Exploring On Holding AG (ONON) Investor Profile: Who’s Buying and Why?

You've watched On Holding AG (ONON) stock surge and likely wondered if the institutional money is still flowing, or if the retail crowd is now driving the volatility. The simple answer is that the big money is defintely still in the game, but their 'why' has shifted from a pure growth story to a profitability narrative. Institutional investors collectively hold approximately 55% of the company, with giants like FMR LLC holding the largest reported stake at 8.9% of shares outstanding as of mid-2025. Why the conviction, even after a run-up? The company's raised full-year 2025 guidance is a major factor, now projecting reported net sales of CHF 2.98 billion, which is 34% growth on a constant currency basis. That's the kind of number that validates their premium pricing strategy, especially with the gross profit margin outlook climbing to around 62.5%. So, are these funds buying for the long-term brand equity, or just chasing the momentum that has analysts setting an average price target around $62.50? Let's break down the major players-from BlackRock, Inc. to the smaller funds-to see who is making the most recent moves and what their balance sheets tell us about the future of this high-flying sportswear brand.

Who Invests in On Holding AG (ONON) and Why?

The investor base for On Holding AG (ONON) is dominated by large institutions, which is typical for a high-growth, mid-cap stock, but the retail component is still significant. As of the most recent 2025 filings, institutional investors hold the majority stake, which means their collective view on the company's future largely dictates the stock's movement.

The core reason these sophisticated players are buying is simple: hyper-growth in a premium category. On Holding AG is not a value play; it is a long-term growth compounder, and its financial metrics for 2025 strongly support that thesis. You are investing in a brand that is still in the early innings of global market penetration, especially in the Asia-Pacific (APAC) region.

Key Investor Types: The Institutional Majority

Looking at the ownership structure, the power rests firmly with the institutional side-the mutual funds, pension funds, and asset managers. Roughly 67.86% of On Holding AG's shares are held by institutions, according to October 2025 data, though other sources place this figure closer to 58.38% following the Q3 2025 reports. Either way, it's a clear majority.

This high institutional ownership, which includes firms like FMR LLC, holding about 8.86% of shares outstanding, and BlackRock, Inc. with a significant stake, shows a strong belief in the long-term narrative. What this means for you is that the stock's price is highly susceptible to the collective sentiment and large-volume trades of these financial behemoths. The remaining ownership is split between retail investors and public/private companies, with Public Companies & Retail Investors holding around 35.98% of the total shares outstanding.

Here's a quick look at the breakdown of ownership and a few of the top institutional players as of mid-to-late 2025:

To be fair, while the institutional ownership is high, the data suggests that hedge funds themselves do not hold a meaningful dominant stake, which can sometimes reduce the risk of a sudden, coordinated sell-off by activist short-term funds. Still, the high institutional ownership means you need to pay close attention to 13F filings.

Investment Motivations: Chasing the Growth Story

Investors are attracted to On Holding AG for three main reasons, and none of them is a dividend-the company is reinvesting every dollar for growth. The core motivation is the company's ability to deliver 'hyper-growth' in a tough retail environment.

• Explosive Revenue Growth: The company raised its full-year 2025 net sales projection to CHF 2.98 billion, implying at least 34% constant-currency sales growth for the year. That's a massive number for a company of this size.
• Superior Profitability: Management is not just chasing sales; they are expanding margins. The gross margin reached an impressive 65.7% in Q3 2025, and the full-year guidance was raised to 62.5%. This margin expansion is a huge signal of pricing power and efficient scaling.
• Market Share Capture: On Holding AG is successfully taking market share from established giants like Nike and Adidas, especially in the premium running segment. The brand's focus on innovation, like its CloudTec technology, is resonating with consumers, driving a powerful long-term compounder thesis.

Here's the quick math: Analysts expect projected earnings per share (EPS) growth of 112% to $1.56 for the full fiscal year 2025, which is what justifies the stock's premium valuation. You are buying a company with a clear path to scaling profitability.

Investment Strategies: Growth at a Price

The typical strategy for On Holding AG investors is long-term growth holding, but you defintely need a stomach for volatility. The stock's high beta of 2.67 means it moves significantly more than the overall market, which attracts both conviction-based long-term holders and short-term momentum traders.

Growth Investing: The dominant strategy is to treat On Holding AG as a pure growth stock. Investors are willing to pay a premium multiple-currently trading around 52x earnings-because they believe the company's multi-year growth runway will make today's price look cheap in three to five years. They are focused on the Direct-to-Consumer (DTC) sales growth, which was up 27% in Q3 2025, as this channel offers better margins and brand control.

