13F-HR: Old National Bancorp's Q3 2025 Equity Portfolio Revealed

Old National Bancorp disclosed its institutional investment portfolio, valued at $5.85 billion, for the quarter ended September 30, 2025.

Summary

• Total reported holdings entries: 1,260.
• Total market value of holdings: $5,847,148,973.
• The portfolio includes a wide range of common stocks and exchange-traded funds (ETFs) across various sectors.
• Holdings demonstrate a mix of investment discretion, with significant portions under 'SOLE' (sole investment discretion) and 'OTR' (other investment discretion).
• Notable large positions include major technology companies, financial institutions, consumer staples, and healthcare firms.

Sentiment

Score: 7

Explanation: The filing is a standard, transparent disclosure of a large and diversified investment portfolio, indicating stable and ongoing asset management activities. It does not contain information that would significantly alter the perception of the filer's operational performance.

Positives

• Disclosure of a substantial and diversified investment portfolio, reflecting active asset management.
• The significant total market value of $5.85 billion indicates a robust asset base under management.
• The broad diversification across numerous companies and ETFs suggests a strategy to mitigate concentration risk.

Negatives

• No specific negative operational or financial performance details for Old National Bancorp are contained.
• The inherent market volatility and potential for fluctuations in the value of the disclosed equity holdings represent general investment risks.

Risks

• Market risk: The value of the equity holdings is subject to general market fluctuations and specific company performance.
• Concentration risk: While diversified, significant positions in certain sectors or individual securities could expose the portfolio to specific industry downturns or company-specific events.
• Regulatory and compliance risk: Ongoing adherence to SEC reporting requirements for institutional investment managers.

Future Outlook

NA

Industry Context

The disclosed portfolio reflects a common strategy among large institutional investment managers to maintain broad market exposure through a mix of individual equities and diversified ETFs. The holdings span various sectors, consistent with a balanced investment approach for a financial institution.

Comparison to Industry Standards

• The extensive diversification across numerous companies and ETFs aligns with industry best practices for managing large institutional portfolios, aiming to spread risk and capture broad market returns.
• The mix of 'SOLE' and 'OTR' investment discretion is typical for financial institutions that may manage assets directly while also utilizing sub-advisors or other arrangements.
• The inclusion of both growth-oriented technology stocks and value-oriented financial and industrial companies suggests a balanced investment philosophy, comparable to many diversified institutional funds.

Stakeholder Impact

• Provides transparency to shareholders and the broader market regarding the institutional investment manager's equity investment strategy and portfolio composition.
• Offers insights into the investment trends and preferences of a significant financial institution.

Next Steps

• Future quarterly 13F filings will disclose subsequent changes in equity holdings, providing ongoing transparency into investment strategy.

Key Dates

Recommendation

This 13F filing is a standard quarterly disclosure of investment holdings and does not contain new operational or financial performance information about Old National Bancorp itself to warrant a change in investment recommendation. It primarily offers transparency into their asset management activities.

Keywords

Old National Bancorp, 13F, SEC filing, equity holdings, investment portfolio, institutional investor, Q3 2025, asset management, diversified portfolio, stocks, ETFs