Twelve of 147: Viking's New Position Is 41.5% of the Superinvestors' Sherwin-Williams Stake. Its Insiders Have Never Bought a Share.

GetCoattail Research — The Filing Tape #92. Sherwin-Williams was named among the stocks leading Thursday's Dow rally, and the filings describe a paint maker whose tracked register was rebuilt in the second quarter: 12 of the 147 superinvestors we track hold it, a new Viking position is 41.5% of that stake, its insiders have recorded no purchase in the parsed record against 8 sales, the full market added 27.5 million shares, and the borrow has fallen 29.2% from its June peak.

The Hype

The Sherwin-Williams Company sells paints and coatings, and on Thursday, October 15, it was one of the names the market reached for. The Wall Street Journal's live coverage recorded the Dow up 556 points, or 1.1%, led by consumer-related stocks such as Nike, Home Depot and Sherwin-Williams. Investopedia described the same session as a rotation out of tech: Nike led the Dow, and Sherwin-Williams, Home Depot, Walmart and McDonald's also climbed while Nvidia and Amazon declined. A Finnhub snapshot checked October 15 put the stock at $336.92, up 3.81% on the day and 6.96% over five days, with a market value of about $78.07 billion — kept separate from our price file below, which ends October 2 at $319.51, down 14.2% from its 252-session closing high of $372.60 on February 12. The next test is dated: third-quarter results arrive before the open on Tuesday, October 27, with a 10:00 a.m. ET call, and TipRanks puts the consensus at $3.69 per share against $3.59 a year ago. The second quarter printed $3.70 per share against a $3.52 consensus on revenue of $6.79 billion, up 7.5% year over year. October's analyst traffic has been cautious: Goldman Sachs cut its target to $410, Barclays cut from $382 to $348 on October 13, RBC cut from $420 to $392 on October 9, Melius initiated at Hold with a $367 target, and UBS cut from $390 to $363. The filings below describe who held the stock before this rotation, who sold it, and who was borrowing it.

The Tape

For Sherwin-Williams — the ninety-second Filing Tape audit — the tape shows a 12-name cohort anchored by one new position, continuing holders up 15.8% in a quarter when the full market added 16.01% more shares, an insider record with no purchase in it at all, a congressional record that contains purchases, a 5% register with no 13D-family filing, and a borrow down 29.2% from a mid-June peak.

Lens 1 — the superinvestors: 12 holders, and one new position is 41.5% of the stake. We 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, 12 held Sherwin-Williams long, totalling 9,344,165 shares worth $3,217,383,009, with no option rows, under a single CUSIP. Viking Global Investors opened the position in the quarter and is the largest holder: 3,875,879 shares worth $1,334,542,657 — 41.5% of the cohort — at a 3.80% portfolio weight, labelled NEW. Next, PineStone Asset Management holds 1,564,628 shares worth $538,732,713 — 16.7% of the cohort — labelled DECREASED (-6.1%). The rest of the register: D1 Capital Partners holds 1,252,471 shares labelled INCREASED (+164.4%), Lee Ainslie - Maverick Capital 575,013 shares INCREASED (+46.7%), Jensen Investment Management 539,035 shares DECREASED (-13.9%), Mairs & Power Funds 440,586 shares INCREASED (+0.6%), Flossbach von Storch 396,877 shares DECREASED (-4.5%), Chase Coleman - Tiger Global Management 257,083 shares UNCHANGED, Bristol (John W. Bristol & Co.) 175,746 shares DECREASED (-1.3%), Skye Global Management 160,500 shares DECREASED (-5.6%), Thomas Gayner - Markel Group 94,172 shares UNCHANGED, and Torray Funds 12,175 shares INCREASED (+4.8%). No tracked manager left the register: the collection's exit list carries no row for this name. Every continuing holder verifies row by row, so we publish their totals: they rose from 4,722,508 shares at March 31 to 5,468,286 at June 30 (+745,778 shares, +15.8%), with Viking's new position on top of that base. We do not publish a whole-register quarter change, for the reason stated in the methodology: the pipeline's first-quarter CUSIP total does not reconcile to the verified continuing sum. 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: 67 more filers, 27.5 million more shares. At June 30, 2026, 1,744 institutions reported positions, up 67 from 1,677 at March 31 (+4.00%); 1,738 are long. Reported shares rose 16.01%, from 171,844,301 to 199,355,033 — a gain of 27,510,732 shares. Reported value rose 25.27% to $66,930,628,037, labelled "reported" because the aggregate includes option rows (see methodology).

Lens 3 — insiders: no purchase in the entire parsed record, against 8 sales. The parsed Form 4 record holds 96 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 8 across the full record: 35,366 shares for $12,702,784.87, by 6 sellers, all officer sales. The one-year window holds 4 of those sales (26,875 shares, $9,651,648.91), and the last 90 days hold 2 sales of 21,386 shares for $7,665,863.80, by 2 sellers — every one an officer sale.

