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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
SIM
101
SRS Investment Management
New York
$27.8M +$27.9M +489,675 New
CCPM
102
Cooper Creek Partners Management
New York
$26.8M +$7.03M +123,100 +35%
Sumitomo Mitsui Trust Group
103
Sumitomo Mitsui Trust Group
Japan
$26.7M -$126K -2,211 -0.5%
Swiss National Bank
104
Swiss National Bank
Switzerland
$26.7M -$1.35M -23,600 -5%
AL
105
Appaloosa LP
New Jersey
$26.2M -$4.99M -87,500 -16%
Ohio Public Employees Retirement System (OPERS)
106
Ohio Public Employees Retirement System (OPERS)
Ohio
$26.2M +$5.28M +92,519 +25%
TD Asset Management
107
TD Asset Management
Ontario, Canada
$26M +$3.22M +56,365 +14%
Treasurer of the State of North Carolina
108
Treasurer of the State of North Carolina
North Carolina
$25.2M -$659K -11,551 -3%
FAM
109
Fred Alger Management
New York
$24.9M +$1.95M +34,206 +8%
Prudential Financial
110
Prudential Financial
New Jersey
$24.5M +$3M +52,623 +14%
Parallax Volatility Advisers
111
Parallax Volatility Advisers
California
$23.8M -$3.16M -55,401 -12%
Rockefeller Capital Management
112
Rockefeller Capital Management
New York
$23M -$35.1M -615,465 -60%
Envestnet Asset Management
113
Envestnet Asset Management
Illinois
$22.8M +$114K +2,002 +0.5%
HIIFS
114
Harel Insurance Investments & Financial Services
Israel
$22.5M – – –
WP
115
Waycross Partners
Kentucky
$22.2M +$491K +8,602 +2%
Universal-Beteiligungs- und Servicegesellschaft
116
Universal-Beteiligungs- und Servicegesellschaft
Germany
$21.8M -$2.78M -48,715 -11%
Cerity Partners
117
Cerity Partners
New York
$21.3M +$503K +8,818 +2%
Manulife (Manufacturers Life Insurance)
118
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$21.1M +$450K +7,883 +2%
VWM
119
Valley Wealth Managers
New Jersey
$21.1M +$21.2M +371,257 New
Calamos Advisors
120
Calamos Advisors
Illinois
$20.8M +$110K +1,930 +0.5%
D.E. Shaw & Co
121
D.E. Shaw & Co
New York
$20.6M -$2.88M -50,431 -12%
Federated Hermes
122
Federated Hermes
Pennsylvania
$20.4M +$1.46M +25,507 +8%
New York State Common Retirement Fund
123
New York State Common Retirement Fund
New York
$20.3M +$721K +12,630 +4%
National Bank of Canada
124
National Bank of Canada
Quebec, Canada
$19.9M -$7.37M -129,115 -27%
Osaic Holdings
125
Osaic Holdings
Arizona
$19.7M +$7.06M +123,682 +58%
3 4
5
6 7

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.