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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
Man Group
76
Man Group
United Kingdom
$735K +$715K +44,270 New
Wells Fargo
77
Wells Fargo
California
$733K +$200K +12,358 +39%
Mirae Asset Global ETFs Holdings
78
Mirae Asset Global ETFs Holdings
Hong Kong
$721K +$127K +7,845 +22%
Pathstone Holdings
79
Pathstone Holdings
New Jersey
$690K +$671K +41,547 New
TSS
80
Two Sigma Securities
New York
$636K +$618K +38,263 New
NPT
81
National Philanthropic Trust
Pennsylvania
$606K – – –
Citigroup
82
Citigroup
New York
$593K -$301K -18,676 -34%
Janus Henderson Group
83
Janus Henderson Group
United Kingdom
$544K – – –
Zurich Cantonal Bank
84
Zurich Cantonal Bank
Switzerland
$506K +$82.5K +5,108 +20%
Two Sigma Investments
85
Two Sigma Investments
New York
$495K -$441K -27,313 -48%
OAM
86
Oppenheimer Asset Management
New York
$439K +$26.1K +1,614 +7%
BCM
87
Bayesian Capital Management
New York
$426K +$414K +25,632 New
Truist Financial
88
Truist Financial
North Carolina
$401K +$159K +9,863 +69%
GEM
89
Global Endowment Management
North Carolina
$384K +$373K +23,107 New
VOYA Investment Management
90
VOYA Investment Management
Georgia
$383K -$2.44M -151,422 -87%
ASRS
91
Arizona State Retirement System
Arizona
$378K +$8.1K +502 +2%
GIM
92
Glenmede Investment Management
Pennsylvania
$352K +$342K +21,174 New
BC
93
Bridgefront Capital
Texas
$339K +$329K +20,400 New
PFSRSONJ
94
Police & Firemen's Retirement System of New Jersey
New Jersey
$300K +$90.2K +5,587 +45%
HF
95
HRT Financial
New York
$277K +$270K +16,711 New
JRP
96
Jasper Ridge Partners
California
$276K – – –
PTC
97
Petrus Trust Company
Texas
$270K -$316K -19,587 -55%
ProShare Advisors
98
ProShare Advisors
Maryland
$270K +$52.9K +3,277 +25%
HC
99
Henshaw Capital
Massachusetts
$261K – – –
State Board of Administration of Florida Retirement System
100
State Board of Administration of Florida Retirement System
Florida
$259K – – –
2 3
4
5 6

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.