ADD
74	DAVENPORT & Co LLC	$182M	753,020	+262,611	ADD
75	US BANCORP \DE\	$179M	737,504	−21,439	TRIM
76	Slate Path Capital LP	$178M	732,804	−17,400	TRIM
77	Palestra Capital Management LLC	$176M	723,902	+36,604	ADD
78	OMERS ADMINISTRATION Corp	$174M	716,766	+6,287	ADD
79	HighTower Advisors, LLC	$174M	716,065	+95,780	ADD
80	PRINCIPAL FINANCIAL GROUP INC	$173M	714,233	+5,564	ADD
81	MENORA MIVTACHIM HOLDINGS LTD.	$172M	708,200	0	NO CHANGE
82	FIL Ltd	$170M	701,211	−22,180	TRIM
83	JENNISON ASSOCIATES LLC	$168M	693,249	−153,204	TRIM
84	Perpetual Ltd	$167M	690,045	−28,592	TRIM
85	Pictet Asset Management Holding SA	$160M	657,418	−42,703	TRIM
86	FIRST MANHATTAN CO. LLC.	$159M	655,256	−63,600	TRIM
87	NEW YORK STATE COMMON RETIREMENT FUND	$156M	644,942	+8,400	ADD
88	Tidal Investments LLC	$155M	636,973	+397,751	ADD
89	HARVARD MANAGEMENT CO INC	$154M	634,376	+23,143	ADD
90	Artisan Partners Limited Partnership	$152M	626,963	+21,733	ADD
91	SCHARF INVESTMENTS, LLC	$146M	599,899	−56,097	TRIM
92	FIRST TRUST ADVISORS LP	$143M	587,719	−393,111	TRIM
93	Rockefeller Capital Management L.P.	$141M	581,240	+15,717	ADD
94	Vontobel Holding Ltd.	$141M	580,465	−22,489	TRIM
95	Vanguard Investments Australia, Ltd.	$140M	578,839	—	NO PRIOR
96	AQR CAPITAL MANAGEMENT LLC	$138M	572,866	−134,172	TRIM
97	VICTORY CAPITAL MANAGEMENT INC	$130M	536,144	−38,104	TRIM
98	Bridgewater Associates, LP	$129M	532,850	+478,341	ADD
99	AVIVA PLC	$126M	519,567	+14,446	ADD
100	STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM	$126M	518,303	+523	ADD
101	BLAIR WILLIAM & CO/IL	$125M	514,829	+44,455	ADD
102	COMMERCE BANK	$125M	514,801	+38,271	ADD
103	MANUFACTURERS LIFE INSURANCE COMPANY, THE	$124M	510,710	−532,217	TRIM
104	Ensign Peak Advisors, Inc	$123M	508,572	−140,535	TRIM
105	ROYAL LONDON ASSET MANAGEMENT LTD	$119M	488,790	−11,844	TRIM
106	River Road Asset Management, LLC	$118M	486,156	−4,098	TRIM
107	Corvex Management LP	$118M	484,330	−202,033	TRIM
108	Universal- Beteiligungs- und Servicegesellschaft mbH	$114M	469,752	−9,858	TRIM
109	M&T BANK CORP	$112M	462,370	−12,737	TRIM
110	PARNASSUS INVESTMENTS, LLC	$111M	459,249	−7,529	TRIM
111	Corient Private Wealth LLC	$111M	462,227	−690,456	TRIM
112	Consulta Ltd	$109M	450,000	−200,000	TRIM
113	PFA Pension, Forsikringsaktieselskab	$108M	446,533	+446,533	NEW
114	Assenagon Asset Management S.A.	$108M	446,227	+314,547	ADD
115	BROOKFIELD Corp /ON/	$107M	440,627	−8,054	TRIM
116	SEI INVESTMENTS CO	$106M	435,932	+63,127	ADD
117	1832 Asset Management L.P.	$103M	423,334	−83,029	TRIM
118	BRISTOL JOHN W & CO INC /NY/	$101M	417,394	−5,442	TRIM
119	Creative Planning	$99.6M	410,654	+12,160	ADD
120	Symmetry Investments LP	$97.4M	401,618	+294,942	ADD
121	Allspring Global Investments Holdings, LLC	$96.4M	396,610	+38,782	ADD
122	BNP Paribas Asset Management Holding S.A.	$95.8M	395,125	−210,562	TRIM
123	Korea Investment CORP	$95.7M	394,646	−44,450	TRIM
124	TD ASSET MANAGEMENT INC	$93.6M	385,732	−67,627	TRIM
125	Cerity Partners LLC	$92.9M	382,823	+4,531	ADD
126	Cannell & Spears LLC	$90.2M	371,600	+17,854	ADD
127	VOLORIDGE INVESTMENT MANAGEMENT, LLC	$90.1M	371,334	+130,287	ADD
128	CITADEL ADVISORS LLC	$88.0M	362,808	−540,386	TRIM
129	BLI - Banque de Luxembourg Investments	$86.2M	375,712	+375,712	NEW
130	MACQUARIE GROUP LTD	$84.8M	349,315	−22,326	TRIM
131	Focus Partners Wealth	$81.4M	335,622	+17,224	ADD
132	NOMURA ASSET MANAGEMENT CO LTD	$80.9M	333,330	+6,053	ADD
133	Zurcher Kantonalbank (Zurich Cantonalbank)	$79.7M	328,519	−34,415	TRIM
134	Avantyr Capital Partners, LP	$78.5M	323,712	+66,570	ADD
