Liberty Media (FWONA): which funds own it
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Sections with a free account
8 concentrated managers hold it (+1 vs last quarter) with a median weight of 1.1%.
Who owns Liberty Media?
Holders that filed a Schedule 13D or 13G with the SEC for owning more than 5% of the shares: Linonia Partnership (13G/A filed Oct 20, 2025), Principal Global Investors (13G filed May 12, 2026) and Norges Bank (13G filed Aug 12, 2026). As of Jun 30, 2026, the largest holders reported on Form 13F were Linonia Partnership (2.1 million shares), Principal Financial Group (1.5 million shares) and Norges Bank (1.3 million shares).
Which institutions hold the most Liberty Media shares?
Per Form 13F filings as of Jun 30, 2026:
- 1. Linonia Partnership: 2.1 million shares
- 2. Principal Financial Group: 1.5 million shares
- 3. Norges Bank: 1.3 million shares
- 4. State of Wisconsin Investment Board: 1.2 million shares
- 5. BlackRock: 1.2 million shares
- 6. Ashe Capital Management: 1.2 million shares
- 7. Vanguard Capital Management: 1.1 million shares
- 8. Jupiter Topco: 1.0 million shares
- 9. Sculptor Capital: 1.0 million shares
- 10. Vanguard Portfolio Management: 980,350 shares
Sources:13G/A by Linonia Partnership (Oct 20, 2025) ↗13G by Principal Global Investors (May 12, 2026) ↗13G by Norges Bank (Aug 12, 2026) ↗All of the company's proxy statements on EDGAR ↗
With more than one share class, a 13D or 13G counts shares convertible from another class as owned, so we do not show its percentage. We hold 13D and 13G filings made since Dec 23, 2024: a holder above 5% that has not filed since then does not appear here.
Liberty Media revenue
Liberty Media reported annual revenue of $4.48 billion for fiscal year 2025 (year ended December 31, 2025), according to its Form 10-K filed with the SEC (XBRL data).
Quarter flow (concentrated managers)
Change in managers (7 → 8): 1 opened · 0 exited = +1
Net flow in the quarter: +$25.4M (+290 K shares) · bought $27.9M and sold $2.5MShares concentrated managers added minus those they cut, valued at the 13F quarter-end implied price, not each trade's price. It is a different measure from the change in managers: the two can have opposite signs.
Concentrated managers holding it
- Linonia Partnership$185M3.3%3.9% with FWONK
- Ashe Capital Management$104M11.1%25.8% with FWONK
- Darsana Capital Partners$74.4M0.3%2.2% with FWONK
- Ruane, Cunniff & GoldfarbReduced$60.9M0.9%−0.0 pp8.7% with FWONK
- Hawk Ridge Capital Management$38.6M1.3%
- Corvex ManagementNew$27.9M0.9%+0.9 pp2.1% with FWONK
- Blacksheep Fund Management$9.1M2.9%13.8% with FWONK
- Wittenberg Investment Management$1.4M0.5%0.8% with FWONK
Up to 15, sorted by position value. The percentage is the weight in each manager's portfolio.
Other relevant holders
Filers with $100M or more in the stock that do not count as concentrated managers because of their type: they are left out of the counts, the consensus and the accumulation.
- Norges BankPension or sovereign fund$115M0.0%
- State of Wisconsin Investment BoardPension or sovereign fund$105M0.2%
Largest holders of FWONA (all 13F filers)
- Linonia Partnershipconcentrated2.1 MInvestment firm0
- Principal Financial Group1.5 MInsurance holding−35 K
- Norges Bank1.3 MPension or sovereign fundno data
- State of Wisconsin Investment Board1.2 MPension or sovereign fund−99 K
- BlackRock1.2 MIndex manager+22 K
- Ashe Capital Managementconcentrated1.2 MInvestment firm0
- Vanguard Capital Management1.1 MIndex manager+42 K
- Jupiter Topco1.0 MType not verifiedno data
- Sculptor Capital1.0 MType not verified0
- Vanguard Portfolio Management980 KIndex manager−14 K
- Linonia Partnershipconcentrated
- Shares
- 2.1 M
- Change
- 0
See more
- Type
- Investment firm
- Value
- $185M
- Shares
- 1.5 M
- Change
- −35 K
See more
- Type
- Insurance holding
- Value
- $130M
- Shares
- 1.3 M
- Change
- no data
See more
- Type
- Pension or sovereign fund
- Value
- $115M
- Shares
- 1.2 M
- Change
- −99 K
See more
- Type
- Pension or sovereign fund
- Value
- $105M
- Shares
- 1.2 M
- Change
- +22 K
See more
- Type
- Index manager
- Value
- $104M
- Ashe Capital Managementconcentrated
- Shares
- 1.2 M
- Change
- 0
See more
- Type
- Investment firm
- Value
- $104M
- Shares
- 1.1 M
- Change
- +42 K
See more
- Type
- Index manager
- Value
- $95.6M
- Shares
- 1.0 M
- Change
- no data
See more
- Type
- Type not verified
- Value
- $89.5M
- Shares
- 1.0 M
- Change
- 0
See more
- Type
- Type not verified
- Value
- $87.5M
- Shares
- 980 K
- Change
- −14 K
See more
- Type
- Index manager
- Value
- $85.8M
The 10 13F filers with the most shares as of Jun 30, 2026, whatever their type (index firms usually come first). “Change”: shares added or cut versus the previous quarter, split-adjusted; “no data” = there is no comparable portfolio for the previous quarter (no filing, or a filing with its holdings under confidential treatment). “% of the company” only where shares outstanding are up to date. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. With a free account: the top 25, the largest buyers and the largest sellers.
