HealthEquity
512 hedge funds and large institutions have $8.16B invested in HealthEquity in 2025 Q4 according to their latest regulatory filings, with 91 funds opening new positions, 183 increasing their positions, 180 reducing their positions, and 61 closing their positions.
268% more call options, than puts
Call options by funds: $20.1M | Put options by funds: $5.45M
49% more first-time investments, than exits
New positions opened: 91 | Existing positions closed: 61
4% more funds holding
Funds holding: 494 → 512 (+18)
1.56% more ownership
Funds ownership: 102.73% → 104.29% (+1.6%)
2% more repeat investments, than reductions
Existing positions increased: 183 | Existing positions reduced: 180
3% less capital invested
Capital invested by funds: $8.38B → $8.16B (-$222M)
25% less funds holding in top 10
Funds holding in top 10: 8 → 6 (-2)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
William Blair Investment Management
Chicago,
Illinois
|
+$178M |
| 2 |
Millennium Management
New York
|
+$54.9M |
| 3 |
CCM
Cadian Capital Management
New York
|
+$54.3M |
| 4 |
Swedbank
Stockholm,
Sweden
|
+$41.9M |
| 5 |
WA
Wasatch Advisors
Salt Lake City,
Utah
|
+$27M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
-$138M |
| 2 |
Invesco
Atlanta,
Georgia
|
-$120M |
| 3 |
Macquarie Group
Sydney, NSW 2000,
Australia
|
-$60M |
| 4 |
Franklin Resources
San Mateo,
California
|
-$47.7M |
| 5 |
Point72 Asset Management
Stamford,
Connecticut
|
-$36.3M |
HQY Hedge Fund Activity: Q4 2025 in Review
512 of the 8,265 institutional investors tracked by Wall St. Rank reported a position in HealthEquity (HQY) for Q4 2025, worth a combined $8.16B — down 2.6% from $8.38B a quarter earlier.
Buyers outnumbered sellers: 91 funds opened new HQY positions and 61 closed out — a net gain of 30 holders — while 183 added to existing stakes and 180 trimmed.
The largest buyer was William Blair Investment Management, opening a new position worth an estimated $178M. The largest seller was Fidelity Investments, cutting an estimated $138M.
- 512 institutional investors held HealthEquity (HQY) as of Q4 2025, up from 494 in Q3 2025.
- Funds reported $8.16B of HealthEquity stock for Q4 2025, down 2.6% quarter-over-quarter.
- 91 funds opened new HealthEquity positions in Q4 2025 and 61 closed out, a net change of +30 holders.
- The largest HealthEquity buyer in Q4 2025 was William Blair Investment Management, an estimated $178M added.
- The largest HealthEquity seller in Q4 2025 was Fidelity Investments, an estimated $138M sold.
Based on aggregated 13F filings for Q4 2025.