Merlin Inc
MRLN
58 hedge funds and large institutions have $195M invested in Merlin Inc in 2025 Q4 according to their latest regulatory filings, with 27 funds opening new positions, 4 increasing their positions, 22 reducing their positions, and 11 closing their positions.
300% more funds holding in top 10
Funds holding in top 10: 1 → 4 (+3)
145% more first-time investments, than exits
New positions opened: 27 | Existing positions closed: 11
38% more funds holding
Funds holding: 42 → 58 (+16)
20% less capital invested
Capital invested by funds: $244M → $195M (-$48.9M)
20.63% less ownership
Funds ownership: 92.42% → 71.79% (-21%)
82% less repeat investments, than reductions
Existing positions increased: 4 | Existing positions reduced: 22
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
HCM
Highbridge Capital Management
New York
|
+$21.9M |
| 2 |
HCI
Harraden Circle Investments
New York
|
+$10.4M |
| 3 |
DAM
Decagon Asset Management
London,
United Kingdom
|
+$8.88M |
| 4 |
MCS
Mercuria Capital Strategies
Houston,
Texas
|
+$5.82M |
| 5 |
GL
Governors Lane
New York
|
+$5.44M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FTCM
First Trust Capital Management
Chicago,
Illinois
|
-$16.5M |
| 2 |
MC
Meteora Capital
Boca Raton,
Florida
|
-$16.3M |
| 3 |
WCMNY
Westchester Capital Management (New York)
Valhalla,
New York
|
-$13M |
| 4 |
AA
AQR Arbitrage
Greenwich,
Connecticut
|
-$10.4M |
| 5 |
Hudson Bay Capital Management
Stamford,
Connecticut
|
-$8.82M |
MRLN Hedge Fund Activity: Q4 2025 in Review
58 institutional investors reported a position in Merlin Inc (MRLN) for Q4 2025, worth a combined $195M — down 20% from $244M a quarter earlier.
Buyers outnumbered sellers: 27 funds opened new MRLN positions and 11 closed out — a net gain of 16 holders — while 4 added to existing stakes and 22 trimmed.
The largest buyer was Highbridge Capital Management, opening a new position worth an estimated $21.9M. The largest seller was First Trust Capital Management, cutting an estimated $16.5M.
- 58 institutional investors held Merlin Inc (MRLN) as of Q4 2025, up from 42 in Q3 2025.
- Funds reported $195M of Merlin Inc stock for Q4 2025, down 20% quarter-over-quarter.
- 27 funds opened new Merlin Inc positions in Q4 2025 and 11 closed out, a net change of +16 holders.
- The largest Merlin Inc buyer in Q4 2025 was Highbridge Capital Management, an estimated $21.9M added.
- The largest Merlin Inc seller in Q4 2025 was First Trust Capital Management, an estimated $16.5M sold.
Based on aggregated 13F filings for Q4 2025.