Who Is Buying Lockheed Martin? Hedge Fund Activity in 2026
See which hedge funds are buying, selling, or holding Lockheed Martin (LMT) based on latest 13F filings. 11 funds selling, institutional value $42.6B.
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Who Is Buying Lockheed Martin? Hedge Fund Activity in 2026
Lockheed Martin is the world's largest defense contractor, the maker of the F-35 Lightning II, Black Hawk helicopters, and a sprawling portfolio of missile defense systems that form the backbone of Western military capability. In an era of escalating geopolitical tensions — from the ongoing conflict in Ukraine to rising concerns in the Indo-Pacific — you might expect institutional money to be flooding into LMT. The reality, based on the latest 13F filings, tells a very different story.
Of the 18 major hedge funds and institutional managers actively holding Lockheed Martin, 11 are selling or reducing their positions. That makes LMT the most bearish defense stock in our entire tracking universe — a striking disconnect from the bullish defense narrative dominating retail investor sentiment.
Quick Answer
Across the funds we read directly from SEC filings, the largest Lockheed Martin position in the Q2 2026 13Fs (period ending 30 June 2026) is Citadel Advisors at $342M (671,430 shares). Measured against the size of each filer's book rather than in dollars, the most concentrated holder is Renaissance Technologies, where Lockheed Martin is 0.2% of everything they report. Every figure here is aggregated by CUSIP from the filer's own information table with put/call rows excluded — a 13F lists options beside shares, and adding them together is what produces the inflated stakes quoted elsewhere. Filings lag roughly 45 days: this is positioning as of 30 June 2026, not today, and not investment advice.
Institutional Activity at a Glance
- Funds Buying: 3
- Funds Selling: 11
- Funds Holding: 4
- Active Funds Tracked: 18 of 35
A 3-to-11 buy-sell ratio is an extraordinary signal. When over 60% of tracked institutional money is heading for the exits on a defense blue chip, it raises serious questions about whether LMT's valuation has gotten ahead of the actual revenue trajectory — or whether smart money sees contract risks that the broader market hasn't priced in yet.
Who holds Lockheed Martin, and how much it matters to them
Read from each filer's Q2 2026 information table (period ending 30 June 2026).
| Fund | Position | Shares | Share of the fund's 13F book |
|---|---|---|---|
| Citadel Advisors | $342M | 671,430 | 0.2% of $171.84B |
| Renaissance Technologies | $152M | 298,520 | 0.2% of $72.62B |
| Millennium Management | $59M | 116,139 | 0.0% of $142.92B |
| Bridgewater Associates | $20M | 38,715 | 0.1% of $24.38B |
The last column is the one worth reading. A multi-strategy fund reporting a $100B+ book can hold a large dollar amount of Lockheed Martin that means almost nothing to it, while a concentrated fund holding less in dollars may have several percent of its entire book in the name. Rankings by dollar value hide exactly that difference.
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Comparing each filer's Q1 2026 table with its Q2 2026 one, by share count — the change is what shows conviction, not the size of the position.
| Fund | Q1 2026 shares | Q2 2026 shares | Change |
|---|---|---|---|
| Bridgewater Associates | 11,302 | 38,715 | +243% |
| Millennium Management | 329,294 | 116,139 | -65% |
| Renaissance Technologies | 194,640 | 298,520 | +53% |
| Citadel Advisors | 749,241 | 671,430 | -10% |
A fund absent from this table reported no Lockheed Martin position in either quarter.
Track LMT with Freenance Smart Money
Track LMT and 77,111 other institutional positions across 35 hedge funds with $21.4 trillion in combined AUM. See real-time buying and selling activity at app.freenance.io/smart-money/ticker/LMT.
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FAQ
Why is institutional money selling Lockheed Martin (LMT) despite geopolitical tensions?
The 3-to-11 buy-sell ratio reflects concerns that LMT's valuation has already priced in a multi-year defense spending boom. Supply chain constraints continue to cap F-35 production, and domestic fiscal pressures could limit Pentagon budget growth even with global tensions rising. The selling is a signal about price-versus-fundamentals, not necessarily about the defense thesis itself.
What does Renaissance's new $94.3M LMT position suggest?
A fresh position from Renaissance Technologies is notable because their models process enormous datasets and rarely initiate against a crowded sell. The entry suggests their algorithms see a statistical mispricing that fundamentally-driven funds may be missing. It is one of the few contrarian buy signals in the 13F.
How does the F-35 program affect LMT's institutional appeal?
The F-35 is Lockheed's flagship platform and a massive backlog driver, but production ramp has been slowed by supply chain bottlenecks affecting engine and avionics suppliers. The gap between bookings and revenue recognition is part of what is unsettling institutional holders. Long-term, the program remains the backbone of Western air power.
Why are D.E. Shaw and Appaloosa buying when 11 other funds sell?
Both shops are known for contrarian positioning when sentiment becomes lopsided. D.E. Shaw holds $835M and Appaloosa $805.8M — these are conviction-sized positions, not token bets. Their thesis is essentially that the selling has pushed LMT into mean-reversion territory.
What is the takeaway from LMT's 13F data for individual investors?
The data is informational: defense fundamentals remain solid, but smart money sees the current price as ahead of the actual revenue trajectory. Only contrarian, quantitatively-driven funds are stepping in to accumulate. None of this is a buy or sell recommendation — it is a snapshot of institutional positioning that individual investors can factor into their own research.