First Trust S&P REIT Index Fund
FRI
68 hedge funds and large institutions have $108M invested in First Trust S&P REIT Index Fund in 2025 Q4 according to their latest regulatory filings, with 13 funds opening new positions, 19 increasing their positions, 30 reducing their positions, and 5 closing their positions.
160% more first-time investments, than exits
New positions opened: 13 | Existing positions closed: 5
13% more funds holding
Funds holding: 60 → 68 (+8)
2.26% less ownership
Funds ownership: 74.89% → 72.64% (-2.3%)
10% less capital invested
Capital invested by funds: $120M → $108M (-$11.9M)
37% less repeat investments, than reductions
Existing positions increased: 19 | Existing positions reduced: 30
100% less funds holding in top 10
Funds holding in top 10: 1 → 0 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
+$4.96M |
| 2 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
+$3.02M |
| 3 |
TFP
TrueWealth Financial Partners
Bellevue,
Washington
|
+$2.99M |
| 4 |
TAM
TCP Asset Management
Columbus,
Ohio
|
+$1.04M |
| 5 |
Stifel Financial
St. Louis,
Missouri
|
+$980K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AFS
Aft Forsyth & Sober
Valrico,
Florida
|
-$9.15M |
| 2 |
LPL Financial
San Diego,
California
|
-$9.11M |
| 3 |
Osaic Holdings
Scottsdale,
Arizona
|
-$2.06M |
| 4 |
Wells Fargo
San Francisco,
California
|
-$1.28M |
| 5 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$895K |
FRI Hedge Fund Activity: Q4 2025 in Review
68 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in First Trust S&P REIT Index Fund (FRI) for Q4 2025, worth a combined $108M — down 9.9% from $120M a quarter earlier.
Buyers outnumbered sellers: 13 funds opened new FRI positions and 5 closed out — a net gain of 8 holders — while 19 added to existing stakes and 30 trimmed.
The largest buyer was Morgan Stanley, adding an estimated $4.96M. The largest seller was Aft Forsyth & Sober, cutting an estimated $9.15M.
- 68 institutional investors held First Trust S&P REIT Index Fund (FRI) as of Q4 2025, up from 60 in Q3 2025.
- Funds reported $108M of First Trust S&P REIT Index Fund stock for Q4 2025, down 9.9% quarter-over-quarter.
- 13 funds opened new First Trust S&P REIT Index Fund positions in Q4 2025 and 5 closed out, a net change of +8 holders.
- The largest First Trust S&P REIT Index Fund buyer in Q4 2025 was Morgan Stanley, an estimated $4.96M added.
- The largest First Trust S&P REIT Index Fund seller in Q4 2025 was Aft Forsyth & Sober, an estimated $9.15M sold.
Based on aggregated 13F filings for Q4 2025.