Major Superinvestors Increase Stakes in Union Pacific (UNP) Amid Rising Confidence in Rail Sector

According to the latest 13F filings, several top investors increased their holdings in Union Pacific Corp. (UNP), signaling continued confidence in the railroad’s pricing power, wide economic moat, and long-term cash-compounding ability. Below are the most notable additions from the quarter:

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Point72 Asset Management, L.P. (Steve Cohen)

Shares: 1,450,812  Change: +719,042  Value: $0.34B
Steve Cohen made the largest purchase on the list, adding more than 719,000 shares. The aggressive move suggests Point72 sees meaningful upside in UNP’s operating leverage, capacity improvements, and continued efficiency gains under precision-scheduled railroading.

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AQR Capital Management LLC (Cliff Asness)

Shares: 653,321  Change: +191,024  Value: $0.15B
Cliff Asness increased AQR’s position by over 190,000 shares. The expansion reflects Asness’s quantitative preference for dominant, cash-rich, high-moat operators trading at attractive risk-adjusted valuations.

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Fisher Asset Management, LLC (Ken Fisher)

Shares: 6,428,229  Change: +29,514  Value: $1.52B
Ken Fisher added nearly 30,000 shares, continuing to scale into one of his longstanding large-cap industrial holdings. The incremental accumulation highlights Fisher’s conviction in Union Pacific as a durable, high-ROIC compounder.

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Markel Group Inc. (Tom Gayner)

Shares: 126,778  Change: +29,500  Value: $0.03B
Tom Gayner boosted Markel’s position by roughly 30,000 shares. Gayner’s buying is consistent with his focus on reliable, cash-generative businesses with stable competitive advantages.

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Grantham, Mayo, Van Otterloo & Co. LLC (Jeremy Grantham)

Shares: 12,942  Change: +4,760  Value: $0.00B
Jeremy Grantham modestly increased his stake in UNP. The addition aligns with GMO’s preference for established, moat-heavy companies trading at reasonable long-term valuations.

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GARDNER RUSSO & QUINN LLC (Tom Russo)

Shares: 24,843  Change: +128  Value: $0.01B
Tom Russo slightly added to his position. Russo’s incremental buying reflects his bias toward consumer-facing and infrastructure businesses with enduring pricing power—qualities UNP has demonstrated for decades.

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NEW POSITIONS

BAUPOST GROUP LLC/MA (Seth Klarman)

Shares: 1,496,204  Change: NEW POSITION  Value: $0.35B
Seth Klarman established a new position in UNP, one of the most meaningful new stakes in the quarter. Klarman’s entry signals deep-value appeal, likely tied to UNP’s predictable cash flows and defensive characteristics in uncertain macro environments.

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Maverick Capital LTD (Lee Ainslie)

Shares: 1,115,610  Change: NEW POSITION  Value: $0.26B
Lee Ainslie opened a new position as well. Maverick’s addition suggests confidence in railroads as a structurally advantaged oligopoly with high barriers to entry and steady long-term volume growth.

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Third Point LLC (Dan Loeb)

Shares: 875,000  Change: NEW POSITION  Value: $0.21B
Dan Loeb initiated a sizable new stake. Loeb’s entry highlights the attractiveness of UNP’s improving cost structure and margin trajectory under modernization and automation initiatives.

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Bridgewater Associates, LP (Ray Dalio)

Shares: 194,619  Change: NEW POSITION  Value: $0.05B
Ray Dalio established a new position in UNP. The move fits Bridgewater’s macro-balanced approach, with UNP offering inflation-resistant pricing, infrastructure exposure, and stable earnings.