Short-Term Trading: The high volatility and recent price action also attract short-term traders. The stock declined by over 33% from November 2024 to November 2025 before surging on the strong Q3 2025 results. This kind of price swing, driven by macroeconomic concerns and then strong fundamentals, is catnip for those looking to play momentum and earnings beats. If you want a deeper dive into the numbers that drive this volatility, you should check out Breaking Down On Holding AG (ONON) Financial Health: Key Insights for Investors.

Your action here is to decide which camp you belong to: are you buying for the next five years of market share gains, or are you trying to trade the next earnings cycle? Your strategy should align with the company's high-growth, high-volatility profile.

Institutional Ownership and Major Shareholders of On Holding AG (ONON)

If you're looking at On Holding AG (ONON), the first thing you need to understand is that it's a stock heavily influenced by professional money. This isn't a retail-driven story; institutional investors-the big funds, asset managers, and endowments-own the majority of the company. As of the most recent filings, institutional ownership stands at a significant 58.38%, reflecting strong conviction from large investors in the brand's long-term growth trajectory.

This high level of institutional backing, with 591 different institutions holding a total of over 195.8 million shares, suggests a certain level of credibility in the investment community. It means the company has passed the rigorous due diligence process of some of the world's largest financial firms. Still, it also means the stock price can be sensitive to their collective trading decisions. One big sale, and you defintely feel the ripple effect.

Top Institutional Investors and Their Stakes

The list of On Holding AG's largest shareholders reads like a who's who of global asset management. These major players aren't just passive holders; they represent billions of dollars in capital and hold substantial sway. FMR LLC, the parent company of Fidelity Investments, is the largest single institutional shareholder. Here's a snapshot of the top holders based on their September 30, 2025, filings:

Here's the quick math: the top five institutional holders alone control a significant chunk of the company's publicly traded stock. For a deeper dive into the company's foundation, you can check out On Holding AG (ONON): History, Ownership, Mission, How It Works & Makes Money.

Recent Shifts: Institutional Buying and Selling

The third quarter of 2025 saw some notable, and frankly, conflicting moves among the major institutions, which tells you the smart money isn't in complete agreement on the stock's near-term outlook. We saw significant accumulation from some funds, balanced by large-scale trimming from others. This is a normal part of portfolio rebalancing, but the magnitude of the shifts is what matters.

The key ownership changes reported for the quarter ended September 30, 2025, show a dynamic picture:

• Morgan Stanley dramatically increased its stake by over 4.9 million shares, representing a 40.281% jump.
• Sands Capital Management, LLC also showed strong conviction, boosting its position by 46.704%.
• Conversely, AllianceBernstein L.P. cut its holding by a substantial -48.67%, selling over 9.2 million shares.

What this estimate hides is the reason for the sale. A fund might sell for liquidity needs or broader sector rotation, not necessarily a negative view on On Holding AG itself. Still, the overall trend has been net accumulation, as evidenced by the total shares held by institutions increasing by 7.37% in the most recent reporting period.

The Impact of Institutional Investors on Strategy and Price

These large institutional investors play a critical role that goes beyond just buying and selling shares. Because they own such a large percentage, the board and management of On Holding AG must pay close attention to their preferences and concerns. Their collective voice can influence major corporate decisions, from capital allocation strategies to executive compensation.

The most immediate and clear impact is on the stock price. The market reacts sharply to the company's performance, which in turn validates or challenges the institutional thesis. For example, following the strong Q3 2025 results, which saw net sales surge 24.9% year-over-year to CHF 794.4 million and net income hit CHF 118.9 million (a 289.8% increase), the stock immediately surged 8%. That kind of jump is a direct result of institutional confidence being reinforced, leading to both new buying and short-covering.

Their continued investment is essentially a vote of confidence in the company's premium positioning, its product pipeline, and its ability to maintain a gross profit margin of around 62.5% for the full fiscal year 2025. If that conviction wavers, you'll see a swift price correction. The action item for you is clear: keep tracking the quarterly 13F filings to monitor the conviction levels of these key owners.

Key Investors and Their Impact on On Holding AG (ONON)

The investor profile for On Holding AG (ONON) is dominated by large institutional money managers, who collectively hold a substantial majority of the shares, giving them significant sway over the company's direction. Institutional ownership stands at approximately 55% of the stock, which means the board defintely pays close attention to their preferences and trading patterns.

This high concentration of institutional holdings-over half the issued stock-is a double-edged sword: it lends credibility among professional investors, but it also makes the stock price vulnerable to large, simultaneous selling decisions. Honestly, if multiple major institutions decide to trim their stake at once, you'll see the price drop fast.

The Big Money: Who Owns the Largest Stakes

The largest shareholders are the behemoths of asset management, firms that manage trillions of dollars for their clients. The top 13 institutional investors hold a combined 50% of the company, but no single entity has a majority stake, which prevents any one firm from having absolute control. This is a crucial distinction; it means influence is dispersed, not centralized.

