Twenty of 147: The Superinvestors Cut PepsiCo 30.2% in Q2. Its Insiders Have Never Bought a Share.

GetCoattail Research — The Filing Tape #94. PepsiCo slipped on Thursday after KFC U.S. ended its long Pepsi beverage relationship for Coca-Cola, and the filings describe a register in retreat at the tracked level: 20 of the 147 superinvestors we track hold it, their verified second-quarter positions fell 30.2%, its insiders have recorded no purchase against 12 sales, the full market added 182.3 million shares through 103 fewer filers, and short interest peaked on the June quarter-end itself.

The Hype

PepsiCo was in focus on Thursday, October 15 for a concrete reason: KFC U.S. announced a new exclusive beverage partnership with The Coca-Cola Company, effectively ending its long relationship with PepsiCo in the country, and PepsiCo shares slipped 1% on the day, according to Stocktwits' session coverage. A Finnhub snapshot checked October 15 put the stock at $128.38, down 0.69% on the day, with a market value of about $172.73 billion, a 52-week range of $123.47 to $171.48, a one-month return of -4.44% and a one-year return of -15.91% — kept separate from our price file below, which ends October 2 at $125.89, just 0.2% above its 252-session closing low of $125.60 on October 1 and 26.2% below its 252-session closing high of $170.49 on February 6. In other words, the KFC headline landed on a stock already sitting at the bottom of its one-year range, after a second quarter in which its price fell 12.8%.

The Tape

For PepsiCo — the ninety-fourth Filing Tape audit — the tape shows a 20-name cohort whose verified continuing holders cut almost a third of their shares in one quarter, a full market that added shares through fewer hands, an insider record with no purchase in it, a congressional row that exists only in the House, a 5% register with no 13D-family filing, and a borrow that peaked on the second quarter's last day.

Lens 1 — the superinvestors: 20 holders, verified positions down 30.2% in Q2, one row already a Q3 filing. We track 149 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR — 147 managers are in the collection: 144 at a June 30 period-end, and 3 early filers already at September 30. In the collection as filed, 20 held PepsiCo long, totalling 11,344,909 shares worth $1,533,307,336, with no option rows, under a single CUSIP. Flossbach von Storch is the largest holder: 2,554,594 shares worth $345,892,028 — 22.5% of the cohort — at a 1.56% portfolio weight, labelled DECREASED (-45.9%). Next, PineStone Asset Management holds 2,182,458 shares worth $295,504,813 — 19.2% of the cohort — labelled DECREASED (-8.5%), and Yacktman Asset Management holds 2,072,843 shares labelled INCREASED (+2.2%). Across the long rows as filed, the labels read nine DECREASED, seven INCREASED and four UNCHANGED, and no tracked manager exited this name in the collection. The quarter change is the story: every one of the 19 June-30 holders verifies row by row against the first quarter, and together they fell from 15,823,351 shares at March 31 to 11,047,397 at June 30 (-4,775,954 shares, -30.2%). The cuts were led in share terms by Flossbach von Storch (-45.9% from 4,725,462 shares), Sanders Capital (-70.1% from 1,773,582) and GQG Partners (-79.4% from 1,061,310). This register mixes two quarter-ends in one row only: David Katz - Matrix Asset Advisors' 297,512 shares are a September 30, 2026 position, filed October 13 as an early third-quarter report, and its INCREASED label (+11.0%) measures the third quarter against the second — against its own second-quarter position in the pipeline files (268,055 shares), the filed label reproduces exactly. It does not enter the -30.2% comparison. We publish no whole-register quarter change, for the reason stated in the methodology: no single quarter change describes a two-period register. 13F figures are as of the period-ends stated; funds have up to 45 days to file, so this is the complete second-quarter picture for the 144 managers still on a June-30 period — and, as ever, a lagging one.