Lens 4 — Congress: two purchases and one sale, all in the House aggregate. The combined record (as of October 3, 2026) carries a row with 2 purchases and 1 sale, one member, the last purchase dated April 20, 2026; the House aggregate carries the same row; and the Senate aggregate (as of October 1, 2026) carries no row for this name.

Lens 5 — the 5% register: four filings, all passive, no 13D at all. Our full parse holds 4 SC 13D/G filings matching the site aggregate exactly — no SC 13D-family filing and four SC 13G-family filings (two SC 13G and two SC 13G/A), two of them amendments, with four reporting-person rows across three names — most recently filed April 30, 2026. The register maximum is 9.37%: The Vanguard Group reports 23,237,722 shares as of December 31, 2025, filed January 30, 2026 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 17,407,509 shares at 7.03% as of March 31, 2026 — reported as filed, under the names exactly as they appear, and not combined. STATE STREET CORPORATION prints 15,912,217 shares at 6.3% as of December 31, 2024.

Lens 6 — short interest: 6,429,035 shares, down 29.2% from a mid-June peak. The series covers all 137 FINRA settlements in the collection, from January 15, 2021 to September 15, 2026, with a row at every settlement — no symbol gap. As of September 15, 2026, 6,429,035 shares were sold short, down 8.80% from the prior settlement (7,049,127 on August 31, 2026), at 4.32 days to cover. The series maximum is 9,078,444 shares on June 15, 2026 (verified by a maximum query over the series), so the latest sits 29.2% below the peak and 18.6% below the June 30, 2026 settlement's 7,896,285 shares. Against the year-ago settlement (4,312,867 on September 15, 2025) the latest is up 49.1%. Against 242,758,151 shares outstanding, the borrow is 2.65% of the share count.

The Gap

The narrative arriving with Thursday's session is rotation: money leaving pressured tech names for beaten-down consumer stocks, a Dow up 1.1% with Sherwin-Williams among its leaders. The filings, which end before that session, describe a register already rebuilt in the second quarter — on different terms. The cohort's growth came from two places: Viking's single new position of 3,875,879 shares, 41.5% of the ending register, and a 15.8% build by the eleven continuing holders on a base of 4,722,508 shares. Inside the cohort the direction count was mixed — four increased, five decreased, two unchanged — even as the full market's quarter was unambiguous: 67 more filers and 27,510,732 more shares, a 16.01% build, in a quarter when the price rose 7.4%. The insider record did not join any of it: no purchase transaction in 96 filings, against 8 officer sales, 2 of them in the last 90 days for $7,665,863.80. Congress, unusually for this series, points the other way — two purchases against one sale in the House aggregate, the last on April 20, 2026, and no Senate row. The 5% register holds no activist: its four prints are Vanguard and State Street names, the largest at 9.37%. And the borrow peaked before the quarter even ended — 9,078,444 shares on June 15, 2026 — and has since fallen 29.2% to 6,429,035, even as it stands 49.1% above a year ago. One plausible reading is that the quarter's tracked conviction arrived as one large new position plus a steady institutional build, while insiders sold in small size and the short book unwound. The record supports each clause separately.

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 9,344,165 shares at June 30, with Viking at 41.5% of it on a brand-new position and continuing holders up 15.8%. Whether Viking holds — and whether the five managers who trimmed in Q2 keep trimming — decides whether the register reads as one manager's new trade or a broadening base.
• 2. A first insider purchase. The parsed record holds no purchase transaction at all against 8 officer sales, 2 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 the record we maintain.
• 3. A Senate row, or more congressional purchases. The combined and House aggregates carry two purchases and one sale, the last on April 20, 2026, and the Senate aggregate carries no row. A first Senate print, or a further House purchase, changes a lens that rests on one chamber's file.
• 4. A first 13D, or a change on the passive register. The register's 4 filings are all passive 13G-family prints, the largest at 9.37% as of December 31, 2025, and the latest at 7.03%. A first activist-style 13D, or a materially different print from any of the three reporting names, would be this lens's first change of kind.
• 5. Short interest picking a direction. The borrow stands at 6,429,035 shares, down 29.2% from the June 15, 2026 peak of 9,078,444 but up 49.1% from a year ago. A rebuild back above that peak would reverse the post-peak unwind; a renewed decline extends it.

