Three of 147: Jericho's New Position Is 79.3% of the Superinvestors' ON Semiconductor Stake. Its Insiders Have Never Bought a Share.

GetCoattail Research — The Filing Tape #157. ON Semiconductor sat on Zacks' most-searched list into October 22, 2026 — a chip name eleven days from earnings, up 52.7% in the June quarter and down 36.6% from its June high close since. The June filings show just 3 tracked holders — one of them brand new and four-fifths of the cohort — a full market that added 177 filers, and an insider record with no purchase at all.

The Hype

The attention is a searched-for chip stock waiting on November 2. ON Semiconductor — onsemi — has been one of the most searched-for stocks on Zacks.com lately; over the past month its shares returned +2.9% against +1.5% for the Zacks S&P 500 composite, while the Semiconductor — Analog and Mixed industry gained 6.1%. Zacks, October 19, 2026 The company is scheduled to release third-quarter results on November 2, 2026, with a consensus estimate of $0.88 a share, up 39.68% year over year, on revenue of $1.71 billion, up 10.02%. Zacks, October 21, 2026 KeyCorp's October 14 note put its own estimate higher, at $0.93. American Banking News, October 19, 2026 The last reported quarter, published August 3, showed revenue of $1.6 billion, up 9.2% year over year, and earnings of $0.74 a share against $0.53 a year earlier. Zacks, October 19, 2026 Our price file, which ends October 2, tells the path in: up 52.7% in Q2 ($61.92 on March 31 to $94.54 on June 30), a 252-day high close of $133.93 on June 3 along the way, then down to $84.89 by October 2 — 36.6% below that high close. The October 21 close of $76.94 cited above sits after our file ends and is an external figure, not blended into file calculations.

The Tape

For ON Semiconductor, the one hundred and fifty-seventh Filing Tape audit, the tape shows 3 tracked managers — two of them new, the one continuing holder down 83.7% — a full market that added 177 filers and 40.3 million shares, an insider record with no purchase, no congressional transaction in any aggregate we hold, a 5% register topped by a 15.0% passive print, and a borrow flat since June at 7.59% of the share count.

Lens 1 — the superinvestors: 3 holders, and the largest is new. The collection holds 147 managers (144 at June 30; 3 early filers at September 30, none holding this name). The June 30, 2026 common-stock register is 3 distinct managers holding 6,158,539 shares worth $582,228,277, long only, with no option rows. Jericho Capital Asset Management holds 4,881,237 shares, 79.3% of the cohort, at a 3.81% weight, labelled NEW; Slate Path Capital holds 1,269,323 shares, 20.6%, labelled DECREASED at −83.7%; Lee Ainslie – Maverick Capital holds 7,979 shares, labelled NEW. The one continuing holder's label verifies by two pairing methods (methodology): Slate Path held 7,798,800 shares at March 31 and 1,269,323 at June 30, a verified change of −83.7%. Both NEW labels also verify — Maverick's own first-quarter filing carries no position in this name, and the first-quarter register is explained in full by Slate Path alone, leaving no room for a Jericho position (methodology). No tracked manager exited. A fourth tracked row exists outside the common stock: Howard Marks – Oaktree Capital Management reports a NEW convertible-bond position (a separate CUSIP) at $1,509,375 — a bond row, not counted in the 3 holders above. Every common holder implies $94.54, the June 30 close exactly. At 1.56% of reported institutional shares, this cohort is a sample, not the register. 13F figures are as of June 30, 2026, published up to 45 days later.

Lens 2 — institutions: 177 more filers, 40.3 million more shares. At June 30, 2026, 1,003 institutions reported positions on the name's single common-stock CUSIP, up 177 from 826 at March 31 (+21.43%); 992 are long. Reported shares rose 11.37% to 395,052,735 (+40,326,496 shares), while reported value rose 78.98% to $39,268,908,446, labelled "reported" because the aggregate includes option rows (methodology). Flow counts agree (897 entered, 720 exited, net +177), and the single-CUSIP aggregate matches the by-ticker total on every field. The aggregate implies $99.40 against the $94.54 close (+5.14%). The reported-value jump is mostly the quarter's price: the stock rose 52.7% in Q2, so the +78.98% value line and the +11.37% share line describe different things — the share line is the accumulation measure. Against that broad adding, the tracked 3 fell 21.0% in aggregate: the one continuing holder cut 83.7%, and the two new positions together are smaller than that cut.

