Norfolk Southern Corporation
MX ˙ BMV ˙ US6558441084
SecurityMX:NSC / Norfolk Southern Corporation
InstitutionIndependent Advisor Alliance
Latest Disclosed Ownership7,865 shares
Latest Disclosed Value $ 2,257,219
Independent Advisor Alliance reports 2.02% increase in ownership of NSC / Norfolk Southern Corporation

On May 12, 2026 - Independent Advisor Alliance filed a 13F-HR form disclosing ownership of 7,865 shares of Norfolk Southern Corporation (MX:NSC) valued at $2,257,219 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 4, 2026 disclosing 7,709 shares of Norfolk Southern Corporation. This represents a change in shares of 2.02% 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 Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-12 2026-03-31 13F NORFOLK SOUTHN COM 655844108 7,865 156 2.02 2,257 1.44 0.0137
2026-02-04 2025-12-31 13F NORFOLK SOUTHN COM 655844108 7,709 63 0.82 2,226 -3.09 0.0541
2025-11-04 2025-09-30 13F NORFOLK SOUTHN COM 655844108 7,646 -59 -0.77 2,297 16.43 0.0597
2025-08-11 2025-06-30 13F NORFOLK SOUTHN COM 655844108 7,705 429 5.90 1,972 14.45 0.0569
2025-05-12 2025-03-31 13F NORFOLK SOUTHN COM 655844108 7,276 194 2.74 1,723 3.67 0.0569
2025-02-07 2024-12-31 13F NORFOLK SOUTHN COM 655844108 7,082 214 3.12 1,662 -2.58 0.0220
2024-11-13 2024-09-30 13F NORFOLK SOUTHN COM 655844108 6,868 -1,950 -22.11 1,707 -9.88 0.0621
2024-08-12 2024-06-30 13F NORFOLK SOUTHN COM 655844108 8,818 68 0.78 1,893 -15.11 0.0648
2024-05-08 2024-03-31 13F NORFOLK SOUTHN COM 655844108 8,750 -152 -1.71 2,230 5.99 0.0805
2024-02-08 2023-12-31 13F NORFOLK SOUTHN COM 655844108 8,902 771 9.48 2,104 31.42 0.0758
2023-10-24 2023-09-30 13F NORFOLK SOUTHN COM 655844108 8,131 -788 -8.84 1,601 -20.82 0.0724
2023-07-28 2023-06-30 13F NORFOLK SOUTHN COM 655844108 8,919 1,961 28.18 2,023 37.08 0.0891
2023-05-12 2023-03-31 13F NORFOLK SOUTHN COM 655844108 6,958 6,958 1,475 0.0711
2023-02-13 2022-12-31 13F NORFOLK SOUTHN COM 655844108 0 -6,621 -100.00 0 -100.00
2022-11-04 2022-09-30 13F NORFOLK SOUTHN COM 655844108 6,621 408 6.57 1,388 -1.70 0.0809
2022-08-04 2022-06-30 13F NORFOLK SOUTHN COM 655844108 6,213 -888 -12.51 1,412 -30.27 0.0788
2022-05-06 2022-03-31 13F NORFOLK SOUTHN COM 655844108 7,101 362 5.37 2,025 0.95 0.0975
2022-02-11 2021-12-31 13F NORFOLK SOUTHN COM 655844108 6,739 -2,413 -26.37 2,006 -8.40 0.0989
2021-11-01 2021-09-30 13F NORFOLK SOUTHN COM 655844108 9,152 -2,063 -18.40 2,190 -26.44 0.1218
2021-08-12 2021-06-30 13F NORFOLK SOUTHN COM 655844108 11,215 495 4.62 2,977 3.40 0.1631
2021-05-14 2021-03-31 13F NORFOLK SOUTHN COM 655844108 10,720 2,691 33.52 2,879 50.89 0.1707
2021-02-11 2020-12-31 13F NORFOLK SOUTHN COM 655844108 8,029 179 2.28 1,908 13.57 0.1295
2020-11-04 2020-09-30 13F NORFOLK SOUTHN COM 655844108 7,850 -98 -1.23 1,680 20.43 0.1275
2020-08-06 2020-06-30 13F NORFOLK SOUTHERN COM 655844108 7,948 1,384 21.08 1,395 45.62 0.1493
2020-05-14 2020-03-31 13F NORFOLK SOUTHERN COM 655844108 6,564 -3,998 -37.85 958 -53.27 0.1394
2020-02-07 2019-12-31 13F NORFOLK SOUTHERN COM 655844108 10,562 2,088 24.64 2,050 34.69 0.0894
2019-11-12 2019-09-30 13F NORFOLK SOUTHERN COM 655844108 8,474 3,112 58.04 1,522 42.38 0.1859
2019-08-12 2019-06-30 13F NORFOLK SOUTHERN COM 655844108 5,362 -327 -5.75 1,069 0.56 0.1547
2019-05-07 2019-03-31 13F NORFOLK SOUTHERN COM 655844108 5,689 -482 -7.81 1,063 15.17 0.1495
2019-02-12 2018-12-31 13F NORFOLK SOUTHERN COM 655844108 6,171 671 12.20 923 -3.15 0.1634
2018-11-13 2018-09-30 13F NORFOLK SOUTHERN COM 655844108 5,500 96 1.78 953 24.09 0.1716
2018-11-13 2018-09-30 13F GRAMERCY PPTY TR COM NEW 385002308 11,672 1,357 320 0.0576
2018-08-08 2018-06-30 13F NORFOLK SOUTHERN COM 655844108 5,404 427 8.58 768 16.19 0.1598
2018-08-08 2018-06-30 13F GRAMERCY PPTY TR COM NEW 385002308 10,315 -8,672 282 0.0587
2018-05-15 2018-03-31 13F NORFOLK SOUTHERN COM 655844108 4,977 -1,669 -25.11 661 -34.81 0.1473
2018-05-15 2018-03-31 13F GRAMERCY PPTY TR COM NEW 385002308 18,987 5,238 406 0.0905
2018-02-14 2017-12-31 13F NORFOLK SOUTHERN COM 655844108 6,646 -1,204 -15.34 1,014 -1.27 0.2265
2018-02-14 2017-12-31 13F GRAMERCY PPTY TR COM NEW 385002308 13,749 2,987 368 0.0822
2017-11-15 2017-09-30 13F NORFOLK SOUTHERN COM 655844108 7,850 299 3.96 1,027 10.55 0.2823
2017-11-15 2017-09-30 13F GRAMERCY PPTY TR COM NEW 385002308 10,762 395 334 0.0918
2017-08-14 2017-06-30 13F NORFOLK SOUTHERN COM 655844108 7,551 563 8.06 929 15.84 0.2959
2017-08-14 2017-06-30 13F GRAMERCY PPTY TR COM NEW 385002308 10,367 -3,081 307 0.0978
2017-05-09 2017-03-31 13F NORFOLK SOUTHERN COM 655844108 6,988 670 10.60 802 11.70 0.1271
2017-05-09 2017-03-31 13F GRAMERCY PPTY TR COM NEW 385002308 13,448 7,130 357 0.0566
2017-05-19 2016-12-31 13F/A-1 NORFOLK SOUTHERN COM 655844108 6,318 6,318 718 0.3078
2017-02-15 2016-12-31 13F NORFOLK SOUTHERN Common Stock 655844108 6,318 718 0.2796
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.