Norfolk Southern Corporation
US ˙ NYSE ˙ US6558441084

SecurityNSC / Norfolk Southern Corporation
InstitutionGAM Holding AG
Latest Disclosed Ownership9,000 shares
Latest Disclosed Value $ 2,598,480
GAM Holding AG ownership in NSC / Norfolk Southern Corporation

On February 17, 2026 - GAM Holding AG filed a 13F-HR form disclosing ownership of 9,000 shares of Norfolk Southern Corporation (US:NSC) valued at $2,598,480 USD as of December 31, 2025. The entity filed a previous 13F-HR on February 6, 2020 disclosing 0 shares of Norfolk Southern Corporation. The current value of the position is $2,745,990 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-02-17 2025-12-31 13F NORFOLK SOUTHN COM 655844108 9,000 9,000 2,598 0.1260
2020-02-06 2019-12-31 13F NORFOLK SOUTHERN COM 655844108 0 -1,581 -100.00 0 -100.00
2019-11-08 2019-09-30 13F NORFOLK SOUTHERN COM 655844108 1,581 -5,604 -78.00 284 -80.17 0.0125
2019-08-12 2019-06-30 13F NORFOLK SOUTHERN COM 655844108 7,185 417 6.16 1,432 13.20 0.0559
2019-05-10 2019-03-31 13F NORFOLK SOUTHERN COM 655844108 6,768 -1,147 -14.49 1,265 6.93 0.0532
2019-02-08 2018-12-31 13F NORFOLK SOUTHERN COM 655844108 7,915 -1,212 -13.28 1,183 -28.22 0.0599
2018-11-13 2018-09-30 13F NORFOLK SOUTHERN COM 655844108 9,127 1,056 13.08 1,648 35.30 0.0600
2018-08-09 2018-06-30 13F NORFOLK SOUTHERN COM 655844108 8,071 8,071 1,218 0.0424
2017-11-14 2017-09-30 13F NORFOLK SOUTHERN COM 655844108 0 -32,983 -100.00 0 -100.00
2017-08-07 2017-06-30 13F NORFOLK SOUTHERN COM 655844108 32,983 0 0.00 4,014 8.69 0.0592
2017-08-07 2017-06-30 13F GRAMERCY PPTY TR COM NEW 385002308 12,890 -20,093 383 0.0056
2017-05-12 2017-03-31 13F NORFOLK SOUTHERN COM 655844108 32,983 -298 -0.90 3,693 2.67 0.0583
2017-05-12 2017-03-31 13F GRAMERCY PPTY TR COM NEW 385002308 11,390 -21,593 300 0.0047
2017-02-10 2016-12-31 13F NORFOLK SOUTHERN COM 655844108 33,281 -126 -0.38 3,597 10.95 0.0631
2016-11-07 2016-09-30 13F NORFOLK SOUTHERN COM 655844108 33,407 -728 -2.13 3,242 11.56 0.0570
2016-08-11 2016-06-30 13F NORFOLK SOUTHERN COM 655844108 34,135 -7,845 -18.69 2,906 -16.85 0.0451
2016-05-13 2016-03-31 13F NORFOLK SOUTHERN COM 655844108 41,980 0 0.00 3,495 -1.58 0.0582
2016-02-08 2015-12-31 13F NORFOLK SOUTHERN COM 655844108 41,980 1,027 2.51 3,551 13.49 0.0553
2015-11-12 2015-09-30 13F NORFOLK SOUTHERN COM 655844108 40,953 -429 -1.04 3,129 -13.44 0.0538
2015-07-27 2015-06-30 13F NORFOLK SOUTHERN COM 655844108 41,382 1,189 2.96 3,615 -12.62 0.0523
2015-05-12 2015-03-31 13F NORFOLK SOUTHERN COM 655844108 40,193 419 1.05 4,137 -5.11 0.0619
2015-02-06 2014-12-31 13F NORFOLK SOUTHERN COM 655844108 39,774 -7,500 -15.86 4,360 -17.36 0.0651
2014-11-12 2014-09-30 13F NORFOLK SOUTHERN COM 655844108 47,274 -5,000 -9.56 5,276 -2.04 0.0766
2014-08-11 2014-06-30 13F NORFOLK SOUTHERN COM 655844108 52,274 0 0.00 5,386 6.04 0.0817
2014-05-15 2014-03-31 13F NORFOLK SOUTHERN COM 655844108 52,274 2,099 4.18 5,079 9.04 0.0816
2014-02-12 2013-12-31 13F NORFOLK SOUTHERN COM 655844108 50,175 0 0.00 4,658 20.02 0.0812
2013-11-12 2013-09-30 13F NORFOLK SOUTHERN COM 655844108 50,175 -7,638 -13.21 3,881 -7.60 0.0726
2013-08-13 2013-06-30 13F NORFOLK SOUTHERN COM 655844108 57,813 57,813 4,200 0.0919
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.