PROCTER AND GAMBLE CO

The passive layer — Vanguard, BlackRock, State Street — dominates the registry by weight, which is normal for a dividend aristocrat with S&P 500 index inclusion. What distinguishes PG from peers is the thinner active-manager advocacy layer. Capital Research, T. Rowe Price, and Jennison hold PG, but the positions are sized as quality-income allocations rather than high-conviction growth bets. That distinction matters because it frames how the institutional sell-side thinks about PG: as a place to preserve capital in risk-off environments, not as a name that drives portfolio returns.

The Q1 changes block is unusable — priorHoldings is empty, the prior quarter failed to load, and the changes summary returns no data. This is a known data-join artifact and not a reflection of genuine PG activity. Until the join is repaired, the only reliable read on PG's institutional holders is the static snapshot, which confirms the expected pattern: deep, broad, low-turnover ownership in a name that portfolios hold for ballast.