On Oct. 21, 2025, Mattern Capital Management disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold its entire Union Pacific Corporation stake, an estimated $9.1 million trade.
What happened
According to an SEC filing dated Oct. 21, 2025, Mattern Capital exited its entire holding in Union Pacific Corp. (UNP 0.35%), selling all 39,549 shares. The estimated trade size was $9.1 million. The stake previously represented 1.1% of the fund’s assets under management as of the prior filing period ended Sept. 30, 2025.
What else to know
The fund fully sold out of Union Pacific.
Top holdings after the filing:
- Apple: $20.1 million (2.4% of AUM) as of Sept. 30, 2025
- Microsoft: $19.3 million (2.3% of AUM).
- Walmart: $14.6 million (1.7% of AUM).
- Cencora: $13.8 million (1.6% of AUM).
- Lowe's: $13.3 million (1.6% of AUM).
As of Oct. 20, 2025, shares of Union Pacific Corporation were priced at $227.30, reflecting a one-year change of (-5.43%) and an alpha of (-19.03) percentage points versus the S&P 500 (both measured over the prior 252 trading days).
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $24.4 billion |
| Net Income (TTM) | $6.93 billion |
| Dividend Yield | 2.4% |
| Price (as of market close 2025-10-20) | $227.30 |
Company Snapshot
Union Pacific provides rail transportation services for agricultural products, industrial goods, energy, construction materials, chemicals, and intermodal freight across its rail network in the United States.
The company generates revenue primarily through long-haul freight movement, leveraging an extensive rail infrastructure to connect major ports and inland markets efficiently.
Key customers include agricultural producers, energy companies, industrial manufacturers, automotive suppliers, and intermodal shippers seeking reliable bulk and containerized transport solutions.
Union Pacific is one of the largest freight railroad operators in North America, with a significant presence in the western two-thirds of the United States.
Foolish take
Union Pacific and fellow railroad Norfolk Southern announced a planned merger in July, 2025. Both companies' boards of directors have unanimously approved the $85 billion deal. The potential merger is still in the initial approval stages, with formal review that could take until late next year.
Mattern's exit of its Union Pacific position may signal that it doesn't back the deal, or doesn't think it will receive final approval. The market seems to be hesitant as well. Union Pacific would value Norfolk Southern at $320 per share, yet Norfolk shares still only traded at $290 per share at recent levels.
Union Pacific wasn't in the top five, or even 10, equity holdings for Mattern Capital. The firm may have decided to avoid the risk associated with the merger. Union Pacific shares haven't changed much since the deal was announced, and Mattern looks to have decided to simply move on from the railroad name.
Glossary
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Alpha: A measure of an investment's performance relative to a benchmark index, showing excess return or underperformance.
Stake: The ownership interest or position held in a company or asset by an investor or fund.
Position: The amount of a particular security or asset held in a portfolio.
Quarterly Average Price: The average trading price of a security over a specific quarter, used for estimating transaction values.
Intermodal Freight: Goods transported using multiple modes of transportation (like rail and truck) without handling the actual cargo when changing modes.
Dividend Yield: A financial ratio showing how much a company pays in dividends each year relative to its share price.
TTM: The 12-month period ending with the most recent quarterly report.
Reportable Assets: Assets that must be disclosed in regulatory filings due to their size or significance in a portfolio.
Fund: An investment vehicle pooling money from multiple investors to buy securities according to a specific strategy.
