Twenty-Two of 147: One Holder Is 52.3% of the Superinvestors' Schwab Stake. Its Insiders Have Bought Once.

GetCoattail Research — The Filing Tape #87. Charles Schwab reports third-quarter earnings before today's open, and the filings describe a brokerage giant held in concentrated hands: 22 of the 147 superinvestors we track hold it and one of them is 52.3% of that stake, its insiders sold 37 times in the last 90 days against exactly one open-market purchase in the entire parsed record, Congress appears in none of the three aggregates we maintain, the only 13D-family filing on the register is a legacy bank stake at 0.1%, and the borrow has shrunk 37.6% from its 2023 peak to 1.12% of the share count.

The Hype

Charles Schwab is the retail brokerage business at scale, and today is its earnings day. The company was expected to report third-quarter 2026 results before the open on October 15, with consensus at $1.66 of earnings per share and revenue of about $7.20 billion, according to a MarketBeat preview carried by Daily Political on October 12. The quarter being followed was a strong print: second-quarter earnings, reported July 21, came in at $1.62 per share against a $1.56 consensus, on revenue of $7.07 billion, up 20.9% year over year. StockTwits' premarket rundown named Schwab first in its list of the day's earnings reporters, ahead of U.S. Bancorp, PNC, Prologis, BNY and Alcoa. Schwab has also added a second home for its listing — a dual listing on the Texas Stock Exchange effective October 7, 2026, with the NYSE retained as primary exchange, per a Benzinga report of October 5 — and as of August 31, 2026 it reported 40.1 million active brokerage accounts and $13.41 trillion in client assets. Our price file is more muted: the stock closed October 2 at $96.70, down 14.9% from its 252-session closing high of $113.65 on August 24 and down 3.2% year to date. The filings below describe who held it, who sold it, and who was borrowing it into earnings day.

The Tape

For Charles Schwab — the eighty-seventh Filing Tape audit, on the expanded roster described in the notes — the tape shows a 22-name cohort whose largest holder is more than half the position, a full market that added filers and shares together, an insider record with 37 sales in a quarter against one purchase in its whole history here, no congressional row in any aggregate, a 5% register whose only 13D-family filing is a 0.1% legacy stake, and a borrow well below its 2023 peak.

Lens 1 — the superinvestors: 22 holders, one of them 52.3% of the stake. 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, 22 held Schwab long, totalling 147,278,910 shares worth $13,593,568,882, with no option rows, under a single CUSIP. Dodge & Cox Funds is the largest holder, with 76,968,323 shares worth $7,101,867,203 — 52.3% of the cohort — at a 3.72% portfolio weight, labelled INCREASED (+2.6%). Bill Nygren - Oakmark Funds holds 24,201,471 shares worth $2,233,069,698 — 16.4% of the cohort — labelled INCREASED (+11.0%); the top two together are 68.7% of the position. Of the 20 continuing holders, 11 are labelled INCREASED, 6 DECREASED and 3 UNCHANGED, and two managers are NEW: Viking Global Investors opened 10,638,869 shares ($981,648,443, a 2.8% weight) and Montrusco Bolton Investments opened 695,062 shares ($67,935,360, a 1.18% weight). The deepest cuts are Atalanta Sosnoff Capital's -45.7% and Generation Investment Management's -41.3%. No holder exited in full. This audit does not publish a quarter-to-quarter cohort total: 19 of the 20 continuing holders verify row by row and one does not, and we do not publish a cohort total built on partial verification (see methodology). 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: 12 more filers, 174.6 million more shares. At June 30, 2026, 2,312 institutions reported positions, up 12 from 2,300 at March 31 (+0.52%); 2,307 are long. Reported shares rose 13.87%, from 1,258,245,612 to 1,432,813,254 — a gain of 174,567,642 shares. Reported value rose 13.34% to $129,169,932,919, labelled "reported" because the aggregate includes option rows (see methodology). The flow fields agree: 1,695 filers entered and 1,683 exited, a net of +12 matching the holder-count change.

Lens 3 — insiders: 37 sales in 90 days, and one purchase in the entire parsed record. The parsed Form 4 record holds 219 filings through October 2, 2026, and across all of it there is exactly one open-market purchase transaction: 21,959 shares for $1,849,512.15, by 1 buyer — an officer purchase. Sale transactions number 175 across the full record: 6,044,330 shares for $576,947,371.80, by 17 sellers. The last 90 days hold 0 purchases and 37 sales: 1,338,033 shares for $143,792,178.89, by 10 sellers, 32 of the 37 of them officer sales. The one-year window holds the single purchase beside 92 sales (3,279,410 shares, $336,264,809.89, 15 sellers).