Lens 3 — insiders: no purchase, 18 sales. The parsed Form 4 record holds 58 filings, from February 10, 2025 through October 2, 2026. The last 90 days (a filing-date window, per the aggregate's own definition) hold no open-market purchase, against 1 sale-coded row across 15,578 shares worth $1,246,240.00, by 1 seller, and that row is an officer row. The last year holds no purchase either, against 15 sale-coded rows across 281,552 shares worth $21,305,067.61, by 4 sellers, all 15 of them officer rows. The full parsed record holds no purchase at all: 0 purchase rows, against 18 sale-coded rows across 311,923 shares worth $22,780,364.47, 16 of them officer rows, by 5 sellers — 3 sale rows, in 26 filings dated before October 3, 2025, sit outside the last year's window. The claim is bounded by the record's span: within this record, which begins in February 2025, the purchase column is blank.

Lens 4 — Congress: nothing in any aggregate. The combined aggregate (as of October 3, 2026) carries no row for this name at all — nor does either chamber file behind it: the House aggregate (as of October 3, 2026) and the Senate aggregate (as of October 1, 2026) are both empty for ON, as is the House member file. Not a balance of buys and sells, but an absence in every congressional collection we hold.

Lens 5 — the 5% register: a 15.0% passive maximum, no activist filing. Our full parse holds 8 SC 13D/G filings, all in the SC 13G family (4 SC 13G and 4 SC 13G/A amendments); there is no SC 13D. The 8 filings carry 10 reporter rows from 6 distinct reporters, because two are joint filings. The register maximum is FMR LLC, 61,538,856.3 shares and 15.0%, as of September 30, 2025, filed November 5, 2025 — with Abigail P. Johnson printing the same figures in the same filing, as a joint reporter. The latest filing is Vanguard Capital Management, 29,575,202 shares and 7.5%, as of March 31, 2026, filed April 30, 2026. The register also holds The Vanguard Group at 0 shares and 0.0% as of March 13, 2026, filed March 27, 2026 — its prior print was 51,066,453 shares and 12.69% as of December 31, 2025 — reported as printed, without attributing a reason (methodology).

Lens 6 — short interest: high, flat, and below its December peak. The latest FINRA settlement, September 15, 2026, records 29,554,283 shares sold short at 3.04 days to cover, 7.59% of the share count in our fundamentals file (a measured count, methodology). It is down 2.21% from the prior settlement, down 0.7% from the June 30, 2026 settlement (29,775,620 shares) and down 17.6% from the year-ago settlement (35,868,855 shares). The series maximum is 40,960,444 shares at December 15, 2025, and the latest reading sits 27.8% below it; the minimum is 11,637,674 shares at May 28, 2021. The summer's path: 29,775,620 (June 30), 31,300,388 (July 15), 30,922,210 (July 31), 29,171,904 (August 14), 30,222,318 (August 31), 29,554,283 (September 15) — six settlements inside a narrow band, with no run in either direction.

