Linde plc (NYSE: LIN) is the world’s largest industrial gases company, supplying oxygen, nitrogen, hydrogen, and specialty gases to customers across healthcare, manufacturing, electronics, and clean energy markets. Shares recently traded around $416 per share, giving the company a market value of roughly $194 billion.
With long-term contracts, high margins, and disciplined capital allocation, Linde is often viewed as a steady industrial compounder. Looking at who owns Linde and how insiders are trading helps show how major investors are positioning around the company’s earnings durability and valuation today.
Who Are Linde’s Top Shareholders?
Linde’s shareholder base is led by major passive institutions. These firms tend to hold through market cycles, which can help keep long-term ownership stable. Active managers have adjusted positions in both directions, reflecting a mix of confidence in the business and valuation awareness.
- The Vanguard Group: 44,382,170 shares (9.50%), ~$18.47B value. Cut 45,609 shares (0.10%).
- BlackRock Institutional Trust Company: 22,527,922 shares (4.82%), ~$9.38B value. Added 669 shares.
- State Street Investment Management: 19,319,583 shares (4.14%), ~$8.04B value. Added 172,162 shares (0.90%).
- Geode Capital Management: 11,317,066 shares (2.42%), ~$4.71B value. Added 56,240 shares (0.50%).
- Capital World Investors: 10,552,427 shares (2.26%), ~$4.39B value. Cut 506,618 shares (4.58%).
- Fidelity Management & Research: 10,454,014 shares (2.24%), ~$4.35B value. Added 429,587 shares (4.29%).
- Invesco Capital Management: 9,829,903 shares (2.11%), ~$4.09B value. Cut 26,627 shares (0.27%).
- Capital Research Global Investors: 9,329,728 shares (2.00%), ~$3.88B value. Added 83,236 shares (0.90%).
- T. Rowe Price Associates: 8,377,803 shares (1.79%), ~$3.49B value. Cut 564,168 shares (6.31%).
- Wellington Management: 7,267,777 shares (1.56%), ~$3.03B value. Cut 269,015 shares (3.57%).
For investors, this ownership mix suggests Linde remains firmly supported by long-term institutions, while incremental trimming and adding point to ongoing portfolio management rather than a clear shift in conviction.
Hedge Fund Highlights
Citadel Advisors, founded by Ken Griffin, sharply increased its Linde position by over 900%, now holding roughly $131M value in shares. While still small relative to Citadel’s overall portfolio, the move suggests growing interest in Linde’s earnings durability and contract-backed cash flows.
AQR Capital Management, led by Cliff Asness, boosted its stake by about 136% to approximately $205M value. The increase appears aligned with Linde’s strong margins and predictable return profile, which often appeal to systematic strategies.
Point72 Asset Management, founded by Steven Cohen, raised its position by roughly 125%, bringing total exposure to around $98M value. The scale of the increase may indicate a more constructive view on Linde’s near-term risk-reward balance.
Capula Management, founded by Yan Huo, reported the largest percentage increase, lifting its stake by more than 1,700%, though from a small base. The firm now holds roughly $0.8M value, which may reflect exploratory positioning rather than high concentration.
For investors, hedge fund activity points to selective accumulation rather than broad consensus, with interest rising but position sizes remaining measured.
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Linde’s Recent Insider Activity
Insider trades can offer useful context on how executives and directors may be managing personal exposure to the stock. Recent filings for Linde show mostly small transactions, with selling outweighing buying in share count terms, though motivations are not confirmed.
- Sanjiv Lamba (Officer and Director): Bought 2,520 shares at ~$396.68 on 12/7/25.
- Stephen F. Angel (Director): Sold ~250,000 shares across August 2025 at ~$473–$475 and acquired 125,000 shares at ~$118.71.
- Guillermo Bichara (Officer): Sold 640 shares on 9/10/25.
- Thomas Enders (Director): Sold 2,500 shares on 8/17/25.
- Hugh N. Grant (Director): Bought 73 shares across small transactions.
- Paula Rosput Reynolds (Director): Bought 18 shares across small transactions.
These transactions represent a very small fraction of Linde’s nearly 467M shares outstanding, and it appears insider activity is mixed and modest in size, which for investors does not materially change the broader ownership picture.
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What the Ownership & Insider Trade Data Tell Us
Linde’s shareholder base remains anchored by large, long-term institutional investors, helping provide stability through market cycles. Hedge fund positioning shows growing but selective interest, while insider trades appear limited and mixed.
For investors, the overall picture suggests Linde continues to be treated as a high-quality industrial compounder with durable margins and predictable cash flows, though positioning across institutions and insiders indicates a measured approach at current valuation levels.
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