Seven of 147: GQG's New Position Is 86.7% of the Superinvestors' Travelers Stake. Its Insiders Have Never Bought a Share.

GetCoattail Research — The Filing Tape #91. Travelers reports third-quarter earnings this morning, and the filings describe an insurer whose tracked register was remade by a single trade in the second quarter: 7 of the 147 superinvestors we track hold it, one brand-new position is 86.7% of that stake, its insiders have recorded no open-market purchase in the entire parsed record against 103 sales, the full market added holders only steadily, and the borrow peaked on the 13F snapshot date itself.

The Hype

The Travelers Companies is the Dow-listed property and casualty insurer that reports third-quarter 2026 earnings today, Friday, October 16, before the open, with a 9:00 a.m. ET call, according to MarketBeat's earnings preview. Published consensus figures differ by service: MarketBeat expects $7.25 per share on revenue of about $11.31 billion, AlphaStreet puts the consensus at $7.36 per share from 24 analysts on revenue of about $11.02 billion, and Zacks puts it at $6.90 per share on revenue of $12.4 billion. Every version sits below the $8.14 per share earned in the year-ago quarter. The bar was set by the quarter just reported: on July 17, Travelers printed $10.04 per share against a $5.41 consensus, on revenue of $12.15 billion, up 0.3% from a year ago. Our price file adds the market's side: the stock closed October 2 at $360.38, down 9.3% from its 252-session closing high of $397.22 on July 28 and up 24.2% year to date, after rising 13.2% in the second quarter. The filings below describe who held it, who sold it, and who was borrowing it.

The Tape

For Travelers — the ninety-first Filing Tape audit — the tape shows a 7-name cohort that is mostly one new position, a register that grew more than eightfold on that single trade while the full market added 3.29% more shares, an insider record with no purchase in it at all, a single congressional sale, a 5% register with no 13D-family filing, and a borrow that peaked on June 30 itself.

Lens 1 — the superinvestors: 7 holders, and one new position is 86.7% 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, 7 held Travelers long, totalling 2,756,963 shares worth $910,350,977, with no option rows, under a single CUSIP. GQG Partners opened the position in the quarter and is most of it: 2,390,090 shares worth $789,023,639 — 86.7% of the cohort — at a 1.47% portfolio weight, labelled NEW. The next largest holder, Mairs & Power Funds, holds 156,482 shares worth $51,657,838 — 5.7% of the cohort — labelled INCREASED (+9.9%). Dodge & Cox Funds holds 90,119 shares labelled DECREASED (-2.9%), DJE Kapital holds 87,645 shares labelled INCREASED (+60.0%), and Christopher Bloomstran - Semper Augustus (19,100 shares), Eagle Capital Management (6,900 shares) and Muhlenkamp (6,627 shares) are each labelled UNCHANGED. One tracked manager left the register entirely: Lee Ainslie - Maverick Capital (1,305 shares). Because every continuing holder verifies row by row in this audit, we publish the cohort totals: continuing holders rose from 322,603 shares at March 31 to 366,873 at June 30 (+44,270 shares, +13.7%), and the full register including the exit and the new position moved from 323,908 shares to 2,756,963 — a change of +2,433,055 shares, or +751.2%, in a quarter when the price rose 13.2%. Almost all of that change is GQG's single new position. 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: 73 more filers, 5.8 million more shares. At June 30, 2026, 1,842 institutions reported positions, up 73 from 1,769 at March 31 (+4.13%); 1,836 are long. Reported shares rose 3.29%, from 177,090,130 to 182,922,262 — a gain of 5,832,132 shares. Reported value rose 18.47% to $59,804,716,595, labelled "reported" because the aggregate includes option rows (see methodology). The flow fields agree: 1,460 entered and 1,387 exited, a net of +73.

Lens 3 — insiders: no purchase in the entire parsed record, against 103 sales. The parsed Form 4 record holds 158 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. Sale transactions number 103 across the full record: 574,820.68 shares for $168,817,871.77, by 14 sellers, all of them officer sales. The one-year window holds 70 of those sales (334,605 shares, $103,596,393.01), and the last 90 days hold 13 sales of 63,192 shares for $23,499,389.89, by 9 sellers — every one an officer sale.

Lens 4 — Congress: one sale in the combined and Senate aggregates, no House row. The combined record (as of October 3, 2026) carries a Travelers row with no purchases and 1 sale; the Senate aggregate (as of October 1, 2026) carries the same single sale; and the House aggregate (as of October 3, 2026) carries no row for this name.