Fundamentals
12-month figures to Jun 30, 2026 · balance sheet as of Jun 30, 2026.
- Operating margin
- 11.9%
- Net margin
- 9.4%
- ROE
- 5.4%
- Revenue (TTM)
- $4.3 bn
- Revenue growth
- 12.2%
- Net income (TTM)
- $408M
- Net debt / EBITDA
- 3.5x
- Free cash flow (TTM)
- $823M
- Quality vs sector
- 45/100
Figures from the statements the company filed with the SEC (10-K, 10-Q). Free cash flow = operating cash flow − capital expenditures; empty if the company does not report capex. “Quality vs sector”: 0 to 100, the average of its percentiles in ROE, operating margin, free-cash-flow margin, revenue and earnings growth and net debt / EBITDA (at least 3 needed) against companies in its sector above $300M. How each figure is calculated
Earnings quality and debt
- Operating cash flow ÷ net income (12 months)
- 2.33
- Interest coverage (operating income ÷ interest)
- 2.3 timesfiscal 2025
- Debt due within 12 months
- $72.0M0.05 times cash and investments
- Year 1$52.0M
- Year 2$558M
- Year 3$84.0M
- Year 4$643M
- Year 5$195M
- Later—
From the figures the company filed with the SEC. Cash flow over net income near or above 1 means earnings are collected in cash; far below, that part is accounting. Coverage says how many times operating income pays the latest fiscal year's interest. Maturities come from the debt note of the latest annual report, counted from its closing date. “No data” never means zero.
Insiders (Form 4)
10% owners who bought (6 m): 0
Open-market purchases, excluding 10b5-1 plans. Officers and directors only; joint filers of the same purchase count as one. 10% owners with no role are shown separately. 0 = nobody bought; “no data” = we do not have its Form 4 filings.
Each of the company's Form 4 filings, on EDGAR ↗Latest trades, with date and filing →
Above 5% (13D/13G)
Disclosed stakes, with their amendments. A filing is not always a purchase: there are also reductions and changes of filing entity.
This list may be incomplete: we hold 13D and 13G filings made since Dec 23, 2024. A holder above 5% that has not filed anything since then is not shown here.
- Vanguard Capital Management4.93%(fell below 5%)13G · amendmentfiling ↗Event: Sep 30, 2026 · filed: Oct 30, 2026
- Vanguard Capital Management5.11%13Gfiling ↗Event: Mar 31, 2026 · filed: Sep 4, 2026
- State of Wisconsin Investment Board4.98%(fell below 5%)13G · amendmentfiling ↗Event: Jun 30, 2026 · filed: Aug 14, 2026
Above 5% over time (13D/13G)
Each holder with its filings in order. History since December 2024.
Flagged material events (8-K)
Notice of delisting or failure to meet a listing rule (Item 3.01)
Notice of delisting or failure to meet a listing rule (Item 3.01)
«Split-Off of Liberty Live Holdings Approved at Liberty Media’s Special Meeting of Stockholders and Liberty Media Announces Final Terms of Reattribution»
Change in directors or officers (Item 5.02)
Unregistered sale of equity securities (Item 3.02)
«Liberty Media Corporation Prices Private Offering of $600 Million of 2.375% Convertible Senior Notes Due 2032»
Change in directors or officers (Item 5.02)
Unregistered sale of equity securities (Item 3.02)
Change in directors or officers (Item 5.02)
Alert items the company itself flagged in its 8-K filings with the SEC, most serious first. It is the form's label, with no interpretation from us: Item 5.02 covers routine appointments as well as a chief executive's departure; open the filing. The quoted headline is the original press release's.
All material events (8-K)
Earnings, agreements, financing, management changes and announcements from the last year, with a filter by type and a link to each filing.
Other Communication Services stocks in managers' portfolios
Same sector and a similar number of concentrated managers holding them. It is a list to keep exploring, not a recommendation.
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