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Lemonade
LMND

277 hedge funds and large institutions have $1.97B invested in Lemonade in 2025 Q2 according to their latest regulatory filings, with 64 funds opening new positions, 97 increasing their positions, 52 reducing their positions, and 35 closing their positions.

New
Increased
Maintained
Reduced
Closed

94% more call options, than puts

Call options by funds: $228M | Put options by funds: $118M

87% more repeat investments, than reductions

Existing positions increased: 97 | Existing positions reduced: 52

83% more first-time investments, than exits

New positions opened: 64 | Existing positions closed: 35

43% more capital invested

Capital invested by funds: $1.38B → $1.97B (+$595M)

33% more funds holding in top 10

Funds holding in top 10: 3 → 4 (+1)

11% more funds holding

Funds holding: 250 → 277 (+27)

1.29% more ownership

Funds ownership: 60.14% → 61.43% (+1.3%)

Holders
277
Holders Change
+27
Holders Change %
+10.8%
% of All Funds
3.65%
Holding in Top 10
4
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+33.33%
% of All Funds
0.05%
New
64
Increased
97
Reduced
52
Closed
35
Calls
$228M
Puts
$118M
Net Calls
+$110M
Net Calls Change
+$59.3M

Top Buyers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
+$33.7M
2
UBS Group
UBS Group
Switzerland
+$24.9M
3
Jane Street
Jane Street
New York
+$18.9M
4
JP Morgan Chase
JP Morgan Chase
New York
+$17.4M
5
JF
Jump Financial
Illinois
+$15.2M

Top Sellers

Rank Fund Capital Flow
1
SoftBank Group
SoftBank Group
Japan
-$150M
2
Marshall Wace
Marshall Wace
United Kingdom
-$9.25M
3
Millennium Management
Millennium Management
New York
-$8.47M
4
HFF
Halter Ferguson Financial
Indiana
-$6.35M
5
Group One Trading
Group One Trading
Illinois
-$5.38M
Name Holding Trade Value Shares
Change 		Change in
Stake
Walleye Trading
51
Walleye Trading
New York
$3.45M +$876K +26,278 +50%
NIA
52
NIA Impact Advisors
California
$3.44M +$843K +25,286 +47%
Mirae Asset Global ETFs Holdings
53
Mirae Asset Global ETFs Holdings
Hong Kong
$3.37M -$92.9K -2,788 -3%
Millennium Management
54
Millennium Management
New York
$3.31M -$8.47M -254,278 -77%
XSC
55
X-Square Capital
Puerto Rico
$3.09M +$2.35M +70,571 New
AllianceBernstein
56
AllianceBernstein
Tennessee
$3.06M +$477K +14,300 +26%
Legal & General Group
57
Legal & General Group
United Kingdom
$2.58M +$131K +3,927 +7%
LIP
58
Liontrust Investment Partners
United Kingdom
$2.57M -$1.01M -30,239 -34%
AFS
59
Amtrust Financial Services
New York
$2.48M – – –
Wells Fargo
60
Wells Fargo
California
$2.46M -$44.6K -1,338 -2%
GCP
61
GSA Capital Partners
United Kingdom
$2.41M +$129K +3,859 +8%
Federated Hermes
62
Federated Hermes
Pennsylvania
$2.33M +$1.77M +53,250 New
Point72 Asset Management
63
Point72 Asset Management
Connecticut
$2.28M +$1.74M +52,113 New
MMEA
64
Main Management ETF Advisors
California
$2.25M +$28K +840 +2%
LCM
65
Landscape Capital Management
New Jersey
$2.23M -$2.04M -61,141 -55%
Parallax Volatility Advisers
66
Parallax Volatility Advisers
California
$2.17M +$148K +4,442 +10%
California State Teachers Retirement System (CalSTRS)
67
California State Teachers Retirement System (CalSTRS)
California
$2.16M +$27.2K +815 +2%
T. Rowe Price Associates
68
T. Rowe Price Associates
Maryland
$2.14M +$201K +6,025 +14%
LPL Financial
69
LPL Financial
California
$2.07M +$301K +9,036 +24%
CAU
70
Caxton Associates (UK)
$2.03M – – –
Capital Fund Management (CFM)
71
Capital Fund Management (CFM)
France
$1.98M +$1.51M +45,296 New
QT
72
Quantbot Technologies
New York
$1.86M +$1.42M +42,491 New
TI
73
Tidal Investments
Wisconsin
$1.81M +$166K +4,994 +14%
EGM
74
Engineers Gate Manager
New York
$1.59M +$1.21M +36,331 New
DFCM
75
Dark Forest Capital Management
Puerto Rico
$1.59M +$770K +23,100 +176%
1 2
3
4 5

LMND Hedge Fund Activity: Q2 2025 in Review

277 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in Lemonade (LMND) for Q2 2025, worth a combined $1.97B — up 43% from $1.38B a quarter earlier.

Buyers outnumbered sellers: 64 funds opened new LMND positions and 35 closed out — a net gain of 29 holders — while 97 added to existing stakes and 52 trimmed.

The largest buyer was Morgan Stanley, adding an estimated $33.7M. The largest seller was SoftBank Group, cutting an estimated $150M.

  • 277 institutional investors held Lemonade (LMND) as of Q2 2025, up from 250 in Q1 2025.
  • Funds reported $1.97B of Lemonade stock for Q2 2025, up 43% quarter-over-quarter.
  • 64 funds opened new Lemonade positions in Q2 2025 and 35 closed out, a net change of +29 holders.
  • The largest Lemonade buyer in Q2 2025 was Morgan Stanley, an estimated $33.7M added.
  • The largest Lemonade seller in Q2 2025 was SoftBank Group, an estimated $150M sold.

Based on aggregated 13F filings for Q2 2025.