Marcus & Millichap
192 hedge funds and large institutions have $596M invested in Marcus & Millichap in 2025 Q4 according to their latest regulatory filings, with 43 funds opening new positions, 61 increasing their positions, 61 reducing their positions, and 24 closing their positions.
79% more first-time investments, than exits
New positions opened: 43 | Existing positions closed: 24
10% more funds holding
Funds holding: 175 → 192 (+17)
0% more repeat investments, than reductions
Existing positions increased: 61 | Existing positions reduced: 61
2.39% less ownership
Funds ownership: 58.51% → 56.12% (-2.4%)
11% less capital invested
Capital invested by funds: $670M → $596M (-$74M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Citadel Advisors
Miami,
Florida
|
+$8.94M |
| 2 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
+$7.02M |
| 3 |
Renaissance Technologies
New York
|
+$6.66M |
| 4 |
Jane Street
New York
|
+$6.59M |
| 5 |
Two Sigma Investments
New York
|
+$6.18M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
RP
Reinhart Partners
Mequon,
Wisconsin
|
-$64.8M |
| 2 |
RA
Royce & Associates
New York
|
-$25.4M |
| 3 |
Wellington Management Group
Boston,
Massachusetts
|
-$9.54M |
| 4 |
Lord, Abbett & Co
Jersey City,
New Jersey
|
-$7.46M |
| 5 |
Millennium Management
New York
|
-$3.03M |
MMI Hedge Fund Activity: Q4 2025 in Review
192 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in Marcus & Millichap (MMI) for Q4 2025, worth a combined $596M — down 11% from $670M a quarter earlier.
Buyers outnumbered sellers: 43 funds opened new MMI positions and 24 closed out — a net gain of 19 holders — while 61 added to existing stakes and 61 trimmed.
The largest buyer was Citadel Advisors, adding an estimated $8.94M. The largest seller was Reinhart Partners, exiting entirely with an estimated $64.8M sold.
- 192 institutional investors held Marcus & Millichap (MMI) as of Q4 2025, up from 175 in Q3 2025.
- Funds reported $596M of Marcus & Millichap stock for Q4 2025, down 11% quarter-over-quarter.
- 43 funds opened new Marcus & Millichap positions in Q4 2025 and 24 closed out, a net change of +19 holders.
- The largest Marcus & Millichap buyer in Q4 2025 was Citadel Advisors, an estimated $8.94M added.
- The largest Marcus & Millichap seller in Q4 2025 was Reinhart Partners, an estimated $64.8M sold.
Based on aggregated 13F filings for Q4 2025.