First Merchants
FRME
281 hedge funds and large institutions have $1.64B invested in First Merchants in 2025 Q4 according to their latest regulatory filings, with 32 funds opening new positions, 98 increasing their positions, 96 reducing their positions, and 26 closing their positions.
23% more first-time investments, than exits
New positions opened: 32 | Existing positions closed: 26
2% more repeat investments, than reductions
Existing positions increased: 98 | Existing positions reduced: 96
0% more funds holding in top 10
Funds holding in top 10: 1 → 1 (0)
0% less funds holding
Funds holding: 282 → 281 (-1)
0.78% less ownership
Funds ownership: 76.68% → 75.9% (-0.78%)
1% less capital invested
Capital invested by funds: $1.67B → $1.64B (-$24M)
100% less call options, than puts
Call options by funds: $0 | Put options by funds: $1.39M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FCM
FJ Capital Management
Mclean,
Virginia
|
+$12.6M |
| 2 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
+$8.68M |
| 3 |
Millennium Management
New York
|
+$4.6M |
| 4 |
Nuveen
Charlotte,
North Carolina
|
+$3.86M |
| 5 |
Wellington Management Group
Boston,
Massachusetts
|
+$3.68M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Principal Financial Group
Des Moines,
Iowa
|
-$23.9M |
| 2 |
American Century Companies
Kansas City,
Missouri
|
-$8.96M |
| 3 |
EF
Empowered Funds
Havertown,
Pennsylvania
|
-$8.85M |
| 4 |
ProShare Advisors
Bethesda,
Maryland
|
-$5.71M |
| 5 |
EARNEST Partners
Atlanta,
Georgia
|
-$5.02M |
FRME Hedge Fund Activity: Q4 2025 in Review
281 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in First Merchants (FRME) for Q4 2025, worth a combined $1.64B — down 1.4% from $1.67B a quarter earlier.
Buyers outnumbered sellers: 32 funds opened new FRME positions and 26 closed out — a net gain of 6 holders — while 98 added to existing stakes and 96 trimmed.
The largest buyer was FJ Capital Management, adding an estimated $12.6M. The largest seller was Principal Financial Group, cutting an estimated $23.9M.
- 281 institutional investors held First Merchants (FRME) as of Q4 2025, down from 282 in Q3 2025.
- Funds reported $1.64B of First Merchants stock for Q4 2025, down 1.4% quarter-over-quarter.
- 32 funds opened new First Merchants positions in Q4 2025 and 26 closed out, a net change of +6 holders.
- The largest First Merchants buyer in Q4 2025 was FJ Capital Management, an estimated $12.6M added.
- The largest First Merchants seller in Q4 2025 was Principal Financial Group, an estimated $23.9M sold.
Based on aggregated 13F filings for Q4 2025.