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Delta Air Lines
DAL

1,126 hedge funds and large institutions have $23.3B invested in Delta Air Lines in 2025 Q1 according to their latest regulatory filings, with 131 funds opening new positions, 449 increasing their positions, 369 reducing their positions, and 198 closing their positions.

New
Increased
Maintained
Reduced
Closed

44% more call options, than puts

Call options by funds: $1.79B | Put options by funds: $1.24B

22% more repeat investments, than reductions

Existing positions increased: 449 | Existing positions reduced: 369

0.85% more ownership

Funds ownership: 81.82% → 82.68% (+0.85%)

7% less funds holding

Funds holding: 1,214 → 1,126 (-88)

28% less capital invested

Capital invested by funds: $32.2B → $23.3B (-$8.96B)

34% less first-time investments, than exits

New positions opened: 131 | Existing positions closed: 198

55% less funds holding in top 10

Funds holding in top 10: 22 → 10 (-12)

Holders
1,126
Holders Change
-88
Holders Change %
-7.25%
% of All Funds
15.1%
Holding in Top 10
10
Holding in Top 10 Change
-12
Holding in Top 10 Change %
-54.55%
% of All Funds
0.13%
New
131
Increased
449
Reduced
369
Closed
198
Calls
$1.79B
Puts
$1.24B
Net Calls
+$542M
Net Calls Change
+$155M

Top Buyers

Rank Fund Capital Flow
1
Qube Research & Technologies (QRT)
Qube Research & Technologies (QRT)
United Kingdom
+$296M
2
GFA
Gallagher Fiduciary Advisors
Illinois
+$269M
3
Pacer Advisors
Pacer Advisors
Pennsylvania
+$252M
4
AQR Capital Management
AQR Capital Management
Connecticut
+$212M
5
Ameriprise
Ameriprise
Minnesota
+$195M

Top Sellers

Rank Fund Capital Flow
1
Wellington Management Group
Wellington Management Group
Massachusetts
-$734M
2
Boston Partners
Boston Partners
Massachusetts
-$318M
3
CHP
Castle Hook Partners
New York
-$241M
4
Fidelity Investments
Fidelity Investments
Massachusetts
-$159M
5
Adage Capital Partners
Adage Capital Partners
Massachusetts
-$143M
Name Holding Trade Value Shares
Change 		Change in
Stake
RW
1226
REDW Wealth
New Mexico
– -$280K -4,632 Closed
AC
1227
Allstate Corporation
Illinois
– -$278K -4,594 Closed
SM
1228
Sciencast Management
New Jersey
– -$277K -4,586 Closed
FFBTD
1229
First Financial Bank - Trust Division
Ohio
– -$277K -4,571 Closed
MSR
1230
Main Street Research
Connecticut
– -$275K -4,545 Closed
GHA
1231
GW Henssler & Associates
Georgia
– -$230K -4,533 Closed
PAM
1232
Palisade Asset Management
Minnesota
– -$273K -4,511 Closed
PIM
1233
Penobscot Investment Management
Massachusetts
– -$272K -4,500 Closed
DO
1234
denkapparat Operations
Germany
– -$269K -4,442 Closed
WC
1235
Waterloo Capital
Texas
– -$262K -4,335 Closed
RLH
1236
RD Lewis Holdings
Florida
– -$295K -4,322 Closed
LFAS
1237
Level Four Advisory Services
Texas
– -$257K -4,250 Closed
SCM
1238
Stonehearth Capital Management
Massachusetts
– -$257K -4,248 Closed
BIAS
1239
Beacon Investment Advisory Services
New Jersey
– -$252K -4,172 Closed
NAM
1240
NorthCrest Asset Manangement
Minnesota
– -$252K -4,172 Closed
PFA
1241
Pure Financial Advisors
California
– -$252K -4,168 Closed
LA
1242
Lifeworks Advisors
Michigan
– -$247K -4,090 Closed
IA
1243
IFG Advisory
Georgia
– -$247K -4,076 Closed
BFS
1244
Bradley Foster & Sargent
Connecticut
– -$243K -4,024 Closed
CL
1245
COWA LLC
Oklahoma
– -$242K -4,000 Closed
NL
1246
NKCFO LLC
Illinois
– -$242K -4,000 Closed
FCM
1247
Family Capital Management
Michigan
– -$241K -3,986 Closed
ACM
1248
Advance Capital Management
Michigan
– -$240K -3,969 Closed
ONB
1249
Old National Bancorp
Indiana
– -$240K -3,967 Closed
JIP
1250
Jaffetilchin Investment Partners
Florida
– -$239K -3,949 Closed
48 49
50
51 52

DAL Hedge Fund Activity: Q1 2025 in Review

1,126 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in Delta Air Lines (DAL) for Q1 2025, worth a combined $23.3B — down 28% from $32.2B a quarter earlier.

Sellers outnumbered buyers: 198 funds closed out of DAL and 131 opened new positions — a net loss of 67 holders — while 369 trimmed existing stakes and 449 added.

The largest buyer was Qube Research & Technologies (QRT), adding an estimated $296M. The largest seller was Wellington Management Group, cutting an estimated $734M.

  • 1,126 institutional investors held Delta Air Lines (DAL) as of Q1 2025, down from 1,214 in Q4 2024.
  • Funds reported $23.3B of Delta Air Lines stock for Q1 2025, down 28% quarter-over-quarter.
  • 131 funds opened new Delta Air Lines positions in Q1 2025 and 198 closed out, a net change of -67 holders.
  • The largest Delta Air Lines buyer in Q1 2025 was Qube Research & Technologies (QRT), an estimated $296M added.
  • The largest Delta Air Lines seller in Q1 2025 was Wellington Management Group, an estimated $734M sold.

Based on aggregated 13F filings for Q1 2025.