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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
PWA
1201
Principia Wealth Advisory
Texas
$568 +$171 +3 +43%
WBC
1202
West Branch Capital
Massachusetts
$522 – – –
AFWM
1203
Abich Financial Wealth Management
Virginia
$511 +$514 +9 New
AT
1204
Avalon Trust
New Mexico
$511 +$514 +9 New
BIM
1205
Breakwater Investment Management
Washington
$511 +$514 +9 New
BOJHT
1206
Bank of Jackson Hole Trust
Wyoming
$397 – – –
PPA
1207
Painted Porch Advisors
California
$341 – – –
RJA
1208
Ross\Johnson & Associates
Minnesota
$341 – – –
BMC
1209
Bear Mountain Capital
Washington
$312 – – –
HCM
1210
Hollencrest Capital Management
California
$291 – – –
RFA
1211
Reyes Financial Architecture
California
$291 – – –
DCM
1212
Davis Capital Management
Florida
$284 +$285 +5 New
NCM
1213
Northwest Capital Management
Oregon
$251 – – –
EFMH
1214
E Fund Management (HK)
Hong Kong
$227 +$228 +4 New
TFM
1215
TFC Financial Management
Massachusetts
$171 – – –
HC
1216
Hurley Capital
New York
$170 – – –
DWM
1217
Dogwood Wealth Management
Kansas
$170 +$171 +3 New
WCM
1218
Westend Capital Management
California
$58 – – –
PA
1219
Pineridge Advisors
Missouri
$57 -$970 -17 -94%
KHC
1220
Koesten Hirschmann & Crabtree
Kansas
$57 – – –
PCA
1221
PMV Capital Advisers
Texas
$57 – – –
WW
1222
Winnow Wealth
Texas
$57 +$57 +1 New
SAM
1223
Silvercrest Asset Management
New York
– -$99.8M -2,029,934 Closed
DFO
1224
Duquesne Family Office
New York
– -$39M -793,510 Closed
Norges Bank
1225
Norges Bank
Norway
– -$27.4M -556,133 Closed
47 48
49
50 51

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.