Two Sigma Advisers, Lp reports 15.66% increase in ownership of QGU / Quad/Graphics, Inc.

Quad/Graphics, Inc.

DE ˙ DB ˙ US7473011093

6,35 € ↑0,15 (2,42%)

2026-06-05
DEL PRIS

Security	DE:QGU / Quad/Graphics, Inc.
Institution	Two Sigma Advisers, Lp
Latest Disclosed Ownership	187,600 shares
Latest Disclosed Value	$ 1,176,252

On February 17, 2026 - Two Sigma Advisers, Lp filed a 13F-HR form disclosing ownership of 187,600 shares of Quad/Graphics, Inc. (DE:QGU) valued at $1,003,660 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 14, 2025 disclosing 162,200 shares of Quad/Graphics, Inc.. This represents a change in shares of 15.66% during the quarter. The current value of the position is $1,191,260 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-02-17	2025-12-31	13F	QUAD	COM CL A	747301109	187,600	25,400	15.66	1,176	15.86	0.0023
2025-11-14	2025-09-30	13F	QUAD	COM CL A	747301109	162,200	51,800	46.92	1,015	62.92	0.0020
2025-08-14	2025-06-30	13F	QUAD	COM CL A	747301109	110,400	-15,700	-12.45	624	-9.32	0.0013
2025-05-15	2025-03-31	13F	QUAD	COM CL A	747301109	126,100	-1,200	-0.94	687	-22.55	0.0015
2025-02-14	2024-12-31	13F	QUAD	COM CL A	747301109	127,300	-11,400	-8.22	887	41.02	0.0021
2024-11-14	2024-09-30	13F	QUAD	COM CL A	747301109	138,700	27,800	25.07	630	4.14	0.0015
2024-08-14	2024-06-30	13F	QUAD	COM CL A	747301109	110,900	68,700	162.80	604	169.64	0.0013
2024-05-15	2024-03-31	13F	QUAD	COM CL A	747301109	42,200	13,000	44.52	224	41.77	0.0005
2024-02-14	2023-12-31	13F	QUAD	COM CL A	747301109	29,200	4,300	17.27	158	26.40	0.0004
2023-11-14	2023-09-30	13F	QUAD	COM CL A	747301109	24,900	24,900		125		0.0003
2023-02-14	2022-12-31	13F	QUAD	COM CL A	747301109	0	-41,900	-100.00	0	-100.00
2022-11-14	2022-09-30	13F	QUAD	COM CL A	747301109	41,900	-171,400	-80.36	107	-81.77	0.0003
2022-08-15	2022-06-30	13F	QUAD	COM CL A	747301109	213,300	-95,600	-30.95	587	-72.62	0.0017
2022-05-16	2022-03-31	13F	QUAD	COM CL A	747301109	308,900	43,300	16.30	2,144	101.88	0.0057
2022-02-14	2021-12-31	13F	QUAD	COM CL A	747301109	265,600	-136,500	-33.95	1,062	-37.86	0.0027
2021-11-15	2021-09-30	13F	QUAD	COM CL A	747301109	402,100	-138,500	-25.62	1,709	-23.81	0.0044
2021-08-16	2021-06-30	13F	QUAD	COM CL A	747301109	540,600	349,400	182.74	2,243	232.30	0.0059
2021-05-17	2021-03-31	13F	QUAD	COM CL A	747301109	191,200	52,400	37.75	675	27.36	0.0019
2021-02-16	2020-12-31	13F	QUAD	COM CL A	747301109	138,800	-20,900	-13.09	530	9.50	0.0014
2020-11-16	2020-09-30	13F	QUAD	COM CL A	747301109	159,700	-18,500	-10.38	484	-16.41	0.0014
2020-09-15	2020-06-30	13F/A-1	QUAD	COM CL A	747301109	178,200	39,000	28.02	579	64.96	0.0017
