Four of 147: Slate Path Is 65.3% of the Superinvestors' Cleveland-Cliffs Stake. Short Interest Is 14.08% of the Share Count.

GetCoattail Research — The Filing Tape #137. Cleveland-Cliffs sits on Benzinga's trending-today list, and the filings show one of the narrowest registers in this series: 4 of the 147 superinvestors held the stock at June 30, 2026, totalling 43,522,854 shares — Slate Path Capital alone is 28,410,081 of them, 65.3% of the tracked stake, after raising its position 47.6%. The other three holders did not move a share, so the verified cohort increase of 26.7% is Slate Path's increase alone. Against that single active buyer sits a borrow of 80,326,843 shares, 14.08% of the shares outstanding, and a last 90 days with no insider purchase or sale at all.

The Hype

Cleveland-Cliffs' attention today is list-driven. The steelmaker appears on Benzinga's trending-today roundup for October 20, 2026, among five stocks drawing heavy investor attention, led by Amazon. Benzinga via Headlines Plus Our price file shows the stock searchers are looking at: Cleveland-Cliffs rose 11.1% in the second quarter, from $8.45 on March 31 to $9.39 on June 30, and kept rising after quarter-end — $11.32 by October 2, up 20.6% since June 30. The longer frame is less smooth: the stock is still down 14.8% year to date, down 10.9% from a year ago, and 30.0% below its 252-session high of $16.18, set on October 20, 2025. A trending listing on a steel stock recovering from its March low: the filings answer who held this name through the quarter, who actually added, and how large the position betting the other way has become.

The Tape

For Cleveland-Cliffs — the one hundred and thirty-seventh Filing Tape audit — the tape shows a four-name tracked register in which only one holder moved, a full market that added filers and shares, an insider record that went completely quiet in the last 90 days, no congressional trading at all, a passive-only 5% register, and a borrow above 80 million shares that has barely moved since quarter-end.

Lens 1 — the superinvestors: four holders, and only one of them moved. We track 149 managers whose 13F portfolios we collect from SEC EDGAR — 147 are in the collection (144 at a June 30 period-end, 3 early filers at September 30, none holding this name at September 30, so there is no period split) — and the June 30, 2026 register for the common stock (CUSIP 185899101) is 4 distinct managers holding 43,522,854 shares worth $408,679,599, long only, with no option rows: 1 is labelled INCREASED and 3 are labelled UNCHANGED, with no new holders and no exits during the quarter. Slate Path Capital is the register's largest holder: 28,410,081 shares worth $266,770,661 — 65.3% of the tracked stake — at a 3.69% portfolio weight, labelled INCREASED +47.6% (filed August 14, 2026). The next holders are Prem Watsa - Fairfax Financial Holdings (14,899,273 shares, 34.2% of the cohort, UNCHANGED, at a 5.30% weight), Aequim Alternative Investments (200,000 shares, UNCHANGED) and Mairs & Power Funds (13,500 shares, UNCHANGED). The top two holders together are 99.5% of the tracked stake. The quarter's change verifies row by row for all four continuing holders under two register methods that agree exactly (methodology): those four held 34,356,754 shares at March 31 and 43,522,854 at June 30 (+26.7%). That increase of 9,166,100 shares is, share for share, Slate Path Capital's increase alone — 19,243,981 shares at March 31 to 28,410,081 at June 30 — while the other three holders' share counts are identical in both quarters. The full register reconciles with no residual, and because there were no new holders and no exits, the register-wide change is the same +26.7%. All four rows imply $9.39, the June 30 close, exactly (methodology). 13F figures are as of June 30, 2026, published up to 45 days later.

Lens 2 — institutions: 28 more filers, and 15.06% more shares. At June 30, 2026, 587 institutions reported positions, up 28 from 559 at March 31 (+5.01%); 580 are long. Reported shares rose 15.06% to 474,617,269 (+62,128,337 shares), and reported value rose 28.10% to $4,757,790,322, labelled "reported" because the aggregate includes option rows (methodology), in a quarter when the price rose 11.1%. Flow counts agree (552 entered, 524 exited, net +28). The single-CUSIP breakdown matches the by-ticker aggregate on every field (methodology).

