Ten of 147: One Holder Is 55.9% of the Superinvestors' Fiserv Stake. Its Insiders Have Never Sold a Share.

GetCoattail Research — The Filing Tape #86. Morningstar named Fiserv one of its top three financial-sector picks, with a $106 value estimate against a stock that closed our price file at its 252-session low, and the filings describe a name the tape cannot agree on: a 10-manager cohort split five increases against five decreases that still added 7.1% in a quarter when the price fell 12.1%, an insider record with nine purchases and zero sales, a borrow that built to a series record on August 31, a full market with 86 fewer filers holding 16.78% more shares, a House-only congressional record with one sale, and an all-passive 5% register topped at 11.78%.

The Hype

Fiserv sells the plumbing of payments — merchant acquiring, issuer processing and bank technology — and it has had the year Morningstar's financial-services team calls forgettable. On October 15, StockTwits reported Morningstar sector director Sean Dunlop's top sector picks: LPL Financial, Fiserv and Nu Holdings, named as cases where the market has likely overreacted. Financial services have lagged in 2026 on fears of AI disruption and rising interest rates — the Financial Select Sector SPDR Fund is up 0.76% year to date against nearly 14% for the SPDR S&P 500 ETF in the same report — and Morningstar rates the sector overvalued even as it singles out these three. For Fiserv, Dunlop called 2026 a reset year: the company faces significant issues, in his telling, but retains a moat on both sides of the business, and its Clover platform shows it can adapt; Morningstar's $106 value estimate implies about 130% upside from the last close. The company added its own headline the same week: on October 14 it announced Clover had passed five million devices shipped worldwide. StockTwits put retail sentiment on Fiserv at neutral. Our own price file is blunter: the stock closed October 2 at $44.36, its 252-session low, 65.2% below its 252-session closing high. The filings below describe who held it, who bought it, and who was borrowing it on the way down.

The Tape

For Fiserv — the eighty-sixth Filing Tape audit, on the expanded roster described in the notes — the tape shows a 10-name cohort whose largest holder is 55.9% of the position and which added shares in a falling quarter, a full market that concentrated (fewer filers, more shares), a purchases-only insider record, a congressional record of exactly one sale, a 5% register with no activist, and a borrow that set its series record at the prior settlement.

Lens 1 — the superinvestors: 10 holders, one of them 55.9% of the stake, split five against five. We now track 149 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR — 147 filed for the second quarter (see the roster note below). As of June 30, 2026, 10 held Fiserv long, totalling 89,765,780 shares worth $4,403,011,545, with no option rows. Dodge & Cox Funds is the largest holder, with 50,194,946 shares worth $2,462,062,101 — 55.9% of the cohort — labelled DECREASED (-0.1%). Bill Nygren - Oakmark Funds holds 22,210,980 shares worth $1,089,448,587 — 24.7% of the cohort — labelled INCREASED (+12.5%). Of the 10 continuing holders, 5 are labelled INCREASED and 5 DECREASED, with no NEW and no UNCHANGED row; the largest increase is First Eagle Investment Management's +44.9% (10,857,773 shares) and the deepest cut is Vulcan Value Partners' -18.3%. Every continuing holder's first-quarter row verifies row by row (see methodology), so this audit publishes the cohort total: 83,791,234 shares at March 31 to 89,765,780 at June 30, +5,974,546 shares (+7.1%) — in a quarter when the price fell 12.1%. 13F figures are as of June 30, 2026; funds have up to 45 days to file, so this picture is complete — and always lagging.

Lens 2 — institutions: 86 fewer filers, 67.9 million more shares. At June 30, 2026, 1,153 institutions reported positions, down 86 from 1,239 at March 31 (-6.94%); 1,144 are long. Reported shares rose 16.78%, from 404,900,406 to 472,839,898. Reported value rose 1.90% to $23,330,177,185, labelled "reported" because the aggregate includes option rows (see methodology).

Lens 3 — insiders: nine purchases, and no sale anywhere in the parsed record. The parsed Form 4 record holds 87 filings through October 2, 2026 — all inside the last-year window — and nine purchase transactions across the full record: 69,681 shares for $3,803,072.25, by 7 buyers, 4 of them officer purchases totalling $2,560,852.50. Sale transactions number zero in the 90-day window, zero in the one-year window and zero across the full parsed record. The 90-day window holds 1 purchase: 10,000 shares for $519,500.00, by 1 buyer, not an officer purchase; the site aggregate dates the last purchase to August 7, 2026.