Lens 4 — Congress: no row in any of the three aggregates. The combined record (as of October 3, 2026), the House aggregate (same date) and the Senate aggregate (as of October 1, 2026) each carry no row for this name — a recorded absence in all three files, not an estimate of zero trades by any other route.

Lens 5 — the 5% register: four filings, four names, one legacy 13D. Our full parse holds 4 SC 13D/G filings matching the site aggregate exactly — one SC 13D/A and three SC 13G-family filings (two SC 13G/A and one SC 13G), three of the four amendments, with five reporting-person rows across four names — most recently filed April 29, 2026. The only 13D-family filing is the legacy one: The Toronto-Dominion Bank reports 1,329,350 shares (0.1%) as of February 10, 2025, filed February 12, 2025 as SC 13D/A, with TD Group US Holdings LLC printing 0 shares in the same filing. The register maximum is 8.18%: The Vanguard Group reports 148,393,384 shares as of March 31, 2025, filed April 30, 2025. The latest filing prints Vanguard Capital Management at 124,955,967 shares (7.18%) as of March 31, 2026, filed April 29, 2026; The Vanguard Group also prints 0 shares (0.0%) as of March 13, 2026, filed March 26, 2026, under its own name as filed.

Lens 6 — short interest: 19,307,433 shares, 37.6% below the 2023 peak. The series covers all 137 FINRA settlements in the collection, from January 15, 2021 to September 15, 2026, with a Schwab row at every settlement — no symbol gap. As of September 15, 2026, 19,307,433 shares were sold short, down 9.32% from the prior settlement (21,290,875 on August 31, 2026), at 2.80 days to cover. The series maximum is 30,920,816 shares on April 28, 2023 (verified by a maximum query over the series), so the latest reading sits 37.6% below the peak; the series minimum is 10,660,348 shares on February 15, 2023. Against the year-ago settlement (20,843,310 on September 15, 2025) the latest is down 7.4%, and against the June 30, 2026 settlement of 25,024,929 shares it is down 22.8%. Against 1,729,335,714 shares outstanding, the borrow is 1.12% of the share count.

The Gap

The narrative arriving with today's report is scale and momentum: a brokerage with 40.1 million active accounts and $13.41 trillion of client assets, revenue up 20.9% year over year in the second quarter, a fresh Texas Stock Exchange dual listing, and a consensus expecting $1.66 a share this morning. The filings describe the ownership of that story in narrower terms. The tracked cohort is broad — 22 of 147 managers — but the position is not: Dodge & Cox Funds alone is 52.3% of it, the top two holders are 68.7%, and the quarter's new money includes a single large opening, Viking Global Investors' 10,638,869 shares. The full market widened (+12 filers, +174,567,642 shares, +13.87%) while the insider record ran the other way: 37 sales in 90 days, 92 in a year, 175 in the parsed record, against one purchase of 21,959 shares. Congress is not a small print here; it is no print at all — no row in the combined, House or Senate aggregates. The 5% register holds no activist: its only 13D-family filing is a bank's legacy 0.1% stake from February 2025, and its largest prints are Vanguard entities at 8.18% and 7.18% on different dates. And the borrow, often the loudest lens in this series, is quiet: 19,307,433 shares, 1.12% of the share count, 37.6% below its April 2023 peak. One plausible reading is that the attention is on the franchise's growth while the positioning record is concentrated, insider-sold and lightly borrowed. The record supports each clause separately; it does not say what this morning's earnings change.

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 147,278,910 shares at June 30, with Dodge & Cox Funds at 52.3% of it and Viking Global Investors newly in for 10,638,869 shares. Whether Viking's new position grows, holds or disappears — and whether Dodge & Cox's majority share of the cohort moves — decides whether the register reads as one holder's conviction or a broadening base.
• 2. A second insider purchase, or a slowdown in the selling. The parsed record holds one purchase against 175 sales, with 37 sales in the last 90 days alone. A second purchase would be this lens's first new fact in over a year of filings; a quarter without the recent pace of sales would soften it the other way.
• 3. A first congressional row. The combined, House and Senate aggregates all carry no row for this name. A single reported transaction in any of the three files changes a lens that is currently an absence.
• 4. A new 13D, or a change on the Vanguard register. The register's 4 filings are three passive 13G-family prints and one legacy 13D/A at 0.1%; its latest reports 7.18% as of March 31, 2026. A first activist-style 13D, or a materially different Vanguard print, would be this lens's first change of kind.
• 5. Short interest reversing its decline. The borrow stands at 19,307,433 shares, down 37.6% from the April 28, 2023 peak of 30,920,816 and down 22.8% from the June 30, 2026 settlement. A sustained build back toward the June print would end the shrink; another leg down extends it.