Lens 2 — institutions: 103 fewer filers, 182.3 million more shares. At June 30, 2026, 3,406 institutions reported positions, down 103 from 3,509 at March 31 (-2.94%); 3,398 are long. Reported shares rose 20.58%, from 885,604,952 to 1,067,875,995 — a gain of 182,271,043 shares. Reported value rose 5.91% to $143,910,502,629, labelled "reported" because the aggregate includes option rows (see methodology). Fewer filers holding materially more shares is a concentration pattern in the aggregate itself, not a tracked-cohort effect.

Lens 3 — insiders: no purchase in the entire parsed record, against 12 sales. The parsed Form 4 record holds 60 filings through October 2, 2026, and across all of it there is not one open-market purchase transaction — in the last 90 days, in the last year, or in the full record — and no officer purchase either. Sales number 12 across the full record: 164,931 shares for $25,862,701.37, by 7 sellers, all officer sales. The one-year window holds 4 of those sales (37,345 shares, $6,151,207.17), and the last 90 days hold 1 sale of 2,900 shares for $404,673.83, by 1 seller — an officer sale.

Lens 4 — Congress: one purchase, two sales, House only. The combined record (as of October 3, 2026) carries a row with 1 purchase and 2 sales, one member, the last purchase dated August 26, 2026. The House aggregate carries the identical row. The Senate aggregate (as of October 1, 2026) carries no PepsiCo row at all — the combined figure is the House figure alone, and this audit reports it that way rather than as a two-chamber signal.

Lens 5 — the 5% register: three filings, all passive, no 13D. Our full parse holds 3 SC 13D/G filings matching the site aggregate exactly — no SC 13D-family filing and three SC 13G-family filings (one SC 13G and two SC 13G/A), two of them amendments, with three reporting-person rows across two names. The register maximum is 10.04%: The Vanguard Group reports 137,677,940 shares as of May 30, 2025, filed June 5, 2025 as SC 13G/A. The same name later prints 0 shares (0.0%) as of March 13, 2026, while a separate name, Vanguard Capital Management, prints 102,764,037 shares at 7.51% as of March 31, 2026 — reported as filed, under the names exactly as they appear, and not combined. The latest filing is that April 29, 2026 SC 13G.

Lens 6 — short interest: 25,853,939 shares, peaked at the quarter-end. The series covers all 137 FINRA settlements in the collection, from January 15, 2021 to September 15, 2026, a row at every settlement — no symbol gap. As of September 15, 2026, 25,853,939 shares were sold short, up 21.5% from the prior settlement (21,279,663 on August 31, 2026), at 3.21 days to cover. The series maximum is 33,304,413 shares on June 30, 2026 (verified by a maximum query over the series) — the 13F quarter-end settlement itself is the peak — so the latest sits 22.4% below the peak. Against the year-ago settlement (20,097,613 on September 15, 2025) the latest is up 28.6%. Against 1,364,891,558 shares outstanding, the borrow is 1.89% of the share count.

The Gap

The narrative arriving with Thursday's session is a lost customer: KFC U.S. moving its fountain business to Coca-Cola, on a stock already down to the bottom of its one-year range. The filings, which mostly end before that session, describe positioning that was already retreating at the tracked level. The 19 verifiable June-30 superinvestors cut 30.2% of their shares in the second quarter — from 15,823,351 to 11,047,397 — in the same quarter the price fell 12.8%, led by a 45.9% cut from the largest holder, a 70.1% cut from Sanders Capital and a 79.4% cut from GQG Partners; nobody in the tracked cohort exited outright, and the one holder who has already reported the third quarter, David Katz - Matrix Asset Advisors, raised its position 11.0% against the second quarter. The full market's second quarter points the other way on shares and the same way on breadth: 182,271,043 more shares (+20.58%) held by 103 fewer filers. The insider record did not join any buying: no purchase transaction in 60 filings, against 12 officer sales, just 1 of them in the last 90 days for $404,673.83. Congress is a single House row — one purchase on August 26, 2026 against two sales, with no Senate row at all. The 5% register holds no activist: its three prints are two Vanguard names, the largest at 10.04%. The borrow tells the quarter-end story in one print: short interest peaked at 33,304,413 shares on June 30, 2026 itself, eased through August, then jumped 21.5% in the last settlement to 25,853,939 — still 22.4% below the peak, but 28.6% above a year ago. One plausible reading is that tracked managers were already reducing into the price decline while the broader filer base consolidated into fewer, larger positions, and the borrow rebuilt after a quarter-end peak.

