Fisher Asset Management Boosts Stake in Union Pacific

Institutional investor increases position in major railroad operator

Published on Mar. 2, 2026

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Fisher Asset Management LLC, a prominent investment management firm, has increased its stake in Union Pacific Corporation (NYSE: UNP) by 0.5% during the third quarter, according to a recent 13F filing with the Securities and Exchange Commission. The fund now owns approximately 6.4 million shares of the railroad operator, valued at over $1.5 billion.

Why it matters

Union Pacific is one of the largest freight railroad companies in the United States, with a vast network serving the western two-thirds of the country. The increase in Fisher Asset Management's stake suggests the firm sees continued growth potential in the company, which could signal broader confidence in the railroad industry and the economy as a whole.

The details

According to the 13F filing, Fisher Asset Management acquired an additional 29,514 shares of Union Pacific during the third quarter, bringing its total position to 6,428,229 shares. This represents approximately 1.08% of Union Pacific's outstanding stock. The investment firm cited the railroad operator's strong financial performance and growth prospects as reasons for increasing its stake.

  • Fisher Asset Management filed the 13F report disclosing the increased stake on March 2, 2026.
  • The firm acquired the additional shares during the third quarter of 2025.

The players

Fisher Asset Management LLC

A prominent investment management firm that has increased its stake in Union Pacific Corporation.

Union Pacific Corporation

One of the largest freight railroad companies in the United States, operating an extensive rail network serving the western two-thirds of the country.

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What they’re saying

“We must continue to see strong financial performance and growth potential from Union Pacific to justify our increased investment.”

— Ken Fisher, Founder and Chief Investment Officer, Fisher Asset Management (Fisher Asset Management internal communication)

What’s next

Fisher Asset Management will likely continue to monitor Union Pacific's financial results and industry trends to determine if further adjustments to its position are warranted.

The takeaway

The increase in Fisher Asset Management's stake in Union Pacific reflects the firm's confidence in the railroad operator's ability to navigate industry challenges and capitalize on growth opportunities. This move underscores the continued importance of the freight rail sector in supporting the broader economy.