GetCoattail Research — The Filing Tape #195. Franco-Nevada through six filing lenses, as of the latest filings. Past patterns are not a promise of future results. For education only — not investment advice.
The Hype
Franco-Nevada Corporation (FNV) appears on Benzinga's Stock Whisper Index for the week ending October 23, 2026 — a weekly list of five stocks "just under the surface" that drew strong reader interest. Benzinga describes Franco-Nevada as a gold royalty company, one of several gold-related stocks to have seen strong interest during the week, with shares down 6% on the week but up around 10% year-to-date in 2026, and third-quarter results due November 11 after company updates in Panama and more acquisitions. This package cites no other news event for Franco-Nevada: the attention claim rests on that listing plus the measured price tape, and nothing else.
The price tape behind the attention is a round trip, not a runaway. FNV closed 2025 at $207.28, rose to $247.05 by March 31, 2026, then fell 15.6% in Q2 to $208.44 by June 30, recovered to $238.11 by September 30, and closed the price file on October 2 at $239.30 — 14.8% above its June 30 close and 15.4% above its 2025 year-end close. The daily refresh (cross-source) puts the October 23 close at $228.75 — 4.4% below the October 2 close but 9.7% above June 30 and 10.4% above the 2025 year-end close, the last of which matches Benzinga's "up around 10% year-to-date" within rounding. The question the filings let us ask: while the price did that, what did the tracked holders, the broad market, the company's own insiders, and the passive register actually do?
The Tape
| Lens | As of | What the filings show | Direction vs prior period |
|---|---|---|---|
| Superinvestors (13F) | Jun 30, 2026 | 4 of 147 tracked managers hold; 9,230,099 shares ($1.92B reported). First Eagle is 57.1%. | Cohort shares −2.5%; reported value −17.9% |
| All institutions (13F) | Jun 30, 2026 | 660 filers hold 136,991,284 shares ($28.44B reported). | Shares +6.32%; filers +29; reported value −3.72% |
| Insiders (Form 4) | Oct 2, 2026 | No filing in the corpus: 0 filings, 0 transactions in every window. | Not available — empty corpus, not an estimate |
| Congress | Oct 3, 2026 | No FNV row in any congressional aggregate. | No trades in the aggregates |
| 13D/G | May 6, 2026 | All passive: 6 SC 13G/A amendments; FMR at 11.2%. | FMR 6.3% → 11.2% across the parsed set |
| Short interest | Sep 15, 2026 | 4,120,057 shares short, 2.14% of shares outstanding; 5.07 days to cover. | −6.96% from prior settlement; +27.2% vs June; +1.7% year over year |
Chart: Franco-Nevada through six filing lenses — who is actually there?
Superinvestors. The tracked register for Franco-Nevada is small and top-heavy. Four of 147 tracked managers hold 9,230,099 common shares — $1,923,890,991 reported — and the largest holder is 57.1% of it. First Eagle Investment Management holds 5,273,317 shares at 1.81% of its portfolio, labelled DECREASED in Q2. EdgePoint Investment Group holds 3,159,182 shares (34.2%) at 4.98% of its portfolio, also labelled DECREASED (−8.7%). Thomas Gayner's Markel Group holds 773,500 shares (8.4%), up 9.2% in Q2, and DJE Kapital holds 24,100 shares (0.26%), up 10.0%. There are no option rows and no new holders. Two managers exited: First Pacific Advisors (6,611 shares) and GQG Partners (1,166,853 shares). The verified continuing change reconciles exactly under both pairing methods: the four holders held 9,466,161 shares in Q1, so the cohort fell 236,062 shares, or 2.5%, in Q2, while its reported value fell 17.9% to $1,923,890,991 — shares down a little, value down more, because the June 30 close ($208.44) sits below the March 31 close ($247.05). Both registers reconcile with residual zero: Q1's 10,639,625 register shares equal the verified continuing 9,466,161 plus the 1,173,464 exited shares, and Q2's register equals the June cohort exactly. The cohort's implied price matches the June 30 close exactly ($208.44). The cohort is 6.74% of the full market's reported Franco-Nevada shares and 4.79% of shares outstanding — a modest footprint, concentrated in two names that together hold 91.4% of it.
All institutions. The broad market moved the other way from the tracked cohort, and it moved on both counts. Filers rose by 29 to 660, of which 658 are long, while reported shares rose 6.32% (+8,144,990 shares to 136,991,284). Reported value, however, fell 3.72% to $28.44 billion — shares up, value down, because the June 30 close sits below the March 31 close and value carries that price fall. Underneath, 598 filers entered and 569 exited, net +29. Excluding the tracked cohort, other institutions hold 127,761,185 shares — so the broad market's Q2 share growth (+8.14 million shares) happened while the tracked cohort trimmed 236,062 shares. More names, more shares, and a smaller reported value: that is the broad market's Q2 in one line, and it is the opposite sign from the tracked cohort on shares.
