FirstService
FSV
306 hedge funds and large institutions have $5.1B invested in FirstService in 2025 Q4 according to their latest regulatory filings, with 47 funds opening new positions, 96 increasing their positions, 114 reducing their positions, and 51 closing their positions.
207% more call options, than puts
Call options by funds: $15.3M | Put options by funds: $5M
50% more funds holding in top 10
Funds holding in top 10: 4 → 6 (+2)
2.86% more ownership
Funds ownership: 68.26% → 71.12% (+2.9%)
8% less first-time investments, than exits
New positions opened: 47 | Existing positions closed: 51
5% less funds holding
Funds holding: 321 → 306 (-15)
13% less capital invested
Capital invested by funds: $5.89B → $5.1B (-$789M)
16% less repeat investments, than reductions
Existing positions increased: 96 | Existing positions reduced: 114
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Manulife (Manufacturers Life Insurance)
Canada,
Ontario, Canada
|
+$375M |
| 2 |
Wellington Management Group
Boston,
Massachusetts
|
+$117M |
| 3 |
Janus Henderson Group
London,
|
+$94.3M |
| 4 |
OAG
Orbis Allan Gray
Hamilton,
Bermuda
|
+$86.3M |
| 5 |
Mackenzie Financial
Toronto Ontario,
Ontario, Canada
|
+$39M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DCP
Durable Capital Partners
Bethesda,
Maryland
|
-$290M |
| 2 |
Fidelity International
Hamilton,
Bermuda
|
-$163M |
| 3 |
T. Rowe Price Investment Management
Baltimore,
Maryland
|
-$76.6M |
| 4 |
T. Rowe Price Associates
Baltimore,
Maryland
|
-$60.5M |
| 5 |
Morgan Stanley
New York
|
-$39.6M |
FSV Hedge Fund Activity: Q4 2025 in Review
306 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in FirstService (FSV) for Q4 2025, worth a combined $5.1B — down 13% from $5.89B a quarter earlier.
Sellers outnumbered buyers: 51 funds closed out of FSV and 47 opened new positions — a net loss of 4 holders — while 114 trimmed existing stakes and 96 added.
The largest buyer was Manulife (Manufacturers Life Insurance), adding an estimated $375M. The largest seller was Durable Capital Partners, cutting an estimated $290M.
- 306 institutional investors held FirstService (FSV) as of Q4 2025, down from 321 in Q3 2025.
- Funds reported $5.1B of FirstService stock for Q4 2025, down 13% quarter-over-quarter.
- 47 funds opened new FirstService positions in Q4 2025 and 51 closed out, a net change of -4 holders.
- The largest FirstService buyer in Q4 2025 was Manulife (Manufacturers Life Insurance), an estimated $375M added.
- The largest FirstService seller in Q4 2025 was Durable Capital Partners, an estimated $290M sold.
Based on aggregated 13F filings for Q4 2025.