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Core & Main
CNM

447 hedge funds and large institutions have $12.5B invested in Core & Main in 2025 Q2 according to their latest regulatory filings, with 76 funds opening new positions, 140 increasing their positions, 172 reducing their positions, and 43 closing their positions.

New
Increased
Maintained
Reduced
Closed

205% more call options, than puts

Call options by funds: $72.2M | Put options by funds: $23.6M

77% more first-time investments, than exits

New positions opened: 76 | Existing positions closed: 43

24% more capital invested

Capital invested by funds: $10.1B → $12.5B (+$2.39B)

6% more funds holding

Funds holding: 420 → 447 (+27)

0.63% less ownership

Funds ownership: 109.63% → 109.01% (-0.63%)

14% less funds holding in top 10

Funds holding in top 10: 14 → 12 (-2)

19% less repeat investments, than reductions

Existing positions increased: 140 | Existing positions reduced: 172

Holders
447
Holders Change
+27
Holders Change %
+6.43%
% of All Funds
5.89%
Holding in Top 10
12
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-14.29%
% of All Funds
0.16%
New
76
Increased
140
Reduced
172
Closed
43
Calls
$72.2M
Puts
$23.6M
Net Calls
+$48.5M
Net Calls Change
+$36.8M

Top Buyers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
+$279M
2
Capital World Investors
Capital World Investors
California
+$80.6M
3
DCP
D1 Capital Partners
New York
+$57.1M
4
FCM
Fernbridge Capital Management
California
+$36.9M
5
MC
Maplelane Capital
New York
+$29.9M

Top Sellers

Rank Fund Capital Flow
1
BlackRock
BlackRock
New York
-$148M
2
Invesco
Invesco
Georgia
-$86.8M
3
ACM
Anomaly Capital Management
New York
-$81.3M
4
Select Equity Group
Select Equity Group
New York
-$75.7M
5
Fidelity Investments
Fidelity Investments
Massachusetts
-$44.8M
Name Holding Trade Value Shares
Change 		Change in
Stake
CI Investments Inc
76
CI Investments Inc
Ontario, Canada
$23M +$2.49M +46,509 +14%
Millennium Management
77
Millennium Management
New York
$22.4M -$14.2M -265,204 -42%
California Public Employees Retirement System
78
California Public Employees Retirement System
California
$22.1M +$1.61M +30,179 +9%
TAM
79
Thematics Asset Management
France
$22M -$1.34M -25,000 -6%
Swiss National Bank
80
Swiss National Bank
Switzerland
$21.9M -$283K -5,300 -1%
Fidelity International
81
Fidelity International
Bermuda
$21.8M +$19.3M +360,979 New
SSA
82
Schonfeld Strategic Advisors
New York
$21.5M -$19.6M -366,824 -51%
Citadel Advisors
83
Citadel Advisors
Florida
$19.6M +$17.2M +322,273 +10,707%
D.E. Shaw & Co
84
D.E. Shaw & Co
New York
$19.4M -$16M -298,521 -48%
Goldman Sachs
85
Goldman Sachs
New York
$18.9M +$1.16M +21,744 +7%
BDLIB
86
Banque de Luxembourg Investments (BLI)
Luxembourg
$18.8M -$1.47M -27,400 -8%
SCPM
87
Sea Cliff Partners Management
California
$18.7M -$2.2M -41,100 -12%
BNP Paribas Financial Markets
88
BNP Paribas Financial Markets
France
$18.5M +$13.6M +253,503 +481%
PI
89
PGGM Investments
Netherlands
$18M +$16M +298,500 New
Loomis, Sayles & Company
90
Loomis, Sayles & Company
Massachusetts
$14.6M +$1.45M +27,168 +13%
PL
91
Perpetual Ltd
Australia
$14.1M +$498K +9,312 +4%
SSA
92
South Street Advisors
New York
$14M +$38.1K +712 +0.3%
Retirement Systems of Alabama
93
Retirement Systems of Alabama
Alabama
$14M +$695 +13 +0%
PCH
94
Polar Capital Holdings
United Kingdom
$14M +$166K +3,104 +1%
VOYA Investment Management
95
VOYA Investment Management
Georgia
$13.9M -$2.08M -38,967 -14%
Twin Tree Management
96
Twin Tree Management
Texas
$13.8M +$12.2M +228,738 New
PCM
97
Peregrine Capital Management
Minnesota
$13.7M +$88.6K +1,657 +0.7%
CHAM
98
Clear Harbor Asset Management
Connecticut
$13.3M -$283K -5,298 -2%
GPGA
99
Grandeur Peak Global Advisors
Utah
$13.2M -$3.16M -59,034 -21%
Ameriprise
100
Ameriprise
Minnesota
$13M -$641K -11,987 -5%
2 3
4
5 6

CNM Hedge Fund Activity: Q2 2025 in Review

447 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Core & Main (CNM) for Q2 2025, worth a combined $12.5B — up 24% from $10.1B a quarter earlier.

Buyers outnumbered sellers: 76 funds opened new CNM positions and 43 closed out — a net gain of 33 holders — while 140 added to existing stakes and 172 trimmed.

The largest buyer was Morgan Stanley, adding an estimated $279M. The largest seller was BlackRock, cutting an estimated $148M.

  • 447 institutional investors held Core & Main (CNM) as of Q2 2025, up from 420 in Q1 2025.
  • Funds reported $12.5B of Core & Main stock for Q2 2025, up 24% quarter-over-quarter.
  • 76 funds opened new Core & Main positions in Q2 2025 and 43 closed out, a net change of +33 holders.
  • The largest Core & Main buyer in Q2 2025 was Morgan Stanley, an estimated $279M added.
  • The largest Core & Main seller in Q2 2025 was BlackRock, an estimated $148M sold.

Based on aggregated 13F filings for Q2 2025.