2020-08-14	2020-06-30	13F	QUAD	COM CL A	747301109	178,200	39,000		579		1,673.1177
2020-05-15	2020-03-31	13F	QUAD	COM CL A	747301109	139,200	68,500	96.89	351	6.36	0.0013
2020-02-14	2019-12-31	13F	QUAD	COM CL A	747301109	70,700	56,400	394.41	330	120.00	0.0008
2019-11-14	2019-09-30	13F	QUAD	COM CL A	747301109	14,300	-72,300	-83.49	150	-78.10	0.0004
2019-08-14	2019-06-30	13F	QUAD	COM CL A	747301109	86,600	-18,000	-17.21	685	-44.98	0.0017
2019-05-15	2019-03-31	13F	QUAD	COM CL A	747301109	104,600	9,300	9.76	1,245	6.05	0.0031
2019-02-14	2018-12-31	13F	QUAD	COM CL A	747301109	95,300	2,511	2.71	1,174	-39.30	0.0032
2018-11-14	2018-09-30	13F	QUAD	COM CL A	747301109	92,789	-7,000	-7.01	1,934	-6.97	0.0047
2018-08-14	2018-06-30	13F	QUAD	COM CL A	747301109	99,789	-41,254	-29.25	2,079	-41.85	0.0056
2018-05-15	2018-03-31	13F	QUAD	COM CL A	747301109	141,043	72,454	105.64	3,575	130.65	0.0097
2018-02-14	2017-12-31	13F	QUAD	COM CL A	747301109	68,589	-1,100	-1.58	1,550	-1.65	0.0042
2017-11-14	2017-09-30	13F	QUAD	COM CL A	747301109	69,689	-23,504	-25.22	1,576	-26.22	0.0045
2017-08-14	2017-06-30	13F	QUAD	COM CL A	747301109	93,193	-115,950	-55.44	2,136	-59.54	0.0070
2017-05-15	2017-03-31	13F	QUAD	COM CL A	747301109	209,143	-55,522	-20.98	5,279	-25.79	0.0173
2017-02-14	2016-12-31	13F	QUAD	COM CL A	747301109	264,665	-14,389	-5.16	7,114	-4.59	0.0272
2016-11-14	2016-09-30	13F	QUAD	COM CL A	747301109	279,054	20,500	7.93	7,456	23.81	0.0318
2016-08-15	2016-06-30	13F	QUAD	COM CL A	747301109	258,554	-46,000	-15.10	6,022	52.80	0.0306
2016-05-16	2016-03-31	13F	QUAD	COM CL A	747301109	304,554	41,309	15.69	3,941	60.99	0.0221
2016-02-16	2015-12-31	13F	QUAD	COM CL A	747301109	263,245	50,762	23.89	2,448	-7.55	0.0146
2015-11-16	2015-09-30	13F	QUAD	COM CL A	747301109	212,483	-57,764	-21.37	2,648	-47.06	0.0167
2016-02-09	2015-06-30	13F/A-1	QUAD	COMMON STOCK	747301109	270,247	99,993	58.73	5,002	27.86	0.0385
2015-08-14	2015-06-30	13F	QUAD GRAPHICS	COMMON STOCK	747301109	257,747			4,821
2016-02-09	2015-03-31	13F/A-1	QUAD GRAPHICS	COMMON STOCK	747301109	170,254	170,254	429.50	3,912	444.09	0.0300
2015-05-15	2015-03-31	13F	QUAD GRAPHICS	COMMON STOCK	747301109	153,554			3,532
2014-11-14	2014-09-30	13F	QUAD GRAPHICS	Common Stock	747301109	0	-32,154	-100.00	0	-100.00
2016-02-09	2014-06-30	13F/A-1	QUAD GRAPHICS	Common Stock	747301109	32,154	-2,900	-8.27	719	-12.53	0.0058
2014-08-14	2014-06-30	13F	QUAD GRAPHICS	Common Stock	747301109	32,154			721
2014-05-15	2014-03-31	13F	Quad	Common Stock	747301109	35,054	35,054		822		0.0075

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.