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First Advantage
FA

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.

New
Increased
Maintained
Reduced
Closed

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)

Holders
161
Holders Change
+9
Holders Change %
+5.92%
% of All Funds
2.12%
Holding in Top 10
3
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-25%
% of All Funds
0.04%
New
36
Increased
65
Reduced
37
Closed
25
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
T. Rowe Price Associates
T. Rowe Price Associates
Maryland
+$84.6M
2
AllianceBernstein
AllianceBernstein
Tennessee
+$74.6M
3
BlackRock
BlackRock
New York
+$12.8M
4
FAM
Fred Alger Management
New York
+$9.77M
5
Capital World Investors
Capital World Investors
California
+$8.07M

Top Sellers

Rank Fund Capital Flow
1
T. Rowe Price Investment Management
T. Rowe Price Investment Management
Maryland
-$30.6M
2
SM
Sunriver Management
Connecticut
-$29.2M
3
Wellington Management Group
Wellington Management Group
Massachusetts
-$24.7M
4
JP Morgan Chase
JP Morgan Chase
New York
-$19.4M
5
Dimensional Fund Advisors
Dimensional Fund Advisors
Texas
-$16.9M
Name Holding Trade Value Shares
Change 		Change in
Stake
B
51
BloombergSen
Ontario, Canada
$2.21M +$1.05M +65,192 +96%
Invesco
52
Invesco
Georgia
$1.85M -$56.1K -3,474 -3%
SEI Investments
53
SEI Investments
Pennsylvania
$1.84M -$188K -11,635 -9%
ECM
54
ExodusPoint Capital Management
New York
$1.84M -$951K -58,936 -35%
NSAM
55
North Star Asset Management
Wisconsin
$1.84M +$1.78M +110,569 New
RhumbLine Advisers
56
RhumbLine Advisers
Massachusetts
$1.77M +$314K +19,464 +22%
Susquehanna International Group
57
Susquehanna International Group
Pennsylvania
$1.6M +$235K +14,571 +18%
EGM
58
Engineers Gate Manager
New York
$1.53M +$1.49M +92,023 New
Legal & General Group
59
Legal & General Group
United Kingdom
$1.51M -$7.76K -481 -0.5%
VBA
60
Van Berkom & Associates
Quebec, Canada
$1.42M -$119K -7,366 -8%
VI
61
Versor Investments
New York
$1.29M +$1.25M +77,400 New
FDCDDQ
62
Federation des caisses Desjardins du Quebec
Quebec, Canada
$1.28M +$1.09M +67,435 +715%
State of Wisconsin Investment Board
63
State of Wisconsin Investment Board
Wisconsin
$1.22M +$330K +20,456 +38%
California State Teachers Retirement System (CalSTRS)
64
California State Teachers Retirement System (CalSTRS)
California
$1.19M +$8.89K +551 +0.8%
Russell Investments Group
65
Russell Investments Group
United Kingdom
$1.12M +$935K +57,946 +628%
Citadel Advisors
66
Citadel Advisors
Florida
$1.07M +$1.04M +64,266 New
Millennium Management
67
Millennium Management
New York
$1.07M +$370K +22,927 +56%
Envestnet Asset Management
68
Envestnet Asset Management
Illinois
$1.05M +$383K +23,731 +60%
OCM
69
Olstein Capital Management
New York
$963K -$80.7K -5,000 -8%
Deutsche Bank
70
Deutsche Bank
Germany
$870K +$24.6K +1,525 +3%
Natixis Advisors
71
Natixis Advisors
Massachusetts
$825K +$802K +49,679 New
IIM
72
INTECH Investment Management
Florida
$812K -$77.3K -4,790 -9%
MIM
73
MetLife Investment Management
New Jersey
$793K +$185K +11,459 +32%
Universal-Beteiligungs- und Servicegesellschaft
74
Universal-Beteiligungs- und Servicegesellschaft
Germany
$780K +$40K +2,478 +6%
Manulife (Manufacturers Life Insurance)
75
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$735K +$39.8K +2,463 +6%
1 2
3
4 5

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.