Shift in Sentiment? Investment Manager Cuts Its Stake in Legendary Transportation Stock

On October 20, 2025, DuPont Capital disclosed in a Securities and Exchange Commission filing for the period ended September 30, 2025, that it sold 11,943 shares of Union Pacific (NYSE:UNP), an estimated $2.69 million trade based on the average price for the third quarter of 2025.

What Happened

DuPont Capital reduced its position in Union Pacific by 11,943 shares during the third quarter of 2025, according to an SEC filing dated October 20, 2025. The estimated value of shares sold was approximately $2.69 million, based on the average closing price during the quarter. After the trade, the fund reported holding 36,048 Union Pacific shares worth $8.52 million as of September 30, 2025.

What Else to Know

The Union Pacific stake now represents 0.88% of DuPont Capital's 13F AUM as of Q3 2025, down from 1.19% in the previous quarter.

Top holdings after the filing:

• NVDA: $77.74 million (8.0% of AUM) as of September 30, 2025
• MSFT: $64.21 million (6.6% of AUM) as of September 30, 2025
• AAPL: $54.90 million (5.7% of AUM) as of September 30, 2025
• AMZN: $42.81 million (4.4% of AUM) as of September 30, 2025
• GOOGL: $34.78 million (3.6% of AUM) as of September 30, 2025

As of October 20, 2025, Union Pacific shares were priced at $227.30, marking a one-year total return of (5.4)% for the period ended October 20, 2025.

Company Overview

Company Snapshot

Union Pacific Corporation is one of North America's largest freight railroad operators, with a network connecting major ports on the Pacific and Gulf coasts to key inland markets. The company has an extensive rail infrastructure and serves a wide range of industries. It provides rail transportation services for agricultural products, energy, industrial goods, and intermodal freight across a 32,452-mile network as of December 31, 2021.

The company serves a diverse range of industries, leveraging its infrastructure scale. It serves grain processors, manufacturers, energy producers, automotive companies, and intermodal shippers throughout the United States.

Foolish Take

DuPont Capital's recent sale of Union Pacific stock could raise a few eyebrows -- here's why.

The investment management firm sold about 12,000 shares of Union Pacific stock. That equates to roughly 25% of its overall holdings of Union Pacific. What's more, the transaction reduced the firm's Union Pacific position to 0.88% of assets under management. According to Dupont Capital's second quarter filing, its Union Pacific position accounted for 1.19% of assets under management.

In other words, DuPont Capital's portfolio managers dumped a fairly large amount of Union Pacific stock during the third quarter -- and not at a particularly advantageous time.

Union Pacific stock has notably lagged the broader stock market since the start of 2024. Indeed, over that period, Union Pacific stock has generated a total return of (7)%. Meanwhile, the S&P 500 has generated a total return of 45%.

Therefore, it's reasonable to conclude this transaction represents a shift in sentiment by the portfolio managers. Granted, it's not an enormous sale, and the firm still retained roughly 75% of its position in the stock. However, given the ongoing concerns facing global trade and tariffs, retail investors may want to take note of this institutional sale of Union Pacific stock.

Glossary

13F: A quarterly SEC filing by institutional investment managers disclosing equity holdings under management.
Assets Under Management (AUM): The total market value of investments managed by a fund or firm on behalf of clients.
Alpha: A measure of an investment's performance compared to a benchmark, usually indicating value added or subtracted.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
Intermodal freight: Cargo transported using multiple modes of transportation, such as rail, ship, and truck, without handling the freight itself.
Stake: The amount or percentage of ownership an investor or fund holds in a company.
Quarter (Q3): The third three-month period of a company's fiscal year, often used for financial reporting.
Dividend yield: A financial ratio showing how much a company pays in dividends each year relative to its share price.
TTM: The 12-month period ending with the most recent quarterly report.

Jake Lerch has positions in Alphabet, Amazon, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Microsoft, and Nvidia. The Motley Fool recommends Union Pacific and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.