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CARL

Carlsmed
CARL

57 hedge funds and large institutions have $57.7M invested in Carlsmed in 2025 Q4 according to their latest regulatory filings, with 16 funds opening new positions, 20 increasing their positions, 9 reducing their positions, and 7 closing their positions.

New
Increased
Maintained
Reduced
Closed

129% more first-time investments, than exits

New positions opened: 16 | Existing positions closed: 7

122% more repeat investments, than reductions

Existing positions increased: 20 | Existing positions reduced: 9

19% more funds holding

Funds holding: 48 → 57 (+9)

0.04% more ownership

Funds ownership: 17.53% → 17.58% (+0.04%)

8% less capital invested

Capital invested by funds: $62.4M → $57.7M (-$4.68M)

Holders
57
Holders Change
+9
Holders Change %
+18.75%
% of All Funds
0.69%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
16
Increased
20
Reduced
9
Closed
7
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Vanguard Group
Vanguard Group
Pennsylvania
+$1.77M
2
Millennium Management
Millennium Management
New York
+$1.44M
3
Janus Henderson Group
Janus Henderson Group
United Kingdom
+$640K
4
SAM
Sectoral Asset Management
Quebec, Canada
+$635K
5
BlackRock
BlackRock
New York
+$560K

Top Sellers

Rank Fund Capital Flow
1
APM
Avidity Partners Management
Texas
-$4.31M
2
Citadel Advisors
Citadel Advisors
Florida
-$1.47M
3
ZP
Zimmer Partners
New York
-$670K
4
MIM
Monashee Investment Management
Massachusetts
-$536K
5
N
Nuveen
North Carolina
-$411K
Name Holding Trade Value Shares
Change 		Change in
Stake
O
1
OrbiMed
New York
$15.5M – – –
Janus Henderson Group
2
Janus Henderson Group
United Kingdom
$14.1M +$640K +48,081 +4%
BlackRock
3
BlackRock
New York
$5.28M +$560K +42,035 +11%
Vanguard Group
4
Vanguard Group
Pennsylvania
$4.45M +$1.77M +132,887 +58%
Teacher Retirement System of Texas
5
Teacher Retirement System of Texas
Texas
$2.16M – – –
TWC
6
TD Waterhouse Canada
Ontario, Canada
$2.15M +$308K +23,163 +15%
Geode Capital Management
7
Geode Capital Management
Massachusetts
$2M +$193K +14,485 +10%
Russell Investments Group
8
Russell Investments Group
United Kingdom
$1.98M +$17.2K +1,292 +0.8%
Millennium Management
9
Millennium Management
New York
$1.59M +$1.44M +108,208 +521%
State Street
10
State Street
Massachusetts
$851K +$362K +27,217 +65%
Norges Bank
11
Norges Bank
Norway
$803K +$865K +65,000 New
KCM
12
Kornitzer Capital Management
Kansas
$682K +$3.13K +235 +0.4%
Northern Trust
13
Northern Trust
Illinois
$626K -$23.3K -1,748 -3%
BGM
14
Burkehill Global Management
New York
$618K – – –
GCM
15
Ghisallo Capital Management
Massachusetts
$618K – – –
SAM
16
Sectoral Asset Management
Quebec, Canada
$589K +$635K +47,700 New
WB
17
WesBanco Bank
West Virginia
$457K +$493K +37,000 New
Boston Partners
18
Boston Partners
Massachusetts
$322K -$42.8K -3,217 -11%
BOTOTLSJU
19
Board of Trustees of The Leland Stanford Junior University
California
$309K – – –
Renaissance Technologies
20
Renaissance Technologies
New York
$300K +$323K +24,300 New
Bank of America
21
Bank of America
North Carolina
$261K +$80.8K +6,067 +40%
Cohen & Steers
22
Cohen & Steers
New York
$247K -$133K -10,000 -33%
Charles Schwab
23
Charles Schwab
California
$207K – – –
Janney Montgomery Scott
24
Janney Montgomery Scott
Pennsylvania
$195K +$13.3K +1,000 +7%
Mercer Global Advisors
25
Mercer Global Advisors
Colorado
$187K +$202K +15,155 New
1
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CARL Hedge Fund Activity: Q4 2025 in Review

57 of the 8,229 institutional investors tracked by Wall St. Rank reported a position in Carlsmed (CARL) for Q4 2025, worth a combined $57.7M — down 7.5% from $62.4M a quarter earlier.

Buyers outnumbered sellers: 16 funds opened new CARL positions and 7 closed out — a net gain of 9 holders — while 20 added to existing stakes and 9 trimmed.

The largest buyer was Vanguard Group, adding an estimated $1.77M. The largest seller was Avidity Partners Management, exiting entirely with an estimated $4.31M sold.

  • 57 institutional investors held Carlsmed (CARL) as of Q4 2025, up from 48 in Q3 2025.
  • Funds reported $57.7M of Carlsmed stock for Q4 2025, down 7.5% quarter-over-quarter.
  • 16 funds opened new Carlsmed positions in Q4 2025 and 7 closed out, a net change of +9 holders.
  • The largest Carlsmed buyer in Q4 2025 was Vanguard Group, an estimated $1.77M added.
  • The largest Carlsmed seller in Q4 2025 was Avidity Partners Management, an estimated $4.31M sold.

Based on aggregated 13F filings for Q4 2025.