Lens 4 — Congress: one sale, no purchases, House file only. The combined record (as of October 3, 2026) carries Fiserv with 0 purchase transactions and 1 sale transaction, an empty last-purchase field, a members field of 0 and no parties listed. The House aggregate is identical; the Senate aggregate (as of October 1, 2026) carries no row for this name at all — a missing row, not zero Senate trades.

Lens 5 — the 5% register: seven filings, four names, all passive. Our full parse holds 7 SC 13D/G filings — one SC 13G and six SC 13G/A, no SC 13D-family filing in the parse — most recently filed April 29, 2026; the maximum is 11.78%: The Vanguard Group reports 63,408,549 shares as of January 30, 2026. The latest filing prints Vanguard Capital Management at 38,408,341 shares (7.18%) as of March 31, 2026; Dodge & Cox prints two rows, 38,634,009 shares (7.1%) as of September 30, 2025 and 49,474,622 shares (9.2%) as of December 31, 2025.

Lens 6 — short interest: 30,030,691 shares, one settlement below a series record. As of September 15, 2026 — the most recent of 79 FISV-symbol FINRA settlements since January 15, 2021 — 30,030,691 shares were sold short, down 9.76% from the prior settlement. That prior settlement, August 31, 2026, printed 33,277,836 shares — the series maximum, verified by a maximum query over the series — so the latest sits 9.8% below a record set two weeks earlier. Against the June 30 settlement of 23,234,067 shares the latest is up 29.3%. Against 531,766,721 shares outstanding, it is 5.65% of the share count, at 3.96 days to cover. This lens carries a symbol gap (see methodology): no year-over-year figure is published for it.

The Gap

The narrative, as this week's coverage frames it, is an overreaction: a payments franchise with a moat on both sides of its business, a reset year behind it, and a $106 Morningstar value estimate against a last close our file prints at $44.36. Parts of the filings lean that way. The cohort added 5,974,546 shares (+7.1%) in the quarter the price fell 12.1%, its two largest holders between them are 80.7% of the position, and the largest trimmed just 0.1%. The full market's share count rose 67,939,492 (+16.78%) even as 86 filers left the register — the shares concentrated rather than scattered. And the insider record is the cleanest contrary print in this audit: nine purchases, $3,803,072.25, seven buyers, and not one sale transaction anywhere in the parsed record. The other lenses lean the opposite way. The borrow did not drift down with the price; it built — up 29.3% from the June 30 settlement to a series record of 33,277,836 shares on August 31, 2026, still 5.65% of the share count. The 5% register holds no activist and no name outside four passive reporters. The congressional record is a single House sale with no purchase beside it. And the cohort's split is real: five raised and five cut, so the +7.1% total is the net of disagreement, not a consensus. One plausible reading is that the fall has sorted holders into fewer, larger hands — tracked funds, the full market and insiders all hold or bought more — while the borrow against the name has rarely been larger. The record supports each clause separately; it does not say which side the next quarter favours.

What Would Change the Picture

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

• 1. The 2026Q3 13Fs (filing window closing mid-November 2026). The cohort held 89,765,780 shares at June 30 after adding 7.1% in a falling quarter, split five against five, and Dodge & Cox Funds alone is 55.9% of it. Whether Dodge & Cox adds, trims or exits after the autumn slide — and whether the split breaks — decides whether the register reads as accumulation or stalemate.
• 2. A first insider sale — the parsed record currently has none. It holds nine purchases across 87 filings and zero sales, with one purchase in the last 90 days. A single sale changes a purchases-only lens; another purchase extends it.
• 3. Whether the borrow makes another record, or unwinds toward the June print. Short interest stands at 30,030,691 shares, 9.8% below the August 31, 2026 record of 33,277,836 and 29.3% above the June 30 print of 23,234,067. A reading above the record extends the build; one back near June ends it.
• 4. A first activist filing, or a new name in the 5% register. Its 7 filings are all passive SC 13G-family, carrying four names; the latest reports 7.18% as of March 31, 2026. A first SC 13D would be this lens's first new kind of fact.
• 5. A first Senate row, or a first House purchase. The congressional record holds exactly one transaction — 1 sale, 0 purchases, House file only. Either addition changes a single-entry lens.