Lens 5 — the 5% register: six filings, all passive, no 13D at all. Our full parse holds 6 SC 13D/G filings matching the site aggregate exactly — no SC 13D-family filing and six SC 13G-family filings (five SC 13G/A and one SC 13G), five of the six amendments, with eight reporting-person rows across five names — most recently filed May 6, 2026. The register maximum is 10.19%: The Vanguard Group reports 22,177,978 shares as of January 30, 2026, filed February 5, 2026 as SC 13G/A. The same reporting name later prints 0 shares (0.0%) as of March 13, 2026, while a separate name, Vanguard Capital Management, prints 16,204,019 shares at 7.49% as of March 31, 2026 — reported here as filed, under the names exactly as they appear, and not combined. The latest filing is smaller: FMR LLC and Abigail P. Johnson each report 11,999,444.09 shares at 5.5% as of March 31, 2026, filed May 6, 2026, down from 6.6% each a year earlier. BlackRock, Inc. prints 17,219,168 shares at 7.6% as of March 31, 2025.

Lens 6 — short interest: 6,177,337 shares, down 22.3% from a peak set on the 13F date itself. The series covers all 137 FINRA settlements in the collection, from January 15, 2021 to September 15, 2026, with a Travelers row at every settlement — no symbol gap. As of September 15, 2026, 6,177,337 shares were sold short, up 7.98% from the prior settlement (5,720,751 on August 31, 2026), at 4.48 days to cover. The series maximum is 7,946,226 shares on June 30, 2026 (verified by a maximum query over the series) — the 13F snapshot date itself — so the latest reading sits 22.3% below the peak, and the June 30, 2026 settlement is that same peak print. The series minimum is 2,519,073 shares on November 30, 2023. Against the year-ago settlement (4,017,134 on September 15, 2025) the latest is up 53.8%. Against 208,575,022 shares outstanding, the borrow is 2.96% of the share count.

The Gap

The narrative arriving with this morning's report is follow-through: a second quarter that beat its earnings consensus by $4.63 a share, third-quarter expectations that every service puts below the year-ago $8.14, and a stock up 24.2% this year on our price file. The filings describe a narrower base for that story. The tracked cohort's register did grow — from 323,908 shares to 2,756,963 — but the growth is one trade: GQG Partners' new 2,390,090-share position is 86.7% of the ending register, while the six continuing holders together added 13.7% on a small base and one manager exited. The full market's quarter was steady rather than dramatic: 73 more filers and 5,832,132 more shares, a 3.29% build, in a quarter when the price rose 13.2%. The insider record did not soften into the rally at all: no purchase transaction in 158 filings across the entire parsed record, against 103 officer sales, 13 of them in the last 90 days alone for $23,499,389.89. Congress adds a single sale and no purchase. The 5% register holds no activist and no 13D-family filing: its six prints are Vanguard, BlackRock and FMR names, the largest at 10.19%, and its newest print is a trim from 6.6% to 5.5%. And the borrow's peak is dated June 30, 2026 — the snapshot date itself: 7,946,226 shares then, 6,177,337 now, down 22.3% from the peak even as it stands 53.8% above a year ago. One plausible reading is that the quarter's conviction, where the filings can see it, was concentrated in a single new tracked position, while the people inside the company kept selling and the short book quietly shrank from its snapshot-date peak. 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 2,756,963 shares at June 30, with GQG Partners at 86.7% of it on a brand-new position and one manager freshly exited. Whether GQG holds the position — and whether any other tracked manager joins — 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 103 officer sales, 13 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 first congressional purchase, or a House row. The combined and Senate aggregates carry one sale and no purchases, and the House aggregate carries no row. A reported purchase in any of the three files changes a lens that currently points one way.
• 4. A first 13D, or a change on the passive register. The register's 6 filings are all passive 13G-family prints, the largest at 10.19% as of January 30, 2026, and the latest a trim to 5.5%. A first activist-style 13D, or a materially different print from any of the five reporting names, would be this lens's first change of kind.
• 5. Short interest picking a direction. The borrow stands at 6,177,337 shares, down 22.3% from the June 30, 2026 peak of 7,946,226 but up 53.8% from a year ago, and up 7.98% at the latest settlement. A rebuild back above that snapshot-date peak would reverse the post-quarter unwind; a renewed decline extends it.

