Sixteen of 147: Sanders Capital Is 38.4% of the Superinvestors' Procter & Gamble Stake. Its Insiders Have Never Bought a Share.

GetCoattail Research — The Filing Tape #158. Procter & Gamble reports first-quarter fiscal 2027 results before the open on October 22, 2026 — the first name on the day's earnings focus list. The June filings show 16 tracked holders who trimmed 4.0% in aggregate while the full market added 18.82% more shares, and an insider record with no purchase.

The Hype

The attention is an earnings morning. Procter & Gamble is listed first among October 22 reporters in the day's earnings focus, reporting before the open, with consensus at about $1.89 a share, focused on organic sales and guidance. WEEX TradFi Daily, October 22, 2026 FactSet figures carried by TradingView put them at $1.88 a share on revenue of $22.80 billion, due at 7:00 AM ET. TradingView, October 2026 The two estimates differ by a cent; both are reported as published. An earnings calendar for the October 19–23 week lists the stock with an expected move of ±3.3%. Earnings Watcher, October 2026 Our price file, which ends October 2, shows a quiet path in: up 1.5% in Q2 ($144.44 on March 31 to $146.64 on June 30), then $144.91 at October 2 — 13.3% below the 252-day high close of $167.20 on February 27, 2026. A Finnhub snapshot puts the October 21 close at $156.84 (market value $365.31 billion) — after our file ends, external, not blended into file calculations.

The Tape

For Procter & Gamble, the one hundred and fifty-eighth Filing Tape audit, the tape shows 16 tracked managers — none of them new, the verified cohort down 4.0% — a full market that added 255,970,764 shares, an insider record with no purchase, a balanced congressional record, a 5% register topped by a 10.04% passive print, and a borrow of 1.04%, down 17.8% from its May peak.

Lens 1 — the superinvestors: 16 holders, all returning, trimming on balance. The collection holds 147 managers (144 at June 30; 3 early filers at September 30). The June 30, 2026 common-stock register is 16 distinct managers holding 17,297,355 shares worth $2,535,716,779, long only, with no option rows. Sanders Capital holds 6,648,957 shares, 38.4% of the cohort, at a 0.98% weight, labelled DECREASED at −1.5%; Terry Smith – Fundsmith holds 4,078,371 shares, 23.6%, at a 4.38% weight, labelled DECREASED at −2.9% — the top two together are 62.0% of the cohort. The direction across all 16 is 11 decreased, 3 increased and 2 unchanged, with no NEW label at all. Every label verifies under CUSIP-overlap pairing, which pairs each June filing to a unique March filing, corroborated by prefix matching where a filer's prefix is unique (methodology): the 16 holders held 18,011,446 shares at March 31 and 17,297,355 at June 30, a verified change of −4.0%. One September early filer holds the name: David Katz – Matrix Asset Advisors, 149,907 shares at a 1.79% weight, labelled INCREASED at +2.3% — its June register position was 146,510 shares, up from 50,911 at March 31, and its September implied price, $145.28, equals the September 30 close exactly. Two tracked names exited, on different clocks: Mondrian Investment Partners (1,089 shares at March 31) is gone by June, and Montrusco Bolton Investments, a September filer whose June register position of 9,067 shares still stands in the pipeline register, is gone by September (methodology). The cohort in aggregate implies $146.60 against the June 30 close of $146.64 (−0.03%), and at 1.07% of reported institutional shares it is a sample, not the register. 13F figures are as of June 30, 2026, published up to 45 days later.

Lens 2 — institutions: 66 more filers, 256.0 million more shares. At June 30, 2026, 4,023 institutions reported positions on the name's single common-stock CUSIP, up 66 from 3,957 at March 31 (+1.67%); 4,013 are long. Reported shares rose 18.82% to 1,616,004,140 (+255,970,764 shares), while reported value rose 21.72% to $232,076,838,251, labelled "reported" because the aggregate includes option rows (methodology). Flow counts agree (2,086 entered, 2,020 exited, net +66), and the single-CUSIP aggregate matches the by-ticker total on every field. The aggregate implies $143.61 against the $146.64 close (−2.07%). The quarter's price gain was only 1.5%, so the reported-value rise here mostly follows the share count — and the tracked cohort did not join it: the verified 16 trimmed 4.0% over the same quarter.

