Concentration · PTC

Six hundred and ten holders never chose this company. One had a tenth of its book in it for thirty-one quarters

Schneider Electric agreed on 5 October 2026 to buy PTC for $205 a share in cash. Six hundred and eighty-seven institutions had reported holding it at the last public count, and 610 of their 691 positions were worth less than a tenth of one percent of the money they managed. Five were worth more than a twentieth. One manager had been holding more than a tenth of everything, and adding, while the stock fell 40%.

HolderBook · from Q2 2026 Form 13F filings, period ending 30 June 2026

Schneider Electric announced on 5 October 2026 that it had agreed to acquire PTC Inc. for $205 a share in cash, valuing the equity at about $22.6 billion and the enterprise at about $23.7 billion. The price was a 42.3% premium to where PTC had been trading. The companies said they expected to close by the third quarter of 2027, roughly a year out. PTC rose about 36% on the news. Schneider fell about 8%.

That is the deal. What follows is the register underneath it — who was holding the shares at the last count the public has, and how much of their money was in this one name.

The same dollars can mean fifty different things

Here are the largest reported holders of PTC by dollar value, with the weight of each position in the same table.

The eleven largest PTC positions by reported dollar value at 30 June 2026, with each position as a share of everything that filer reported for the quarter.

T. Rowe Price and State Street reported within one percent of each other in dollars. One of those positions was 0.972% of the manager's book and the other was 0.022% — a factor of forty-four between two numbers that look identical when you rank by size. State Street, BlackRock, Vanguard, Geode, Norges and Invesco were all between 0.018% and 0.036%. That is an index holding a company because the company is in the index. Nobody at those firms formed a view about computer-aided design software, and all of them will receive $205 a share.

T. Rowe Price's 0.972% is fifty-one times BlackRock's 0.019% on a position worth 13% more in dollars. It is the one entry in that table that represents a decision, and the filing records it as trimmed during the quarter.

The managers who actually owned it

Ranked by weight instead, with the size of each manager's whole reported book alongside, because that is the number that tells you whether a large weight means anything.

The twelve heaviest PTC weightings at 30 June 2026. Only five managers in the whole register were above 5%.

The heaviest weight in the entire register belongs to Ampersand Capital Group, and it is a $24 million position. A manager reporting a $222 million book concentrates easily: when you hold a dozen public positions, several of them are going to clear 10% by arithmetic alone. This is the honest limit of ranking by weight, and it is why the book-size column is in that table.

Standard Investments carried a nearly identical weight — 10.67% against Ampersand's 10.86% — inside a book almost nine times larger. It is the one double-digit weighting on the page that cannot be explained by a small denominator.

Thirty-one quarters, and buying into the fall

Standard Investments reported PTC for thirty-one consecutive quarters, close to eight years, and the position sat between 10.57% and 15.88% of its entire reported book throughout. That is not a trade. It is the fund.

The share count makes it more than a long hold.

Standard Investments' reported PTC share count at the quarters where it changed, with the price implied by the whole filer population.

Between those two dates PTC fell 39.9%. Standard Investments raised its share count by 56.9%, from 1,155,000 to 1,812,500, an addition of 657,500 shares. They were buying it all the way down.

At $205 those 1,812,500 shares are worth about $371 million, against the $206 million the position was marked at in June. Whether they still held them is not knowable from a 13F: the June filing is the most recent public count and the deal was announced in October.

One more thing about $205. PTC traded at an implied $188.94 at the end of March 2024, so the offer is 8.5% above where it was two and a half years earlier. A 42.3% premium to the price the week before an announcement is also, for anyone who owned this through that stretch, a long round trip.

Four of them had held it for thirty-one quarters

Standard Investments was not the only one. Lagoda Investment Management, Capital Investment Services of America and Westport Asset Management all reported PTC for the same thirty-one quarters, at 2.85%, 2.06% and 1.44% of their books. Lagoda was still adding in the most recent quarter. Three of the four were marked as holding.

At the other end, Tensor Edge Capital reported PTC for the third time, at 2.53% of a $1.5 billion book, and was adding. Van Lanschot Kempen, the largest non-index active holder after T. Rowe Price, was at 1.29% of a $13.1 billion book after twenty-three quarters, also adding.

Nothing on this page says any of them saw a bid coming. A manager who has held something for eight years and keeps buying it has a view about the business, and an acquirer arriving is a different event from being right.

Almost nobody held options on it

Across all 691 positions, total derivative value was $123.7 million against $14.01 billion reported — under one percent. Every one of the twelve heaviest weightings was pure stock, with zero calls and zero puts. Even Citadel Advisors, the market maker in the dollar table above, reported $532 million of which only $14.7 million was derivatives, split $7.7 million calls and $7.0 million puts.

For a company that got taken out at a 42.3% premium, the options footprint in the last public count was almost nothing. That is a quiet register, and it is worth saying because it is not what the register of a rumoured target usually looks like.

Why these numbers can be checked

Standard Investments reported $205.9 million against 1,812,500 shares. Dividing one by the other gives $113.61. T. Rowe Price reported $1,482.4 million against 13,047,842 shares, which also gives $113.61. Two filings prepared in two different offices, one seven times the size of the other, agree to the cent.

That is the whole method on this site. No market data feed is involved. A 13F states a dollar value and a share count for every position, and when hundreds of filers independently report the same security their arithmetic converges. A figure that disagrees with the population is a filing error, and that is how we find them.

What a 13F cannot tell you

This is the register at 30 June 2026. It is the most recent public count and it predates the announcement by three months. Any holder here may have sold in July, August or September, and the buyers of those shares — the merger arbitrage funds that arrive after a deal is announced — are not on it at all. The filings covering 30 September are due in the middle of November, and those will show who was still there when the bid landed.

The form reports long positions in US-listed equities and nothing else. The same shares can be reported twice, once by a sub-adviser and once by the parent that owns it, so adding every filer together does not count the shareholder base: the $14.01 billion reported here is not 62% of a $22.6 billion company in any clean sense. Anyone short PTC does not appear at all.

And it reports a position, never a reason. A manager who trimmed may have changed its mind or may have had redemptions to meet. A manager who added may have had money arrive. Standard Investments bought 657,500 shares into a 40% decline, and the filings say precisely that much and not one word about why.

Holdings, values, share counts and derivative values are from Form 13F filings as reported, corrected for amendments. Share of book is the position as a percentage of everything that filer reported for the quarter. Quarter-end prices are implied from the filings themselves, as the median of value divided by shares across every filer reporting the security, and are not market data. The terms of the Schneider Electric transaction announced 5 October 2026, and the share price reactions of that day, are from contemporaneous reporting rather than from SEC filings. Not investment advice.