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 through October 3, 2026 (Senate file through October 1, 2026); 13D/G through April 29, 2026; short interest through September 15, 2026; the price file ends October 2, 2026. Three limits are specific to this audit. First, the roster expanded before the previous audit — from 85 managers (83 filing) to 149 (147 filing) — so "of 147" counts are not comparable to earlier pieces' "of 83" figures. Second, the short-interest series is a FISV-symbol series: FINRA's files carry Fiserv under a different symbol for a 58-settlement stretch in 2023–2025, so that lens publishes no year-over-year comparison and its chart bridges a gap (see methodology). Third, the parsed Form 4 record holds 87 filings, all inside the last-year window — "no sale in the record" is a statement about that record, and the October coverage postdates every lens.

Related reading: Twenty-Five of 147: One Holder Is 36.9% of the Superinvestors' Applied Materials Stake. Its Insiders Have Bought Twice. — Filing Tape #85; Seven of 83: One Holder Is 71.7% of the Superinvestors' Lam Research Stake. Its Insiders Have Bought Once. — Filing Tape #84. Fiserv's own page: Fiserv (FISV) on GetCoattail.

Methodology and data notes

• Superinvestor lens: 147 filing managers (of a 149-manager roster) collected directly from SEC EDGAR Form 13F (managers_13f collection, regenerated October 15, 2026 for the expanded roster), positions as of June 30, 2026; Fiserv identified by its single cohort CUSIP 337738108. Ten distinct managers hold long positions totalling 89,765,780 shares; there are no option rows for this name in the collection. The direction count on the collection's labels, across the long rows, is five INCREASED (Bill Nygren - Oakmark Funds, First Eagle Investment Management, Mairs & Power Funds, John Rogers - Ariel Investments and Mondrian Investment Partners) and five DECREASED (Christopher Davis - Davis Advisors, Dodge & Cox Funds, Hillman Capital Management, Samantha McLemore - Patient Capital Management and Vulcan Value Partners); there is no NEW or UNCHANGED row. Dodge & Cox Funds' share of the cohort is 55.9% = 50,194,946 / 89,765,780; Oakmark's is 24.7% = 22,210,980 / 89,765,780. The cohort's reported values imply $49.05 per share — exactly the June 30, 2026 close of $49.05 in our price file, a gap of 0.0% — and every holder row implies exactly $49.05, so there are no per-holder pricing anomalies to report in this audit. Quarter-to-quarter cohort totals are published here because every continuing holder verifies: following the rule used in the previous audits, each continuing holder's first-quarter row was accepted only when (a) it sits under the same filing-agent prefix as the manager's second-quarter accession — the pipeline files' accession prefixes identify filing agents, not managers, and several prefixes are shared — and (b) the row's implied shares-change reproduces the manager's EDGAR shares-change label at one decimal place. All ten continuing holders verify exactly that way, so the subtotal is the cohort total: 83,791,234 shares at March 31 to 89,765,780 shares at June 30 (+5,974,546 shares, +7.1%). The site pipeline's holdings files cover 147 accessions (the expanded roster): their second-quarter CUSIP total (10 rows, 89,765,780 shares) matches the EDGAR cohort exactly, while their first-quarter total (13 rows, 87,647,747 shares) is not the cohort — it also carries Oakmark's 950,000-share call row and the two long positions that exited during the second quarter. The collection's exit list carries those same three rows: Longview Partners (Guernsey) (2,902,523 long shares), Mason Hawkins - Southeastern Asset Management (3,990 long shares) and Oakmark's call row; Oakmark remains a long holder, so only the first two are long exits.
• Full-market lens: SEC Form 13F Data Sets full-market aggregation. The primary table is the full13f collection's by-ticker file (holders = distinct filers reporting the ticker's CUSIP; 1,144 reported long positions out of 1,153 filers). Fiserv carries a single CUSIP in this aggregation (337738108), and the backfill fixtures' by-CUSIP row for it matches the by-ticker row on every field — holders, long holders, shares, reported value, prior holders and prior reported value — exactly. The by-ticker file's entered/exited fields (1,006 and 1,092, a net of -86 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($23,330,177,185 over 472,839,898 shares) implies $49.34 per share against a June 30, 2026 close of $49.05 in our price file, a gap of +0.59% — printed here as found. The aggregate sums the VALUE of every information-table row — including put and call option rows — while the share count covers long common-stock rows only, so we headline filer and share counts and label dollar values "reported."