135	GLENMEDE TRUST CO NA	$78.5M	323,611	−4,754	TRIM
136	Quantinno Capital Management LP	$78.3M	322,529	+73,599	ADD
137	STATE OF WISCONSIN INVESTMENT BOARD	$77.1M	317,631	+10,283	ADD
138	Retirement Systems of Alabama	$77.0M	317,224	−176	TRIM
139	WELLINGTON MANAGEMENT GROUP LLP	$76.5M	315,202	+23,173	ADD
140	BOWEN HANES & CO INC	$75.9M	313,033	−110	TRIM
141	APG Asset Management N.V.	$75.8M	360,112	+7,499	ADD
142	CAISSE DE DEPOT ET PLACEMENT DU QUEBEC	$75.6M	311,684	+14,806	ADD
143	SCHRODER INVESTMENT MANAGEMENT GROUP	$74.8M	308,336	+13,002	ADD
144	UniSuper Management Pty Ltd	$74.0M	305,120	−160,787	TRIM
145	Chevy Chase Trust Holdings, LLC	$72.1M	297,036	−9,092	TRIM
146	DANSKE BANK A/S	$71.1M	293,090	−78,906	TRIM
147	RDST Capital LLC	$70.8M	291,615	−128,480	TRIM
148	PRUDENTIAL FINANCIAL INC	$70.1M	289,073	−44,011	TRIM
149	Midwest Trust Co	$69.7M	287,224	+2,594	ADD
150	BANK OF NOVA SCOTIA	$69.0M	284,453	+45,813	ADD
151	BCV Asset Management Inc.	$68.7M	283,070	+2,286	ADD
152	SEB Asset Management AB	$68.4M	281,977	—	NO PRIOR
153	Swiss Life Asset Management Ltd	$68.4M	281,834	+25,260	ADD
154	Calamos Advisors LLC	$68.1M	280,779	+5,427	ADD
155	KEYBANK NATIONAL ASSOCIATION/OH	$67.6M	278,666	+247	ADD
156	Point72 Asset Management, L.P.	$67.0M	276,064	−281,415	TRIM
157	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	$66.7M	275,086	+6,736	ADD
158	Regal Partners Ltd	$66.1M	272,599	+950	ADD
159	EFG International AG	$65.4M	269,293	+36,075	ADD
160	CIBC Asset Management Inc	$65.1M	268,623	+1,866	ADD
161	EP Wealth Advisors, LLC	$64.1M	264,316	+4,216	ADD
162	KLINGENSTEIN FIELDS & CO LP	$63.4M	261,405	−3,254	TRIM
163	KLP KAPITALFORVALTNING AS	$63.4M	261,264	−10,700	TRIM
164	DODGE & COX	$63.3M	260,952	−2,164	TRIM
165	Mariner, LLC	$62.6M	257,939	−12,583	TRIM
166	Life Cycle Investment Partners Ltd	$62.5M	257,740	+96,695	ADD
167	Magellan Asset Management Ltd	$62.4M	257,154	−29,284	TRIM
168	DUFF & PHELPS INVESTMENT MANAGEMENT CO	$62.2M	256,470	+256,470	NEW
169	Asset Management One Co., Ltd.	$60.1M	247,555	−1,887	TRIM
170	CAMBIAR INVESTORS LLC	$58.9M	242,831	−8,548	TRIM
171	Wilkinson Global Asset Management LLC	$58.5M	241,285	−18,143	TRIM
172	PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO	$58.5M	241,057	+598	ADD
173	Empyrean Capital Partners, LP	$57.8M	238,300	−135,500	TRIM
174	DEPRINCE RACE & ZOLLO INC	$56.9M	234,467	−4,647	TRIM
175	MCDONALD CAPITAL INVESTORS INC/CA	$55.9M	230,249	−2,500	TRIM
176	PARK PRESIDIO CAPITAL LLC	$55.7M	229,487	+59,936	ADD
177	TORONTO DOMINION BANK	$53.9M	221,994	−12,006	TRIM
178	Cetera Investment Advisers	$53.7M	221,381	+6,190	ADD
179	BAHL & GAYNOR INC	$53.7M	221,128	−4,012	TRIM
180	MILFORD FUNDS LTD	$53.0M	218,283	−43,937	TRIM
181	FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND	$52.8M	217,576	+51,350	ADD
182	Skylands Capital, LLC	$52.7M	217,255	−5,640	TRIM
183	NISA INVESTMENT ADVISORS, LLC	$52.4M	216,146	−3,804	TRIM
184	FACTORY MUTUAL INSURANCE CO	$50.7M	209,150	−18,800	TRIM
185	NATIONAL BANK OF CANADA /FI/	$50.0M	206,158	−99,381	TRIM
186	O'SHAUGHNESSY ASSET MANAGEMENT, LLC	$49.6M	204,626	+40,661	ADD
187	State of New Jersey Common Pension Fund D	$49.4M	203,533	0	NO CHANGE
188	GUGGENHEIM CAPITAL LLC	$48.5M	200,016	−2,020	TRIM
189	Capital International, Inc./CA/	$46.6M	192,019	+5,530	ADD
190	Northwest & Ethical Investments L.P.	$46.4M	191,245	+28,841	ADD
191	Resona Asset Management Co.,Ltd.	$46.2M	190,878	+4,211	ADD
192	Jain Global LLC	$46.1M	190,026	+32,814	ADD
193	Lansforsakringar Fondforvaltning AB (publ)	$45.6M	188,063	−1,286	TRIM