Insiders. This lens is empty, and the article says so plainly rather than estimating it. The Form 4 corpus holds no filing for Franco-Nevada's issuer CIK 1456346 at all: the aggregate bucket has no FNV row, the site's insider aggregate has no FNV row (as of October 25), and a parsed-file scan for that CIK returns 0 files. Every window is therefore 0 filings, 0 buys, and 0 sells — in the 90 days to October 2, 2026, in the year to October 2, 2026, and across the whole corpus. The aggregate and the scan agree exactly at zero, so this is a corpus finding, not a missing-file error: the scan ran and found nothing for this issuer. No insider buy or sell figure is quoted for Franco-Nevada anywhere in this article, and no "never bought" claim is made from the empty corpus — the article reports only that the corpus holds no Form 4 filing for this issuer. The fundamentals record flags Franco-Nevada as a foreign private issuer (fpi true); that flag is noted alongside the empty corpus without asserting a legal cause for the absence.
Congress. This lens is empty too, in the same plain sense. No FNV row exists in any congressional aggregate — not in the combined aggregate, not in the House aggregate, and not in the Senate aggregate (Senate file itself as of October 1, 2026) — and the members file attributes no FNV transaction to any member. That is a no-row finding in the aggregates' window (House PTR filings for 2026, transactions on or after April 1, 2026), not a populated 0-buy/0-sell count, and it is never added to the insider totals.
13D/G. Where the 13F register is a small tracked cohort, the control register is entirely passive — and its largest name has been climbing steadily. It holds 6 filings, and all 6 are Schedule 13G/A amendments; there is no Schedule 13D form and no initial Schedule 13G form in the parsed set. The largest position is FMR LLC at 11.2% (21,597,096.53 shares, event March 31, 2026, filed May 6, 2026), reported jointly with Abigail P. Johnson as one position. FMR's path across the parsed set is a staircase: 6.3% (12,117,998.46 shares, event March 31, 2025) → 9.2% (17,782,070.03, event September 30, 2025) → 10.2% (19,615,844.52, event October 31, 2025) → 11.2% (21,597,096.53, event March 31, 2026) — a 78.2% rise in share count from the first to the latest FMR filing in the set. The other reporters are smaller and quieter: BlackRock, Inc. at 5.1% (9,764,190 shares, event March 31, 2025), with no later BlackRock filing in the parsed set — an absence the article does not report as an exit — and the FIL Limited group at 3.6% (6,857,798 shares, event September 30, 2025, reported by 3 entities as one position). Jointly-reported positions are not summed: the register's cross-date total (172,563,603.08) counts each joint position once per reporting entity across different dates, so it is never quoted as an economic figure. And the registers are not mixed: the FMR 13G/A position is a passive-holder filing, not a tracked-superinvestor position, and FMR is not in the tracked register for Franco-Nevada.
Short interest. The bear trade is small and calm. FINRA short interest stood at 4,120,057 shares at September 15, 2026, with 5.07 days to cover and 2.14% of the 192,798,692 shares outstanding (a December 31, 2025 point-in-time count). That is 6.96% below the prior settlement (4,428,028 at August 31), 27.2% above June 30 (3,239,511), 1.7% above the year-ago figure (4,051,888 at September 15, 2025), and 11.7% below the series peak of 4,665,867 shares at September 30, 2022. The last five settlements trace a rise and a pullback: 3,089,515 (July 15), 3,624,275 (July 31), 3,425,649 (August 14), 4,428,028 (August 31), 4,120,057 (September 15). The series is calm by this series' own history — no step over 2× and no step under 0.5× across 137 settlements — so the article reads the level and the drift, not any single step. Three rows carry a revision flag; no row carries a stock-split flag.
Chart: FNV short interest — 137 FINRA settlements, January 2021 to September 2026.
Fundamentals context. The fundamentals record is complete on the fields quoted here: shares outstanding are 192,798,692 as of December 31, 2025 (a point-in-time DEI count — the 2.14% short ratio inherits that basis), net income is $1,112,100,000 and assets are $8,241,400,000, both for FY2025. The recorded market capitalisation is $47,039,024,050.44, on the record's own price_close ($243.98 as of October 6, 2026), not the October 23 close. The record's revenue field is FY2017 ($675,000,000) and is not quoted as a current-year figure. The record flags Franco-Nevada as a foreign private issuer and cautions that its shares count is on the home-share basis while its close may be on an ADS basis, so the recorded market capitalisation may not reflect an ADS ratio — quoted here only as the record's own caution.
The Gap
The attention and the filing tape disagree about where the story is. A reader-interest listing puts Franco-Nevada in front of readers while gold stocks are popular, and the price has round-tripped from $247.05 to $208.44 and back to $239.30. The filings show something quieter: the tracked cohort trimmed a little in Q2 while the broad market added shares, the passive register's largest name climbed a staircase from 6.3% to 11.2% without a single activist filing, the insider lens is blank in the corpus, Congress shows nothing at all in the aggregates, and short interest sits at just 2.14% of shares outstanding — no crowded short story, no insider story, no political story. The tape does not show a tracked crowd piling in or out; it shows a small tracked register trimming, a broad market adding, and a passive holder accumulating steadily in the background.
