First Trust S&P REIT Index Fund
FRI
60 hedge funds and large institutions have $120M invested in First Trust S&P REIT Index Fund in 2025 Q3 according to their latest regulatory filings, with 9 funds opening new positions, 25 increasing their positions, 16 reducing their positions, and 12 closing their positions.
56% more repeat investments, than reductions
Existing positions increased: 25 | Existing positions reduced: 16
0% more funds holding in top 10
Funds holding in top 10: 1 → 1 (0)
4% less capital invested
Capital invested by funds: $126M → $120M (-$5.65M)
5% less funds holding
Funds holding: 63 → 60 (-3)
5.48% less ownership
Funds ownership: 80.38% → 74.89% (-5.5%)
25% less first-time investments, than exits
New positions opened: 9 | Existing positions closed: 12
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$1.4M |
| 2 |
BEI
Benjamin Edwards Inc
Clayton,
Missouri
|
+$1.25M |
| 3 |
Cetera Investment Advisers
Schaumburg,
Illinois
|
+$957K |
| 4 |
Morgan Stanley
New York
|
+$650K |
| 5 |
TAM
TCP Asset Management
Columbus,
Ohio
|
+$619K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Cambridge Investment Research Advisors
Fairfield,
Iowa
|
-$5.41M |
| 2 |
Raymond James Financial
St Petersburg,
Florida
|
-$2.29M |
| 3 |
Stifel Financial
St. Louis,
Missouri
|
-$2.24M |
| 4 |
Osaic Holdings
Scottsdale,
Arizona
|
-$1.44M |
| 5 |
LPL Financial
San Diego,
California
|
-$1.21M |
FRI Hedge Fund Activity: Q3 2025 in Review
60 of the 7,640 institutional investors tracked by Wall St. Rank reported a position in First Trust S&P REIT Index Fund (FRI) for Q3 2025, worth a combined $120M — down 4.5% from $126M a quarter earlier.
Sellers outnumbered buyers: 12 funds closed out of FRI and 9 opened new positions — a net loss of 3 holders — while 16 trimmed existing stakes and 25 added.
The largest buyer was Susquehanna International Group, opening a new position worth an estimated $1.4M. The largest seller was Cambridge Investment Research Advisors, exiting entirely with an estimated $5.41M sold.
- 60 institutional investors held First Trust S&P REIT Index Fund (FRI) as of Q3 2025, down from 63 in Q2 2025.
- Funds reported $120M of First Trust S&P REIT Index Fund stock for Q3 2025, down 4.5% quarter-over-quarter.
- 9 funds opened new First Trust S&P REIT Index Fund positions in Q3 2025 and 12 closed out, a net change of -3 holders.
- The largest First Trust S&P REIT Index Fund buyer in Q3 2025 was Susquehanna International Group, an estimated $1.4M added.
- The largest First Trust S&P REIT Index Fund seller in Q3 2025 was Cambridge Investment Research Advisors, an estimated $5.41M sold.
Based on aggregated 13F filings for Q3 2025.