194	OSAIC HOLDINGS, INC.	$45.5M	187,275	+31,463	ADD
195	DnB Asset Management AS	$45.4M	187,004	+21,659	ADD
196	Ironvine Capital Partners, LLC	$45.3M	186,600	−41	TRIM
197	DENDUR CAPITAL LP	$45.1M	186,000	−119,000	TRIM
198	Night Owl Capital Management, LLC	$45.1M	185,981	+1,213	ADD
199	COMMONWEALTH EQUITY SERVICES, LLC	$43.9M	180,990	+1,953	ADD
200	BRADLEY FOSTER & SARGENT INC/CT	$43.7M	179,917	+441	ADD
201	NORTHEAST INVESTMENT MANAGEMENT	$41.8M	172,449	−7,623	TRIM
202	Pinnacle Financial Partners, Inc.	$41.8M	172,106	+5,470	ADD
203	Tredje AP-fonden	$41.5M	170,979	+11,963	ADD
204	Ruffer LLP	$41.2M	169,256	+35,826	ADD
205	MILLENNIUM MANAGEMENT LLC	$41.1M	169,519	+44,454	ADD
206	Henshaw Capital LLC	$41.1M	169,273	—	NO PRIOR
207	MML INVESTORS SERVICES, LLC	$41.0M	168,877	−14,088	TRIM
208	ROCKLAND TRUST CO	$39.8M	163,888	+2,702	ADD
209	DAVIS R M INC	$39.5M	162,773	+5,544	ADD
210	Arizona State Retirement System	$39.4M	162,497	−7,424	TRIM
211	Czech National Bank	$39.2M	161,607	+5,200	ADD
212	CWM, LLC	$39.1M	161,092	+4,965	ADD
213	IFM Investors Pty Ltd	$38.7M	159,654	+9,623	ADD
214	Sone Capital Management, LLC	$38.6M	159,274	+5,106	ADD
215	NewEdge Advisors, LLC	$38.3M	157,798	+26,422	ADD
216	B. Metzler seel. Sohn & Co. AG	$37.8M	155,759	−1,045	TRIM
217	STATE OF MICHIGAN RETIREMENT SYSTEM	$37.6M	155,045	−200	TRIM
218	NORDEA INVESTMENT MANAGEMENT AB	$37.5M	157,048	−1,315	TRIM
219	Skye Global Management LP	$37.4M	154,000	−10,500	TRIM
220	Cullen Capital Management, LLC	$36.8M	151,877	−3,788	TRIM
221	MARKEL GROUP INC.	$36.5M	150,278	+9,000	ADD
222	MANGROVE PARTNERS IM, LLC	$35.9M	148,098	+148,098	NEW
223	TEACHER RETIREMENT SYSTEM OF TEXAS	$35.7M	147,283	−24,732	TRIM
224	Quilter Plc	$35.5M	146,198	−5,835	TRIM
225	Union Bancaire Privee, UBP SA	$35.5M	121,589	+11,988	ADD
226	FIRST FINANCIAL BANKSHARES INC	$35.3M	145,609	+1,302	ADD
227	CONNING INC.	$35.0M	144,092	+41	ADD
228	D.A. DAVIDSON & CO.	$34.9M	143,714	−7,701	TRIM
229	Swedbank AB	$34.5M	142,232	0	NO CHANGE
230	MetLife Investment Management, LLC	$34.2M	140,860	−3,692	TRIM
231	MERCER GLOBAL ADVISORS INC /ADV	$33.4M	137,605	+9,112	ADD
232	Zurich Insurance Group Ltd/FI	$33.3M	137,416	−70,199	TRIM
233	LAKEWOOD CAPITAL MANAGEMENT, LP	$33.2M	136,700	−20,700	TRIM
234	Glenview Trust Co	$33.1M	136,268	+3,418	ADD
235	CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC	$33.0M	136,000	−706,775	TRIM
236	FULLER & THALER ASSET MANAGEMENT, INC.	$32.8M	135,058	−88,536	TRIM
237	Eurizon Capital SGR S.p.A.	$32.6M	134,660	−3,183	TRIM
238	Mesirow Financial Investment Management, Inc.	$32.6M	134,360	+6,581	ADD
239	Mill Capital Management, LLC	$32.6M	134,355	+4,260	ADD
240	TD Waterhouse Canada Inc.	$32.5M	133,663	+35,696	ADD
241	&PARTNERS	$32.4M	133,585	+12,959	ADD
242	Heritage Wealth Advisors	$32.4M	133,394	−29,410	TRIM
243	Mirae Asset Global Investments Co., Ltd.	$32.3M	133,134	+19,211	ADD
244	Mediolanum International Funds Ltd	$32.0M	133,690	+97,870	ADD
245	EASTERN BANK	$31.8M	131,056	+107,078	ADD
246	TRILLIUM ASSET MANAGEMENT, LLC	$31.7M	160,080	+30,898	ADD
247	BECK MACK & OLIVER LLC	$30.7M	126,697	−709	TRIM
248	RWA WEALTH PARTNERS, LLC	$30.6M	126,317	−521	TRIM
249	Select Equity Group, L.P.	$30.2M	124,427	−54,848	TRIM
250	NewEdge Wealth, LLC	$30.1M	124,096	+2,177	ADD
251	Cohen Klingenstein LLC	$30.1M	123,943	0	NO CHANGE
252	Pathstone Holdings, LLC	$29.8M	122,908	+1,087	ADD
253	BARTLETT & CO. WEALTH MANAGEMENT LLC	$29.8M	113,155	−7,731	TRIM
254	Steward Partners Investment Advisory, LLC	$29.7M	122,470	+24,094	ADD
