The Charles Schwab Corporation

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 2,292 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• The 13F exclusion, read this first. Schwab's asset-management arm, Charles Schwab Investment Management, Inc. (CIK 0000884546), filed a Form 13F-HR on 14 August 2026 for the quarter ended 30 June 2026 reporting 4,441 positions worth $751,324,855,440. This is the Schwab family of funds' (Schwab ETFs, index mutual funds, money market funds) holdings of OTHER companies on behalf of fund shareholders and advisory clients, the opposite direction from this file's holdings question of what Schwab owns for itself. It is excluded from holdings entirely, the same trap as JPMorgan, Bank of America, Goldman Sachs, Wells Fargo, Morgan Stanley and Citigroup. Three smaller affiliated 13F filers also exist and are likewise excluded: Charles Schwab Trust Co (171 positions, $1,792,511,240, quarter ended 30 June 2026), Charles Schwab Trust Bank (1 position, $62,249,711) and Charles Schwab Investment Advisory, Inc. (1 position, essentially nil).
• Holdings is empty and that is the sourced finding, not a gap. The Q2 2026 10-Q (period ended 30 June 2026, filed 7 August 2026) and the FY2025 10-K (period ended 31 December 2025, filed 25 February 2026) were both searched for 'equity method', 'equity securities', 'non-marketable', 'measurement alternative', 'cost method', 'strategic investment', 'private company', 'carrying value' and 'investments in'. Schwab discloses that it holds equity method, adjusted cost method and proportional amortization method investments, but every dollar figure found bundles them together with unrelated items (loans, AFS securities) rather than naming an investee or sizing a single stake, so per the brief's rule no field here can be populated: the FY2025 10-K's variable-interest-entity note gives 'Other investments' (defined as non-LIHTC CRA investments, equity method investments, AFS securities, or adjusted-cost-method investments, combined) at $250 million of aggregate assets and $342 million of maximum exposure to loss at 31 December 2025, up from $224 million and $340 million a year earlier. The great majority of Schwab's community-investment book is Low Income Housing Tax Credit (LIHTC) funds, not corporate equity stakes: $2,084 million of aggregate assets at 31 December 2025.
• Charles Schwab has no Visa or Mastercard legacy member-bank shares of the kind JPMorgan carries: 'Visa' and 'Mastercard' do not appear anywhere in the FY2025 10-K's financial statements or notes (the sole 'Visa' hit in the whole document is a biographical reference to a director's prior career).
• Forge Global Holdings, Inc. is a wholly owned subsidiary, not a holding. Schwab completed a 100 percent cash acquisition of Forge (an operator of a private-market trading platform) on 2 March 2026 for $636 million of cash and other consideration per the Q2 2026 10-Q Note 3, consolidated into Schwab's financial statements from that date. Wholly owned subsidiaries are excluded from holdings by the brief.
• TD Bank's Schwab stake, the story on the register, has ended. Toronto-Dominion Bank fully exited its entire equity investment in Schwab on 12 February 2025: 184,678,738 shares (10.1% economic ownership) sold via a registered secondary offering plus a $1.5 billion repurchase by Schwab itself, for roughly $14.4 billion of net proceeds. TD has held zero Schwab shares since that date; no SEC filing (13D, 13G, or otherwise) shows any TD position in Schwab since. This directly contradicts the brief's premise of a 'current' large TD strategic stake still being sold down as of 17 August 2026: as of this research, the sell-down finished a year and a half ago and there is nothing left to size. The stake originated 6 October 2020, when Schwab's acquisition of TD Ameritrade Holding Corp. converted TD's Ameritrade equity into approximately 13.5% of Schwab. TD progressively sold shares in tranches during 2022, 2023 and 2024 (each tracked by SEC Schedule 13D/A amendments under TD's CIK 0000947263), then accelerated the exit following an October 2024 US anti-money-laundering settlement of approximately $3.09 billion that triggered a strategic review of TD's US operations.
