United Airlines Holdings, 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 961 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: United's SEC filings group its equity investments into three separate combined balances rather than disclosing individual carrying values, so the combined-balance rule applies to every named holding here. (1) Equity-method investments, combined carrying amount $325 million at 30 Jun 2026 ($273 million at 31 Dec 2025): Republic Airways Holdings Inc. (~22%), CommuteAir LLC (40%), United Airlines Ventures Sustainable Flight Fund (33%). (2) 'Long-term investments: Equity securities' (fair value, Level 1), combined $170 million at 30 Jun 2026 ($34 million at 31 Dec 2025, $71 million at 31 Dec 2024): Azul S.A. (8.6% as of 30 Jun 2026), Archer Aviation Inc., Eve Holding, Inc. (Mesa Air Group, Inc. was also in this bucket at 31 Dec 2024 but is no longer, having merged into what is now the Republic Airways row). (3) 'Other Investments' (cost method, no readily determinable fair value), combined $338 million at 30 Jun 2026 ($339 million at 31 Dec 2025): Abra Group Limited (parent of the Avianca/GOL combination) and JetSuiteX, Inc. (JSX) are named explicitly in the FY2025 10-K; the Q2 2026 10-Q describes the same bucket only generically ('a multinational airline holding company, an independent air carrier and others') without repeating the names. None of the investees inside any of the three buckets is individually sized in United's filings, so every holdings row above carries value_usd: null with the combined figure recorded here rather than assigned to one investee.
• Mesa Air Group, Inc. (a research candidate) no longer exists as a separate investee: at 31 Dec 2024 United held approximately 19% of Legacy Republic Airways Holdings Inc. and, separately, approximately 10% of Mesa Air Group, Inc. On 25 Nov 2025 Legacy Republic merged into Mesa, with the Mesa legal entity surviving and renaming itself Republic Airways Holdings Inc. United's former Mesa stake is therefore folded entirely into the current Republic Airways row (approximately 22% as of 30 Jun 2026); Mesa Air Group has no row of its own.
• Avianca Group (a research candidate) does not appear in United's filings as a directly named investee. The word 'Avianca' occurs only once in the FY2025 10-K, listing Avianca as a Star Alliance member airline, and does not appear at all in the Q2 2026 10-Q. United's actual Avianca-related equity position is held through Abra Group Limited, the Cayman-incorporated holding company formed by the 2023 combination of Avianca Group International Limited and GOL Linhas Aereas Inteligentes S.A.; that is the row used here instead of a standalone Avianca Group row.
• Candidates checked and confirmed ABSENT from both the FY2025 10-K (period 31 Dec 2025, filed 12 Feb 2026) and the Q2 2026 10-Q (period 30 Jun 2026, filed 16 Jul 2026), full text searched: Clear Secure, Boom Supersonic (also searched 'Boom' and 'Overture' alone), ZeroAvia, Natron Energy, Heart Aerospace, Cielo. No hits for any of the six in either filing, so none is recorded as a holding, current or exited.
• Exhibit 21 (list of subsidiaries) to the FY2025 10-K was checked and contains only wholly owned operating subsidiaries with no ownership-percentage column and no minority joint-venture entries (Republic Airways, CommuteAir, Azul, Archer, Eve, Abra Group and JSX are all absent from it), consistent with it covering consolidated subsidiaries only, not equity-method or cost-method investees.
• Register: computed the self-gate exactly as the chart does, from this final file. Rows: 13 total (9 institutional 13F rows, 1 named insider, 1 aggregate officers/directors group, 2 labor-union preferred-stock rows with shares: null). Institutional 13F rows sum to 155,346,339 shares. Adding Scott Kirby's individually listed 1,255,838 shares (full value, not a member of any container) plus the officers/directors group's residual of 1,525,389 shares (its raw 2,781,227 less Kirby's 1,255,838, since is_aggregate is true and Kirby rolls_up_into it) gives a charted total of 158,127,566 shares against 324,583,772 shares outstanding, or 48.72%. This sits above the roughly 25-45% band the brief calls typical but under its 55% hard ceiling; it looks real rather than a double count, given each institutional figure was independently pulled from that holder's own fresh Q2 2026 13F-HR (not the stale 31 Mar 2026 project snapshot) and cross-checked where possible against the 2026 proxy's 5%-owner table (which itself is stale on every one of BlackRock, Capital Group and FMR, in each case understating the fresh figure used here).
• United's 2026 proxy's own 'Certain Beneficial Owners' table (record date 24 Mar 2026, sourced to each holder's own prior Schedule 13G/13G-A filings) is materially stale for every listed holder relative to the fresh Q2 2026 13F-HR data used in the register above, and omits Vanguard entirely following its January 2026 internal realignment (see the Vanguard row's method_note). Per the brief's preference for primary, more recent data, the register uses each manager's own fresh 13F-HR figures rather than the proxy's table throughout.
• United Airlines Holdings has two special, non-economic classes of junior preferred stock: Class Pilot MEC Junior Preferred Stock and Class IAM Junior Preferred Stock, one share of each outstanding, held respectively by the United Airlines Pilots Master Executive Council (ALPA) and the International Association of Machinists and Aerospace Workers, District #141. Each elects one director to United's board and votes alongside Common Stock (excluding director elections); these are not denominated in Common Stock and are not sized in shares of Common Stock or included in the self-gate share total, per the brief's rule for a holder whose interest is not in the listed class.
• No sovereign wealth fund holder was found. Federal aviation law caps non-U.S. ownership of voting stock in a U.S. airline holding company at 25% and requires U.S. citizens to hold at least 75% of voting power, which structurally limits large direct sovereign stakes in United's Common Stock; no Schedule 13D activist or sovereign filer was identified within the time budget.
• Market capitalisation of $38.53 billion is as reported by stockanalysis.com for the close of 18 Aug 2026 (price $118.72). Cross-check: 324,583,772 shares x $118.72 implies approximately $38.54 billion, consistent.