Here's a quick look at the major players and their positions based on the most recent 2025 filings:

• FMR LLC (Fidelity): The largest single institutional owner, holding approximately 8.86% of shares outstanding, totaling 28,935,843 shares as of June 29, 2025.
• AllianceBernstein L.P.: Holds a significant position of 5.82%, equating to 19,007,456 shares as of mid-2025.
• BlackRock, Inc.: A key player with a stake of 5,614,585 shares as of September 30, 2025, valued at $232,444,000.
• UBS Group AG: Holds 6,495,807 shares as of September 30, 2025, valued at $268,926,000, reflecting strong interest from Swiss financial institutions.

Recent Investor Moves and Market Signals

The most recent 13F filings from the third quarter of 2025 show a mixed, but generally positive, sentiment from institutional investors. While some firms are taking profits or rebalancing, others are aggressively increasing their positions, which signals optimism about On Holding AG's growth trajectory, especially after the company raised its full-year 2025 guidance to CHF 2.91 billion.

For example, the Public Employees Retirement System of Ohio lifted its position by a massive 106.6% in the second quarter of 2025, now owning 68,583 shares valued at $3,570,000. Citigroup Inc. also showed strong conviction, raising its stake by 73.1% in the first quarter of 2025. That's a clear vote of confidence.

However, not all moves are buys. JPMorgan Chase & Co., for instance, decreased its position by over 27% as of September 30, 2025, shedding 2,026,925 shares, which is a notable reduction you need to factor in.

Here's a snapshot of the recent trading activity by prominent institutions:

Plus, you can't overlook the individual influence of tennis legend Roger Federer, who is a notable investor and supporter of the brand, a rare celebrity endorsement that carries real weight in the premium sports market. For a deeper dive into the company's underlying financial stability, you should read Breaking Down On Holding AG (ONON) Financial Health: Key Insights for Investors.

Market Impact and Investor Sentiment

You want to know who is driving the stock price for On Holding AG (ONON) and why, and the short answer is that institutional conviction is strong, fueled by a third consecutive quarter of raised guidance in 2025. The current investor sentiment is defintely a 'Moderate Buy,' leaning heavily toward positive, with 19 out of 24 brokerages issuing a Buy or Strong Buy rating as of November 2025. This isn't just retail enthusiasm; it's a vote of confidence from the big money.

Institutional investors hold the majority stake, which means their trading decisions carry significant weight. For instance, FMR LLC is the largest single institutional shareholder, holding 29.10 million shares, an ownership stake of 4.61% valued at approximately $1.23 billion. Even a giant like BlackRock Inc. holds a significant position, owning about 5.61 million shares, a 0.89% stake valued at roughly $238.06 million. When you see this level of commitment, you know the market believes in the long-term growth story.

Recent Market Reactions: The Q3 2025 Catalyst

The most concrete evidence of positive investor sentiment came on November 12, 2025, right after On Holding AG reported its third-quarter 2025 earnings. The stock soared by more than 20% in a single day of trading. That's not a small move; it's a clear, immediate market reaction to stellar performance.

The numbers were hard to ignore: Q3 2025 net sales hit CHF 794.4 million, a substantial 24.9% increase year-over-year, which handily beat analyst expectations. Plus, the adjusted earnings per share (EPS) was CHF 0.43, a massive 187% jump from the previous year. When a company beats estimates that dramatically and raises its outlook for the third time in a year, money flows in, plain and simple. You can read more about the foundation of this success in our deep dive on On Holding AG (ONON): History, Ownership, Mission, How It Works & Makes Money.

• Q3 2025 Net Sales: CHF 794.4 million.
• Adjusted EPS: CHF 0.43 (a 187% YoY increase).
• Stock surge: Over 20% in a single day.

Analyst Perspectives on Key Investors and Future Outlook

Analysts are mapping the company's future growth to its premium positioning and successful expansion beyond its core running shoe business. They see the sustained institutional buying, like Public Employees Retirement System of Ohio increasing its position by 106.6% in the second quarter of 2025, as validation of the strategy. This isn't just about the stock; it's about the business model.

The consensus average 1-year price target is around $61.14, but the most recent updates from major firms are even more bullish. JPMorgan Chase & Co. recently raised their price target from $71.00 to $75.00, and UBS boosted theirs all the way to $85.00. That kind of range, with a high target of $85.00, implies a significant upside from the stock's current trading range, reflecting a belief that the market is still underestimating the brand's global potential, particularly in apparel and new categories like tennis.

Here's a quick snapshot of the raised full-year 2025 guidance, which is the core driver of this positive analyst sentiment:

What this estimate hides is the risk of a U.S. market slowdown, which could temper sales, but the analysts are betting on the premium brand strength to push through. The continued institutional buying signals that the big players are willing to ride out any near-term volatility for that long-term growth. The focus is on that CHF 2.98 billion in net sales for 2025.