Packaging Corporation of America

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 867 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: searched the FY2025 10-K (filed 26 Feb 2026, https://www.sec.gov/Archives/edgar/data/75677/000119312526074129/pkg-20251231.htm) and the Q2 2026 10-Q (filed 7 Aug 2026, https://www.sec.gov/Archives/edgar/data/75677/000119312526339405/pkg-20260630.htm) for 'equity method', 'unconsolidated', 'joint venture', 'non-marketable', 'variable interest entity', 'minority interest', 'equity securities' and 'investments in'. Zero hits for 'equity method', 'unconsolidated', 'joint venture', 'non-marketable' and 'minority interest' in either filing. 'equity securities' hits were all pension-plan asset-allocation disclosures (fixed income/domestic equity/international equity mix inside PCA's own pension trust), not a holding in another company, and were excluded. The only substantive hit was 'variable interest entity' in the 10-K, which surfaced Louisiana Timber Procurement Company, L.L.C. (LTP), the single holding recorded above.
• Exhibit 21.1 to the FY2025 10-K lists roughly 15 subsidiaries; every one is shown at 100% ownership except Louisiana Timber Procurement Company, LLC at (50%), confirming LTP is the only non-wholly-owned entity in PCA's structure.
• PCA acquired Greif, Inc.'s containerboard business for $1.8 billion in cash, closing 2 September 2025 (the 'Greif Acquisition'). Per Note 4 (Acquisitions) of the Q2 2026 10-Q, this was 'primarily structured as an asset acquisition' for tax purposes and comprised two containerboard mills (~800,000 tons capacity) and eight sheet feeder/corrugated plants, now folded into PCA's Packaging segment. Greif retained no equity interest in the acquired business and PCA acquired no equity stake in Greif, Inc. itself; this is a wholly-owned asset purchase and is deliberately excluded from 'holdings'.
• PCA's timberland, mills and rail/transportation assets (e.g. Boise White Paper LLC, International Falls Power Company, Minnesota Dakota & Western Railway) are wholly-owned property/operating subsidiaries per Exhibit 21.1, not equity stakes in other companies, and are excluded from 'holdings' on the same basis applied to Weyerhaeuser and Evergy earlier in this project.
• Capital Group was checked directly and holds nothing in PKG: Capital World Investors (CIK 0001422849), Capital International Investors (CIK 0001562230) and Capital Research Global Investors (CIK 0001422848) each filed a Q2 2026 13F-HR (accessions 0001422849-26-000113, 0001562230-26-000107, 0001422848-26-000094) and none contains a 'PACKAGING CORP' row. No register row was created for this checked-and-absent finding.
• Vanguard Group files through 8 SEC-registered entities holding PKG (CIKs 0002100119, 0002100121, 0000933478, 0001811242, 0001680208, 0001550100, 0001767306, 0001984256), enumerated from this project's own data/registers/PKG.json snapshot (31 Mar 2026) and re-verified with fresh Q2 2026 13F-HR filings for the actual share figures. The classic parent CIK 0000102909 (Vanguard Group Inc) filed a 13F-NT (notice, no holdings) for Q2 2026, confirming the position is reported entirely by the 8 successor entities: they were summed, not substituted.
• T. Rowe Price files through two registrants, both of which hold PKG: T. Rowe Price Associates, Inc. (CIK 0000080255, 5,823,442 shares) and T. Rowe Price Investment Management, Inc. (CIK 0001897612, 373,027 shares), summed to 6,196,469 shares in the row above. Both entities' 13F XML report dollar values in THOUSANDS; this was confirmed by computing the implied price per share (Associates: $1,387,611,000 / 5,823,442 = $238.28; Investment Management: $88,885,000 / 373,027 = $238.28), which matches the implied price per share computed the same way from BlackRock's and every other Q2 2026 13F filer's PKG row exactly ($238.28, PKG's 30 Jun 2026 closing price), confirming the thousands convention was applied correctly.
• The DEF 14A (filed 27 Mar 2026, as of 16 Mar 2026 record date) lists only Vanguard Group (11,241,189 sh, 12.6%, via 13G) and BlackRock, Inc. (7,421,407 sh, 8.3%, via 13G) as known 5%+ owners. Both figures are stale relative to fresh Q2 2026 13F data: Vanguard's 8-entity family sums to 11,164,841 (12.53%) and BlackRock to 7,711,541 (8.66%) as of 30 Jun 2026. Per the research brief, the fresh 13F figures are used in the register above; the proxy's 13G-derived figures are recorded here as the reconciliation. T. Rowe Price (6.95%) and State Street (5.18%) both cross the 5% threshold in the fresh Q2 2026 13F data but are not named in the proxy's 5%-owner table, reflecting that 13G filers only need to update their disclosure annually or on a threshold event, not that they are not real 5%+ holders.
• No founder or dual-class share structure exists at PCA; the insider position is not a large or unusual stake (all directors and executive officers as a group hold 1,427,238 shares, 1.6% of the company, per the FY2026 proxy). Individual named executive officers (CEO Mark W. Kowlzan 463,138 sh and others) were not broken out as separate rows given the modest aggregate size and no evidence any is independently a top holder.
• Self-gate (computed from this final file, per the project's exact chart arithmetic; no rows carry rolls_up_into so every row counts at full raw value): 13 register rows, total shares = 51,282,744, shares_outstanding = 89,098,299, giving 57.56% of the company. This is a few points above the roughly-55% typical ceiling; it was checked for double counting (each institutional row is a single distinct CIK/filing entity, cross-verified via a uniform implied price of $238.28/share across all Q2 2026 13F filers, so no unit or basis mismatch) and reflects PKG's genuinely high institutional concentration among its largest holders rather than an error. Corroborated first-hand by the coordinator against this project's own 13F-derived register (data/registers/PKG.json, period 31 Mar 2026, built by a separate pipeline from the bulk 13F data): its top THIRTEEN holders sum to 56.70% of the same denominator against the 57.56% recorded here from thirteen rows, and its total institutional ownership is 70,487,095 shares, 79.11%. Two independent derivations agreeing to within one percentage point on the same row count is strong evidence the level is real rather than a double count or a units error.