The Gap

The narrative arriving this month is a searched-for chip name into a November 2 print: consensus looking for $0.88 a share, up almost 40% year over year, after a quarter that already grew revenue 9.2%. The June tape — taken at the end of a quarter in which the stock rose 52.7% — shows a register broadening underneath a tracked cohort being rebuilt, not accumulated. Three of 147 tracked managers hold the common stock; the largest, Jericho at 79.3% of the cohort, is new; the only holder who was there in March cut 83.7% into that rising quarter; and a fourth tracked name holds the convertible bond instead of the stock. The full register added 177 filers and 40,326,496 shares (+11.37%). Insiders have sold 18 times in the parsed record and never bought in it, on modest volume — $22,780,364.47 across the whole record. Congress shows nothing. The borrow is the largest counterweight on the page: 29,554,283 shares, 7.59% of the share count at 3.04 days to cover — but it has not grown since June (−0.7% across six settlements) and sits 27.8% below its December 2025 maximum. One plausible reading is that the October story is carried by the earnings setup and the search interest, while the filing record underneath is a broad base still adding shares, a tracked cohort too small and too newly rearranged to confirm or deny it, and a large but stationary borrow.

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). The baseline is 3 June common-stock holders with 6,158,539 shares, the continuing cohort verified at −83.7%, 2 verified new holders, and 1 convertible-bond row. Whether Jericho holds its new position, whether Slate Path rebuilds or finishes exiting, and whether any other tracked manager opens a common position would change this lens.
• 2. A first insider open-market purchase — the first in the parsed record — or further sales. The record through the October 2 window end holds 0 purchases against 18 sale-coded rows. A single purchase filed after October 2 would break a pattern that currently has no exception in the record; more sales would extend it.
• 3. A first congressional transaction, in either chamber. Every congressional collection we hold carries no row for this name. Any transaction in either chamber would change this lens from empty to present.
• 4. A first SC 13D, or a 13G print above 15.0%. The register holds no activist filing at all; its maximum is the passive 15.0% print dated September 30, 2025. A 13D from any reporter, or a passive print above 15.0%, would change this lens.
• 5. Short interest above 40,960,444 shares, or below 29,171,904 shares. Above the December 15, 2025 series maximum would set a new series high; below the August 14, 2026 reading — the lowest of the last six settlements — would break the summer's flat band on the downside.

