At Holdings Channel, we have reviewed the latest batch of the 37 most recent 13F filings for the 09/30/2025 reporting period, and noticed that Freeport-McMoran Copper & Gold (Symbol: FCX) was held by 16 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look.
Before we proceed, it is important to point out that 13F filings do not tell the whole story, because these funds are only required to disclose their long positions with the SEC, but are not required to disclose their short positions. A fund making a bearish bet against a stock by shorting calls, for example, might also be long some amount of stock as they trade around their overall bearish position. This long component could show up in a 13F filing and everyone might assume the fund is bullish, but this tells only part of the story because the bearish/short side of the position is not seen.
Having given that caveat, we believe that looking at groups of 13F filings can be revealing, especially when comparing one holding period to another. Below, let’s take a look at the change in FCX positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000’s) |
|---|---|---|---|
| Empowered Funds LLC | Existing | +263,181 | +$9,332 |
| Empirical Finance LLC | Existing | +466 | –$188 |
| Qsemble Capital Management LP | Existing | +33,588 | +$1,193 |
| Treasurer of the State of North Carolina | Existing | –25,391 | –$5,413 |
| Capital Research Global Investors | Existing | –19,097,791 | –$1,001,526 |
| Capital World Investors | Existing | –24,118,994 | –$1,046,825 |
| BW Gestao de Investimentos Ltda. | Existing | +82,000 | +$3,059 |
| Capital International Sarl | Existing | –189,292 | –$9,718 |
| Capital International Ltd. CA | Existing | –95,266 | –$4,893 |
| Capital International Inc. CA | Existing | –176,478 | –$8,818 |
| Capital International Investors | Existing | +1,885,916 | +$33,186 |
| Capital Group Private Client Services Inc. | Existing | –363,868 | –$16,351 |
| Capital Group Investment Management PTE. LTD. | Existing | –20,581 | –$1,057 |
| Tradition Wealth Management LLC | Existing | –1,735 | –$103 |
| Quadrant Capital Group LLC | Existing | –231 | –$163 |
| Van ECK Associates Corp | Existing | –16,331 | –$9,492 |
| Aggregate Change: | –41,840,807 | –$2,057,777 | |
In terms of shares owned, we count 5 of the above funds having increased existing FCX positions from 06/30/2025 to 09/30/2025, with 11 having decreased their positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the FCX share count in the aggregate among all of the funds which held FCX at the 09/30/2025 reporting period (out of the 5,292 we looked at in total). We then compared that number to the sum total of FCX shares those same funds held back at the 06/30/2025 period, to see how the aggregate share count held by hedge funds has moved for FCX. We found that between these two periods, funds reduced their holdings by 4,447,344 shares in the aggregate, from 568,241,591 down to 563,794,247 for a share count decline of approximately -0.78%. The overall top three funds holding FCX on 09/30/2025 were:
We’ll keep following the latest 13F filings by hedge fund managers and bring you interesting stories derived from a look at the aggregate information across groups of managers between filing periods. While looking at individual 13F filings can sometimes be misleading due to the long-only nature of the information, the sum total across groups of funds from one reporting period to another can be a lot more revealing and relevant, providing interesting stock ideas that merit further research, like Freeport-McMoran Copper & Gold (Symbol: FCX).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.