255	SMITH CHAS P & ASSOCIATES PA CPAS	$29.7M	122,341	+3,055	ADD
256	FEDERATED HERMES, INC.	$29.5M	121,451	−817	TRIM
257	HANCOCK WHITNEY CORP	$28.9M	118,531	−1,575	TRIM
258	One Madison Group LLC	$28.8M	118,730	+18,730	ADD
259	CIBC WORLD MARKET INC.	$28.6M	117,762	−26,785	TRIM
260	UMB Bank, n.a.	$28.5M	117,589	−1,151	TRIM
261	REGIONS FINANCIAL CORP	$28.3M	116,741	−47,753	TRIM
262	FLPUTNAM INVESTMENT MANAGEMENT CO	$28.2M	116,369	−1,272	TRIM
263	Woodline Partners LP	$28.2M	116,217	+15,014	ADD
264	WEALTH ENHANCEMENT ADVISORY SERVICES, LLC	$27.9M	181,198	+24,731	ADD
265	MAI Capital Management	$27.8M	114,671	−3,093	TRIM
266	XPONANCE LLC	$27.2M	112,151	+10,506	ADD
267	Daiwa Securities Group Inc.	$26.6M	109,481	+4,571	ADD
268	Sanctuary Advisors, LLC	$26.5M	109,248	+4,874	ADD
269	Squarepoint Ops LLC	$26.5M	109,086	−150,540	TRIM
270	Waverly Advisors, LLC	$26.2M	108,059	+13,093	ADD
271	LAZARD ASSET MANAGEMENT LLC	$25.7M	105,940	+1,083	ADD
272	Sather Financial Group Inc	$25.7M	105,916	+527	ADD
273	Arbejdsmarkedets Tillaegspension	$25.6M	105,715	+5,270	ADD
274	Varma Mutual Pension Insurance Co	$25.4M	104,849	+33,000	ADD
275	OP Asset Management Ltd	$25.4M	104,722	—	NO PRIOR
276	CENTRAL TRUST Co	$25.3M	104,431	−239	TRIM
277	LEVIN CAPITAL STRATEGIES, L.P.	$25.1M	103,381	−13,259	TRIM
278	Kimelman & Baird, LLC	$24.8M	102,304	0	NO CHANGE
279	HILLMAN CO	$24.7M	101,738	+101,738	NEW
280	Badgley Phelps Wealth Managers, LLC	$24.7M	101,616	+1,471	ADD
281	SUSQUEHANNA INTERNATIONAL GROUP, LLP	$24.6M	101,323	−73,634	TRIM
282	Third Point LLC	$24.3M	100,000	−1,710,000	TRIM
283	Utah Retirement Systems	$23.6M	97,196	−1,614	TRIM
284	BECKER CAPITAL MANAGEMENT INC	$23.3M	96,169	+73,702	ADD
285	NISSAY ASSET MANAGEMENT CORP /JAPAN	$23.0M	94,889	−5,724	TRIM
286	ProShare Advisors LLC	$23.0M	94,800	−23,172	TRIM
287	QRG CAPITAL MANAGEMENT, INC.	$22.8M	94,107	+17,398	ADD
288	ASSOCIATED BANC-CORP	$22.7M	93,760	+4,022	ADD
289	Systematic Alpha Investments, LLC	$22.6M	93,348	0	NO CHANGE
290	BAXTER BROS INC	$22.6M	93,168	−1,963	TRIM
291	Aristotle Atlantic Partners, LLC	$22.6M	93,150	+4,400	ADD
292	FIDUCIARY TRUST CO	$22.5M	92,692	−4,974	TRIM
293	BANQUE PICTET & CIE SA	$22.0M	90,489	+11,770	ADD
294	EVERETT HARRIS & CO /CA/	$21.8M	89,880	+15,732	ADD
295	Vanguard Personalized Indexing Management, LLC	$21.8M	89,719	+6,315	ADD
296	Carnegie Investment Counsel	$21.2M	87,513	−3,893	TRIM
297	NICOLA WEALTH MANAGEMENT LTD.	$21.1M	87,000	−25,000	TRIM
298	Rakuten Investment Management, Inc.	$21.1M	88,054	+10,025	ADD
299	Cornerstone Advisors, LLC	$20.9M	86,115	+14,390	ADD
300	Federation des caisses Desjardins du Quebec	$20.9M	86,041	+4,202	ADD
301	NEOS Investment Management LLC	$20.7M	85,411	+3,743	ADD
302	Alley Investment Management Company, LLC	$20.7M	85,210	−872	TRIM
303	Verition Fund Management LLC	$20.6M	85,071	−35,546	TRIM
304	Abacus Planning Group, Inc.	$20.6M	84,947	−64	TRIM
305	Sumitomo Mitsui DS Asset Management Company, Ltd	$20.6M	84,903	+1,093	ADD
306	Kestra Advisory Services, LLC	$20.6M	84,795	−827	TRIM
307	PRUDENTIAL PLC	$20.4M	84,191	−46,474	TRIM
308	NEW YORK LIFE INVESTMENT MANAGEMENT LLC	$20.0M	82,404	+1,099	ADD
309	FARMERS & MERCHANTS INVESTMENTS INC	$20.0M	82,296	+2,368	ADD
310	WESTWOOD HOLDINGS GROUP INC	$20.0M	82,277	−1,439	TRIM
311	BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp	$19.8M	81,750	−23,502	TRIM
312	Applied Finance Capital Management, LLC	$19.5M	80,409	+60	ADD
313	Envestnet Portfolio Solutions, Inc.	$18.9M	77,839	−22,652	TRIM
314	Andra AP-fonden	$18.6M	76,473	+64,375	ADD
