Trane Technologies plc (NYSE: TT) is a global climate solutions company best known for its Trane and Thermo King brands. Shares recently traded around $391 per share, giving the company a market value of roughly $86.7B.
After a strong multi year run, the stock has delivered more measured performance recently. Looking at who owns Trane and recent insider trades helps show how large institutions and company leadership appear to be positioning around long term earnings growth, margin durability, and cash flow visibility.
Who Are Trane’s Top Shareholders?
Trane’s shareholder base is led by major institutional investors. These firms tend to hold through market cycles, which can help support long term ownership stability. Active managers adjusted positions in both directions, suggesting a mix of confidence and valuation sensitivity.
- The Vanguard Group: 19,725,672 shares (8.90%), ~$7.72B value. Added 34,220 shares (+0.17%).
- BlackRock Institutional Trust Company: 12,466,199 shares (5.62%), ~$4.88B value. Added 252,971 shares (+2.07%).
- JP Morgan Asset Management: 11,259,826 shares (5.08%), ~$4.40B value. Added 762,591 shares (+7.26%).
- Fidelity Management & Research Company: 10,230,768 shares (4.61%), ~$4.00B value. Added 1,091,438 shares (+11.94%).
- State Street Investment Management (US): 10,051,730 shares (4.53%), ~$3.93B value. Cut 25,537 shares (0.25%).
- Geode Capital Management: 5,056,893 shares (2.28%), ~$1.98B value. Added 83,676 shares (+1.68%).
- BlackRock Investment Management (UK): 3,606,511 shares (1.63%), ~$1.41B value. Added 133,130 shares (+3.83%).
- Norges Bank Investment Management: 3,100,216 shares (1.40%), ~$1.21B value. Added 73,776 shares (+2.44%).
Ownership remains concentrated among long term institutions, with several large managers adding shares, and for investors this suggests continued confidence in Trane’s earnings profile even as valuation remains elevated.
Hedge Fund Highlights
One notable move came from Schonfeld Strategic Advisors, founded by Steven Schonfeld, which sharply increased its Trane position last quarter. The firm boosted its stake by over 6,000% and now holds roughly $16M worth of shares, which may reflect a more constructive view on Trane’s earnings durability and margin profile.
Another notable increase came from Bridgewater Associates, founded by Ray Dalio, which raised its Trane exposure by more than 5,300%. While the position remains small relative to Bridgewater’s overall portfolio, the size of the increase suggests more positive positioning around Trane’s long term growth characteristics.
A third active manager, Gotham Asset Management, led by Joel Greenblatt, raised its Trane stake by just over 200% to around $10M, which may indicate improving perceived risk reward given Trane’s strong returns on invested capital.
Additional accumulation was seen from Hudson Bay Capital Management, founded by Sander Gerber, which expanded its Trane holdings by nearly 150% to about $5M, potentially reflecting selective accumulation rather than a broad conviction shift, and for investors the combined hedge fund activity points to growing interest without aggressive concentration.
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Trane’s Recent Insider Trades
Insider trades can offer useful context on how executives and directors may be managing personal exposure. Recent filings for Trane show modest activity that leans toward selling, with transaction sizes small relative to the company’s overall market capitalization.
- David S. Regnery (Officer and Director): Sold 22,497 shares at ~$410 and acquired 22,497 shares at ~$62.53 on 9/1/25.
- Elizabeth A. Elwell (Officer): Sold a net 401 to 600 shares across multiple transactions between ~$70 and ~$440 in September and October 2025.
- Myles P. Lee (Director): Sold 301 shares at ~$428.93 on 6/6/25.
- Ann C. Berzin (Director): Sold 181 shares at ~$428.93 on 6/6/25.
- John P. Surma Jr. (Director): Sold 181 shares at ~$428.93 on 6/6/25.
- Christopher J. Kuehn (Officer): Sold 300 shares on 8/19/25.
It appears some insider transactions involve paired sales and acquisitions, which may relate to compensation mechanics or exposure adjustments rather than a clear directional signal, and for investors these trades do not meaningfully alter the broader ownership picture.
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What the Ownership & Insider Trade Data Tell Us
Trane’s ownership remains anchored by large institutional investors, providing stability to the shareholder base. Incremental buying from several major asset managers suggests continued confidence in the company’s long term earnings growth and margin expansion.
Insider activity appears modest and mixed in size, with selling outweighing buying but remaining small relative to overall ownership. Taken together, it appears investors continue to view Trane as a high quality industrial compounder, while both insiders and active managers are taking a measured approach at current price levels.
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