Related reading: Ten of 147: One Holder Is 55.9% of the Superinvestors' Fiserv Stake. Its Insiders Have Never Sold a Share. — Filing Tape #86; Twenty-Five of 147: One Holder Is 36.9% of the Superinvestors' Applied Materials Stake. Its Insiders Have Bought Twice. — Filing Tape #85. Charles Schwab's own page: Charles Schwab (SCHW) 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; 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. Two 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 morning's third-quarter earnings postdate every lens here and are known to this audit only from outside coverage, not from our own files.
• 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; Schwab identified by its single cohort CUSIP 808513105. Twenty-two distinct managers hold long positions totalling 147,278,910 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, is eleven INCREASED, six DECREASED, three UNCHANGED and two NEW (Viking Global Investors and Montrusco Bolton Investments). Dodge & Cox Funds' share of the cohort is 52.3% = 76,968,323 / 147,278,910; Oakmark's is 16.4% = 24,201,471 / 147,278,910; the top two together are 68.7% = 101,169,794 / 147,278,910. The cohort's reported values imply $92.30 per share against the June 30, 2026 close of $92.27 in our price file, a gap of +0.03% — and 20 of the 22 holder rows imply exactly $92.27, while two rows, Sarasin & Partners and Montrusco Bolton Investments, imply $97.74 each; those two rows are printed here as filed, and the aggregate implied price is the blend. Quarter-to-quarter cohort totals are not published in this audit: 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. Nineteen of the 20 continuing holders verify exactly that way; Sarasin & Partners does not, so no cohort total is built on the partial verification. The site pipeline's holdings files cover 147 accessions (the expanded roster): their second-quarter CUSIP total (21 rows, 146,543,248 shares) is not the cohort — it includes a 21,900-share row filed under Sarasin & Partners' filing-agent prefix and omits part of the EDGAR cohort.
• 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; 2,307 reported long positions out of 2,312 filers). Schwab carries a single CUSIP in this aggregation (808513105), 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 (1,695 and 1,683, a net of +12 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($129,169,932,919 over 1,432,813,254 shares) implies $90.15 per share against a June 30, 2026 close of $92.27 in our price file, a gap of -2.3% — 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 (219 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 one in the full parsed record — 21,959 shares for $1,849,512.15, by one buyer, the one purchase also an officer purchase transaction — and sale transactions total 175 across the record (6,044,330 shares, $576,947,371.80, 17 sellers, 129 of them officer sales), 92 in the one-year window (October 3, 2025 to October 2, 2026; 3,279,410 shares, $336,264,809.89, 15 sellers) and 37 in the 90-day window (July 5 to October 2, 2026; 1,338,033 shares, $143,792,178.89, 10 sellers, 32 officer sales), with zero purchases in the 90-day window. The site's insider aggregate (compiled as of October 15, 2026, over its own 90-day window) reports 0 purchases, 33 sales and 10 sellers with $140,975,365.04 of sale value — not an exact match to the full parse's 90-day window (37 sales): the two windows end on different dates (October 15 against October 2), and this audit headlines the full parse and prints the difference rather than blending the two. The full-parse aggregate's sale totals imply $107.47 per share for the 90-day window, $102.54 for the one-year window and $95.45 for the full record, each inside the traded price range of its window on our price file ($96.70 to $113.65 for the 90-day window, $85.35 to $113.65 for the one-year window, and $47.37 to $113.65 across the price file), so the sale totals are cited as figures in this article. The single purchase's total implies $84.23 per share, which sits 1.3% below the one-year window's lowest close ($85.35) though inside the full price file's range; for that reason this article cites the purchase's share count and dollar total without claiming per-share precision for it. "Its insiders have bought once" in this audit means one 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 (4 filings matching issuer CIK 316709 on CUSIP 808513105: one SC 13D/A, two SC 13G/A and one SC 13G, the /A filings being amendments), filings through April 29, 2026. The site aggregation carries this name under a ticker-keyed row; that row (4 filings, 1 D-filing, 3 G-filings, 3 amendments, 4 reporters, latest date April 29, 2026, maximum 8.18% and 274,678,701 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 274,678,701 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 Toronto-Dominion Bank printing 1,329,350 shares at 0.1% as of February 10, 2025 (with TD