Arizona State Retirement System reports 2.87% decrease in ownership of NSC / Norfolk Southern Corporation

Norfolk Southern Corporation

MX ˙ BMV ˙ US6558441084

Security	MX:NSC / Norfolk Southern Corporation
Institution	Arizona State Retirement System
Latest Disclosed Ownership	61,434 shares
Latest Disclosed Value	$ 17,631,558

On May 1, 2026 - Arizona State Retirement System filed a 13F-HR form disclosing ownership of 61,434 shares of Norfolk Southern Corporation (MX:NSC) valued at $17,631,558 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 28, 2026 disclosing 63,247 shares of Norfolk Southern Corporation. This represents a change in shares of -2.87% during the quarter.

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 (%)
2026-05-01	2026-03-31	13F	NORFOLK SOUTHN	COM	655844108	61,434	-1,813	-2.87	17,632	-3.44	0.1031
2026-01-28	2025-12-31	13F	NORFOLK SOUTHN	COM	655844108	63,247	-2,584	-3.93	18,261	-7.67	0.0993
2025-11-03	2025-09-30	13F	NORFOLK SOUTHN	COM	655844108	65,831	-308	-0.47	19,776	16.82	0.1054
2025-08-13	2025-06-30	13F	NORFOLK SOUTHN	COM	655844108	66,139	-256	-0.39	16,930	7.66	0.0975
2025-05-01	2025-03-31	13F	NORFOLK SOUTHN	COM	655844108	66,395	1,506	2.32	15,726	3.26	0.1001
2025-02-06	2024-12-31	13F	NORFOLK SOUTHN	COM	655844108	64,889	114	0.18	15,229	-5.39	0.0931
2024-11-12	2024-09-30	13F	NORFOLK SOUTHN	COM	655844108	64,775	-713	-1.09	16,097	14.49	0.1015
2024-08-05	2024-06-30	13F	NORFOLK SOUTHN	COM	655844108	65,488	594	0.92	14,060	-14.99	0.0939
2024-05-07	2024-03-31	13F	NORFOLK SOUTHN	COM	655844108	64,894	1,025	1.60	16,540	9.55	0.1144
2024-01-24	2023-12-31	13F	NORFOLK SOUTHN	COM	655844108	63,869	-565	-0.88	15,097	18.99	0.1146
2023-11-07	2023-09-30	13F	NORFOLK SOUTHN	COM	655844108	64,434	-633	-0.97	12,689	-14.00	0.1078
2023-08-01	2023-06-30	13F	NORFOLK SOUTHN	COM	655844108	65,067	1,853	2.93	14,755	10.10	0.1198
2023-04-27	2023-03-31	13F	NORFOLK SOUTHERN	COM	655844108	63,214	-783	-1.22	13,401	-15.02	0.1203
2023-02-08	2022-12-31	13F	NORFOLK SOUTHERN	COM	655844108	63,997	-788	-1.22	15,770	16.11	0.1523
2022-11-07	2022-09-30	13F	NORFOLK SOUTHN	COM	655844108	64,785	-997	-1.52	13,582	-9.16	0.1405
2022-07-28	2022-06-30	13F	NORFOLK SOUTHN	COM	655844108	65,782	-991	-1.48	14,952	-21.49	0.1451
2022-05-04	2022-03-31	13F	NORFOLK SOUTHN	COM	655844108	66,773	-868	-1.28	19,045	-5.42	0.1534
2022-02-04	2021-12-31	13F	NORFOLK SOUTHN	COM	655844108	67,641	-2,142	-3.07	20,137	20.61	0.1534
2021-11-12	2021-09-30	13F	NORFOLK SOUTHERN	COM	655844108	69,783	-796	-1.13	16,696	-10.87	0.1362
2021-08-02	2021-06-30	13F	NORFOLK SOUTHERN	COM	655844108	70,579	-995	-1.39	18,732	-2.53	0.1523
2021-05-06	2021-03-31	13F	NORFOLK SOUTHERN	COM	655844108	71,574	-2,035	-2.76	19,219	9.89	0.1679
2021-01-28	2020-12-31	13F	NORFOLK SOUTHERN	COM	655844108	73,609	-4,299	-5.52	17,490	4.91	0.1586