315	FIRST CITIZENS BANK & TRUST CO	$18.5M	76,437	+1,244	ADD
316	Wallington Asset Management, LLC	$18.5M	76,150	−1,839	TRIM
317	Archon Partners LLC	$18.2M	75,000	0	NO CHANGE
318	Allianz Asset Management GmbH	$18.2M	74,822	+10,262	ADD
319	NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$18.1M	74,722	+74,722	NEW
320	Cumberland Partners Ltd	$17.9M	73,753	+73,753	NEW
321	Smith Salley Wealth Management	$17.9M	73,626	+2,294	ADD
322	YOUSIF CAPITAL MANAGEMENT, LLC	$17.4M	71,703	−2,940	TRIM
323	MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC	$17.2M	70,908	−909	TRIM
324	Empowered Funds, LLC	$17.0M	69,927	+69,927	NEW
325	CLIFFORD SWAN INVESTMENT COUNSEL LLC	$16.8M	69,093	+2,489	ADD
326	ASSETMARK, INC	$16.7M	68,937	+4,163	ADD
327	Allworth Financial LP	$16.6M	68,601	+1,988	ADD
328	OREGON PUBLIC EMPLOYEES RETIREMENT FUND	$16.5M	68,015	+100	ADD
329	NorthCrest Asset Manangement, LLC	$16.4M	67,051	−23,833	TRIM
330	SIRIOS CAPITAL MANAGEMENT L P	$16.3M	67,214	−5,083	TRIM
331	Galvin, Gaustad & Stein, LLC	$16.2M	66,928	+1,713	ADD
332	ARMSTRONG HENRY H ASSOCIATES INC	$16.2M	66,792	+662	ADD
333	SAPIENT CAPITAL LLC	$16.2M	66,753	−6,820	TRIM
334	Epoch Investment Partners, Inc.	$16.0M	66,008	−58,766	TRIM
335	WORLDQUANT MILLENNIUM ADVISORS LLC	$15.9M	65,719	−506,095	TRIM
336	Horrell Capital Management, Inc.	$15.6M	64,382	−5,739	TRIM
337	Prospera Financial Services Inc	$15.6M	64,224	−5,222	TRIM
338	Orion Porfolio Solutions, LLC	$15.5M	64,024	−5,633	TRIM
339	ANCHOR CAPITAL ADVISORS LLC	$15.3M	62,951	+1,561	ADD
340	Freestone Capital Holdings, LLC	$15.2M	62,707	+1,367	ADD
341	Cynosure Group, LLC	$15.2M	64,021	+4,828	ADD
342	Wealthfront Advisers LLC	$15.1M	62,306	+6,114	ADD
343	Banco Santander, S.A.	$15.1M	62,196	−17,937	TRIM
344	Segment Wealth Management, LLC	$15.0M	61,657	+2,366	ADD
345	LOCKHEED MARTIN INVESTMENT MANAGEMENT CO	$14.9M	61,340	+610	ADD
346	MOODY LYNN LIEBERSON & WALKER, LLC	$14.9M	61,233	+13,186	ADD
347	HB Wealth Management, LLC	$14.8M	61,174	+1,837	ADD
348	Miramar Capital, LLC	$14.8M	60,881	−1,453	TRIM
349	BOURGEON CAPITAL MANAGEMENT LLC	$14.7M	60,516	+34,376	ADD
350	Bragg Financial Advisors, Inc	$14.7M	60,460	+1,572	ADD
351	MARCO INVESTMENT MANAGEMENT LLC	$14.7M	60,406	+690	ADD
352	Madison Asset Management, LLC	$14.5M	59,610	−4,459	TRIM
353	First Nebraska Trust Co	$14.4M	59,282	—	NO PRIOR
354	Estabrook Capital Management	$14.1M	57,962	−186	TRIM
355	INTACT INVESTMENT MANAGEMENT INC.	$14.0M	57,600	+3,200	ADD
356	Vinva Investment Management Ltd	$13.8M	57,852	−19,770	TRIM
357	FORBES J M & CO LLP	$13.6M	56,110	+207	ADD
358	BALDWIN WEALTH PARTNERS LLC/MA	$13.4M	55,086	−9,710	TRIM
359	Generali Asset Management SPA SGR	$13.3M	55,003	+101	ADD
360	GROUP ONE TRADING LLC	$13.2M	54,432	+54,432	NEW
361	Private Capital Advisors, Inc.	$13.2M	54,350	+10	ADD
362	MOORE CAPITAL MANAGEMENT, LP	$13.2M	54,324	+54,324	NEW
363	ASR Vermogensbeheer N.V.	$13.1M	54,003	+972	ADD
364	SIMPLEX TRADING, LLC	$13.1M	54,003	+51,913	ADD
365	SouthState Bank Corp	$13.0M	53,775	+435	ADD
366	Lido Advisors, LLC	$13.0M	53,708	−10,854	TRIM
367	FIRST NATIONAL BANK OF OMAHA	$13.0M	53,862	−773	TRIM
368	BRIGHT ROCK CAPITAL MANAGEMENT, LLC	$13.0M	53,500	0	NO CHANGE
369	KESTRA PRIVATE WEALTH SERVICES, LLC	$12.9M	53,172	+2,951	ADD
370	ABN AMRO INVESTMENT SOLUTIONS	$12.9M	53,158	+1,174	ADD
371	Gotham Asset Management, LLC	$12.8M	52,762	+16,758	ADD
372	BROWN ADVISORY INC	$12.8M	52,637	−1,166	TRIM
373	INVESTMENT HOUSE LLC	$12.8M	52,616	−76	TRIM
374	Composition Wealth, LLC	$12.7M	52,248	−22	TRIM