Group US Holdings LLC printing 0 shares in the same filing), filed February 12, 2025 as SC 13D/A; The Vanguard Group printing 148,393,384 shares at 8.18% as of March 31, 2025, then 0 shares at 0.0% as of March 13, 2026; and Vanguard Capital Management printing 124,955,967 shares at 7.18% as of March 31, 2026, filed April 29, 2026 as SC 13G. The Vanguard names are separate reporting persons as filed and are not combined in this audit. The parsed coverage for this issuer holds these 4 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 no row for this name; the House aggregate (as of October 3, 2026) carries no row; and the Senate aggregate (as of October 1, 2026) carries no row. This audit reports that as a recorded absence in all three aggregates and does not convert it into a claim about any individual member's trading by any other route.
• 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, 15,739,889 shares) to September 15, 2026, and a Schwab 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 19,307,433 shares on September 15, 2026, down 9.32% from the prior settlement (21,290,875 on August 31, 2026). The series maximum is 30,920,816 shares on April 28, 2023 (verified by a maximum query over the series, not read off the latest row), so the latest reading sits 37.6% below the maximum. The year-ago settlement (September 15, 2025) printed 20,843,310 shares, so the latest reading sits 7.4% below a year ago. The series minimum is 10,660,348 shares on February 15, 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 settlements in this series is 1.704x, so no split-style jump distorts the share comparisons. The June 30, 2026 settlement printed 25,024,929 shares, so the latest reading sits 22.8% below 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 (1.12%) uses the fundamentals file's shares-outstanding figure below.
• Fundamentals note: our fundamentals collection carries Schwab's revenue of $23,921,000,000, net income of $8,852,000,000 and assets of $490,995,000,000, each labelled fiscal 2025 in the file. The file is marked ok for this name, with no missing fields: shares outstanding of 1,729,335,714 (as of July 31, 2026 in the file, sourced in the file to the share count) and a file-computed market value of $167,399,702,392.71. The file does not flag the issuer as a foreign private issuer, and it carries SIC 6211, Security Brokers, Dealers & Flotation Companies. The file's price for the name is $96.80 as of October 6, 2026; our daily-close file ends October 2, 2026 at $96.70, and we keep the two files' figures separate rather than blending them.
• Prices: our own daily-close file for Schwab through October 2, 2026 ($96.70 close, -3.2% year to date on that file; the 252-session closing high is $113.65 on August 24, 2026, so the last close sits 14.9% below it; the 252-session closing low is $85.35 on May 28, 2026, so the last close sits 13.3% above it; closes of $93.98 at March 31, 2026 and $92.27 at June 30, 2026, a second-quarter change of -1.8%; change from June 30 to October 2 of +4.8%; change from the September 30, 2025 close of $95.47 of +1.3%). The series in our price file begins June 1, 2021 at $74.64 and holds 1,342 rows.
• Market context sources: StockTwits' premarket rundown for October 15, 2026 (checked October 15, 2026; its "What Else To Watch On Thursday" earnings list names Charles Schwab first among the day's reporters, ahead of U.S. Bancorp, PNC Financial, Prologis, BNY and Alcoa); the Daily Political / MarketBeat earnings preview of October 12, 2026 (checked October 15, 2026; Schwab expected to report third-quarter results before the open on October 15 with consensus earnings of $1.66 per share and revenue of about $7.20 billion, and second-quarter earnings of $1.62 per share against a $1.56 consensus on revenue of $7.07 billion, up 20.9% year over year, reported July 21); Benzinga's October 5, 2026 report as carried in the PandaForecast company-news roundup (checked October 15, 2026; Schwab announced a dual listing on the Texas Stock Exchange effective October 7, 2026 with the NYSE retained as primary exchange, and reported 40.1 million active brokerage accounts and $13.41 trillion in client assets as of August 31, 2026). TSM, which appears in the same StockTwits headline, was not used: it is a foreign private issuer whose fundamentals share count is an ordinary-share count rather than an ADS count, whose parsed Form 4 purchase total implies a per-share figure irreconcilable with its traded range in our price file, and which has no SC 13D/G aggregate row in our collections. Figures we could not confirm were left out; the external items above are reported speech from those outlets, not GetCoattail measurements.
• Schwab is in the GetCoattail stock-page universe: Charles Schwab (SCHW) stock page. Series data: schw_lens_data.csv · schw_short_interest_series.csv. Earlier audits: Fiserv · Applied Materials.

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.