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Aehr Test Systems
AEHR

150 hedge funds and large institutions have $428M invested in Aehr Test Systems in 2025 Q4 according to their latest regulatory filings, with 29 funds opening new positions, 57 increasing their positions, 42 reducing their positions, and 27 closing their positions.

New
Increased
Maintained
Reduced
Closed

101% more call options, than puts

Call options by funds: $80.4M | Put options by funds: $40.1M

36% more repeat investments, than reductions

Existing positions increased: 57 | Existing positions reduced: 42

2.68% more ownership

Funds ownership: 67.93% → 70.62% (+2.7%)

7% more first-time investments, than exits

New positions opened: 29 | Existing positions closed: 27

1% more funds holding

Funds holding: 149 → 150 (+1)

30% less capital invested

Capital invested by funds: $613M → $428M (-$185M)

60% less funds holding in top 10

Funds holding in top 10: 5 → 2 (-3)

Holders
150
Holders Change
+1
Holders Change %
+0.67%
% of All Funds
1.82%
Holding in Top 10
2
Holding in Top 10 Change
-3
Holding in Top 10 Change %
-60%
% of All Funds
0.02%
New
29
Increased
57
Reduced
42
Closed
27
Calls
$80.4M
Puts
$40.1M
Net Calls
+$40.4M
Net Calls Change
+$57K

Top Buyers

Rank Fund Capital Flow
1
Wellington Management Group
Wellington Management Group
Massachusetts
+$11.4M
2
NCGI
Next Century Growth Investors
Minnesota
+$6.68M
3
Two Sigma Investments
Two Sigma Investments
New York
+$6.05M
4
Jane Street
Jane Street
New York
+$5.82M
5
HFF
Halter Ferguson Financial
Indiana
+$4.57M

Top Sellers

Rank Fund Capital Flow
1
William Blair Investment Management
William Blair Investment Management
Illinois
-$9.64M
2
Invesco
Invesco
Georgia
-$8.18M
3
Baillie Gifford & Co
Baillie Gifford & Co
United Kingdom
-$5.8M
4
ECM
ExodusPoint Capital Management
New York
-$5.38M
5
Fidelity Investments
Fidelity Investments
Massachusetts
-$4.68M
Name Holding Trade Value Shares
Change 		Change in
Stake
National Bank of Canada
26
National Bank of Canada
Quebec, Canada
$4.16M -$104K -4,289 -2%
Tudor Investment Corp
27
Tudor Investment Corp
Connecticut
$3.66M +$83.7K +3,460 +2%
BA
28
Bard Associates
Illinois
$3.63M -$44.2K -1,827 -1%
Goldman Sachs
29
Goldman Sachs
New York
$3.55M +$1.46M +60,476 +52%
GC
30
Gratia Capital
California
$2.78M -$48.4K -2,000 -1%
PM
31
Penbrook Management
New York
$2.32M -$32.7K -1,350 -1%
Susquehanna International Group
32
Susquehanna International Group
Pennsylvania
$2.25M +$2.36M +97,412 +703%
Dimensional Fund Advisors
33
Dimensional Fund Advisors
Texas
$2.2M -$538K -22,246 -17%
Squarepoint
34
Squarepoint
New York
$2.02M +$2.42M +100,199 New
Osaic Holdings
35
Osaic Holdings
Arizona
$1.99M +$434K +17,949 +22%
Bank of New York Mellon
36
Bank of New York Mellon
New York
$1.81M -$206K -8,506 -9%
Two Sigma Advisers
37
Two Sigma Advisers
New York
$1.72M +$2.06M +85,001 New
KA
38
KLCM Advisors
Wisconsin
$1.51M – – –
Bank of America
39
Bank of America
North Carolina
$1.43M -$666K -27,553 -28%
Victory Capital Management
40
Victory Capital Management
Texas
$1.4M – – –
N
41
Nuveen
North Carolina
$1.4M +$78K +3,223 +5%
JP Morgan Chase
42
JP Morgan Chase
New York
$1.3M +$1.19M +49,212 +325%
KAS
43
Kestra Advisory Services
Texas
$1.21M – – –
Millennium Management
44
Millennium Management
New York
$1.2M +$11.9K +492 +0.8%
Swiss National Bank
45
Swiss National Bank
Switzerland
$1.14M +$1.36M +56,300 New
BIP
46
Bouvel Investment Partners
Pennsylvania
$1.09M -$31K -1,281 -2%
Royal Bank of Canada
47
Royal Bank of Canada
Ontario, Canada
$1.05M -$75.1K -3,105 -6%
HIMC
48
Heritage Investors Management Corp
Maryland
$977K – – –
New York State Common Retirement Fund
49
New York State Common Retirement Fund
New York
$950K +$538K +22,258 +90%
CAPTRUST Financial Advisors
50
CAPTRUST Financial Advisors
North Carolina
$911K +$1.09M +45,107 New
1
2
3 4 5

AEHR Hedge Fund Activity: Q4 2025 in Review

150 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Aehr Test Systems (AEHR) for Q4 2025, worth a combined $428M — down 30% from $613M a quarter earlier.

Buyers outnumbered sellers: 29 funds opened new AEHR positions and 27 closed out — a net gain of 2 holders — while 57 added to existing stakes and 42 trimmed.

The largest buyer was Wellington Management Group, adding an estimated $11.4M. The largest seller was William Blair Investment Management, cutting an estimated $9.64M.

  • 150 institutional investors held Aehr Test Systems (AEHR) as of Q4 2025, up from 149 in Q3 2025.
  • Funds reported $428M of Aehr Test Systems stock for Q4 2025, down 30% quarter-over-quarter.
  • 29 funds opened new Aehr Test Systems positions in Q4 2025 and 27 closed out, a net change of +2 holders.
  • The largest Aehr Test Systems buyer in Q4 2025 was Wellington Management Group, an estimated $11.4M added.
  • The largest Aehr Test Systems seller in Q4 2025 was William Blair Investment Management, an estimated $9.64M sold.

Based on aggregated 13F filings for Q4 2025.