What Would Change the Picture

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

• 1. The rest of the 2026Q3 13Fs (filing window closing mid-November 2026). One of the 20 holders has already reported a September 30 position, up 11.0% (David Katz - Matrix Asset Advisors). Whether the 19 June-30 holders extend their verified -30.2% second-quarter cut or stabilise decides whether the register reads as a continuing retreat or a completed one.
• 2. A first insider purchase. The parsed record holds no purchase transaction at all against 12 officer sales, just 1 of them in the last 90 days. A single open-market purchase, at any size, would be this lens's first fact of its kind in our record.
• 3. A Senate row, or more House buying. The combined aggregate rests on a single House row (one purchase, two sales, last purchase August 26, 2026) and the Senate aggregate has no row. A first Senate transaction — purchase or sale — changes a lens that currently has only one chamber in it.
• 4. A first 13D, or a change on the passive register. The register's 3 filings are all passive 13G-family prints, the largest at 10.04% as of May 30, 2025, and the latest at 7.51%. A first activist-style 13D, or a materially different print from either Vanguard name, would be this lens's first change of kind.
• 5. Short interest picking a direction. The borrow stands at 25,853,939 shares, down 22.4% from its June 30, 2026 peak of 33,304,413 but up 21.5% in the last settlement alone. A move back above the June peak extends the rebuild; a fall back below the August 31 reading of 21,279,663 ends it.