Lens 3 — insiders: a quiet 90 days, and a one-sided year. The parsed Form 4 record holds 75 filings through October 2, 2026. The last 90 days hold 0 purchases and 0 sales — by 0 buyers and 0 sellers, officer trades included — across 2 filings that record no open-market transaction. The last year is nearly as quiet on the buy side and heavy on the sell side: 1 purchase (19,700 shares for $199,626.01, by 1 buyer, none of it an officer purchase) against 3 sales (3,414,308 shares for $42,224,021.79, by 3 sellers, all 3 of them officer sales). Across the full record there are 4 purchases (43,200 shares for $442,774.51, by 4 buyers, 1 of them an officer purchase) and 4 sales (3,534,308 shares for $43,046,057.79, by 4 sellers, all 4 of them officer sales). The trades that exist imply $10.13 per share for the one-year purchases, $10.25 across the full record, $12.37 for the one-year sales and $12.18 across the full record — every cited figure sits inside its window's close range on our price file (methodology). The site's insider aggregate carries no row for this name, which agrees with the parse: a 90-day window with no purchases or sales produces no row (methodology).

Lens 4 — Congress: no recorded trading. The combined aggregate, the House aggregate (both as of October 3, 2026) and the Senate aggregate (as of October 1, 2026) each carry no row for this name. There is no recorded congressional purchase or sale in Cleveland-Cliffs in these aggregates. The aggregates record counts and dates, not amounts, for the names they do carry.

Lens 5 — the 5% register: six passive filings, maximum 8.9%. Our full parse holds 6 SC 13D/G filings matching the site aggregate — 0 SC 13D family and 6 SC 13G family (4 SC 13G, 2 amendments); 4 reporter names across 6 reporter rows. The maximum is BlackRock, Inc. at 44,103,832 shares and 8.9% as of March 31, 2025 (filed April 17, 2025, SC 13G/A). The latest is State Street Corporation at 33,248,560 shares and 5.8% as of June 30, 2026 (filed August 7, 2026, SC 13G) — State Street's third print in the register, after 5.5% as of June 30, 2025 and 6.9% as of March 31, 2026. Vanguard Capital Management printed 29,930,485 shares at 5.24% as of March 31, 2026, and one further file in the register, from The Vanguard Group, prints 0 shares (methodology).

Lens 6 — short interest: 80 million shares, and barely moving. The latest FINRA settlement, September 15, 2026, records 80,326,843 shares sold short — 14.08% of the 570,540,047 shares outstanding — at 7.34 days to cover, up 0.91% from the prior settlement. The series peak across all 137 settlements is 86,578,474 shares on May 30, 2025, and the latest reading sits 7.2% below it and 1.9% below the June 30, 2026 settlement (81,867,557 shares), while standing 7.0% above the year-ago settlement (75,098,947 on September 15, 2025). The recent path runs 81,867,557 (June 30), 83,596,285 (July 15), 80,256,726 (July 31), 81,120,317 (August 14), 79,602,385 (August 31) and 80,326,843 (September 15) — three rises and two falls, every step inside 5%. No step in the full series reaches 2x, and none falls to half (methodology).

The Gap

The narrative arriving today is a momentum one: a trending steel stock up 20.6% since quarter-end. The June tape backs only a narrow version of that story. The broad market did add — 28 more filers and 15.06% more shares — and the tracked cohort's headline growth is real and verified at +26.7%. But that growth is one holder. Slate Path Capital added 9,166,100 shares; Fairfax, Aequim and Mairs & Power held share counts that are identical, to the share, in both quarters — so the tracked register shows a single active buyer, not a cohort arriving together, and two holders control 99.5% of its shares between them. Inside the company, the last 90 days record no purchase and no sale at all, and the last year's only purchase — 19,700 shares — sits against 3,414,308 shares sold, all of the sales by officers. Congress records nothing. The 5% register is passive-only. And against the one active buyer stands the largest fact in this audit: 80,326,843 shares sold short, 14.08% of the share count at 7.34 days to cover, a borrow that has stayed within a few percent of its June 30 level all summer. One plausible reading is that the filings caught conviction and opposition in their narrowest forms at once: one tracked holder adding in size, and a borrow that has not unwound while the price recovered.

