Institutional Manager · CIK 0000036270

M&T Bank Corp

BUFFALO, NY · File #028-00267

Latest AUM

$31.15B

Positions

13,537

Top-10 Concentration

38.2%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	ISHARES TR	46432F842	-3,966,487	-$2.63B	+$2.28B
ADD	MARZETTI COMPANY	MZTI	+5,882,970	+$526.3M	-$89,747
REDUCE	ISHARES TR	46432F339	-742,643	-$456.2M	+$314.6M
REDUCE	ISHARES TR	464287309	-2,891,463	-$449.8M	+$100.7M
REDUCE	MERCK & CO INC	MRK	-802,865	-$389.9M	+$322.5M
ADD	KILROY RLTY CORP	49427F108	+809,808	+$302.4M	+$227,196
REDUCE	DOW INC	DOW	-1,055,853	-$241.7M	+$227.4M
REDUCE	ISHARES TR	464287598	-827,191	-$203.7M	+$35.6M
REDUCE	APPLE INC	AAPL	-1,452,081	-$196.2M	-$180.0M
REDUCE	GE AEROSPACE	369604301	-108,502	-$183.4M	+$152.1M

Sector Allocation

15.7%$4.88B

9.1%$2.83B

7.8%$2.42B

7.0%$2.20B

5.4%$1.69B

Consumer Discretionary

4.9%$1.52B

Financials

3.2%$993.5M

Energy

2.6%$828.5M

Communication Services

2.0%$629.3M

Materials

1.8%$570.2M

Utilities

0.3%$88.5M

Filing History

Jan 30, 202613F HOLDINGS REPORT (Amended)Q/E Dec 202513,537 pos · $31.15B
Jan 28, 202613F HOLDINGS REPORTQ/E Dec 202513,537 pos · $31.15B
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 202511,057 pos · $29.74B
Aug 13, 202513F HOLDINGS REPORTQ/E Jun 202512,763 pos · $29.10B
Apr 30, 202513F HOLDINGS REPORTQ/E Mar 202512,560 pos · $27.45B
Feb 6, 202513F HOLDINGS REPORTQ/E Dec 202412,588 pos · $29.84B
Nov 19, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202412,380 pos · $30.41B
Nov 15, 202413F HOLDINGS REPORTQ/E Sep 202412,382 pos · $30.43B
Jul 31, 202413F HOLDINGS REPORTQ/E Jun 202413,249 pos · $29.30B
May 7, 202413F HOLDINGS REPORTQ/E Mar 202413,141 pos · $28.74B
Nov 2, 202313F HOLDINGS REPORTQ/E Dec 202312,537 pos · $25.06B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES TR	464287622	1,586,204	$592.4M	5.45%
2	ISHARES TR	46432F842	5,884,047	$526.4M	4.84%
3	ISHARES TR	464287614	1,053,850	$498.8M	4.59%
4	APPLE INC	AAPL	1,471,225	$400.0M	3.68%
5	APPLE INC	AAPL	1,456,972	$396.1M	3.64%
6	ISHARES TR	464287200	566,202	$387.8M	3.57%
7	ISHARES TR	46432F842	3,906,831	$349.5M	3.21%
8	ISHARES TR	464287309	2,827,628	$348.5M	3.20%
9	ISHARES TR	464287598	1,609,814	$338.6M	3.11%
10	ISHARES TR	464287614	674,775	$319.4M	2.94%
11	MICROSOFT CORP	MSFT	652,444	$315.5M	2.90%
12	ISHARES TR	464287622	810,494	$302.7M	2.78%
13	ISHARES TR	464287200	405,296	$277.6M	2.55%
14	ISHARES TR	464287655	1,077,383	$265.2M	2.44%
15	ISHARES INC	46434G103	3,893,382	$261.7M	2.41%
16	NVIDIA CORPORATION	NVDA	1,325,620	$247.2M	2.27%
17	MICROSOFT CORP	MSFT	483,916	$234.0M	2.15%
18	ISHARES TR	46432F339	1,115,893	$221.6M	2.04%
19	VANGUARD TAX-MANAGED FDS	921943858	3,294,331	$205.8M	1.89%
20	VANGUARD INDEX FDS	922908363	314,623	$197.3M	1.81%