Related reading: Seven of 147: GQG's New Position Is 86.7% of the Superinvestors' Travelers Stake. Its Insiders Have Never Bought a Share. — Filing Tape #91; Two of 147: One Holder Is 99.4% of the Superinvestors' Citizens Financial Stake. Its Two Insider Purchases Total 30 Shares. — Filing Tape #90. Sherwin-Williams' own page: Sherwin-Williams (SHW) 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 30, 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, we do not publish a whole-register quarter-to-quarter change for this name: the pipeline holdings files' first-quarter CUSIP total (13 rows, 8,196,206 shares) does not reconcile to the verified continuing holders' first-quarter sum (4,722,508 shares), and the two additional first-quarter rows cannot be attributed to named managers from the filing-agent prefixes alone, while the EDGAR collection's exit list carries no row for this name — so this audit publishes the continuing holders' verified change and the new position separately rather than a register total change. Third, Thursday's rotation session (October 15, 2026) and the October 27 earnings report both postdate every lens here; the session is 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; Sherwin-Williams identified by its single cohort CUSIP 824348106. Twelve distinct managers hold long positions totalling 9,344,165 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 one NEW, four INCREASED, two UNCHANGED and five DECREASED. Viking Global Investors' share of the cohort is 41.5% = 3,875,879 / 9,344,165; PineStone Asset Management's is 16.7% = 1,564,628 / 9,344,165. The cohort's reported values imply $344.32 per share against the June 30, 2026 close of $344.32 in our price file (a gap of 0.0%): every one of the twelve holder rows implies exactly $344.32 individually. Quarter-to-quarter continuing totals are published in this audit because every continuing holder 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 eleven continuing holders verify exactly that way (first-quarter rows of 391,839 shares for Lee Ainslie - Maverick Capital, 626,286 for Jensen Investment Management, 1,666,393 for PineStone Asset Management, 473,753 for D1 Capital Partners, 437,760 for Mairs & Power Funds, 415,505 for Flossbach von Storch, 257,083 for Chase Coleman - Tiger Global Management, 178,104 for Bristol (John W. Bristol & Co.), 170,000 for Skye Global Management, 94,172 for Thomas Gayner - Markel Group and 11,613 for Torray Funds), so the continuing total is 4,722,508 shares at March 31 rising to 5,468,286 at June 30 (+15.8%). The site pipeline's holdings files cover 147 accessions (the expanded roster): their second-quarter CUSIP total (12 rows, 9,344,165 shares) matches the EDGAR cohort exactly; their first-quarter total (13 rows, 8,196,206 shares) does not match the verified continuing sum, as stated above, and no register-level first-quarter total is published in this audit.
• 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; 1,738 reported long positions out of 1,744 filers). Sherwin-Williams carries a single CUSIP in this aggregation (824348106), 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 (1,406 and 1,339, a net of +67 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($66,930,628,037 over 199,355,033 shares) implies $335.74 per share against a June 30, 2026 close of $344.32 in our price file, a gap of -2.49% — 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 (96 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 8 across the record (35,366 shares, $12,702,784.87, 6 sellers, all 8 of them officer sale transactions), 4 in the one-year window (26,875 shares, $9,651,648.91, 4 sellers, all officer sales) and 2 in the 90-day window (21,386 shares, $7,665,863.80, 2 sellers, all officer sales). The site's insider aggregate (compiled as of October 16, 2026, over its own 90-day window) reports 0 purchases, 2 sales, 0 buyers and 2 sellers with $0.00 of purchase value and $7,665,863.80 of sale value — an exact match to the full parse's 90-day window. The full-parse aggregate's sale totals imply $358.45 per share for the 90-day window, $359.13 for the one-year window and $359.18 for the full record, each inside the traded close range of its window on our price file ($310.54 to $369.73 for the 90-day window, $293.00 to $372.60 for the one-year window, $201.22 to $399.71 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 (4 filings matching issuer CIK 89800 on CUSIP 824348106: two 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 30, 2026. The site aggregation carries this name under a ticker-keyed row; that row (4 filings, 0 D-filings, 4 G-filings, 2 amendments, 3 reporters, latest date April 30, 2026, maximum 9.37% and 56,557,448 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 56,557,448 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 23,237,722 shares at 9.37% as of December 31, 2025, filed January 30, 2026 as SC 13G/A, and 0 shares at 0.0% as of March 13, 2026, filed March 27, 2026 as SC 13G/A; Vanguard Capital Management printing 17,407,509 shares at 7.03% as of March 31, 2026, filed April 30, 2026 as SC 13G; and STATE STREET CORPORATION printing 15,912,217 shares at 6.3% as of December 31, 2024, filed February 4, 2025 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 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 a Sherwin-Williams row with 2 purchases and 1 sale (one member, parties listed as R in the aggregate, last purchase April 20, 2026); the House aggregate (as of October 3, 2026) carries the same row; and the Senate aggregate (as of October 1, 2026) carries no row. This audit reports those rows as filed in the aggregates.
