HCA Healthcare, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,395 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• HCA has a December 31 fiscal year end. The Q2 2026 Form 10-Q (period ended 30 June 2026, filed 28 July 2026, accession 0001193125-26-321077) and the FY2025 Form 10-K (period ended 31 December 2025, filed 10 February 2026, accession 0001193125-26-044769) are the most recent 10-Q/10-K on file as of 17 August 2026.
• THE REGISTER STORY: HCA carries a very large, long-standing family/sponsor control block from its 2006 going-private transaction. Frisco Holding II (17.4%, 38,896,739 shares) and Hercules Holding II (15.5%, 34,622,487 shares as filed) are private investor-group entities held by affiliates of founder Dr. Thomas F. Frist, Jr. and other original 2006 LBO investors, per a Schedule 13D jointly filed 10 Feb 2026 (accession 0001140361-26-004673) and restated in the 2026 DEF 14A. Combined, before removing the shared 2,339,598-share overlap between the two entities, the Frist Group's two holding companies control roughly 32.9% of HCA's common stock (17.4% + 15.5%), and the underlying Stockholders' Agreement gives this group the right to nominate two board members. BOTH Frisco Holding II and Hercules Holding II sit OUTSIDE the 'All Directors and Executive Officers as a Group' figure in the proxy: they are separate 5%-plus-owner rows, not officer/director holdings. Do not assume a family vehicle is automatically an insider holding; here it explicitly is not counted in the officer/director total.
• By contrast, two individual Frist family members currently ARE directors and so ARE inside the directors-and-officers group: Thomas F. Frist III (Chairman since 2006, 14,817 shares, all RSUs) and William R. Frist (director since 2009, 415,877 shares). Both are individually listed rows in the proxy's beneficial ownership table and both roll up into the 'All Directors and Executive Officers as a Group (16 persons)' aggregate (3,354,148 shares, 1.5%). Per DEF 14A footnotes 8 and 9, each of these two individuals' personal share counts is ALSO included within the shared voting/dispositive power reported separately by both Frisco Holding II and Hercules Holding II; this creates a small (about 430,694 shares, roughly 0.2% of shares outstanding), undeducted cross-container overlap between the insider rows and the family-vehicle rows, documented in the affected rows' method_notes rather than mechanically removed, since the schema's rolls_up_into field supports only one container per row and the amount is immaterial to the totals.
• Holdings: searched the Q2 2026 10-Q (accession 0001193125-26-321077) and the FY2025 10-K (accession 0001193125-26-044769) for: 'equity method', 'unconsolidated', 'Galen', 'Valesco', 'Brookdale', 'surgery center', 'noncontrolling interests', 'investments in', 'investments in affiliate', 'joint venture', 'carrying amount', 'cost method', 'nonmarketable', 'Other assets consist'. The 10-Q contains no equity-method or unconsolidated-investee language at all. The 10-K's accounting-policy section states only that affiliates 'in which we do not hold a majority ownership interest, but in which we have a substantial ownership interest and can exercise significant influence, are accounted for using the equity method,' with no investee named, no percentage, and no dollar figure disclosed anywhere in either filing. Galen College of Nursing, the only named investment-adjacent entity found, is described as something HCA 'continue[s] to invest in expanding access... through,' not as a minority equity stake with a disclosed HCA ownership percentage; it is excluded as not sourced as a sized minority holding. Holdings is intentionally empty: it is a sourced finding, not an omission.
• REVERSE-DIRECTION CAUTION APPLIED: HCA consolidates most of its hospital, freestanding surgery-center and freestanding endoscopy-center entities, with large noncontrolling interests (physician partners and other minority co-owners) reported on HCA's own balance sheet ($3.433 billion at 30 Jun 2026 per the 10-Q). This is the reverse direction, physician partners' stakes in HCA-controlled entities, not an HCA holding in anything, and is correctly excluded from holdings.
