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Delta Air Lines
DAL

1,223 hedge funds and large institutions have $30.2B invested in Delta Air Lines in 2025 Q3 according to their latest regulatory filings, with 168 funds opening new positions, 463 increasing their positions, 387 reducing their positions, and 110 closing their positions.

New
Increased
Maintained
Reduced
Closed

53% more first-time investments, than exits

New positions opened: 168 | Existing positions closed: 110

20% more repeat investments, than reductions

Existing positions increased: 463 | Existing positions reduced: 387

16% more capital invested

Capital invested by funds: $26B → $30.2B (+$4.26B)

16% more call options, than puts

Call options by funds: $2.35B | Put options by funds: $2.02B

3% more funds holding

Funds holding: 1,182 → 1,223 (+41)

0.7% more ownership

Funds ownership: 80.79% → 81.49% (+0.7%)

8% less funds holding in top 10

Funds holding in top 10: 13 → 12 (-1)

Holders
1,223
Holders Change
+41
Holders Change %
+3.47%
% of All Funds
16.05%
Holding in Top 10
12
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-7.69%
% of All Funds
0.16%
New
168
Increased
463
Reduced
387
Closed
110
Calls
$2.35B
Puts
$2.02B
Net Calls
+$330M
Net Calls Change
+$367M

Top Buyers

1
Fidelity Investments
Fidelity Investments
Massachusetts
+$548M
2
Jane Street
Jane Street
New York
+$200M
3
Wellington Management Group
Wellington Management Group
Massachusetts
+$117M
4
Millennium Management
Millennium Management
New York
+$89.2M
5
Bank of New York Mellon
Bank of New York Mellon
New York
+$82.6M

Top Sellers

1
Pacer Advisors
Pacer Advisors
Pennsylvania
-$225M
2
Primecap Management
Primecap Management
California
-$108M
3
SAM
Silvercrest Asset Management
New York
-$99.8M
4
AQR Capital Management
AQR Capital Management
Connecticut
-$99.7M
5
Capital International Investors
Capital International Investors
California
-$99.4M
Name Holding Trade Value Shares
Change 		Change in
Stake
TCA
76
Teewinot Capital Advisers
New York
$50.1M +$50.4M +883,264 New
Wells Fargo
77
Wells Fargo
California
$49.6M +$15.8M +276,035 +46%
PCM
78
Patient Capital Management
Maryland
$48.9M -$2.19M -38,402 -4%
Mitsubishi UFJ Asset Management
79
Mitsubishi UFJ Asset Management
Japan
$48.5M +$1.61M +28,174 +3%
SEI Investments
80
SEI Investments
Pennsylvania
$47.2M +$1.1M +19,232 +2%
Susquehanna International Group
81
Susquehanna International Group
Pennsylvania
$45.1M -$13.5M -235,938 -23%
Macquarie Group
82
Macquarie Group
Australia
$43.7M -$1.55M -27,146 -3%
Franklin Resources
83
Franklin Resources
California
$42.6M -$606K -10,625 -1%
Los Angeles Capital Management
84
Los Angeles Capital Management
California
$41M +$37.7M +660,731 +1,059%
Principal Financial Group
85
Principal Financial Group
Iowa
$39.9M -$793K -13,895 -2%
GAM
86
Gotham Asset Management
New York
$37.4M +$14M +244,815 +59%
CSS
87
Cubist Systematic Strategies
Connecticut
$35.4M +$6.92M +121,259 +24%
New York State Teachers Retirement System (NYSTRS)
88
New York State Teachers Retirement System (NYSTRS)
New York
$34.9M +$13.5K +236 +0%
LPL Financial
89
LPL Financial
California
$33.6M -$1.79M -31,305 -5%
SPS
90
Susquehanna Portfolio Strategies
Pennsylvania
$33.5M – – –
Retirement Systems of Alabama
91
Retirement Systems of Alabama
Alabama
$32.9M -$99.9K -1,750 -0.3%
State Board of Administration of Florida Retirement System
92
State Board of Administration of Florida Retirement System
Florida
$31.3M -$1.78M -31,114 -5%
DDPIC
93
Deroy & Devereaux Private Investment Counsel
Michigan
$30.4M -$351K -6,143 -1%
IC
94
IEQ Capital
California
$30.2M +$3.54M +62,045 +13%
CA
95
CSM Advisors
Pennsylvania
$29.7M +$3.46M +60,680 +13%
HP
96
Hosking Partners
United Kingdom
$29.3M -$458K -8,033 -2%
JLBC
97
J.L. Bainbridge & Co
Florida
$28.9M -$14.8M -258,492 -34%
Two Sigma Investments
98
Two Sigma Investments
New York
$28.8M +$21.6M +378,919 +295%
CII
99
Capital International Inc
California
$28.3M +$46.5K +815 +0.2%
QCM
100
Quantinno Capital Management
New York
$28.3M +$13M +228,357 +85%
2 3
4
5 6

DAL Hedge Fund Activity: Q3 2025 in Review

1,223 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Delta Air Lines (DAL) for Q3 2025, worth a combined $30.2B — up 16% from $26B a quarter earlier.

Buyers outnumbered sellers: 168 funds opened new DAL positions and 110 closed out — a net gain of 58 holders — while 463 added to existing stakes and 387 trimmed.

The largest buyer was Fidelity Investments, adding an estimated $548M. The largest seller was Pacer Advisors, cutting an estimated $225M.

  • 1,223 institutional investors held Delta Air Lines (DAL) as of Q3 2025, up from 1,182 in Q2 2025.
  • Funds reported $30.2B of Delta Air Lines stock for Q3 2025, up 16% quarter-over-quarter.
  • 168 funds opened new Delta Air Lines positions in Q3 2025 and 110 closed out, a net change of +58 holders.
  • The largest Delta Air Lines buyer in Q3 2025 was Fidelity Investments, an estimated $548M added.
  • The largest Delta Air Lines seller in Q3 2025 was Pacer Advisors, an estimated $225M sold.

Based on aggregated 13F filings for Q3 2025.