Related reading: Two of 147: One Holder Is 99.4% of the Superinvestors' Citizens Financial Stake. Its Two Insider Purchases Total 30 Shares. — Filing Tape #90; Twelve of 147: One Holder Is 61.3% of the Superinvestors' Prologis Stake. Its Insiders Have Bought Once. — Filing Tape #89. Travelers' own page: Travelers (TRV) 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 May 6, 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; Travelers identified by its single cohort CUSIP 89417E109. Seven distinct managers hold long positions totalling 2,756,963 shares; there are no option rows for this name in the collection, and the collection's exit list carries one row for this name (Lee Ainslie - Maverick Capital, previously 1,305 shares). The direction count on the collection's labels, across the long rows, is one NEW, two INCREASED, three UNCHANGED and one DECREASED. GQG Partners' share of the cohort is 86.7% = 2,390,090 / 2,756,963; Mairs & Power Funds' is 5.7% = 156,482 / 2,756,963. The cohort's reported values imply $330.20 per share against the June 30, 2026 close of $330.12 in our price file (+0.02%): six of the seven holder rows imply exactly $330.12 individually, and the DJE Kapital row implies $332.58 (+0.7%), reported here as filed. Quarter-to-quarter cohort 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 six continuing holders verify exactly that way (first-quarter rows of 142,414 shares for Mairs & Power Funds, 92,776 for Dodge & Cox Funds, 54,786 for DJE Kapital, 19,100 for Christopher Bloomstran - Semper Augustus, 6,900 for Eagle Capital Management and 6,627 for Muhlenkamp), so the continuing total is 322,603 shares at March 31 rising to 366,873 at June 30 (+13.7%), and adding the exited manager's first-quarter row (1,305 shares) gives the register total of 323,908 shares at March 31 against 2,756,963 at June 30 (+751.2%), the increase being GQG Partners' new 2,390,090-share position plus the continuing holders' net +44,270 shares, less the exit. The site pipeline's holdings files cover 147 accessions (the expanded roster): their second-quarter CUSIP total (7 rows, 2,756,963 shares) matches the EDGAR cohort exactly, and their first-quarter total (7 rows, 323,908 shares) matches the register total above exactly.
• 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; 1,836 reported long positions out of 1,842 filers). Travelers carries a single CUSIP in this aggregation (89417E109), 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 (1,460 and 1,387, a net of +73 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($59,804,716,595 over 182,922,262 shares) implies $326.94 per share against a June 30, 2026 close of $330.12 in our price file, a gap of -0.96% — 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 (158 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 103 across the record (574,820.68 shares, $168,817,871.77, 14 sellers, all 103 of them officer sale transactions), 70 in the one-year window (334,605 shares, $103,596,393.01, 14 sellers, all officer sales) and 13 in the 90-day window (63,192 shares, $23,499,389.89, 9 sellers, all officer sales). The full-record sale share count carries a fractional .68 share as aggregated from the filings and is cited as filed. The site's insider aggregate (compiled as of October 15, 2026, over its own 90-day window) reports 0 purchases, 13 sales, 0 buyers and 9 sellers with $0.00 of purchase value and $23,499,389.89 of sale value — an exact match to the full parse's 90-day window. The full-parse aggregate's sale totals imply $371.87 per share for the 90-day window, $309.61 for the one-year window and $293.69 for the full record, each inside the traded close range of its window on our price file ($329.19 to $397.22 for the 90-day window, $261.57 to $397.22 for the one-year window, $144.76 to $397.22 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 (6 filings matching issuer CIK 86312 on CUSIP 89417E109: five SC 13G/A and one SC 13G, the /A filings being amendments; there is no SC 13D-family filing for this issuer in the parsed coverage), filings through May 6, 2026. The site aggregation carries this name under a ticker-keyed row; that row (6 filings, 0 D-filings, 6 G-filings, 5 amendments, 5 reporters, latest date May 6, 2026, maximum 10.19% and 109,745,226.32 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 109,745,226.32 shares, but that total sums reporting-person rows across different dates — including FMR LLC and Abigail P. Johnson each reporting the same quantities — 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 22,177,978 shares at 10.19% as of January 30, 2026, filed February 5, 2026 as SC 13G/A, and 0 shares at 0.0% as of March 13, 2026, filed March 26, 2026 as SC 13G/A; Vanguard Capital Management printing 16,204,019 shares at 7.49% as of March 31, 2026, filed April 30, 2026 as SC 13G; BlackRock, Inc. printing 17,219,168 shares at 7.6% as of March 31, 2025, filed April 17, 2025 as SC 13G/A; and FMR LLC and Abigail P. Johnson each printing 15,072,586.57 shares at 6.6% as of March 31, 2025, filed May 12, 2025 as SC 13G/A, and each printing 11,999,444.09 shares at 5.5% as of March 31, 2026, filed May 6, 2026 as SC 13G/A. 