• Insider lens: full-parse Form 4 aggregation (agg_by_ticker), record as of October 2, 2026 (87 filings). Sale and purchase counts are transaction-code counts (S and P) in non-derivative rows; grants and exercises are not counted as purchases, and one filing can contain many transaction rows. Purchase transactions total nine in the full parsed record — 69,681 shares for $3,803,072.25, by seven buyers, four of the nine also officer purchase transactions totalling $2,560,852.50 — and sale transactions total zero in every window of the record. Every one of the 87 parsed filings sits inside the one-year window (October 3, 2025 to October 2, 2026), so the one-year and full-record windows are identical in this audit; the 90-day window (July 5 to October 2, 2026) holds 13 filings and one purchase (10,000 shares, $519,500.00, one buyer, no officer purchases). The site's insider aggregate (compiled as of October 15, 2026, over its own 90-day window) reports 1 purchase, 0 sales and 1 buyer with $519,500.00 of purchase value and a last purchase on August 7, 2026 — an exact match to the full parse's 90-day window on every field. The full-parse aggregate's purchase totals imply $51.95 per share for the 90-day window and $54.58 for the one-year and full-record windows, each inside the traded price range of its window on our price file ($44.36 to $55.78 for the 90-day window, $44.36 to $127.56 for the one-year window, and $44.36 to $237.79 across the price file), so the totals are cited as figures in this article; with no sales, there is no sale-side implied price to check. "Its insiders have never sold a share" in this audit means zero sale transactions in the parsed Form 4 record we maintain; it is a statement about that record, not about any individual's complete history.
• 13D/G lens: full-parse SC 13D/G parsed filings (7 filings matching issuer CIK 798354 on CUSIP 337738108: one SC 13G and six SC 13G/A filings, the G/A filings being amendments, with no SC 13D-family filing in the parse), filings through April 29, 2026. The site aggregation carries this name under a ticker-keyed row; that row (7 filings, 0 D-filings, 7 G-filings, 6 amendments, 4 reporters, latest date April 29, 2026, maximum 11.78% and 260,841,375 reported shares) matches the parsed filings on filings, form mix, amendments, latest date, maximum and reported-share total. The parsed reporting-person rows sum to 260,841,375 shares, but that total sums reporting-person rows across different dates, so it is not used as a stake figure in the article. The rows are reported as filed, under the names exactly as they appear: The Vanguard Group printing 52,208,671 shares at 9.7% as of December 31, 2025 and 63,408,549 shares at 11.78% as of January 30, 2026, then 0 shares at 0.0% as of March 13, 2026; Vanguard Capital Management printing 38,408,341 shares at 7.18% as of March 31, 2026, filed April 29, 2026 as SC 13G; Dodge & Cox printing 38,634,009 shares at 7.1% as of September 30, 2025 and 49,474,622 shares at 9.2% as of December 31, 2025; and T. Rowe Price Associates, Inc. printing 18,707,183 shares at 3.4% as of June 30, 2025. The Vanguard names are separate reporting persons as filed and are not combined in this audit. The Dodge & Cox of this register and the Dodge & Cox Funds of the superinvestor lens are reported as filed in each source and are not merged here. The parsed coverage for this issuer holds these 7 filings; a 5% holder that has not filed in the covered window would not appear here.
• Congress lens: Senate PTR archive and House PTR archive as maintained on this site. The combined record (as of October 3, 2026) carries Fiserv with 0 purchase transactions and 1 sale transaction, no last-purchase date, a members field of 0 and an empty parties list. The House aggregate (as of October 3, 2026) carries the identical row (both-parties flag false), so the single transaction in the combined record sits in the House file. The Senate aggregate (as of October 1, 2026) carries no row for this name; this audit reports that as a missing row and does not convert it into a claim of zero Senate transactions — the House row is the fact reported here. The members field prints 0 alongside the one sale transaction, as filed in the aggregate; this audit draws no member count from it.
• Short interest lens: FINRA Equity Short Interest files (biweekly settlement dates), collected directly from FINRA's public distribution. The published series is a FISV-symbol series: it covers the 79 settlements that carry a FISV row, from January 15, 2021 (first settlement in the series, 8,895,502 shares) to September 15, 2026, out of 137 settlement files in the collection. For 58 consecutive settlements, from June 15, 2023 to October 31, 2025, the files carry no FISV row: Fiserv is reported there under the symbol FI on NYSE — verified rows include 4,835,113 shares on December 29, 2023, 4,766,377 on January 12, 2024, 7,223,253 on June 30, 2025, 6,313,291 on September 15, 2025 and 10,531,027 on October 31, 2025 — and the first post-gap FISV row (November 14, 2025, 10,801,190 shares) prints a prior-settlement value of 10,531,027 in the file itself, chaining the two symbol series. The FI rows are not merged into the published series, so this audit publishes no year-over-year short-interest percentage: the year-ago settlement falls inside the FI window, and a mixed-symbol comparison would not be like-for-like. The latest reading is 30,030,691 shares on September 15, 2026, down 9.76% from the prior settlement (33,277,836 on August 31, 2026). The series maximum is 33,277,836 shares on August 31, 2026 (verified by a maximum query over the series, not read off the latest row), so the latest reading sits 9.8% below the maximum — a record set at the immediately prior settlement. The year-ago comparison is not published, for the symbol reason above. The series minimum is 5,429,435 shares on January 13, 2023. One comparability note on this series: the files report each settlement as filed and do not restate earlier settlements, and the largest step between consecutive FISV rows in this series is 1.893x (November 28, 2025 to December 15, 2025), so no split-style jump distorts the same-symbol share comparisons; no percentage in this audit is computed across the symbol gap. The June 30, 2026 settlement printed 23,234,067 shares, so the latest reading sits 29.3% above the 13F snapshot date's borrow. FINRA publishes each settlement about two weeks after the fact, so the October price action is not yet in this series. The share-count ratio (5.65%) uses the fundamentals file's shares-outstanding figure below.
• Fundamentals note: our fundamentals collection carries Fiserv's revenue of $21,193,000,000, net income of $3,480,000,000 and assets of $80,133,000,000, each labelled fiscal 2025 in the file. The file is marked ok for this name, with no missing fields: shares outstanding of 531,766,721 (as of July 31, 2026 in the file, sourced in the file to the share count) and a file-computed market value of $24,184,750,227.66. The file does not flag the issuer as a foreign private issuer, and it carries SIC 7389, Services-Business Services, NEC. The file's price for the name is $45.48 as of October 6, 2026; our daily-close file ends October 2, 2026 at $44.36, and we keep the two files' figures separate rather than blending them.
• Prices: our own daily-close file for Fiserv through October 2, 2026 ($44.36 close, -34.0% year to date on that file; the 252-session closing high is $127.56 on October 3, 2025, so the last close sits 65.2% below it; the 252-session closing low is $44.36 on October 2, 2026 — the last close is itself the low; closes of $55.80 at March 31, 2026 and $49.05 at June 30, 2026, a second-quarter change of -12.1%; change from June 30 to October 2 of -9.6%; change from the September 30, 2025 close of $128.93 of -65.6%). The series in our price file begins June 1, 2021 at $114.43 and holds 1,341 rows.
• Market context sources: StockTwits' report of Morningstar's top financial-sector picks (checked October 15, 2026; its title order was Fiserv, Nu Holdings and LPL Financial; it reports Morningstar sector director Sean Dunlop naming LPL Financial, Fiserv and Nu Holdings as the cases where the market has likely overreacted, a $106 Morningstar value estimate for Fiserv implying about 130% upside, 2026 described as a reset year for the company, financial services lagging on AI-disruption fears and rising interest rates, the Financial Select Sector SPDR Fund up 0.76% year to date against nearly 14% for the SPDR S&P 500 ETF, and neutral StockTwits retail sentiment on Fiserv); Morningstar's own sector-outlook page (checked October 15, 2026; it confirms Dunlop attributes the sector's underperformance to AI-disruption fears and rising interest rates, rates the sector overvalued, and names LPL Financial, Fiserv and Nu Holdings among the favoured picks); Fiserv's October 14, 2026 GlobeNewswire release (checked October 15, 2026; Clover passed five million devices shipped worldwide, after four million in 2025, three million in 2023, two million in 2021 and one million in 2018). Also in the same news cycle, the WSJ Stocks to Watch Recap for October 14 listed Bank of America — already covered in this series — ahead of Skydance (SKYD), which was skipped because most of its lenses are empty in our data: no fundamentals record, no full-market 13F row, no Form 4 row, no price file and zero superinvestor holders. Nu Holdings was not used: it is a foreign private issuer whose fundamentals record is partial. Figures we could not confirm against two sources were left out; the external items above are reported speech from those outlets, not GetCoattail measurements.
• Fiserv is in the GetCoattail stock-page universe: Fiserv (FISV) stock page. Series data: fisv_lens_data.csv · fisv_short_interest_series.csv. Earlier audits: Applied Materials · Lam Research.

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 15, 2026: first publication.