Yum! Brands, 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 1,412 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 are empty by design, not by omission. Yum! Brands' Q2 2026 10-Q and FY2025 10-K were both searched in full for 'equity method', 'unconsolidated affiliates', 'Yum China', 'Grubhub', 'Devyani', 'Sapphire', 'Telepizza', 'Heartland', 'refranchising', 'noncontrolling', 'joint venture', 'minority investment', 'equity investment', 'equity securities', 'marketable securities' and 'non-marketable'. Neither filing contains the phrases 'equity method' or 'unconsolidated affiliates' at all, which is itself informative: YUM's business model is almost entirely franchised (over 99% of Pizza Hut Division units alone are franchisee-operated per the Q2 2026 10-Q), and the company does not carry material equity-method investee stakes on its balance sheet.
• Yum China: confirmed no retained equity. YUM completed the spin-off of its China business into the independently listed Yum China Holdings, Inc. on 31 October 2016 (FY2025 10-K). Yum China is now YUM's largest master franchisee and pays YUM a continuing fee of 3% of system sales in mainland China under a master license agreement; this is a franchise/licensing relationship, not an equity stake, and neither filing mentions YUM holding any Yum China shares. This is a franchise agreement, not equity, per the brief's main caution (d).
• Devyani: sold, not current. During Q1 2024, YUM sold its approximate 5% minority investment in Devyani International Limited, an India-based KFC/Pizza Hut franchisee, for pre-tax proceeds of $104 million (FY2025 10-K, Q1 2024 comparative discussion). No investment in Devyani remains on the books; the FY2025 10-K discusses it only as a prior-year comparative item affecting cash flow, confirming full exit before the periods covered by this file.
• Sapphire Foods, Grubhub, Heartland: none found. These franchisee/delivery-platform names from the research brief's search list do not appear anywhere in either the Q2 2026 10-Q or the FY2025 10-K. No YUM stake in any of them is disclosed.
• Pizza Hut Ex-China and Pizza Hut Mainland China divestitures (2026): the Q2 2026 10-Q discloses that Pizza Hut outside mainland China ('Pizza Hut Ex-China') will be acquired by LongRange Capital, a private equity firm, and Pizza Hut in mainland China will be acquired by Yum China Holdings, both expected to close in August 2026. These are YUM divesting operating business segments to buyers, the reverse direction of a holding (YUM is the seller, not an equity holder in the buyers), so neither transaction is recorded as a holding here. Yum China remains YUM's master franchisee for KFC and Taco Bell in mainland China after the deal; no equity stake in Yum China arises from it per the filing text read.
• Equity securities mentioned in the FY2025 10-K (Level 2 fair value hierarchy, $216 million at 31 Dec 2025) are pension plan assets held by YUM's defined benefit plan trust, invested in a diversified mix of public equities and other securities on behalf of plan beneficiaries. These are excluded per the brief's exclusion of index-fund style, client/beneficiary-held positions; no individual investee is named or attributable to YUM's own balance sheet.
• Vanguard is the successor case (Rule 7): Vanguard Group Inc (CIK 0000102909) filed Form 13F-NT for the quarter ended 30 June 2026; its position is represented here as the sum of two successor entities, Vanguard Capital Management LLC and Vanguard Portfolio Management LLC.
• Capital Group is NOT the Vanguard successor case: all three named entities (Capital World Investors, Capital International Investors, Capital Research Global Investors) each filed their own full 13F-HR for Q2 2026, and this row sums whichever of the three held YUM (all three did). See the Capital Group row's method_note for the individual entity breakdown and for the separate proxy-stated 'Capital International Investors' figure, which is higher and dated to an older Schedule 13G reporting period.
• T. Rowe Price: two separate T. Rowe Price entities file their own 13F-HR and hold different-sized YUM positions. This register uses T. Rowe Price Investment Management, Inc. (CIK 0001897612, 10,272,924 shares), the entity YUM's own 2026 proxy names as a >5% beneficial owner, rather than T. Rowe Price Associates, Inc. (CIK 0000080255, 2,896,631 shares), the entity on this project's standard verified-CIK list for 'T. Rowe Price'. See the row's method_note. Both entities' raw 13F value fields are reported in thousands of dollars rather than whole dollars (the THOUSANDS TRAP called out in the brief); both were rescaled by x1,000 after their implied per-share price came out roughly 1,000x below the approximately $159.85 to $159.87 per share implied by every other filer's raw figures for the same CUSIP and quarter.
• Proxy 5%-owner table cross-check (as of 31 Dec 2025 share count of 276,569,492, per Schedule 13G/A review): The Vanguard Group 33,541,268 (12.1%), BlackRock Inc 26,718,863 (9.7%), Capital International Investors 20,123,846 (7.3%), JP Morgan Chase & Co 20,055,649 (7.3%), T. Rowe Price Investment Management, Inc. 15,709,499 (5.7%, footnoted 'as of September 30, 2025'). These broadly corroborate the Q2 2026 13F-based register above (JPMorgan is very close: 20,055,649 vs 20,017,649) but are not identical, since the proxy table sources percentage-of-class ownership from each holder's most recently filed Schedule 13G/A rather than the current quarter's 13F-HR, and EDGAR shows no Schedule 13D or 13G filed on YUM common stock since 14 November 2024 (checked via EDGAR's SC 13 filing index for CIK 0001041061), so those 13G-derived proxy figures may themselves be carried forward from an amendment filed well before the 'as of' dates the proxy footnotes state.
• Christopher Turner became CEO on 1 October 2025 (previously CFO); David W. Gibbs is the former CEO he succeeded. Both are shown individually per the brief's instruction to include the insider position with voting power in notes, though neither holds close to 1% of the company; the proxy states no director or officer individually or as a group holds more than 1%.
• Percentages for the twelve institutional register rows are computed against 272,901,085 common shares outstanding as of 30 July 2026 (Q2 2026 10-Q cover page). The three insider rows use the proxy's own denominator of 276,173,275 shares as of 18 March 2026 (the proxy record date), since that is the share count the proxy's insider ownership percentages are implicitly measured against.
• Self-gate check: 16 register rows (12 institutional plus 3 insiders plus the departed-CEO Gibbs row). Applying the chart's rollup formula (Turner's 98,972 shares subtracted from the 'All Directors and Executive Officers as a Group' aggregate's 630,366 raw shares, every other row counted at full raw value) gives a total of 149,032,635 shares against 272,901,085 shares outstanding, or 54.6%. This sits inside the brief's outer 15 to 55 percent band but above the 25 to 45 percent expected range; the twelve institutional holders alone (Vanguard 11.7%, BlackRock 9.6%, JPMorgan 7.3%, Capital Group 6.9%, State Street 4.8%, T. Rowe Price 3.8%, Geode 3.1%, Norges Bank 1.8%, Morgan Stanley 1.6%, Bank of America 1.5%, Northern Trust 1.1%, FMR 0.9%) sum to 54.2% of a relatively small, 272.9-million-share float, which is a plausible concentration for a widely-held large-cap with few Vanguard/Capital Group successor rows collapsed into single lines rather than one being an unnoticed double count; each row's CUSIP and issuer name were individually verified against Yum! Brands' CUSIP 988498101 (not Yum China's 98850P109) via scripts/filing.py 13f.