• Register: the Vanguard case here is the SUCCESSOR case. Parent The Vanguard Group, Inc. (CIK 0000102909) filed a Form 13F-NT (notice only, confirmed empty info table) for the quarter ended 30 June 2026, so its successors, Vanguard Capital Management (CIK 0002100119, 10,141,708 shares) and Vanguard Portfolio Management (CIK 0002100121, 2,712,828 shares), ARE the position and are summed (12,854,536 shares) per the brief's Vanguard rule.
• Capital Group: all three separate 13F-HR filers were checked for the quarter ended 30 June 2026. Capital World Investors (CIK 0001422849, 1,977,121 shares) and Capital International Investors (CIK 0001562230, 1,916,947 shares) both hold HCA common stock and are summed to one roll-up row (3,894,068 shares); Capital Research Global Investors (CIK 0001422848) shows no CUSIP 40412C101 row in its Q2 2026 information table. None of the three files a parent 13F-NT, so this is a summed family row per the brief, not the Vanguard successor case, and no is_aggregate flag is set on it.
• T. Rowe Price: both registrants named in the brief (Associates, Inc., CIK 0000080255, and Investment Management, Inc., CIK 0001897612) hold HCA and both report their 13F value columns in thousands of dollars, implying an impossible $0.39/share against the ~$389.9/share every other 30 Jun 2026 filer implies. Rescaled values are documented per row in the combined T. Rowe Price register row's method_note; the correction is x1,000 on value only, not on shares.
• Checked and found NO 30 Jun 2026 HCA position: MFS (CIK 0000912938, 4,175-row 13F-HR, no CUSIP 40412C101 row) and Dodge & Cox (CIK 0000200217, 222-row 13F-HR, no CUSIP 40412C101 row). Both are excluded from the register rather than shown as zero rows.
• Checked but held smaller positions not included in the top-12 institutional list: Bank of America (611,601 shares), Franklin Resources (1,025,824 shares), Wells Fargo (339,289 shares), and Schwab Investment Management (1,063,288 shares), all per their own Q2 2026 13F-HR filings, all consistent with the ~$389.9/share 30 Jun 2026 mark.
• 13F values on 30 June 2026 filings imply a consistent HCA quarter-end mark near $389.9 per share, versus $404.98 at the 17 August 2026 close used for market cap and shares outstanding of 216,501,500 (down from 223,568,966 at the 23 Feb 2026 proxy record date), reflecting continued share repurchases (HCA repurchased $3.635 billion of common stock in the first half of 2026 per the Q2 2026 10-Q cash flow statement).
• No Schedule 13D has been filed on HCA common stock other than the 10 Feb 2026 Frist Group filing described above (checked the SEC EDGAR filing history for CIK 0000860730 back through 2018); all other Schedule 13 filings on file are routine 13G/13G-A filings from index managers (Vanguard, State Street, T. Rowe Price, BlackRock, Legal & General) and are superseded here by the fresher 30 Jun 2026 Form 13F-HR figures for those same managers.
• No em dashes are used in any text field per the brief.
• Self-gate: 19 register rows (17 institutional/strategic/insider rows, plus the pre-summed Vanguard, Capital Group and T. Rowe Price roll-ups counted once each, plus the aggregate insider group row). Computed total per the brief's method (Hercules Holding II counted at its overlap-adjusted 32,282,889 shares, and the D&O group counted at its 759,383-share residual after netting the three named directors who roll up into it): 140,596,746 shares against 216,501,500 shares outstanding = 64.94 percent. This is ABOVE the 15 to 55 percent expected band; investigated per the brief's 'FIND IT' instruction and traced to a real structural feature, not a double-count: HCA's Frist Group control block (Frisco Holding II + Hercules Holding II, roughly 33% combined) sits on top of a typical roughly 30% top-12 institutional 13F float, and Frisco/Hercules are private family holding companies, not 13F filers, so there is no overlap between them and the institutional rows above. The one confirmed overlap (about 430,694 shares between the two Frist director rows and the Frisco/Hercules totals) is immaterial and separately documented, not the cause of the high total.