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 windows run through October 2, 2026 (the last ON Semiconductor filing in the parsed record is itself dated October 2, 2026); Congress aggregates run through October 3, 2026 (Senate through October 1, 2026); 13D/G through April 30, 2026; short interest through September 15, 2026; the price file ends October 2, 2026. Nine 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's common stock carries a single CUSIP (682189105), and the full-market by-CUSIP row matches the by-ticker aggregate on every field — holders, long holders, shares, reported value, prior holders and prior reported value — so no CUSIP blending question arises. A second CUSIP (682189AU9) exists for the company's convertible bond; it appears in the tracked collection as one NEW bond row (Howard Marks – Oaktree Capital Management, $1,509,375) and is excluded from every common-stock count in this audit. In the pipeline register the bond row prints with 0 shares, so it does not affect the share reconciliations below. Third, the tracked register's change labels are verified, not taken on trust: the 1 continuing holder was verified by two pairing methods — accession-prefix matching and accession identity plus CUSIP-overlap — with its label recomputing exactly (Slate Path paired to accession 0001172661-26-002095, CUSIP overlap 29, unique), and the two methods agree. The two NEW labels verify differently: Maverick's first-quarter filing under its own prefix (0000947871, CUSIP overlap 93) carries no position in this name, and Jericho files under a shared agent prefix (0001172661, 27 first-quarter accessions) where single-accession pairing does not apply — its NEW label is established by elimination, because the registers reconcile exactly: the first-quarter register holds 7,798,800 shares, equal to the verified continuing holder's 7,798,800, with no remainder; the June 30 register holds 6,158,539 shares, equal to the June cohort's 6,158,539, with no remainder, no exits and no September 30 early filer in this name. Every June common holder implies $94.54, the June 30 close exactly (0.00%). Fourth, the full-market aggregate implies $99.40 against the June 30 close of $94.54 (+5.14%): the aggregate is a reported sum that includes option rows, so its implied price need not equal the close; this audit uses filer counts and share counts as this lens's primary measures and reports the value as reported only. Fifth, the insider lens rests on a single aggregate bucket — this issuer's filings sit under one symbol spelling, "ON", with no case split — cross-checked against a row-level scan of all 58 parsed filings for the issuer (CIK 1097864): filing counts, transaction counts, share counts, officer-row counts and values reproduce exactly in every window, with a value difference of $0.00 in all three windows and no accession appearing under more than one symbol spelling. On that record, every insider implied-price check passes: the 90-day implied sale price of $80.00 sits inside the filing-window close range ($66.60–$97.87), the one-year figure ($75.67) inside its range ($44.90–$133.93), and the full-record figure ($73.03) inside the full price range ($31.95–$133.93); there are no purchase rows, so no purchase-side check applies. The site's insider aggregate (dated October 22, 2026) carries no row for this name at all, so there is no site figure to reconcile against; this audit uses the full parse throughout. Sixth, the congressional lens is empty at every level we hold: the combined aggregate, the House aggregate and the Senate aggregate each carry no row for this ticker, and the House member file (politicians_members.json, as of October 3, 2026; window: 2026 House PTR filings, transactions dated on or after April 1, 2026) holds no ON row — an absence in our collections, reported as such, not a claim about filings outside them. Seventh, the 5% register's cross-date share total of 377,705,881.12 is an arithmetic sum of 10 single-reporter rows across different reporters and as-of dates, including joint filings in which two reporters print the same position (the September 30, 2025 filing carries FMR LLC and Abigail P. Johnson at the same 61,538,856.3 shares), and is not a current combined stake; each print is reported individually in the text. Parsed totals match the aggregates exactly. Eighth, the short-interest series holds no step of 2x or more and no step to one-half or less (the largest step is 1.451x, at June 30, 2022, from 17,655,631 to 25,613,412 shares; the smallest is 0.640x, at March 31, 2021), so the series is continuous on this measure across its full span. No row carries a split flag; three rows carry a FINRA revision flag (June 15, 2021; May 31, 2023; September 13, 2024). The issuer-name field reads "ON Semiconductor Corporation C" at all 137 settlements, on a single market class (NNM) throughout. The share count behind the short-interest percentage is 389,311,721 shares in our fundamentals file, a measured period-end count (dei/EntityCommonStockSharesOutstanding, as of July 29, 2026), so the 7.59% figure rests on a measured denominator. Ninth, our price file records no single-day close move across the thresholds this audit normally treats as split patterns, and records no split factor for this name. The company's fundamentals as collected print fiscal 2025 revenue of $5,995,400,000, net income of $121,000,000 and assets of $12,524,100,000 (fiscal year ended December 31, 2025); those figures are reported as collected and are not used in any lens above. Every price statement from our own file is mechanical, a date and a close. The October figures in The Hype — the November 2 earnings date and the October 21 close — are events published after our price file ends, and are cited as such, not blended into file-based calculations.
• Market context sources: Zacks most-searched article, October 19, 2026 (ON Semiconductor among the most searched-for stocks on Zacks.com; shares returned +2.9% over the past month against +1.5% for the Zacks S&P 500 composite; the Semiconductor — Analog and Mixed industry gained 6.1% over the same period; current-quarter consensus EPS of $0.88, up 39.7% year over year; last reported quarter revenue of $1.6 billion, up 9.2%, and EPS of $0.74 against $0.53 a year earlier). Zacks, October 21, 2026 (shares closed at $76.94, up 1.75% on the day against +0.58% for the S&P 500; earnings scheduled for November 2, 2026, with consensus EPS of $0.88, up 39.68%, and revenue of $1.71 billion, up 10.02%). American Banking News, October 19, 2026, reporting KeyCorp's October 14, 2026 note (third-quarter EPS estimate of $0.93; full-year consensus of $3.21). Figures we could not confirm were left out; the external items above are reported figures from those outlets, not GetCoattail measurements.
• ON Semiconductor is in the GetCoattail stock-page universe: ON Semiconductor (ON) stock page. Series data: on_lens_data.csv · on_short_interest_series.csv. Earlier audits: NRG Energy · Realty Income.

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 22, 2026: first publication.