• Two different percentages exist for TD's stake at the same date, 21 August 2024, reconciled here rather than resolved. TD's own Schedule 13D/A (Amendment No. 2, filed 23 August 2024) reports the SEC beneficial-ownership figure as of 21 August 2024: 135,109,332 shares, 7.6% (denominator 1,778,444,948 shares per Schwab's Q2 2024 10-Q). TD's own Q4 fiscal 2024 earnings release (6-K filed 6 December 2024) describes the SAME 21 August 2024 sale of 40.5 million shares as reducing 'the Bank's ownership interest in Schwab from 12.3% to 10.1%', i.e. a post-sale figure of 10.1%, not 7.6%. The 13D figure is Section 13(d) beneficial ownership as of a snapshot date; TD's own investor-relations figure is described as 'economic ownership' and evidently uses a different share count or convention (likely inclusive of a larger base before certain share-lending or timing adjustments). Both are TD's own filed numbers; this file records the disagreement rather than picking a winner, since the 13D route is the only one of the two later confirmed by the terminal Feb-2025 filing (184,678,738 shares, 10.1% economic ownership immediately before the full exit, which is consistent with the 10.1% side of this discrepancy, not the 7.6% side).
• Register reconciliation on BlackRock. This register uses BlackRock, Inc.'s own Form 13F-HR for the quarter ended 30 June 2026 (CIK 0002012383): 134,414,949 shares, 7.773%. Schwab's 2026 proxy beneficial-ownership table instead shows BlackRock at 96,697,577 shares, 5.6%, sourced to BlackRock's 'most recent Schedule 13D/13G filed with the SEC', which is a Schedule 13G/A filed 31 January 2024 under the older BlackRock Inc. filer CIK 0001364742 (that CIK was renamed BlackRock Finance, Inc. and stopped filing 13Fs after mid-2024, the same pattern noted in the Broadcom research file). The 13G/A is over two years stale relative to the 30 June 2026 13F, so the 13F figure is used here.
• Dodge & Cox appears in Schwab's 5% Schedule 13G filed 13 November 2024 (89,587,838 shares, 5.0%) but this register instead uses Dodge & Cox's own, more recent Form 13F-HR for the quarter ended 30 June 2026: 76,968,323 shares, 4.451%, a reduction of about 12.6 million shares from the November 2024 filing. Because the 13F figure is below 5%, Dodge & Cox may no longer appear in Schwab's next 13G-based proxy table even though it remains a top-10 holder.
• Percentages for the 13F-based rows are computed by this research against 1,729,335,714 shares outstanding as of 31 July 2026 (Q2 2026 10-Q cover page), except Vanguard, whose 13F predates that cover date and is computed against 1,752,210,425 shares outstanding as of 30 January 2026 (FY2025 10-K cover page). Values are each manager's own reported 13F market value at their respective quarter end, not repriced to a common date.
• Vanguard Group Inc's own CIK filed Form 13F-NT (notice, not holdings) for the quarters ended 31 March 2026 and 30 June 2026, meaning its Q1 and Q2 2026 holdings are reported by other Vanguard reporting-manager entities rather than the parent CIK, the same pattern documented in the Broadcom research file. The most recent full 13F-HR from CIK 0000102909 covers the quarter ended 31 December 2025, which is what this register uses.
• Insider ownership context. Schwab has a single class of voting common stock (plus small series of non-voting preferred stock unrelated to control); there is no dual-class structure. Charles R. Schwab, the 88-year-old founder and Co-Chairman, is the single largest beneficial owner named anywhere in Schwab's own disclosure at 5.9%, ahead of every institutional 13F filer except Vanguard and BlackRock. He has served as a director since the company's 1986 incorporation.
• Register rows sum to roughly 40% of shares outstanding (Vanguard 8.6% + BlackRock 7.8% + Schwab founder 5.9% + Dodge & Cox 4.5% + State Street 4.2% + JPMorgan 2.8% + FMR 2.6% + Geode 2.2% + Morgan Stanley 1.3%, not adding the insider aggregate row or TD's now-zero stake to avoid double counting), consistent with the brief's sanity check: TD's exit removed what would have been a 10%+ line, so the remaining top holders look correspondingly unconcentrated rather than compressed the way a live 10% strategic holder would compress them.