Five Below
FIVE
554 hedge funds and large institutions have $10.7B invested in Five Below in 2025 Q4 according to their latest regulatory filings, with 125 funds opening new positions, 176 increasing their positions, 188 reducing their positions, and 64 closing their positions.
95% more first-time investments, than exits
New positions opened: 125 | Existing positions closed: 64
60% more funds holding in top 10
Funds holding in top 10: 10 → 16 (+6)
32% more call options, than puts
Call options by funds: $357M | Put options by funds: $270M
10% more funds holding
Funds holding: 503 → 554 (+51)
4% less capital inflows, than outflows
Capital inflows: $1.39B | Capital outflows: $1.46B
6% less repeat investments, than reductions
Existing positions increased: 176 | Existing positions reduced: 188
1.24% less ownership
Funds ownership: 104.39% → 103.16% (-1.2%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AQR Capital Management
Greenwich,
Connecticut
|
+$121M |
| 2 |
Marshall Wace
London,
United Kingdom
|
+$103M |
| 3 |
Alyeska Investment Group
Chicago,
Illinois
|
+$87.1M |
| 4 |
Invesco
Atlanta,
Georgia
|
+$74.8M |
| 5 |
Woodline Partners
San Francisco,
California
|
+$64.6M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
-$199M |
| 2 |
Samlyn Capital
New York
|
-$146M |
| 3 |
Anomaly Capital Management
New York
|
-$102M |
| 4 |
Fidelity International
Hamilton,
Bermuda
|
-$72.3M |
| 5 |
UBS Group
Zurich,
Switzerland
|
-$52.4M |
FIVE Hedge Fund Activity: Q4 2025 in Review
554 of the 8,294 institutional investors tracked by Wall St. Rank reported a position in Five Below (FIVE) for Q4 2025, worth a combined $10.7B — up 20% from $8.9B a quarter earlier.
Buyers outnumbered sellers: 125 funds opened new FIVE positions and 64 closed out — a net gain of 61 holders — while 176 added to existing stakes and 188 trimmed.
The largest buyer was AQR Capital Management, adding an estimated $121M. The largest seller was Fidelity Investments, cutting an estimated $199M.
- 554 institutional investors held Five Below (FIVE) as of Q4 2025, up from 503 in Q3 2025.
- Funds reported $10.7B of Five Below stock for Q4 2025, up 20% quarter-over-quarter.
- 125 funds opened new Five Below positions in Q4 2025 and 64 closed out, a net change of +61 holders.
- The largest Five Below buyer in Q4 2025 was AQR Capital Management, an estimated $121M added.
- The largest Five Below seller in Q4 2025 was Fidelity Investments, an estimated $199M sold.
Based on aggregated 13F filings for Q4 2025.