Lens 3 — insiders: no purchase, 57 sales. The parsed Form 4 record holds 190 filings, from January 27, 2025 through September 17, 2026, inside windows that run through October 2, 2026. The last 90 days (a filing-date window, per the aggregate's own definition) hold no open-market purchase, against 15 sale-coded rows across 46,511 shares worth $6,687,507.53, by 12 sellers, all 15 of them officer rows. The last year holds no purchase either, against 38 sale-coded rows across 427,691.3 shares worth $67,104,947.45, by 17 sellers, all 38 of them officer rows. The full parsed record holds no purchase at all: 0 purchase rows, against 57 sale-coded rows across 714,305.3 shares worth $113,654,434.53, all 57 of them officer rows, by 17 sellers — 19 sale rows, in 76 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 January 2025, the purchase column is blank.

Lens 4 — Congress: small, balanced, and recent. The combined aggregate (as of October 3, 2026) carries 5 purchases and 5 sales, the last purchase dated September 8, 2026, both parties represented. Behind it, the House aggregate (as of October 3, 2026) prints 5 purchases and 4 sales, and the Senate aggregate (as of October 1, 2026) prints no purchases and 1 sale. The House member file lists five members whose counts sum exactly to the House aggregate: David J. Taylor (R), 3 purchases, the latest on September 8, 2026; Lloyd Doggett (D), 2 purchases; Kevin Hern (R), 2 sales; and one sale each from Richard W. Allen (R) and Richard Dean McCormick (R). Every amount band in the member file sits between $1,001 and $100,000. The combined aggregate prints a member count of 2 where the member file lists five House members; both are reported as printed (methodology).

Lens 5 — the 5% register: a 10.04% passive maximum, no activist filing. Our full parse holds 3 SC 13D/G filings, all in the SC 13G family (1 SC 13G and 2 SC 13G/A amendments); there is no SC 13D. The 3 filings carry 3 reporter rows from 2 reporters. The register maximum is The Vanguard Group, 235,208,844 shares and 10.04%, as of August 29, 2025, filed September 8, 2025. The same reporter later prints 0 shares and 0.0% as of March 13, 2026, filed March 27, 2026. The latest filing is Vanguard Capital Management, 174,810,071 shares and 7.52%, as of March 31, 2026, filed April 30, 2026. The prints are reported as printed, without attributing a reason (methodology).

Lens 6 — short interest: small, and down from its May peak. The latest FINRA settlement, September 15, 2026, records 24,213,298 shares sold short at 2.84 days to cover, 1.04% of the share count in our fundamentals file (a measured count, methodology). It is down 13.99% from the prior settlement, up 1.1% from the June 30, 2026 settlement (23,954,411 shares) and up 38.4% from the year-ago settlement (17,497,188 shares). The series maximum is 29,448,019 shares at May 15, 2026, and the latest reading sits 17.8% below it; the minimum is 11,974,958 shares at January 13, 2023. The summer's path: 23,954,411 (June 30), 23,118,701 (July 15), 27,107,761 (July 31), 24,560,603 (August 14), 28,151,807 (August 31), 24,213,298 (September 15) — six settlements oscillating in a band, no trend in either direction.

