Paragon 28, Inc.
FNA
FNA was delisted on the 17th of April, 2025.
158 hedge funds and large institutions have $717M invested in Paragon 28, Inc. in 2025 Q1 according to their latest regulatory filings, with 62 funds opening new positions, 45 increasing their positions, 38 reducing their positions, and 33 closing their positions.
88% more first-time investments, than exits
New positions opened: 62 | Existing positions closed: 33
80% more funds holding in top 10
Funds holding in top 10: 5 → 9 (+4)
46% more capital invested
Capital invested by funds: $492M → $717M (+$226M)
22% more funds holding
Funds holding: 129 → 158 (+29)
18% more repeat investments, than reductions
Existing positions increased: 45 | Existing positions reduced: 38
92% less call options, than puts
Call options by funds: $224K | Put options by funds: $2.67M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
GCL
Glazer Capital LLC
New York
|
+$72.1M |
| 2 |
UBS Group
Zurich,
Switzerland
|
+$58.2M |
| 3 |
TC
Trium Capital
London,
United Kingdom
|
+$34.8M |
| 4 |
TAL
TIG Advisors LLC
New York
|
+$31.8M |
| 5 |
RCMNY
Rubric Capital Management (New York)
New York
|
+$23.4M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FLAM
First Light Asset Management
Edina,
Minnesota
|
-$125M |
| 2 |
MP
MVM Partners
Boston,
Massachusetts
|
-$68.8M |
| 3 |
B
Braidwell
Stamford,
Connecticut
|
-$39.6M |
| 4 |
GKIM
GW&K Investment Management
Boston,
Massachusetts
|
-$20.4M |
| 5 |
BL
Bleichroeder LP
New York
|
-$18.2M |
FNA Hedge Fund Activity: Q1 2025 in Review
158 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in Paragon 28, Inc. (FNA) for Q1 2025, worth a combined $717M — up 46% from $492M a quarter earlier.
Buyers outnumbered sellers: 62 funds opened new FNA positions and 33 closed out — a net gain of 29 holders — while 45 added to existing stakes and 38 trimmed.
The largest buyer was Glazer Capital LLC, opening a new position worth an estimated $72.1M. The largest seller was First Light Asset Management, cutting an estimated $125M.
- 158 institutional investors held Paragon 28, Inc. (FNA) as of Q1 2025, up from 129 in Q4 2024.
- Funds reported $717M of Paragon 28, Inc. stock for Q1 2025, up 46% quarter-over-quarter.
- 62 funds opened new Paragon 28, Inc. positions in Q1 2025 and 33 closed out, a net change of +29 holders.
- The largest Paragon 28, Inc. buyer in Q1 2025 was Glazer Capital LLC, an estimated $72.1M added.
- The largest Paragon 28, Inc. seller in Q1 2025 was First Light Asset Management, an estimated $125M sold.
Based on aggregated 13F filings for Q1 2025.