• 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, 1,031,370 shares) to September 15, 2026, and a Sherwin-Williams 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 6,429,035 shares on September 15, 2026, down 8.80% from the prior settlement (7,049,127 on August 31, 2026). The series maximum is 9,078,444 shares on June 15, 2026 (verified by a maximum query over the series, not read off the latest row), so the latest reading sits 29.2% below the maximum. The June 30, 2026 settlement printed 7,896,285 shares, so the latest sits 18.6% below that reading. The year-ago settlement (September 15, 2025) printed 4,312,867 shares, so the latest reading sits 49.1% above a year ago. The series minimum is 1,008,851 shares on January 29, 2021. Two comparability notes on this series: the files report each settlement as filed and do not restate earlier settlements, and the two largest steps between consecutive settlements are 3.573x — between the March 31, 2021 settlement (1,270,137 shares) and the April 15, 2021 settlement (4,538,789 shares), at the very start of the series — and 2.103x between the October 31, 2024 settlement (3,049,081 shares) and the November 15, 2024 settlement (6,413,444 shares); every percentage comparison in this article is computed between settlements after November 15, 2024, so neither step enters any comparison printed here, and the early-series readings are not used as comparison bases in the article. 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 (2.65%) uses the fundamentals file's shares-outstanding figure below.
• Fundamentals note: our fundamentals collection carries Sherwin-Williams' revenue of $23,574,300,000, net income of $2,568,500,000 and assets of $25,901,700,000, each labelled fiscal 2025 in the file. The file is marked ok for this name, with no missing fields: shares outstanding of 242,758,151 (as of June 30, 2026 in the file, sourced in the file to the share count) and a file-computed market value of $77,964,208,664.17. The file does not flag the issuer as a foreign private issuer, and it carries SIC 5200, Retail-Building Materials, Hardware, Garden Supply. The file's price for the name is $321.16 as of October 6, 2026; our daily-close file ends October 2, 2026 at $319.51, and we keep the two files' figures separate rather than blending them.
• Prices: our own daily-close file for Sherwin-Williams through October 2, 2026 ($319.51 close, -1.4% year to date on that file; the 252-session closing high is $372.60 on February 12, 2026, so the last close sits 14.2% below it; the 252-session closing low is $293.00 on June 2, 2026, so the last close sits 9.0% above it; closes of $320.55 at March 31, 2026 and $344.32 at June 30, 2026, a second-quarter change of +7.4%; change from June 30 to October 2 of -7.2%; change from the September 30, 2025 close of $346.26 of -7.7%). The series in our price file begins June 1, 2021 at $282.84 and holds 1,342 rows; the file's full-period close range is $201.22 to $399.71.
• Market context sources: The Wall Street Journal's live market coverage for Thursday, October 15, 2026 (checked October 16, 2026; the Dow Jones Industrial Average rose 556 points, or 1.1%, led by consumer-related stocks such as Nike, Home Depot and Sherwin-Williams, as investors flooded back into safer assets and the benchmark 10-year Treasury yield fell to 5.086%); Investopedia's market update for October 15, 2026 (checked October 16, 2026; Nike shares led gains in the Dow, and Sherwin-Williams, Home Depot, Walmart and McDonald's also climbed while Nvidia and Amazon declined, in a rotation out of tech into consumer names); MarketWatch's Dow coverage for October 15, 2026 (checked October 16, 2026; Home Depot, Sherwin-Williams and Amgen also contributing significantly to the Dow's gain); the Finnhub market snapshot for Sherwin-Williams checked October 15, 2026 (price $336.92, up 3.81% on the day and 6.96% over five days, market value about $78.07 billion, 52-week range $289.86 to $377.77 — a third-party snapshot, not a GetCoattail measurement, and kept separate from our price file above); the company's results-date announcement as reported October 1, 2026 (third-quarter 2026 results before the market opens on October 27, 2026, with a conference call at 10:00 a.m. ET); TipRanks' earnings page (checked October 16, 2026; consensus earnings forecast of $3.69 per share for the October 27 report, against $3.59 in the year-ago quarter; the July 28, 2026 second-quarter report printed $3.70 per share); and October analyst actions as reported by financial coverage (checked October 16, 2026; Goldman Sachs cut its target to $410; Barclays cut its target from $382 to $348 on October 13, 2026 while maintaining a Hold rating; RBC cut its target from $420 to $392 on October 9, 2026 while keeping an Outperform rating; Melius Research initiated coverage at Hold with a $367 target on October 6, 2026; UBS cut its target from $390 to $363). Figures we could not confirm were left out; the external items above are reported speech from those outlets, not GetCoattail measurements.
• Sherwin-Williams is in the GetCoattail stock-page universe: Sherwin-Williams (SHW) stock page. Series data: shw_lens_data.csv · shw_short_interest_series.csv. Earlier audits: Travelers · Citizens Financial.

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 16, 2026: first publication.