2020-11-05	2020-09-30	13F	NORFOLK SOUTHERN	COM	655844108	77,908	17,339	28.63	16,672	56.78	0.1657
2020-08-04	2020-06-30	13F	NORFOLK SOUTHERN	COM	655844108	60,569	7,373	13.86	10,634	36.91	0.1500
2020-05-05	2020-03-31	13F	NORFOLK SOUTHERN	COM	655844108	53,196	-20,753	-28.06	7,767	-45.90	0.1335
2020-01-27	2019-12-31	13F	NORFOLK SOUTHERN	COM	655844108	73,949	837	1.14	14,356	9.30	0.1729
2019-10-31	2019-09-30	13F	NORFOLK SOUTHERN	COM	655844108	73,112	-20	-0.03	13,135	-9.89	0.1603
2019-07-25	2019-06-30	13F	NORFOLK SOUTHERN	COM	655844108	73,132	4,055	5.87	14,577	12.91	0.1688
2019-04-29	2019-03-31	13F	NORFOLK SOUTHERN	COM	655844108	69,077	-3,945	-5.40	12,910	18.22	0.1535
2019-01-28	2018-12-31	13F	NORFOLK SOUTHERN	COM	655844108	73,022	-18,944	-20.60	10,920	-34.22	0.1405
2018-10-29	2018-09-30	13F	NORFOLK SOUTHERN	COM	655844108	91,966	392	0.43	16,600	20.15	0.1566
2018-08-07	2018-06-30	13F	NORFOLK SOUTHERN	COM	655844108	91,574	-8,336	-8.34	13,816	1.84	0.1390
2018-05-14	2018-03-31	13F	NORFOLK SOUTHERN	COM	655844108	99,910	-3,400	-3.29	13,566	-9.38	0.1369
2018-02-09	2017-12-31	13F	NORFOLK SOUTHERN	COM	655844108	103,310	2,200	2.18	14,970	11.96	0.1459
2017-11-14	2017-09-30	13F	NORFOLK SOUTHERN	COM	655844108	101,110	6,567	6.95	13,371	16.21	0.1598
2017-08-02	2017-06-30	13F	NORFOLK SOUTHERN	COM	655844108	94,543	-1,700	-1.77	11,506	6.77	0.1594
2017-05-10	2017-03-31	13F	NORFOLK SOUTHERN	COM	655844108	96,243	-300	-0.31	10,776	3.29	0.1514
2017-02-10	2016-12-31	13F	NORFOLK SOUTHERN	COM	655844108	96,543	1,400	1.47	10,433	12.97	0.1535
2016-11-01	2016-09-30	13F	NORFOLK SOUTHERN	COM	655844108	95,143	-8,300	-8.02	9,235	4.87	0.1402
2016-08-15	2016-06-30	13F	NORFOLK SOUTHERN	COM	655844108	103,443	-9,800	-8.65	8,806	-6.59	0.1236
2016-05-16	2016-03-31	13F	NORFOLK SOUTHERN	COM	655844108	113,243	2,100	1.89	9,427	0.27	0.1227
2016-02-12	2015-12-31	13F	NORFOLK SOUTHERN	COM	655844108	111,143	-7,600	-6.40	9,402	3.64	0.1251
2015-11-20	2015-09-30	13F	NORFOLK SOUTHERN	COM	655844108	118,743	-10,270	-7.96	9,072	-35.85	0.1272
2015-02-11	2014-12-31	13F	NORFOLK SOUTHERN	COM	655844108	129,013	1,800	1.41	14,141	-0.39	0.1666
2014-11-21	2014-09-30	13F	NORFOLK SOUTHERN	COM	655844108	127,213	-1,400	-1.09	14,196	7.14	0.1761
2014-08-07	2014-06-30	13F	NORFOLK SOUTHERN	COM	655844108	128,613	200	0.16	13,250	6.20	0.1602
2014-05-19	2014-03-31	13F	NORFOLK SOUTHERN	COM	655844108	128,413	-5,700	-4.25	12,477	0.22	0.1580
2014-02-05	2013-12-31	13F	NORFOLK SOUTHERN	COM	655844108	134,113	-5,600	-4.01	12,449	15.20	0.1531
2013-11-01	2013-09-30	13F	NORFOLK SOUTHERN	COM	655844108	139,713	-1,000	-0.71	10,806	5.71	0.1384
2013-09-17	2013-06-30	13F	NORFOLK SOUTHERN	COM	655844108	140,713	-600	-0.42	10,222	-6.15	0.1394
2013-09-17	2013-03-31	13F	NORFOLK SOUTHERN	COM	655844108	141,313	141,313		10,892		0.1560

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.