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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.

New
Increased
Maintained
Reduced
Closed

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

Holders
192
Holders Change
-15
Holders Change %
-7.25%
% of All Funds
2.33%
Holding in Top 10
9
Holding in Top 10 Change
+3
Holding in Top 10 Change %
+50%
% of All Funds
0.11%
New
27
Increased
57
Reduced
75
Closed
39
Calls
$23.8M
Puts
$8.38M
Net Calls
+$15.4M
Net Calls Change
-$5.98M

Top Buyers

Rank Fund Capital Flow
1
DSCM
Divisadero Street Capital Management
Florida
+$66.2M
2
Fuller & Thaler Asset Management
Fuller & Thaler Asset Management
California
+$21.3M
3
Goldman Sachs
Goldman Sachs
New York
+$11.7M
4
T. Rowe Price Associates
T. Rowe Price Associates
Maryland
+$11.5M
5
MIM
Meros Investment Management
Texas
+$8M

Top Sellers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
-$14.7M
2
Marshall Wace
Marshall Wace
United Kingdom
-$12.2M
3
Qube Research & Technologies (QRT)
Qube Research & Technologies (QRT)
United Kingdom
-$11.3M
4
Acadian Asset Management
Acadian Asset Management
Massachusetts
-$7.42M
5
LCM
Landscape Capital Management
New Jersey
-$6.89M
Name Holding Trade Value Shares
Change 		Change in
Stake
Renaissance Technologies
201
Renaissance Technologies
New York
– -$698K -10,709 Closed
QC
202
Quantedge Capital
Singapore
– -$600K -9,200 Closed
MG
203
Marex Group
– -$452K -8,300 Closed
VF
204
Virtu Financial
New York
– -$508K -7,796 Closed
CG
205
Cynosure Group
Utah
– -$504K -7,736 Closed
CAU
206
Caxton Associates (UK)
– -$468K -7,179 Closed
SPA
207
Sherbrooke Park Advisers
New York
– -$468K -7,175 Closed
Aviva
208
Aviva
United Kingdom
– -$464K -7,110 Closed
CMF
209
Counterpoint Mutual Funds
California
– -$455K -6,978 Closed
Walleye Capital
210
Walleye Capital
New York
– -$315K -5,781 Closed
Susquehanna International Group
211
Susquehanna International Group
Pennsylvania
– -$302K -5,545 Closed
IQI
212
Integrated Quantitative Investments
Washington
– -$307K -4,707 Closed
SI
213
Severin Investments
Missouri
– -$249K -3,823 Closed
IA
214
Inspire Advisors
Idaho
– -$230K -3,520 Closed
AC
215
AXQ Capital
New Jersey
– -$222K -3,411 Closed
MC
216
Maverick Capital
Texas
– -$211K -3,234 Closed
HSBC Holdings
217
HSBC Holdings
United Kingdom
– -$200K -3,035 Closed
HI
218
Harbour Investments
Wisconsin
– -$127K -1,955 Closed
SO
219
STRS Ohio
Ohio
– -$117K -1,800 Closed
UFF
220
USA Financial Formulas
Michigan
– -$85.8K -1,315 Closed
WC
221
Wexford Capital
Florida
– -$69.1K -1,059 Closed
QT
222
Quantbot Technologies
New York
– -$45.6K -700 Closed
Group One Trading
223
Group One Trading
Illinois
– -$24.5K -451 Closed
QL
224
Quarry LP
New York
– -$22K -338 Closed
GSWM
225
Golden State Wealth Management
California
– -$13K -200 Closed
6 7 8
9
10

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.