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i3 Verticals

150 hedge funds and large institutions have $795M invested in i3 Verticals in 2025 Q2 according to their latest regulatory filings, with 25 funds opening new positions, 59 increasing their positions, 39 reducing their positions, and 27 closing their positions.

New
Increased
Maintained
Reduced
Closed

51% more repeat investments, than reductions

Existing positions increased: 59 | Existing positions reduced: 39

40% more capital invested

Capital invested by funds: $567M → $795M (+$228M)

13.54% more ownership

Funds ownership: 98.04%111.58% (+14%)

7% less first-time investments, than exits

New positions opened: 25 | Existing positions closed: 27

2% less funds holding

Funds holding: 153150 (-3)

25% less funds holding in top 10

Funds holding in top 10: 43 (-1)

Holders
150
Holders Change
-3
Holders Change %
-1.96%
% of All Funds
1.97%
Holding in Top 10
3
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-25%
% of All Funds
0.04%
New
25
Increased
59
Reduced
39
Closed
27
Calls
$3.67M
Puts
Net Calls
+$3.67M
Net Calls Change
+$2.76M
Name Holding Trade Value Shares
Change
Change in
Stake
T. Rowe Price Investment Management
1
T. Rowe Price Investment Management
Maryland
$87.3M +$69.4M +2,769,829 +682%
VG
2
Visualize Group
New York
$55M +$261K +10,402 +4%
GCM
3
Geneva Capital Management
Wisconsin
$51.9M +$2.54M +101,331 +6%
Vanguard Group
4
Vanguard Group
Pennsylvania
$50.9M +$13.9M +555,878 +43%
BlackRock
5
BlackRock
New York
$49M +$368K +14,685 +0.8%
CC
6
Crosslink Capital
California
$34.4M +$246K +9,830 +0.8%
RIM
7
Ranger Investment Management
Texas
$31.5M +$87.9K +3,505 +0.3%
AC
8
AltraVue Capital
Washington
$31.4M +$899K +35,840 +3%
LPP
9
Long Path Partners
Connecticut
$28.6M +$1.05M +41,851 +4%
PCM
10
Portolan Capital Management
Massachusetts
$26.4M +$4.32M +172,459 +22%
PAIM
11
Punch & Associates Investment Management
Minnesota
$21.1M +$7.83M +312,371 +69%
State Street
12
State Street
Massachusetts
$19.5M +$1.38M +55,127 +8%
FCM
13
Forager Capital Management
Alabama
$18.3M -$2.51M -100,000 -13%
Geode Capital Management
14
Geode Capital Management
Massachusetts
$17.8M +$58.4K +2,330 +0.4%
HA
15
Heartland Advisors
Wisconsin
$17.8M -$2.82M -112,608 -15%
Raymond James Financial
16
Raymond James Financial
Florida
$15.9M +$541K +21,568 +4%
Dimensional Fund Advisors
17
Dimensional Fund Advisors
Texas
$15.2M +$993K +39,611 +8%
Thrivent Financial for Lutherans
18
Thrivent Financial for Lutherans
Minnesota
$15M +$10.1M +401,493 +275%
HCA
19
Harbor Capital Advisors
Illinois
$12.5M +$4.58M +182,699 +67%
RA
20
Royce & Associates
New York
$11.6M -$2.47M -98,518 -19%
Bank of Montreal
21
Bank of Montreal
Ontario, Canada
$11M +$25.3K +1,008 +0.3%
Russell Investments Group
22
Russell Investments Group
United Kingdom
$10.6M -$130K -5,167 -1%
NC
23
Nicholas Company
Wisconsin
$9.48M -$4.76K -190 -0.1%
WA
24
Wasatch Advisors
Utah
$8.27M +$7.55M +300,994 New
CRM
25
Cramer Rosenthal McGlynn
Connecticut
$7.82M +$228K +9,080 +3%

IIIV Hedge Fund Activity: Q2 2025 in Review

150 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in i3 Verticals (IIIV) for Q2 2025, worth a combined $795M — up 40% from $567M a quarter earlier.

Sellers outnumbered buyers: 27 funds closed out of IIIV and 25 opened new positions — a net loss of 2 holders — while 39 trimmed existing stakes and 59 added.

The largest buyer was T. Rowe Price Investment Management, adding an estimated $69.4M. The largest seller was Ameriprise, exiting entirely with an estimated $8.38M sold.

  • 150 institutional investors held i3 Verticals (IIIV) as of Q2 2025, down from 153 in Q1 2025.
  • Funds reported $795M of i3 Verticals stock for Q2 2025, up 40% quarter-over-quarter.
  • 25 funds opened new i3 Verticals positions in Q2 2025 and 27 closed out, a net change of -2 holders.
  • The largest i3 Verticals buyer in Q2 2025 was T. Rowe Price Investment Management, an estimated $69.4M added.
  • The largest i3 Verticals seller in Q2 2025 was Ameriprise, an estimated $8.38M sold.

Based on aggregated 13F filings for Q2 2025.