The Gap

The narrative arriving this morning is an earnings print: a first-listed reporter, a consensus near $1.88–$1.89 a share, and an expected move of ±3.3%. The June tape underneath shows a register moving in two directions at once. The full market added 255,970,764 shares (+18.82%) and 66 filers in a quarter when the price rose only 1.5% — accumulation in share terms, not a price artefact. The tracked cohort went the other way: 16 holders, none new, verified at −4.0% in aggregate, with the largest holder (38.4% of the cohort) trimming 1.5% and the second-largest 2.9%. The one tracked name adding aggressively, Katz at +187.8% across the first half, is small in absolute terms — 149,907 shares by September. Insiders have sold 57 times in the parsed record and never bought in it — all officer rows, totalling $113,654,434.53. Congress is the one lens that shows two-way traffic — 5 purchases against 5 sales, the latest purchase on September 8, 2026 — at member-file amounts no larger than $100,000. The borrow is 1.04% of shares and falling from its May maximum. One plausible reading is that the October story is carried by the earnings setup itself, while the filing record underneath is a broad base adding shares, a tracked cohort trimmed at the margin, and no lens printing urgency either way.

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 16 June common-stock holders with 17,297,355 shares, the continuing cohort verified at −4.0%, no new holders, and Katz at 149,907 shares in its September filing. Whether Sanders and Fundsmith keep trimming, whether any tracked manager opens a first position, and whether Katz holds its rebuilt 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 57 sale-coded rows. A single purchase filed after that date would break a pattern that currently has no exception in the record; more sales would extend it.
• 3. A Senate-side purchase, or a larger congressional position. The combined record stands at 5 purchases and 5 sales with no Senate purchase at all, and member-file amounts top out at $100,000. A Senate purchase, or a purchase in a larger amount band, would change this lens.
• 4. A first SC 13D, or a 13G print above 10.04%. The register holds no activist filing at all; its maximum is the passive 10.04% print dated August 29, 2025. A 13D from any reporter, or a passive print above 10.04%, would change this lens.
• 5. Short interest above 29,448,019 shares, or below 23,118,701 shares. Above the May 15, 2026 series maximum would set a new series high; below the July 15, 2026 reading — the lowest of the last six settlements — would break the summer's 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 Procter & Gamble filing in the parsed record is itself dated September 17, 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 (742718109), 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. Third, the tracked register's change labels are verified, not taken on trust: all 16 continuing holders were verified by accession identity plus CUSIP-overlap pairing — each June filing paired to a unique March filing, with every label recomputing exactly — corroborated by prefix matching wherever a filer's prefix is unique (several filers here share an agent prefix, where prefix matching alone cannot pair). The registers then reconcile only when every register row is attributed, and this audit attributes them all: the March 31 register holds 18,072,513 shares, equal to the verified continuing holders' 18,011,446 plus Mondrian's 1,089, Montrusco's 9,067 and Katz's 50,911, with no remainder; the June 30 register holds 17,452,932 shares, equal to the June cohort's 17,297,355 plus Katz's June row of 146,510 and Montrusco's June row of 9,067, with no remainder. Katz's March row is identified by CUSIP-overlap pairing (accession 0001172661-26-001524; overlap 101 of its June filing's 106 CUSIPs, unique; the runner-up scores 61) because Katz files under a shared agent prefix where a first-match prefix lookup picks the wrong filer — an early pass of this audit's own computation made exactly that error and was corrected. Montrusco's exit is measured against June, not March, because Montrusco is a September-period filer: its exited entry carries a prior value of $1,329,585, exactly its June register row's value. Fourth, the full-market aggregate implies $143.61 against the June 30 close of $146.64 (−2.07%): 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. The tracked cohort's own aggregate implied price is $146.60 (−0.03% against the close), with 13 of 16 holders implying the close exactly and the remaining three (Saturna Capital $146.43, Guinness Asset Management $146.07, DJE Kapital $145.91) inside filing-rounding distance. Fifth, the insider lens rests on a single aggregate bucket — this issuer's filings sit under one symbol spelling, "PG", with no case split — cross-checked against a row-level scan of all 190 parsed filings for the issuer (CIK 80424): 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 $143.78 sits inside the filing-window close range ($142.64–$152.75), the one-year figure ($156.90) inside its range ($138.04–$167.20), and the full-record figure ($159.11) inside the full price range ($123.76–$179.70); there are no purchase rows, so no purchase-side check applies. The site's insider aggregate (dated October 22, 2026, a 90-day window ending that day) prints 14 sales worth $6,248,516.66 for the same name, against this audit's 15 sales worth $6,687,507.53 in the filing-date window July 5 – October 2, 2026 — a difference of 1 sale and $438,990.87, with the seller count agreeing at 12. The two windows do differ (the site's 90 days end October 22, 2026; this audit's filing-date window runs July 5 – October 2, 2026), but it is not a window effect: no parsed filing is dated July 5–23, and all 15 sales in this audit's window were filed August 20–27, 2026, inside both windows. The difference is exactly one sale counted twice in the full parse — an original Form 4 and its own Form 4/A amendment for the same sale (Aguilar Moses Victor Javier, 3,053 shares at $143.79 = $438,990.87: the original, filed August 24, 2026, reports an August 19 transaction; the amendment, filed August 27, corrects the transaction date to August 20, with shares, price and shares owned after unchanged) — which the site aggregate counts once. This audit's insider counts are filing-row counts in the parsed record, that amendment included; counting distinct economic sales instead gives 14 in the 90-day window, 37 in the last year and 56 in the full record. The no-purchase finding holds under either counting: there are no purchase rows at all. This audit uses the full parse throughout. Sixth, the congressional aggregates print a combined member count of 2, while 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) lists five House members for this ticker whose purchase and sale counts sum exactly to the House aggregate's 5 and 4; the Senate aggregate's single sale has no member-level counterpart in that file, which covers the House only. All figures are reported as printed in their own files. Seventh, the 5% register's cross-date share total of 410,018,915 is an arithmetic sum of 3 single-reporter rows across different reporters and as-of dates, including one reporter's own 0-share print, 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 1.285x, at April 29, 2022, from 12,002,142 to 15,427,285 shares; the smallest is 0.697x, at September 30, 2021), so the series is continuous on this measure across its full span. No row carries a split flag; four rows carry a FINRA revision flag (April 15, 2021; June 15, 2021; May 31, 2023; April 30, 2024). The issuer-name field reads "Procter & Gamble Company" at all 137 settlements, on a single market class (NYSE) throughout. The share count behind the short-interest percentage is 2,324,433,060 shares in our fundamentals file, a measured period-end count (dei/EntityCommonStockSharesOutstanding, as of July 31, 2026), so the 1.04% 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 2026 revenue of $87,032,000,000, net income of $16,046,000,000 and assets of $126,521,000,000 (fiscal year ended June 30, 2026); 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 October 22 earnings date, the two consensus estimates 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: WEEX TradFi Daily, October 22, 2026 (Procter & Gamble listed first among October 22 reporters, before the open; consensus EPS of about $1.89; focus on organic sales and guidance). TradingView carrying FactSet figures, October 2026 (first-quarter fiscal 2027 results on October 22 before the open, 7:00 AM ET; EPS estimate $1.88; revenue estimate $22.80 billion). Earnings Watcher, October 19–23, 2026 calendar (Procter & Gamble on Thursday before the open; expected move ±3.3%). Finnhub snapshot (October 21, 2026 close of $156.84; market cap $365.31 billion) — external figure after our price file ends. Google Trends US daily snapshot via Cyber Kendra, updated October 22, 2026 (top queries are sports and entertainment names; no stock query appears, so the earnings-focus selection above is the fallback basis). Figures we could not confirm were left out; the external items above are reported figures from those outlets, not GetCoattail measurements.
• Procter & Gamble is in the GetCoattail stock-page universe: Procter & Gamble (PG) stock page. Series data: pg_lens_data.csv · pg_short_interest_series.csv. Earlier audits: ON Semiconductor · NRG Energy.

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.