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 6 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 Travelers row with 0 purchases and 1 sale (the row's members field is 0 and its parties list is empty, as filed in the aggregate); the Senate aggregate (as of October 1, 2026) carries the same single-sale row; and the House aggregate (as of October 3, 2026) carries no row. This audit reports those rows as filed and does not convert them 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, 6,048,133 shares) to September 15, 2026, and a Travelers 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 6,177,337 shares on September 15, 2026, up 7.98% from the prior settlement (5,720,751 on August 31, 2026). The series maximum is 7,946,226 shares on June 30, 2026 (verified by a maximum query over the series, not read off the latest row), so the latest reading sits 22.3% below the maximum, and the June 30, 2026 settlement cited in the article is that same maximum print. The year-ago settlement (September 15, 2025) printed 4,017,134 shares, so the latest reading sits 53.8% above a year ago. The series minimum is 2,519,073 shares on November 30, 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 1.327x — between the June 15, 2026 settlement (5,986,160 shares) and the June 30, 2026 settlement (7,946,226 shares, also the series maximum); our price file shows no split-style discontinuity across that step (closes of $306.47 on June 15, 2026 and $330.12 on June 30, 2026) and records no split for this name, so the step is reported as a reported build, not a split artefact. 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 (2.96%) uses the fundamentals file's shares-outstanding figure below.
• Fundamentals note: our fundamentals collection carries Travelers' revenue of $48,828,000,000, net income of $6,288,000,000 and assets of $143,708,000,000, each labelled fiscal 2025 in the file. The file is marked ok for this name, with no missing fields: shares outstanding of 208,575,022 (as of July 10, 2026 in the file, sourced in the file to the share count) and a file-computed market value of $75,220,498,989.38. The file does not flag the issuer as a foreign private issuer, and it carries SIC 6331, Fire, Marine & Casualty Insurance. The file's price for the name is $360.64 as of October 6, 2026; our daily-close file ends October 2, 2026 at $360.38, and we keep the two files' figures separate rather than blending them.
• Prices: our own daily-close file for Travelers through October 2, 2026 ($360.38 close, +24.2% year to date on that file; the 252-session closing high is $397.22 on July 28, 2026, so the last close sits 9.3% below it; the 252-session closing low is $261.57 on October 16, 2025, so the last close sits 37.8% above it; closes of $291.68 at March 31, 2026 and $330.12 at June 30, 2026, a second-quarter change of +13.2%; change from June 30 to October 2 of +9.2%; change from the September 30, 2025 close of $279.22 of +29.1%). The series in our price file begins June 1, 2021 at $160.89 and holds 1,342 rows; the file's lowest close is $144.76 on June 18, 2021 and its highest close is $397.22 on July 28, 2026.
• Market context sources: MarketsHost's earnings-tomorrow list for October 16, 2026 (checked October 16, 2026; NASDAQ-based, refreshed October 15, 2026 at 5:00 AM; Travelers listed first among the day's 10 reporters, pre-market, with the list's largest market value); MarketBeat's upcoming-earnings list and earnings preview (checked October 16, 2026; Travelers is expected to release third-quarter 2026 results before the market opens on Friday, October 16, with a call at 9:00 a.m. ET; analysts expect earnings of $7.25 per share and revenue of $11.3113 billion; its second-quarter report on July 17, 2026 printed $10.04 per share against a $5.41 consensus on revenue of $12.15 billion, up 0.3% year over year); AlphaStreet's third-quarter preview (checked October 16, 2026; consensus of $7.36 per share from 24 analysts and revenue of about $11.02 billion; year-ago quarter earnings of $8.14 per share); Zacks' preview as carried in market coverage (checked October 16, 2026; expected earnings of $6.90 per share on revenue of $12.4 billion). The AltIndex StockTwits mentions list (refreshed October 15, 2026) was also checked for selection: its only uncovered, previously unskipped equity name, DJT, has no fundamentals record, no full-market 13F row, no 13D/G aggregate row and no price file in our collections, so it was skipped for this audit. Figures we could not confirm were left out; the external items above are reported speech from those outlets, not GetCoattail measurements.
• Travelers is in the GetCoattail stock-page universe: Travelers (TRV) stock page. Series data: trv_lens_data.csv · trv_short_interest_series.csv. Earlier audits: Citizens Financial · Prologis.

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.