375	Foyston, Gordon & Payne Inc	$12.6M	51,927	+1,521	ADD
376	Merit Financial Group, LLC	$12.5M	51,678	+8,223	ADD
377	Beacon Pointe Advisors, LLC	$12.5M	51,325	+28,475	ADD
378	HOWE & RUSLING INC	$12.4M	50,954	+663	ADD
379	Fiduciary Group, LLC	$12.3M	50,870	−1,141	TRIM
380	XTX Topco Ltd	$12.2M	50,215	+50,215	NEW
381	CREDIT AGRICOLE S A	$12.1M	50,051	−142,732	TRIM
382	Stack Financial Management, Inc	$12.1M	50,040	+230	ADD
383	Atria Investments, Inc	$12.1M	49,785	+2,724	ADD
384	FOUNDERS CAPITAL MANAGEMENT, LLC	$12.0M	49,617	0	NO CHANGE
385	Sequoia Financial Advisors, LLC	$12.0M	49,295	−20,169	TRIM
386	STEPHENS INC /AR/	$11.8M	48,312	+508	ADD
387	Advisors Asset Management, Inc.	$11.8M	48,660	−1,725	TRIM
388	Chesley Taft & Associates LLC	$11.8M	48,615	+597	ADD
389	BEESE FULMER INVESTMENT MANAGEMENT, INC.	$11.7M	48,401	+48,401	NEW
390	Y-Intercept (Hong Kong) Ltd	$11.6M	47,839	+5,453	ADD
391	SKBA CAPITAL MANAGEMENT LLC	$11.6M	47,632	+13,060	ADD
392	NICHOLAS COMPANY, INC.	$11.5M	47,431	0	NO CHANGE
393	CHOREO, LLC	$11.5M	47,292	+1,139	ADD
394	Atlantic Union Bankshares Corp	$11.4M	47,143	−607	TRIM
395	MOTCO	$11.4M	47,025	+493	ADD
396	HFR Wealth Management, LLC	$11.4M	46,804	−617	TRIM
397	TOCQUEVILLE ASSET MANAGEMENT L.P.	$11.3M	46,633	−21,773	TRIM
398	PINNACLE ASSOCIATES LTD	$11.2M	46,350	−1,937	TRIM
399	FOURPATH CAPITAL MANAGEMENT, LLC	$11.2M	46,206	−235	TRIM
400	Private Advisor Group, LLC	$11.1M	45,742	−1,518	TRIM
401	Capital International Sarl	$11.0M	45,497	+18,338	ADD
402	Oak Harvest Investment Services	$11.0M	45,463	+25,034	ADD
403	Rafferty Asset Management, LLC	$11.0M	45,448	−15,169	TRIM
404	Canada Post Corp Registered Pension Plan	$10.9M	44,984	+6,686	ADD
405	Voleon Capital Management LP	$10.8M	44,676	−79,569	TRIM
406	Nemes Rush Group LLC	$10.8M	44,625	+1,452	ADD
407	Azimuth Capital Investment Management LLC	$10.8M	44,585	+534	ADD
408	Investment Management Corp of Ontario	$10.8M	44,560	−12,846	TRIM
409	DIVERSIFY WEALTH MANAGEMENT, LLC	$10.7M	40,334	+23,646	ADD
410	FERGUSON WELLMAN CAPITAL MANAGEMENT, INC	$10.7M	44,015	−558	TRIM
411	Haverford Trust Co	$10.7M	43,986	+2,523	ADD
412	KCM Capital Inc	$10.7M	43,923	0	NO CHANGE
413	UNITED CAPITAL FINANCIAL ADVISORS, LLC	$10.6M	43,685	+43,685	NEW
414	Calamos Wealth Management LLC	$10.6M	43,621	+39,457	ADD
415	Legacy Private Trust Co.	$10.4M	42,924	−3,367	TRIM
416	Ashton Thomas Private Wealth, LLC	$10.3M	42,451	+2,594	ADD
417	BAR HARBOR WEALTH MANAGEMENT	$10.1M	41,592	−53	TRIM
418	ASHFORD CAPITAL MANAGEMENT INC	$10.0M	41,345	0	NO CHANGE
419	Apollon Wealth Management, LLC	$10.0M	41,270	−736	TRIM
420	JOHNSON INVESTMENT COUNSEL INC	$10.0M	41,252	−1,739	TRIM
421	Douglass Winthrop Advisors, LLC	$9.9M	40,908	+5,674	ADD
422	FIRST NATIONAL TRUST CO	$9.9M	40,798	+1,039	ADD
423	O'Brien Greene & Co. Inc	$9.9M	40,793	+1,010	ADD
424	Northside Capital Management, LLC	$9.8M	40,517	−1,121	TRIM
425	Teamwork Financial Advisors, LLC	$9.8M	40,268	+40,268	NEW
426	EXCHANGE TRADED CONCEPTS, LLC	$9.8M	40,222	+24,728	ADD
427	DRH Investments, Inc.	$9.7M	39,858	+259	ADD
428	Banque Cantonale Vaudoise	$9.7M	39,817	+5,420	ADD
429	Grantham, Mayo, Van Otterloo & Co. LLC	$9.6M	39,381	−7,259	TRIM
430	Fisher Funds Management LTD	$9.5M	39,150	−75,979	TRIM
431	Rodgers Brothers Inc.	$9.4M	38,699	−200	TRIM
432	AE Wealth Management LLC	$9.4M	38,555	+1,891	ADD
433	Sagefield Capital LP	$9.4M	38,554	+11,169	ADD
434	Norman Fields, Gottscho Capital Management, LLC	$9.3M	38,185	+375	ADD
435	OPPENHEIMER & CO INC	$9.2M	37,771	−71	TRIM
436	Axiom Investment Management LLC	$9.2M	37,719	—	NO PRIOR
