Independent Franchise Partners reports 5.97% stake in Zillow (NASDAQ: Z)

Rhea-AI Filing Summary

Independent Franchise Partners, LLP reported beneficial ownership of 2,738,482 shares of Zillow Group, Inc. Class A common stock, representing 5.97% of the class as of 03/31/2026. The filing shows sole voting power for 2,599,644 shares and shared voting power for 84,452 shares. The position is disclosed on a Schedule 13G and was signed by Sandeep Ghela on 05/14/2026.

Insights

Institutional Ownership Analyst

Large passive stake disclosed: 2.74M shares (5.97%) as of 03/31/2026.

The filing records 2,738,482 shares beneficially owned and reports voting authority split between 2,599,644 shares (sole) and 84,452 shares (shared). The Schedule 13G format typically indicates a passive investor reporting under the beneficial-ownership rules.

Whether this stake changes future shareholder engagement depends on the investor's strategy; subsequent filings would show any change in ownership or shift to active involvement.

Corporate Governance Specialist

Voting profile shows substantial sole voting control within the disclosed stake.

The filing lists sole dispositive power for 2,738,482 shares and no shared dispositive power. The split between sole and shared voting power is explicitly noted in the Schedule 13G disclosure.

Future changes in voting patterns would appear in amended filings; this disclosure alone is a snapshot of ownership and voting authority as of the stated date.

Key Figures

Filing type: Schedule 13G Beneficial ownership: 2,738,482 shares Percent of class: 5.97% +3 more

6 metrics

Filing type Schedule 13G ownership disclosure

Beneficial ownership 2,738,482 shares Class A common stock, as of 03/31/2026

Percent of class 5.97% Class A common stock, as of 03/31/2026

Sole voting power 2,599,644 shares reported voting authority

Shared voting power 84,452 shares reported voting authority

Signature date 05/14/2026 Schedule signed by Sandeep Ghela

Key Terms

Schedule 13G, Beneficial ownership, Sole voting power, Sole dispositive power

4 terms

Schedule 13G regulatory

"reported on a Schedule 13G and was signed by Sandeep"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficial ownership financial

"Amount beneficially owned: 2,738,482 (b) Percent of class: 5.97%"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole voting power regulatory

"Sole power to vote or to direct the vote: 2,599,644"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 2,738,482"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ZILLOW GROUP, INC.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

98954M101

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 98954M101

1

Names of Reporting Persons

Independent Franchise Partners, LLP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,599,644.00
6	Shared Voting Power 84,452.00
7	Sole Dispositive Power 2,738,482.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,738,482.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.97 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ZILLOW GROUP, INC.
(b)	Address of issuer's principal executive offices: 1301 Second Avenue, Floor 36, Seattle, Washington 98101
Item 2.
(a)	Name of person filing: Independent Franchise Partners, LLP
(b)	Address or principal business office or, if none, residence: Level 1, 10 Portman Square, London W1H 6AZ, United Kingdom
(c)	Citizenship: United Kingdom
(d)	Title of class of securities: Class A Common Stock, par value $0.0001 per share
(e)	CUSIP Number(s): 98954M101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,738,482
(b)	Percent of class: 5.97%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,599,644
	(ii) Shared power to vote or to direct the vote: 84,452
	(iii) Sole power to dispose or to direct the disposition of: 2,738,482
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Independent Franchise Partners, LLP

Signature:	Sandeep Ghela
Name/Title:	Sandeep Ghela | Chief Operating Officer
Date:	05/14/2026

FAQ

What stake did Independent Franchise Partners report in Zillow (Z)?

They reported beneficial ownership of 2,738,482 shares, representing 5.97% of Zillow Group Class A common stock as of 03/31/2026. The filing is a Schedule 13G signed on 05/14/2026.

How much voting power does Independent Franchise Partners hold in Zillow (Z)?

The filer reports sole voting power for 2,599,644 shares and shared voting power for 84,452 shares, as disclosed on the Schedule 13G reporting beneficial ownership.

Does the Schedule 13G indicate active engagement by the investor in Zillow (Z)?

A Schedule 13G typically signals a passive investor reporting beneficial ownership. The filing itself does not state activist intentions; any change in intent would be shown in later amendments or a different filing form.

What does "beneficially owned" mean in this Schedule 13G for Zillow (Z)?

Here, "beneficially owned" means the filer has the power to vote or direct disposition of 2,738,482 shares. The filing breaks out sole and shared voting and dispositive powers for clarity.

When were the ownership figures reported for Zillow (Z)?

The ownership amount is reported as of 03/31/2026 on the Schedule 13G, while the filing signature is dated 05/14/2026, as shown in the disclosure.