Humana 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 767 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

• Holdings side: Humana's CenterWell primary care business runs a strategic partnership with Welsh, Carson, Anderson & Stowe (WCAS) to develop primary care clinics (146 clinics operating under the partnership as of 31 Dec 2025 per the FY2025 10-K), plus a series of put/call options (Humana can buy the first two clinic cohorts in 2026 for an estimated $1.0-1.5bn, and all cohorts can be called/put over 2026-2034 for an estimated $3.0-5.0bn in aggregate). This is DELIBERATELY EXCLUDED from holdings: Humana CONSOLIDATES these entities (the 10-K states Humana consolidates affiliated P.A.s as their primary beneficiary and records WCAS's share as 'noncontrolling interests', $80m at 31 Dec 2025 and $64m at 30 Jun 2026, on Humana's own balance sheet). That is the reverse direction from what this database tracks: it is WCAS holding a stake inside a Humana-controlled entity, not Humana holding equity in WCAS or in a WCAS-controlled entity, and a majority-owned consolidated subsidiary is excluded from holdings under the brief regardless.
• The equity-method investments balance on Humana's own consolidated balance sheet ($638m at 31 Dec 2025 per the FY2025 10-K, $627m at 30 Jun 2026 per the Q2 2026 10-Q) is a COMBINED figure. The FY2025 10-K's Note 4 names and sizes exactly one investee, Gentiva Hospice (summarized balance sheet given, 35% ownership stated directly), then adds a separate 'Other equity method investments' paragraph: 'We have several other individually immaterial equity method investments included within equity method investments in our consolidated balance sheets... with our share of income or loss reported as equity in net losses.' Those other investments are NOT named or individually sized anywhere in the FY2025 10-K or the Q2 2026 10-Q searched here, so per the brief's rule against assigning a combined balance to one investee, no value from Humana's own combined balance-sheet line is used for Gentiva; the Gentiva Hospice holdings row instead uses a MODELLED estimate (35% of Gentiva's own disclosed shareholders' equity), and the unnamed remainder of the combined balance is left entirely unsized here and reported below in unknowns.
• The insurance investment portfolio (debt securities and money-market instruments backing Humana's insurance float) is explicitly excluded from holdings per the brief. Confirmed this exclusion is correct for one specific instrument: Humana held corporate debt securities of Gentiva Hospice (book value $381m, fair value $383m at 31 Dec 2025 per the FY2025 10-K), which it disposed of during Q2 2026 (per the Q2 2026 10-Q, 'we disposed of our corporate debt securities of Gentiva Hospice and recognized an immaterial gain'). This was debt, not equity, so it was never in scope as a holding and is now zero regardless.
• On 13 Feb 2026 Humana completed the acquisition of an unnamed 'primary care business' for approximately $941 million (FY2025 10-K subsequent-events disclosure, and repeated in the Q2 2026 10-Q liquidity section). This reads as a business combination generating goodwill, i.e. a controlled/consolidated acquisition rather than a minority equity stake, so it is excluded from holdings as a (presumably wholly or majority owned) operating subsidiary; the acquired entity's name was not disclosed in either filing reviewed.
• Exhibit 21.1 of the FY2025 10-K was checked and is a bare list of Humana's own wholly owned subsidiary names with NO ownership-percentage column and no mention of Gentiva Hospice or any WCAS-related entity by name, consistent with the pattern the brief describes for some registrants (Labcorp, Darden): treated as a genuine negative (no additional sizing information available there), not evidence of a missed holding, since Gentiva is equity-method (not a subsidiary) and would not appear on a subsidiaries exhibit in any case.
• No Schedule 13D, 13D/A, 13G or 13G/A has been filed against Humana (CIK 0000049071) since June 2025, per EDGAR's own filing history for the company checked directly. This means the last fresh beneficial-ownership filings the 2026 proxy could cite (for BlackRock, Dodge & Cox and Vanguard) predate the Q2 2026 13F data used throughout this register by roughly 9-14 months; per the brief's guidance to prefer the fresher 13F over a stale 13G quoted in a proxy, this register uses the fresh Q2 2026 13F-derived figures for all three, and records each stale-vs-fresh reconciliation inside that holder's own method_note. No new strategic, sovereign or activist (13D) holder was found.
• Self-gate, computed from this final file exactly as the chart computes it (all 14 rows count at full value: the directors/officers aggregate has no member rows marked rolls_up_into it, so it is not reduced): 14 register rows, 72,457,501 total shares, against shares_outstanding 120,080,308 = 60.34% of the company. This is above the brief's 55% flag threshold. Investigated for the three usual causes and none was found: every institutional row is the same CUSIP 444859102 common stock read directly from that holder's own Q2 2026 13F-HR (period 30 Jun 2026), all but one row's implied price sits in a tight ~$389-398/share band (MFS is the flagged exception, noted on its own row), no holder appears twice (Vanguard is one family row backed by a confirmed parent 13F-NT, Capital Group is one family row backed by two confirmed umbrella 13F-NTs, T. Rowe Price is one family row across its two registrants), and the derivative JPMorgan option line was correctly excluded rather than added. The elevated total appears to be a genuine feature of Humana's ownership structure: this project's own data/registers/HUM.json (an independent Q1 2026 snapshot built from all 767 13F filers reporting a HUM position) shows total_shares_reported of 115,227,700 out of a similar share count, i.e. roughly 96% of the company is institutionally held via 13F across the full filer population, so a top-14 total of 60% (leaving roughly 36 percentage points of institutional ownership spread across the remaining ~750+ smaller filers) is consistent with, not contradicted by, that independent total. Reported here rather than trimmed to fit the band, per the brief's own guidance that a high but verified reading should be shown.
• Implied per-share price cross-check: dividing each row's filed dollar value by its filed share count gives approximately $397.22/share for Vanguard's 8 entities, Dodge & Cox, BlackRock, Pzena, Eagle Capital, Sessa Capital, Fidelity/FMR, and both T. Rowe Price entities, all independently dated 30 Jun 2026; State Street and Geode are close at ~$398 and ~$397; JPMorgan is somewhat lower at ~$389. Only MFS is materially inconsistent (four of its eight lines imply prices far outside this band), flagged on its own row rather than silently averaged in.