What Would Change the Picture
Nothing above is a recommendation. It is a record. What would change it:
- 1. Q3 13F season (filings due by November 16, 2026). Watch whether First Eagle trims again from its 5,273,317-share position, whether the cohort's 9,230,099 shares grow or shrink, and whether the broad market's filer count and share count move in the same direction or opposite ones again.
- 2. A new Schedule 13G/A from FMR above or below 11.2%, a new passive reporter above 5%, or a BlackRock filing reappearing would change a passive register that currently climbs on one name.
- 3. A first Form 4 filing for issuer CIK 1456346 appearing in the corpus would replace the empty insider lens; continued absence would leave it blank.
- 4. A first congressional row for FNV — any attributed member trade — would replace the no-row finding in the aggregates.
- 5. Short-interest direction. A rebuild back above the August 31 level of 4,428,028 — or toward the series peak of 4,665,867 — or a fall back toward the June 30 level of 3,239,511 would each tell a different story about the bear position that eased 6.96% in the latest settlement.
As-of & Limits
| Lens | As of | Limit or note |
|---|---|---|
| Superinvestors (13F) | Jun 30, 2026 | 13F figures are as of June 30, 2026, the quarter-end. Funds have up to 45 days after quarter-end to file, so this is the most recent complete picture — and it is always a lagging one. Common stock only (CUSIP 351858105); no option rows, no second class in the tracked file. All four Q1→Q2 changes verify exactly under both pairing methods; both registers reconcile with residual zero. |
| All institutions (13F) | Jun 30, 2026 | Reported value includes option rows by definition; implied price ($207.58 in Q2) is not a price check. Value fell while shares rose because the June close sits below the March close. |
| Insiders (Form 4) | Oct 2, 2026 | Empty corpus: no FNV row in the aggregate bucket, no FNV row in the site insider aggregate (as of October 25), and 0 parsed files for issuer CIK 1456346. No insider figure is quoted for FNV, and no "never bought" claim is made from the absence. The fundamentals record flags FNV as a foreign private issuer; that flag is noted without asserting a legal cause. |
| Congress | Oct 3, 2026 | No-row finding: no FNV row in the combined, House, or Senate aggregates, and no member attribution in the members file. The Senate file itself is as of October 1, 2026. Congress no-row findings are member-disclosure aggregates, not Form 4 insider transactions, and are never added to insider totals. |
| 13D/G | May 6, 2026 | All-passive register: 6 of 6 filings are Schedule 13G/A amendments. Jointly-reported positions are not summed. Total shares reported (172,563,603.08) sums reporter rows across dates and counts each joint position once per reporting entity, and is not an economic total. Filing percentages are as reported in each filing; denominators differ by filing date and are not recomputed. BlackRock's absence after March 31, 2025 is not reported as an exit. |
| Short interest | Sep 15, 2026 | Shares-outstanding count as of Dec 31, 2025 (point-in-time basis); the 2.14% ratio inherits that basis. The series has no step over 2× and no step under 0.5× — read the level and the drift, not a single step. |
| Prices | Oct 23, 2026 (fresh close) | Price file ends Oct 2, 2026; the Oct 23 close ($228.75) and moves derived from it are cross-source (chart_stats) and labelled as such. The price file's splits field is empty and no split adjustment is applied. |
| Fundamentals | FY2025 | Recorded market capitalisation uses the record's own price_close ($243.98 as of Oct 6, 2026), not the Oct 23 close, and is quoted only as the record's figure. The record's revenue field is FY2017 and is not quoted as a current-year figure. The record's home-share/ADS caution is quoted as the record's own note. |
| Hype source | Oct 25, 2026 (Benzinga Whisper list) | Listing only (reader interest for the week ending Oct. 23, 2026, not a search ranking); no other news event is cited for Franco-Nevada in this article. Price moves are measured from the price file and chart_stats. |
Methodology & disclaimer: 13F holdings are long common shares unless stated; reported values include option rows for the all-institutions lens by definition. Short interest is FINRA twice-monthly settlements. Trading costs and taxes are not reflected in any figure. Past patterns are not a promise of future results. For education only — not investment advice.
This article describes filings and market data for education. It is not investment advice. Data: SEC EDGAR 13F (as of June 30, 2026, filed within 45 days), Form 4 corpus checked through October 2, 2026 (0 filings for issuer CIK 1456346), House/Senate disclosures through October 3, 2026, SC 13D/G parsed register through May 6, 2026, FINRA short interest at September 15, 2026 settlement. 13F covers long positions of $100M+ managers only and is always a lagging picture. Trading costs and taxes are not reflected.
Related research: One of 147: Battalion's Only Superinvestor Held Still While the Stock Fell 66.4% in Q2 · Three of 147: All Three Superinvestors Added to Deckers in Q2. Its Insiders Have Bought Once. · Track the tape on Franco-Nevada's stock page and the 13F filing season hub.
Revision history: v1.0 — October 26, 2026. Initial publication. Signals and lens aggregates: fnv_lens_data.csv. Short-interest series: fnv_short_interest_series.csv.
Past patterns are not a promise of future results. For education only — not investment advice.