First Advantage
161 hedge funds and large institutions have $3.1B invested in First Advantage in 2025 Q2 according to their latest regulatory filings, with 36 funds opening new positions, 65 increasing their positions, 37 reducing their positions, and 25 closing their positions.
76% more repeat investments, than reductions
Existing positions increased: 65 | Existing positions reduced: 37
44% more first-time investments, than exits
New positions opened: 36 | Existing positions closed: 25
20% more capital invested
Capital invested by funds: $2.58B → $3.1B (+$519M)
6% more funds holding
Funds holding: 152 → 161 (+9)
1.93% more ownership
Funds ownership: 105.54% → 107.48% (+1.9%)
25% less funds holding in top 10
Funds holding in top 10: 4 → 3 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
T. Rowe Price Associates
Baltimore,
Maryland
|
+$84.6M |
| 2 |
AllianceBernstein
Nashville,
Tennessee
|
+$74.6M |
| 3 |
BlackRock
New York
|
+$12.8M |
| 4 |
FAM
Fred Alger Management
New York
|
+$9.77M |
| 5 |
Capital World Investors
Los Angeles,
California
|
+$8.07M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
T. Rowe Price Investment Management
Baltimore,
Maryland
|
-$30.6M |
| 2 |
SM
Sunriver Management
Greenwich,
Connecticut
|
-$29.2M |
| 3 |
Wellington Management Group
Boston,
Massachusetts
|
-$24.7M |
| 4 |
JP Morgan Chase
New York
|
-$19.4M |
| 5 |
Dimensional Fund Advisors
Austin,
Texas
|
-$16.9M |
FA Hedge Fund Activity: Q2 2025 in Review
161 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in First Advantage (FA) for Q2 2025, worth a combined $3.1B — up 20% from $2.58B a quarter earlier.
Buyers outnumbered sellers: 36 funds opened new FA positions and 25 closed out — a net gain of 11 holders — while 65 added to existing stakes and 37 trimmed.
The largest buyer was T. Rowe Price Associates, adding an estimated $84.6M. The largest seller was T. Rowe Price Investment Management, exiting entirely with an estimated $30.6M sold.
- 161 institutional investors held First Advantage (FA) as of Q2 2025, up from 152 in Q1 2025.
- Funds reported $3.1B of First Advantage stock for Q2 2025, up 20% quarter-over-quarter.
- 36 funds opened new First Advantage positions in Q2 2025 and 25 closed out, a net change of +11 holders.
- The largest First Advantage buyer in Q2 2025 was T. Rowe Price Associates, an estimated $84.6M added.
- The largest First Advantage seller in Q2 2025 was T. Rowe Price Investment Management, an estimated $30.6M sold.
Based on aggregated 13F filings for Q2 2025.