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Nasdaq (NDAQ): which funds own it

Financials →Data as of Jun 30, 2026 (Q2 2026) · updated on Nov 5, 2026

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.

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11 concentrated managers hold it (−2 vs last quarter); combined they have held more shares for 2 quarters in a row (2 added, 5 trimmed). Its median weight in those portfolios is 1.5%.

Who owns Nasdaq?

Holders reporting more than 5% of the shares to the SEC (Schedules 13D/13G): Vanguard Capital Management, 6.3% (13G filed Apr 30, 2026), BlackRock, 6.2% (13G/A filed Oct 27, 2026) and Wellington Management Group LLP, 5.4% (13G/A filed Aug 13, 2026). Investor Ab is listed on Form 4 filings as an owner of more than 10%. As of Jun 30, 2026, the largest holders reported on Form 13F were Ab Investor (10.3% of the shares), BlackRock (6.6%) and Vanguard Capital Management (5.5%).

Which institutions hold the most Nasdaq shares?

Per Form 13F filings as of Jun 30, 2026, as a share of all shares outstanding:

  1. 1. Ab Investor: 10.3%
  2. 2. BlackRock: 6.6%
  3. 3. Vanguard Capital Management: 5.5%
  4. 4. Wellington Management Group LLP: 5.4%
  5. 5. Vanguard Portfolio Management: 4.6%
  6. 6. Massachusetts Financial Services: 4.1%
  7. 7. State Street: 3.6%
  8. 8. Geode Capital Management: 2.3%
  9. 9. Morgan Stanley: 2.0%
  10. 10. Franklin Resources: 1.6%

How much of Nasdaq do institutions own?

The 1,088 institutions that file 13F reported 83.3% of the shares as of Jun 30, 2026 (not counting 2 positions with implausible figures).

Sources:13G by Vanguard Capital Management (Apr 30, 2026) ↗13G/A by BlackRock (Oct 27, 2026) ↗13G/A by Wellington Management Group LLP (Aug 13, 2026) ↗All of the company's proxy statements on EDGAR ↗

13F percentages divide the shares each institution reports by the shares outstanding on the cover of the company's latest report before the quarter end (Apr 16, 2026). Entities of the same group file separately and are not added up. 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.

Nasdaq revenue

Nasdaq reported annual revenue of $8.26 billion for fiscal year 2025 (year ended December 31, 2025), according to its Form 10-K filed with the SEC (XBRL data).

Concentrated managers
11
All 13F: 1,088
Consensus
44/100
across 11 concentrated managersRanks by accumulation, portfolio weight and number of managers; it does not say more are buying than selling.
Price at Jun 30, 2026 (per 13F)
$78.82
-7.2% in the quarter · reported value ÷ shares, not the quote · See current quote ↗

Quarter flow (concentrated managers)

Change in managers (13 → 11): 1 opened · 3 exited = −2

Net flow in the quarter: −$51.2M (−650 K shares) · bought $35.6M and sold $86.8MShares 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.

Accumulation: combined they have held more shares for 2 quarters in a row (2 added, 5 trimmed). It is the combined share count of those still holding it: one large buyer can outweigh many who trimmed.

The set of concentrated managers changed between quarters: with the set as it was then, 10 held it last quarter (the chart point); with today's set, 13 (the base for the change).

Concentrated managers holding it

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.

Largest holders of NDAQ (all 13F filers)

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.

Held by institutions (13F)

Institutions (13F): 83.3% of the shares · top 10: 46.0% · in index firms: 31.0% of the institutional total

Share of the stock held by 13F filers

Q2 2026: 83.3%

84.6%72.5%
Q3 2021Q2 2026

Shares reported by the 1,088 13F filers as of Jun 30, 2026 (not counting 2 positions with implausible figures), divided by the shares outstanding on the cover of the company's latest report (Apr 16, 2026). It is not all institutional ownership: only managers above $100M file a 13F, and it excludes short positions. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. We only publish it where the figure is credible: not for ADRs, companies with more than one share class or stale shares-outstanding data.

Fundamentals

12-month figures to Sep 30, 2026.

Profitability
Operating margin
29.8%
Net margin
22.8%
ROE
17.4%
Growth
Revenue (TTM)
$9.2 bn
Revenue growth
11.5%
Net income (TTM)
$2.1 bn
Balance sheet
Quality vs sector
56/100

Bank, insurer or other financial company: we do not show net debt / EBITDA or free cash flow. Its cash flow moves with loans and the investment portfolio, and its debt is part of the business: those figures do not read as they do for an industrial company.

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

Shares outstanding: buybacks and dilution

Diluted shares by fiscal year (split-adjusted)

2025: 578.6 M

579.2 M0
20162025
1 year
−0.1%
3 years
+16.2%
5 years
+15.6%
Buybacks (FY 2025)
$616M
Share issuance
no data
Stock-based compensation
$165M2.0% of revenue
Dividends paid
$601M

From the statements the company filed with the SEC (10-K). The change compares average diluted shares of each fiscal year, on today's basis: negative = it bought back more than it issued; positive = dilution. “No data” = the company does not report that item under a tag we can read; it does not mean zero.

Earnings quality and debt

Operating cash flow ÷ net income (12 months)
1.22

Bank or insurer: debt ratios do not apply.

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)

Officers and directors who bought (6 m)
0
Amount (6 m)
$0
CEO/CFO bought (12 m)
No

10% owners who bought (6 m): 1 · $4.9M

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.

Above 5% over time (13D/13G)

Each holder with its filings in order. History since December 2024.

Flagged material events (8-K)

  • Oct 26, 2026Routinefiling ↗

    Change in directors or officers (Item 5.02)

    «Nasdaq Appoints Börje Ekholm to its Board of Directors; Holden»

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 Financials 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.

All of Financials →

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