437	Cyndeo Wealth Partners, LLC	$9.1M	37,594	+1,873	ADD
438	SAWGRASS ASSET MANAGEMENT LLC	$9.1M	37,553	−956	TRIM
439	World Investment Advisors	$9.1M	37,442	−1,564	TRIM
440	HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	$9.0M	37,270	+13,822	ADD
441	DEARBORN PARTNERS LLC	$9.0M	37,096	−11	TRIM
442	Werlinich Asset Management, LLC	$9.0M	37,035	+125	ADD
443	Old West Investment Management, LLC	$9.0M	36,925	+36,925	NEW
444	WESTPAC BANKING CORP	$8.9M	36,794	+2,720	ADD
445	Perennial Advisors, LLC	$8.9M	36,757	+243	ADD
446	Wilmington Savings Fund Society, FSB	$8.8M	36,373	−1,776	TRIM
447	NBT BANK, N.A.	$8.8M	36,231	−403	TRIM
448	CITIZENS FINANCIAL GROUP INC/RI	$8.8M	36,158	−9,191	TRIM
449	MIZUHO SECURITIES USA LLC	$8.7M	35,873	−7,317	TRIM
450	BCWM, LLC	$8.7M	35,670	+35,670	NEW
451	Nordwand Advisors, LLC	$8.6M	35,622	+455	ADD
452	Man Group plc	$8.6M	35,574	−17,265	TRIM
453	BENJAMIN EDWARDS INC	$8.6M	35,522	+1,869	ADD
454	Shelter Mutual Insurance Co	$8.6M	35,523	0	NO CHANGE
455	YHB Investment Advisors, Inc.	$8.6M	35,277	−410	TRIM
456	Blackstone Inc.	$8.6M	35,256	−477	TRIM
457	Concurrent Investment Advisors, LLC	$8.5M	35,204	−421	TRIM
458	ADVOCATE GROUP LLC	$8.5M	35,161	−6,154	TRIM
459	Addenda Capital Inc.	$8.5M	35,105	+943	ADD
460	D. E. Shaw & Co., Inc.	$8.5M	34,973	−65,576	TRIM
461	KORNITZER CAPITAL MANAGEMENT INC /KS	$8.3M	34,393	+2,890	ADD
462	SCOTIA CAPITAL INC.	$8.3M	34,308	+23	ADD
463	MGO ONE SEVEN LLC	$8.3M	34,080	−469	TRIM
464	MASTERINVEST Kapitalanlage GmbH	$8.2M	33,890	−1,748	TRIM
465	HARTFORD INVESTMENT MANAGEMENT CO	$8.2M	33,850	−458	TRIM
466	Adalta Capital Management LLC	$8.2M	33,685	0	NO CHANGE
467	EagleClaw Capital Managment, LLC	$8.1M	33,465	+50	ADD
468	Ethic Inc.	$8.1M	33,305	+1,089	ADD
469	STEVENS CAPITAL PARTNERS	$8.0M	33,073	−5	TRIM
470	Vident Advisory, LLC	$8.0M	33,059	+12,272	ADD
471	Cresset Asset Management, LLC	$8.0M	32,849	+1,113	ADD
472	OPPENHEIMER ASSET MANAGEMENT INC.	$7.8M	32,340	−192	TRIM
473	ALLIANZ SE	$7.8M	32,287	+580	ADD
474	SCS Capital Management LLC	$7.8M	32,224	−2,022	TRIM
475	ALPS ADVISORS INC	$7.8M	32,192	−4,470	TRIM
476	Onex Canada Asset Management Inc.	$7.8M	32,144	−2,213	TRIM
477	NOMURA HOLDINGS INC	$7.8M	32,142	+20,586	ADD
478	O'Keefe Stevens Advisory, Inc.	$7.8M	32,033	+4,967	ADD
479	JANE STREET GROUP, LLC	$7.8M	31,950	+3,372	ADD
480	Crossmark Global Holdings, Inc.	$7.8M	31,946	—	NO PRIOR
481	NORTH STAR ASSET MANAGEMENT INC	$7.7M	31,658	−275	TRIM
482	RITHOLTZ WEALTH MANAGEMENT	$7.7M	31,652	+1,724	ADD
483	Walleye Trading LLC	$7.6M	31,525	+25,973	ADD
484	Aptus Capital Advisors, LLC	$7.6M	31,504	−3,071	TRIM
485	Violich Capital Management, Inc.	$7.6M	31,475	+20	ADD
486	ALBION FINANCIAL GROUP /UT	$7.6M	31,367	−1,784	TRIM
487	All Terrain Financial Advisors, LLC	$7.6M	31,360	+17,650	ADD
488	Stenham Asset Management Ltd	$7.6M	31,338	−2,319	TRIM
489	LMCG INVESTMENTS, LLC	$7.6M	31,300	+1,971	ADD
490	MOGY JOEL R INVESTMENT COUNSEL INC	$7.6M	31,238	−935	TRIM
491	Providence Capital Advisors, LLC	$7.5M	31,040	+892	ADD
492	Avior Wealth Management, LLC	$7.5M	31,013	−1,292	TRIM
493	Dakota Wealth Management	$7.4M	30,539	−1,094	TRIM
494	Diversified Trust Co	$7.4M	30,404	+18,866	ADD
495	Stamos Capital Partners, L.P.	$7.4M	30,364	−239	TRIM
496	Maryland State Retirement & Pension System	$7.3M	30,105	+278	ADD
497	PALISADE CAPITAL MANAGEMENT, LP	$7.3M	30,065	−3,727	TRIM
498	Clearstead Advisors, LLC	$7.3M	29,979	+11,644	ADD
499	Chicago Partners Investment Group LLC	$7.2M	29,063	+914	ADD
500	Walleye Capital LLC	$7.2M	29,861	+5,257	ADD

Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.

Congress ↔ notable managers · UNP

who in Congress disclosed purchases or sales beside which notable managers added or trimmed

Congress · last 90 days

Buyers: 1 Alan Armstrong R–OK $15K–$50K
Sellers: 0 — —

filed 2026-07-03 → 2026-10-01 · totals are statutory ranges

Notable managers · quarter ended 2026-03-31

Adding: 4 Bridgewater Associates, Markel Group, Moore Capital Management, Gotham Asset Management $192M held
Trimming: 4 Corvex Management, Third Point, Baupost Group, Caxton Associates $142M held

NEW + ADD vs TRIM + EXIT, by shares · $ = reported value now, not the change · UNION PAC CORP

Merged timeline of congressional filings and notable-manager moves on UNP
Date	Who	Change	Size
2026-07-21	Alan Armstrong Congress	BUY	$15K–$50K
2026-05-15	Bridgewater Associates 13F	ADD	+478,341 sh
2026-05-15	Moore Capital Management 13F	NEW	+54,324 sh
2026-05-15	Gotham Asset Management 13F	ADD	+16,758 sh
2026-05-15	Corvex Management 13F	TRIM	−202,033 sh
2026-05-15	Third Point 13F	TRIM	−1,710,000 sh
2026-05-14	Baupost Group 13F	TRIM	−86,259 sh
2026-05-14	Caxton Associates 13F	EXIT	−5,910 sh
2026-05-01	Markel Group 13F	ADD	+9,000 sh

9 newest rows · every row dates by its filing date: a disclosure's, or the 13F's for the quarter · a 13F row is a quarter-end snapshot, not a trade

48 members of Congress disclosed UNP — the congressional view ↗

A 13F is a quarterly, long-only snapshot filed up to 45 days late — not current holdings. what a 13F covers ↗

13F reports cover LONG positions in Section 13(f) securities (US exchange-traded equities plus reportable options, warrants, certain convertibles) held by managers with at least $100M in such securities — so managers below that threshold are absent entirely. No short positions, no cash, no non-13(f) assets — not a full portfolio, and not a census of institutional ownership.

Positions are quarter-end snapshots filed up to 45 days late — not current holdings. A position may have been changed or closed before you ever see it, and is older still by however long ago that quarter ended.

Values are the manager's stated market value at quarter-end in era-dependent units (whole dollars for form versions effective 2023-01-03 onward, thousands before), normalized here to whole dollars with unit_basis carried on every record.

Affiliated managers may report the same position (otherManager), so one position can appear under more than one filer.

Positions under confidential treatment may be omitted until a later amendment discloses them.

These are disclosures, not investment advice (ARCHITECTURE.md §5.2 / M2-CONTRACT §5).