Related reading: Six of 147: One Holder Is 52.6% of the Superinvestors' Amgen Stake. Its Insiders Have Never Bought a Share. — Filing Tape #93; Twelve of 147: Viking's New Position Is 41.5% of the Superinvestors' Sherwin-Williams Stake. Its Insiders Have Never Bought a Share. — Filing Tape #92. PepsiCo's own page: PepsiCo (PEP) 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 (with one tracked row at September 30, 2026, as detailed below); Form 4 runs through October 2, 2026; Congress aggregates run 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 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, the superinvestor collection mixes two period-ends for this name (19 holders at June 30, 2026 and one at September 30, 2026), and we do not publish a whole-register quarter-to-quarter change for it: the pipeline holdings files' CUSIP totals (20 rows and 16,064,632 shares at March 31; 20 rows and 11,315,452 shares at June 30) describe the single-period register, while the EDGAR collection's register as filed (11,344,909 shares) spans two period-ends, so this audit publishes the verified continuing holders' change, the absence of exits, and the one third-quarter row's filed change separately rather than a register total change. Third, Thursday's KFC session (October 15, 2026) postdates every lens here; the session is known to this audit only from outside coverage, not from our own files.
• Superinvestor lens: 147 managers in the collection (of a 149-manager roster; 144 at a June 30, 2026 period-end and 3 early filers at September 30, 2026) collected directly from SEC EDGAR Form 13F (managers_13f collection, regenerated October 15, 2026 for the expanded roster); PepsiCo identified by its single cohort CUSIP 713448108. Twenty distinct managers hold long positions in the collection as filed, totalling 11,344,909 shares; there are no option rows for this name in the collection, and the collection's exit list carries no row for this name. The direction count on the collection's labels, across the long rows as filed, is seven INCREASED, nine DECREASED and four UNCHANGED — but the labels do not all measure the same quarter: the 19 June-30 rows measure the second quarter against the first, while the one September-30 row (David Katz - Matrix Asset Advisors, INCREASED +11.0%, filed October 13, 2026, and one of only three September-30 period rows in the whole collection) measures the third quarter against the second. Flossbach von Storch's share of the as-filed cohort is 22.5% = 2,554,594 / 11,344,909; PineStone Asset Management's is 19.2% = 2,182,458 / 11,344,909. Fifteen of the 19 June-30 holders' reported values imply exactly $135.40 per share, the June 30, 2026 close in our price file, and two more imply $135.41 — within a cent of that close; the two larger exceptions are DJE Kapital at $139.87 and Guinness Asset Management at $134.79, printed as filed and not used as price checks. The September-30 holder's value implies $126.72 per share, exactly the September 30, 2026 close; the as-filed cohort's blended implied value ($1,533,307,336 over 11,344,909 shares, $135.15) mixes the two period-ends and is not used as a price check in this audit. Quarter-to-quarter continuing totals are published in this audit for the June-30 holders only, because every one of them 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 19 June-30 continuing holders verify exactly that way (first-quarter rows including 4,725,462 shares for Flossbach von Storch, 2,385,127 for PineStone Asset Management, 2,027,967 for Yacktman Asset Management, 1,773,582 for Sanders Capital and 1,061,310 for GQG Partners), so the continuing total is 15,823,351 shares at March 31 falling to 11,047,397 at June 30 (-30.2%). The one September-30 holder cannot enter that rule — its label is a third-quarter change — and is reported as unverified for the second-quarter comparison; its second-quarter position is nonetheless cross-checked in the pipeline files, where the row of 268,055 shares reproduces its filed third-quarter label exactly (+11.0%). In the pipeline files' single-period second-quarter register (20 rows, 11,315,452 shares), the difference from the as-filed cohort total is that single row's period.
• 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; 3,398 reported long positions out of 3,406 filers). PepsiCo carries a single CUSIP in this aggregation (713448108), 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 (1,958 and 2,061, a net of -103 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($143,910,502,629 over 1,067,875,995 shares) implies $134.76 per share against a June 30, 2026 close of $135.40 in our price file, a gap of -0.47% — 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 (60 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 zero in the full parsed record — zero in the 90-day window (July 5 to October 2, 2026), zero in the one-year window (October 3, 2025 to October 2, 2026) and zero across the record, with zero officer purchase transactions in every window. Sale transactions total 12 across the record (164,931 shares, $25,862,701.37, 7 sellers, all 12 of them officer sale transactions), 4 in the one-year window (37,345 shares, $6,151,207.17, 3 sellers, all officer sales) and 1 in the 90-day window (2,900 shares, $404,673.83, 1 seller, an officer sale). The site's insider aggregate (compiled as of October 16, 2026, over its own 90-day window) reports 0 purchases, 1 sale, 0 buyers and 1 seller with $0.00 of purchase value and $404,673.83 of sale value — an exact match to the full parse's 90-day window. The full-parse aggregate's sale totals imply $139.54 per share for the 90-day window, $164.71 for the one-year window and $156.81 for the full record, each inside the traded close range of its window on our price file ($125.60 to $144.98 for the 90-day window, $125.60 to $170.49 for the one-year window, $125.60 to $196.12 for the full record), so the sale totals are