Five Below
FIVE
502 hedge funds and large institutions have $8.9B invested in Five Below in 2025 Q3 according to their latest regulatory filings, with 102 funds opening new positions, 197 increasing their positions, 136 reducing their positions, and 54 closing their positions.
89% more first-time investments, than exits
New positions opened: 102 | Existing positions closed: 54
70% more call options, than puts
Call options by funds: $294M | Put options by funds: $172M
45% more repeat investments, than reductions
Existing positions increased: 197 | Existing positions reduced: 136
15% more capital invested
Capital invested by funds: $7.73B → $8.9B (+$1.18B)
9% more funds holding
Funds holding: 460 → 502 (+42)
2.56% less ownership
Funds ownership: 106.96% → 104.39% (-2.6%)
17% less funds holding in top 10
Funds holding in top 10: 12 → 10 (-2)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jennison Associates
New York
|
+$92.6M |
| 2 |
Fuller & Thaler Asset Management
San Mateo,
California
|
+$71.9M |
| 3 |
Wellington Management Group
Boston,
Massachusetts
|
+$71.8M |
| 4 |
Morgan Stanley
New York
|
+$51M |
| 5 |
American Century Companies
Kansas City,
Missouri
|
+$47.1M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
D.E. Shaw & Co
New York
|
-$114M |
| 2 |
Fidelity International
Hamilton,
Bermuda
|
-$107M |
| 3 |
Voloridge Investment Management
Jupiter,
Florida
|
-$81M |
| 4 |
Two Sigma Investments
New York
|
-$76.9M |
| 5 |
SAM
Scopus Asset Management
New York
|
-$64.6M |
FIVE Hedge Fund Activity: Q3 2025 in Review
502 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in Five Below (FIVE) for Q3 2025, worth a combined $8.9B — up 15% from $7.73B a quarter earlier.
Buyers outnumbered sellers: 102 funds opened new FIVE positions and 54 closed out — a net gain of 48 holders — while 197 added to existing stakes and 136 trimmed.
The largest buyer was Jennison Associates, adding an estimated $92.6M. The largest seller was D.E. Shaw & Co, cutting an estimated $114M.
- 502 institutional investors held Five Below (FIVE) as of Q3 2025, up from 460 in Q2 2025.
- Funds reported $8.9B of Five Below stock for Q3 2025, up 15% quarter-over-quarter.
- 102 funds opened new Five Below positions in Q3 2025 and 54 closed out, a net change of +48 holders.
- The largest Five Below buyer in Q3 2025 was Jennison Associates, an estimated $92.6M added.
- The largest Five Below seller in Q3 2025 was D.E. Shaw & Co, an estimated $114M sold.
Based on aggregated 13F filings for Q3 2025.