S&P GLOBAL INC

SPGI Q1 2026 institutional ownership is a $104.6B book across 2,010 holders. BlackRock is the largest holder at $10.2B (24.1M shares, -3.2%, -$3.25B) -- the largest seller in this batch. State Street $6.0B (14.2M shares, -0.6%, -$1.42B). Vanguard Capital Management $8.2B (19.4M shares, NEW after three-way split); Vanguard Portfolio Management $2.9B (6.8M shares, NEW); Vanguard Fiduciary Trust $727M (1.7M shares, NEW). TCI Fund Management $6.0B (14.0M shares, +19.0%, +$192M) -- the largest percentage add. Morgan Stanley $3.4B (7.9M shares, -5.1%, -$991M). Geode Capital $2.9B (6.9M shares, +0.9%, +$64M) -- INCREASED with negative valueChange = accumulation into price weakness. Wellington Management $2.6B (6.1M shares, +26.8%, +$80M) -- significant add. Bank of America $1.9B (4.4M shares, -2.2%, -$485M). Capital International Investors $1.5B (3.5M shares, +15.7%, +$92M). FMR LLC $1.4B (3.3M shares, -11.5%, -$395M). Northern Trust $1.3B (3.0M shares, -2.2%, -$324M). Goldman Sachs $1.3B (3.0M shares, +21.2% -- INCREASED with negative valueChange). UBS AM $1.3B (3.0M shares, +6.9% -- same pattern). Wells Fargo $1.1B (2.5M shares, -27.8%, -$1.21B) -- massive reduction. Invesco $983M (2.3M shares, -2.6%). Charles Schwab IM $967M (2.3M shares, +2.1% -- INCREASED). Legal & General $910M (2.1M shares). Unisphere Establishment $906M (2.1M shares). Mitsubishi UFJ $868M (2.0M shares). EdgePoint Investment Group $703M (1.7M shares, NEW). Soroban Capital $718M (1.7M shares, +1,047% from $469M) -- the most aggressive build percentage-wise. AllianceBernstein $803M (1.5M shares, +45.1%, +$145M). Millennium Management $751M (1.8M shares, +10.2%, +$54M). New positions: Vanguard three entities + EdgePoint. Sellers: BlackRock -$3.25B, State Street -$1.42B, Wells Fargo -$1.21B, Morgan Stanley -$991M, FMR -$395M, Bank of America -$485M, Northern Trust -$324M, Invesco -$239M, Amundi -$276M. Buyers: TCI +$192M, Soroban +$490M, Wellington +$80M, Capital Intl +$92M, AllianceBernstein +$145M, Millennium +$54M, Geode +$64M. The 75.50 whaleScore reflects AUM. Smart-money read: net-bearish. The defining signal of Q1 2026 for SPGI is a passive/custodial exodus: BlackRock -$3.25B, State Street -$1.42B, Wells Fargo -$1.21B, Northern Trust -$324M, together representing -$6.5B of outflows from the largest passive holders. This is structural reallocation away from financials/data infrastructure, not a SPGI-specific thesis break. Active-manager adds (TCI +19%, Wellington +27%, Soroban +1,047%, AllianceBernstein +45%) are present but cannot offset the magnitude of passive outflows. Read: cautious-to-bearish on SPGI. Passive/core holders shedding financials exposure; active managers front-running a potential re-rating.