What smart money is saying about Union Pacific Corp
5 funds in our archive have pitched Union Pacific Corp, most recently The Davenport Funds in March 2026.
Union Pacific Corporation, a prominent American railway enterprise, conducts its primary operations through its subsidiary, Union Pacific Railroad Company. The company provides extensive freight transportation services for a wide array of commodities. Its diverse cargo includes agricultural products like grain, fertilizers, and refrigerated foods; energy resources such as coal, renewables, petroleum, and liquid petroleum gases; and industrial materials encompassing construction products, chemicals, plastics, forest products, metals, ores, soda ash, and sand. Union Pacific also facilitates the movement of finished automobiles, automotive parts, and general merchandise in intermodal containers, serving a varied clientele that spans agricultural processors, energy producers, and industrial manufacturers. As of December 31, 2021, the company's vast rail network stretched 32,452 route miles, strategically connecting major ports along the Pacific and Gulf Coasts with crucial gateways throughout the Midwestern and Eastern United States. Established in 1862, Union Pacific Corporation is headquartered in Omaha, Nebraska.
Get an email when a fund buys, sells or pitches it
Fund signal · last 12 months
7 lettersMore funds are buying than selling
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q2 2025 and Q3 2026, 8 fund letters reported a position in Union Pacific Corp, with 6 buys (opened or added).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 1 | 0 | 0 |
| Q2 2026 | 1 | 0 | 0 | 0 |
| Q1 2026 | 3 | 3 | 0 | 1 |
| Q4 2025 | 2 | 2 | 0 | 3 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 1 | 0 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 8 positions · 6 moves
- New positionLiontrust GF Global Corporate Bond FundSeptember 2026
“Sector weights were broadly stable during the quarter, with utilities the main area of increased exposure. We purchased bonds issued by Duke Energy in the US and ESB in Ireland. We also added Carlisle Companies and initiated positions in two US rail businesses, Union Pacific and Burlington Northern Santa Fe. These were issuer- led purchases rather than a broad change in sector positioning.”
Union Pacific Corp - June 2026
Listed in Artisan Partners Value Equity Strategy’s reported holdings.
Union Pacific Corp - New positionBA Beutel Goodman U.S. Value FundMarch 2026
“We added several new positions during the quarter: Union Pacific, Sysco, Wells Fargo, Beckton Dickinson and Marsh & McLennan.”
Union Pacific Corp - New positionBA Beutel Goodman World Value FundMarch 2026
“During the quarter, we initiated positions in Union Pacific, Brookfield Asset Management, Sysco and Becton Dickinson.”
Union Pacific Corp - AddedThe Davenport FundsMarch 2026
“Early in the quarter, we added west coast rail Union Pacific Corp (UNP), which is seeking to acquire east coast peer Norfolk Southern Corp (NSC).”
Union Pacific Corp - AddedDavenportDecember 2025
“During the quarter we also lightened our weighting in several technology stocks with the position sizing changes reflecting emerging valuation concerns as well as a desire to emphasize other ideas with more compelling risk/reward profiles. As such, we have decreased Fund weightings in Adobe Inc. (ADBE), Alphabet, Meta Platforms Inc. (META), and Nvidia Corp (NVDA) while adding to names such as Microsoft Corp (MSFT), Union Pacific Corp (UNP), Accenture Plc (ACN) and EOG Resources Inc. (EOG).”
Union Pacific Corp - December 2025
“Union Pacific (UNP) is one of North America’s largest Class I railroads, operating a premier network across the western two-thirds of the United States that connects key ports, industrial hubs, and population centers. The company benefits from a structurally advantaged network with long haul lengths, dense freight mix, and strong exposure to intermodal, industrial, and agricultural end markets, supporting durable pricing power and margin potential. A key catalyst is the increasing likelihood and growing investor focus on the proposed transcontinental merger with Norfolk Southern, which offers a clear path to meaningful revenue synergies, cost efficiencies, and an accelerated earnings growth profile. Even on a standalone basis, Union Pacific is positioned for continued operating ratio improvement driven by labor productivity gains, network efficiency initiatives, and catch-up pricing as contracts reset. Management’s execution track record and robust free cash flow generation provide flexibility for capital returns while continuing to invest in service and reliability. As merger clarity improves, the market is likely to re-rate the shares to reflect a differentiated long-term growth opportunity and enhanced earnings power. Overall, Union Pacific combines high-quality assets, visible operational momentum, and compelling strategic optionality that support an attractive investment outlook. The stock trades at 18x forward earnings and offers a 2.4% dividend yield.”
Union Pacific Corp - June 2025
Listed in Madison Dividend Income Fund’s reported holdings.
Union Pacific Corp
Also mentioned · 2
These funds discuss Union Pacific Corp as a competitor, benchmark or comparable, without disclosing a position in it.
- September 2026
“The current valuation is close to a multi-year high following an improvement in the freight market after three years of stagnant growth. Higher energy costs are a near-term headwind to profitability. Norfolk Southern has received a takeover offer from Union Pacific that is subject to extensive regulatory approval.”
Union Pacific Corp - August 2025
“The sector has been in the spotlight in recent weeks following the announcement of Union Pacific’s plans to try to merge with Norfolk Southern.”
Union Pacific Corp
Fund coverage · 5 theses
- The Davenport FundsMarch 2026
Union Pacific is a major rail operator with upside from a potential Norfolk Southern deal and visible long-term growth if the merger closes.
Read the full thesis - Artisan Value Income StrategyDecember 2025
Union Pacific is a scale railroad with pricing power and PSR-driven efficiency, delivering strong ROIC and FCF while trading below historical multiples amid cyclical headwinds.
Read the full thesis - PM CapitalDecember 2025
Union Pacific is a dominant rail operator with an irreplicable network and potential upside from a proposed transcontinental merger with Norfolk Southern.
Read the full thesis - Schafer Cullen Enhanced Equity IncomeDecember 2025
Union Pacific is a premier western U.S. railroad with network advantages, operational improvement, and potential merger synergies that support earnings growth and income.
Read the full thesis - Oakmark FundSeptember 2025
Union Pacific is a highly profitable railroad with a strong long-term outlook, currently undervalued due to recent underperformance and merger uncertainty, presenting an attractive investment opportunity.
Read the full thesis
Read every full thesis on Union Pacific Corp
Read all 5 theses in full, with each fund's reasoning, and get unlimited access to the archive.
View plans→