Build-A-Bear
BBW
192 hedge funds and large institutions have $821M invested in Build-A-Bear in 2025 Q4 according to their latest regulatory filings, with 27 funds opening new positions, 57 increasing their positions, 75 reducing their positions, and 39 closing their positions.
183% more call options, than puts
Call options by funds: $23.8M | Put options by funds: $8.38M
50% more funds holding in top 10
Funds holding in top 10: 6 → 9 (+3)
10.22% more ownership
Funds ownership: 93.34% → 103.56% (+10%)
3% more capital invested
Capital invested by funds: $798M → $821M (+$22.9M)
7% less funds holding
Funds holding: 207 → 192 (-15)
24% less repeat investments, than reductions
Existing positions increased: 57 | Existing positions reduced: 75
31% less first-time investments, than exits
New positions opened: 27 | Existing positions closed: 39
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DSCM
Divisadero Street Capital Management
Miami,
Florida
|
+$66.2M |
| 2 |
Fuller & Thaler Asset Management
San Mateo,
California
|
+$21.3M |
| 3 |
Goldman Sachs
New York
|
+$11.7M |
| 4 |
T. Rowe Price Associates
Baltimore,
Maryland
|
+$11.5M |
| 5 |
MIM
Meros Investment Management
Dallas,
Texas
|
+$8M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
-$14.7M |
| 2 |
Marshall Wace
London,
United Kingdom
|
-$12.2M |
| 3 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
-$11.3M |
| 4 |
Acadian Asset Management
Boston,
Massachusetts
|
-$7.42M |
| 5 |
LCM
Landscape Capital Management
Englewood,
New Jersey
|
-$6.89M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
226
CIBC Private Wealth Group
Atlanta,
Georgia
| – | -$3.91K | -60 | Closed |
|
|
EP
227
Essential Partners
Rancho Santa Fe,
California
| – | -$717 | -11 | Closed |
|
|
JWM
228
JPL Wealth Management
Highlands Ranch,
Colorado
| – | -$653 | -10 | Closed |
|
|
GG
229
Gleason Group
Prospect,
Kentucky
| – | -$326 | -5 | Closed |
|
|
ASN
230
Advisory Services Network
Atlanta,
Georgia
| – | -$65 | -1 | Closed |
|
BBW Hedge Fund Activity: Q4 2025 in Review
192 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Build-A-Bear (BBW) for Q4 2025, worth a combined $821M — up 2.9% from $798M a quarter earlier.
Sellers outnumbered buyers: 39 funds closed out of BBW and 27 opened new positions — a net loss of 12 holders — while 75 trimmed existing stakes and 57 added.
The largest buyer was Divisadero Street Capital Management, adding an estimated $66.2M. The largest seller was Morgan Stanley, cutting an estimated $14.7M.
- 192 institutional investors held Build-A-Bear (BBW) as of Q4 2025, down from 207 in Q3 2025.
- Funds reported $821M of Build-A-Bear stock for Q4 2025, up 2.9% quarter-over-quarter.
- 27 funds opened new Build-A-Bear positions in Q4 2025 and 39 closed out, a net change of -12 holders.
- The largest Build-A-Bear buyer in Q4 2025 was Divisadero Street Capital Management, an estimated $66.2M added.
- The largest Build-A-Bear seller in Q4 2025 was Morgan Stanley, an estimated $14.7M sold.
Based on aggregated 13F filings for Q4 2025.