cited as figures in this article. "Its insiders have never bought a share" in this audit means no purchase transaction 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 (3 filings matching issuer CIK 77476 on CUSIP 713448108: one SC 13G and two SC 13G/A, the /A filings being amendments; there is no SC 13D-family filing for this issuer in the parsed coverage), filings through April 29, 2026. The site aggregation carries this name under a ticker-keyed row; that row (3 filings, 0 D-filings, 3 G-filings, 2 amendments, 2 reporters, latest date April 29, 2026, maximum 10.04% and 240,441,977 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 240,441,977 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 137,677,940 shares at 10.04% as of May 30, 2025, filed June 5, 2025 as SC 13G/A, and 0 shares at 0.0% as of March 13, 2026, filed March 27, 2026 as SC 13G/A; and Vanguard Capital Management printing 102,764,037 shares at 7.51% as of March 31, 2026, filed April 29, 2026 as SC 13G. The Vanguard Group and Vanguard Capital Management names are separate reporting persons as filed and are not combined in this audit. The parsed coverage for this issuer holds these 3 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 a PepsiCo row with 1 purchase and 2 sales (one member, parties listed as R in the aggregate, last purchase August 26, 2026); the House aggregate (as of October 3, 2026) carries the identical row; and the Senate aggregate (as of October 1, 2026) carries no PepsiCo row — the combined row is the House row alone. This audit reports those rows as filed in the aggregates, and does not describe the combined figure as a two-chamber signal.
• Short interest lens: FINRA Equity Short Interest files (biweekly settlement dates), collected directly from FINRA's public distribution. The published series covers all 137 settlements in the collection, from January 15, 2021 (first settlement in the series, 9,437,883 shares) to September 15, 2026, and a PepsiCo row appears at every settlement — there is no symbol gap in this audit, so the year-over-year comparison is published like-for-like. The latest reading is 25,853,939 shares on September 15, 2026, up 21.5% from the prior settlement (21,279,663 on August 31, 2026). The series maximum is 33,304,413 shares on June 30, 2026 (verified by a maximum query over the series, not read off the latest row), so the latest reading sits 22.4% below the maximum. The year-ago settlement (September 15, 2025) printed 20,097,613 shares, so the latest reading sits 28.6% above a year ago. The series minimum is 8,340,876 shares on February 28, 2022. 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 settlements is 1.301x — between the June 13, 2025 settlement (16,396,899 shares) and the June 30, 2025 settlement (21,329,008 shares); every percentage comparison in this article is computed between settlements after June 30, 2025, so that step enters none of them, and the distance below the maximum is measured against the June 30, 2026 peak print itself, which is stated wherever that figure appears. 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 (1.89%) uses the fundamentals file's shares-outstanding figure below.
• Fundamentals note: our fundamentals collection carries PepsiCo's revenue of $93,925,000,000, net income of $8,240,000,000 and assets of $107,399,000,000, each labelled fiscal 2025 in the file. The file is marked ok for this name, with no missing fields: shares outstanding of 1,364,891,558 (as of July 2, 2026 in the file, sourced in the file to the share count) and a file-computed market value of $171,580,516,506.58. The file does not flag the issuer as a foreign private issuer, and it carries SIC 2080, Beverages. The file's price for the name is $125.71 as of October 6, 2026; our daily-close file ends October 2, 2026 at $125.89, and we keep the two files' figures separate rather than blending them.
• Prices: our own daily-close file for PepsiCo through October 2, 2026 ($125.89 close, -12.3% year to date on that file; the 252-session closing high is $170.49 on February 6, 2026, so the last close sits 26.2% below it; the 252-session closing low is $125.60 on October 1, 2026, so the last close sits 0.2% above it; closes of $155.29 at March 31, 2026 and $135.40 at June 30, 2026, a second-quarter change of -12.8%; change from June 30 to October 2 of -7.0%; change from the September 30, 2025 close of $140.44 of -10.4%; the September 30, 2026 close is $126.72, the price the one early third-quarter 13F row implies). The series in our price file begins June 1, 2021 at $147.63 and holds 1,342 rows; the file's full-period close range is $125.60 to $196.12.
• Market context sources: Stocktwits' session coverage for October 15, 2026, carried by Asianet Newsable (checked October 16, 2026; the Dow's best day in over a month as investors rotated out of the AI trade, with CRWV, META, SPCX and PEP in focus; PepsiCo shares slipped 1% on Thursday after KFC U.S. announced a new exclusive beverage partnership with The Coca-Cola Company, effectively ending its long relationship with PepsiCo in the country); and the Finnhub market snapshot for PepsiCo checked October 15, 2026 (price $128.38, down 0.69% on the day, market value about $172.73 billion, 52-week range $123.47 to $171.48, one-month return -4.44%, one-year return -15.91% — a third-party snapshot, not a GetCoattail measurement, and kept separate from our price file above). Figures we could not confirm were left out; the external items above are reported speech from those outlets, not GetCoattail measurements.
• PepsiCo is in the GetCoattail stock-page universe: PepsiCo (PEP) stock page. Series data: pep_lens_data.csv · pep_short_interest_series.csv. Earlier audits: Amgen · Sherwin-Williams.

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 (one tracked holder as of September 30, 2026), and later trading is not yet public.

Revision history

• v1.0 — October 16, 2026: first publication.