What Would Change the Picture

Nothing above is a recommendation. These filings would change it:

• 1. The 2026Q3 13F season (filing window closing mid-November 2026). Slate Path Capital's verified baseline is 28,410,081 shares — 65.3% of the tracked total. Whether that position is held, added to or cut, whether any of the three holders that stood still at June 30 moves at all, and whether any new tracked holder appears would each change this lens.
• 2. A first insider transaction in the current window — in either direction. The last 90 days hold 0 purchases and 0 sales, and the last year holds 1 purchase against 3 sales. Any recorded purchase or sale would end the current silence; a purchase larger than 19,700 shares would also exceed the last year's entire buy total.
• 3. A first congressional row. The combined, House and Senate aggregates all carry no row for this name. A transaction by any member of either chamber would change this lens outright.
• 4. A first SC 13D filing, or a new 5% print above 8.9%. The register's 6 filings are all SC 13G family. A first activist-form filing, or any print above BlackRock, Inc.'s 8.9% maximum, would change this lens.
• 5. Short interest below the recent range, or back above the peak. The borrow stands at 80,326,843 shares, 1.9% below the June 30, 2026 settlement of 81,867,557 and 7.2% below the May 30, 2025 peak of 86,578,474, after five settlements inside a narrow band. A reading below 79,602,385, the August 31, 2026 print, would break the band downward; a reading above 86,578,474 would set a new series maximum.

Related reading: Eleven of 147: Winslow Is 34.3% of the Superinvestors' Arista Stake. Its Insiders Have Never Bought a Share.; Eight of 147: Flossbach von Storch Is 54.4% of the Superinvestors' IBM Stake — and Quintupled It in Q2. No Officer Has Ever Bought a Share.. Cleveland-Cliffs' own page: Cleveland-Cliffs (CLF) on GetCoattail.

Methodology and data notes

• As-of & limits: The lenses rest on different clocks, none live: 13F is a June 30, 2026 snapshot published up to 45 days later; Form 4 runs through October 2, 2026; Congress aggregates run through October 3, 2026 (Senate through October 1, 2026); 13D/G through August 7, 2026; short interest through September 15, 2026; the price file ends October 2, 2026. Six limits are specific to this audit. First, the roster expanded before the recent audits — from 85 managers (83 filing) to 149 (147 filing) — so "of 147" counts are not comparable to earlier pieces' "of 83" figures. Second, this name carries no period split in its headline count — all four tracked holders sit on a June 30, 2026 period-end and none of the three September 30, 2026 early filers holds this name — and both registers reconcile with no residual, as detailed in Lens 1. Third, the full-market aggregate for this issuer rests on a single CUSIP line (CUSIP 185899101), and the by-CUSIP row matches the by-ticker aggregate on every field; its implied price of $10.02 sits 6.76% above the June 30 close of $9.39 because the reported aggregate includes option rows, which is why share counts, not reported value, are this audit's primary institution measure. Fourth, the insider record's quiet window is a transaction statement, not a filing statement: 2 filings fall in the last 90 days but neither records an open-market purchase or sale, so both transaction counts are 0; the site's 90-day insider aggregate (dated October 20, 2026) carries no row for this name at all, which is the same fact in aggregate form — a window with no purchases or sales produces no row. Fifth, the 5% register includes one file that prints 0 shares — The Vanguard Group at 0 shares and 0.0% as of March 13, 2026 (filed March 26, 2026, SC 13G/A) — keyed to the same CUSIP, so it sits inside the aggregate by definition and changes neither the maximum nor the share total; the register's cross-date share total of 174,044,562 sums prints from different dates and is not a current stake. Sixth, the short-interest series needs no split caveat for this name: our price file records no split entry for Cleveland-Cliffs, the series carries no split flag, and no settlement step in either direction reaches the 2x or one-half thresholds (largest step 1.286x at the May 30, 2025 settlement, smallest 0.724x at the December 29, 2023 settlement), so settlements across the full series are compared directly. The series carries three revision flags (June 15, 2021, May 31, 2023 and August 31, 2023) and no split flag. All four tracked 13F rows imply the June 30 close of $9.39 exactly, and the cohort's blended implied price is $9.39. Our price file carries no split entries for this name; every price statement here is mechanical, a date and a close from that file. The Benzinga trending listing (accessed October 20, 2026) postdates the 13F snapshot and the short-interest series; none of Benzinga's figures are cited here beyond the listing itself, reported as outlet content in The Hype; every price figure here is from our own price file.
• Market context sources: the Benzinga trending-today roundup as carried by Headlines Plus, published October 20, 2026 ("Five stocks are drawing heavy investor attention today"). Figures we could not confirm were left out; the external item above is reported speech from that outlet, not a GetCoattail measurement.
• Cleveland-Cliffs is in the GetCoattail stock-page universe: Cleveland-Cliffs (CLF) stock page. Series data: clf_lens_data.csv · clf_short_interest_series.csv. Earlier audits: Arista Networks · IBM.

Past patterns are not a promise of future results. For education only — not investment advice.

This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.

Revision history: v1.0 — October 20, 2026: first publication.