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Nasdaq
NDAQ

1,044 hedge funds and large institutions have $42B invested in Nasdaq in 2025 Q3 according to their latest regulatory filings, with 127 funds opening new positions, 429 increasing their positions, 315 reducing their positions, and 88 closing their positions.

New
Increased
Maintained
Reduced
Closed

67% more call options, than puts

Call options by funds: $172M | Put options by funds: $103M

44% more first-time investments, than exits

New positions opened: 127 | Existing positions closed: 88

36% more repeat investments, than reductions

Existing positions increased: 429 | Existing positions reduced: 315

3% more funds holding

Funds holding: 1,018 → 1,044 (+26)

0.63% less ownership

Funds ownership: 83.41% → 82.78% (-0.63%)

2% less capital invested

Capital invested by funds: $42.8B → $42B (-$814M)

31% less funds holding in top 10

Funds holding in top 10: 13 → 9 (-4)

Holders
1,044
Holders Change
+26
Holders Change %
+2.55%
% of All Funds
13.7%
Holding in Top 10
9
Holding in Top 10 Change
-4
Holding in Top 10 Change %
-30.77%
% of All Funds
0.12%
New
127
Increased
429
Reduced
315
Closed
88
Calls
$172M
Puts
$103M
Net Calls
+$68.7M
Net Calls Change
+$25.5M

Top Buyers

Rank Fund Capital Flow
1
Vanguard Group
Vanguard Group
Pennsylvania
+$356M
2
BlackRock
BlackRock
New York
+$286M
3
Select Equity Group
Select Equity Group
New York
+$161M
4
State Street
State Street
Massachusetts
+$130M
5
Qube Research & Technologies (QRT)
Qube Research & Technologies (QRT)
United Kingdom
+$113M

Top Sellers

Rank Fund Capital Flow
1
Jane Street
Jane Street
New York
-$561M
2
Harris Associates
Harris Associates
Illinois
-$173M
3
Diamond Hill Capital Management
Diamond Hill Capital Management
Ohio
-$154M
4
Wellington Management Group
Wellington Management Group
Massachusetts
-$133M
5
UBS AM
UBS AM
Illinois
-$98.1M
Name Holding Trade Value Shares
Change 		Change in
Stake
GC
1051
Gillson Capital
Illinois
– -$33.8M -377,823 Closed
ZIG
1052
Zurich Insurance Group
Switzerland
– -$32.5M -363,960 Closed
Holocene Advisors
1053
Holocene Advisors
New York
– -$28.6M -319,308 Closed
LIP
1054
Lighthouse Investment Partners
Florida
– -$16.1M -180,338 Closed
Connor, Clark & Lunn Investment Management (CC&L)
1055
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
– -$11.9M -132,761 Closed
MCM
1056
Moore Capital Management
New York
– -$9.99M -111,680 Closed
Axa
1057
Axa
France
– -$8.97M -100,292 Closed
LP
1058
Longaeva Partners
Illinois
– -$8.94M -99,961 Closed
PCH
1059
Polar Capital Holdings
United Kingdom
– -$8.1M -90,534 Closed
SSA
1060
Sierra Summit Advisors
Nevada
– -$6.49M -72,563 Closed
VHAM
1061
Van Hulzen Asset Management
California
– -$6.24M -69,819 Closed
IFU
1062
iSAM Funds (UK)
United Kingdom
– -$4.96M -55,471 Closed
NRD
1063
Nebula Research & Development
New York
– -$3.96M -44,315 Closed
LOAME
1064
Lombard Odier Asset Management (Europe)
United Kingdom
– -$3.49M -39,000 Closed
BCPE
1065
Bain Capital Public Equity
Massachusetts
– -$3.34M -37,382 Closed
FCM
1066
FJ Capital Management
Virginia
– -$2.49M -27,803 Closed
SC
1067
SummitTX Capital
Texas
– -$2.19M -24,465 Closed
CC
1068
Centiva Capital
New York
– -$2.16M -24,173 Closed
PMAM
1069
Picton Mahoney Asset Management
Ontario, Canada
– -$1.87M -20,900 Closed
QC
1070
Quadrature Capital
United Kingdom
– -$1.85M -20,682 Closed
I
1071
InceptionR
California
– -$1.74M -19,434 Closed
IMC Chicago
1072
IMC Chicago
Illinois
– -$1.44M -15,591 Closed
BAM
1073
Belpointe Asset Management
Nevada
– -$1.16M -12,949 Closed
FCA
1074
Fortis Capital Advisors
Kansas
– -$1.16M -12,949 Closed
SRL
1075
Scientech Research LLC
New Jersey
– -$1.12M -12,559 Closed
41 42
43
44 45

NDAQ Hedge Fund Activity: Q3 2025 in Review

1,044 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Nasdaq (NDAQ) for Q3 2025, worth a combined $42B — down 1.9% from $42.8B a quarter earlier.

Buyers outnumbered sellers: 127 funds opened new NDAQ positions and 88 closed out — a net gain of 39 holders — while 429 added to existing stakes and 315 trimmed.

The largest buyer was Vanguard Group, adding an estimated $356M. The largest seller was Jane Street, cutting an estimated $561M.

  • 1,044 institutional investors held Nasdaq (NDAQ) as of Q3 2025, up from 1,018 in Q2 2025.
  • Funds reported $42B of Nasdaq stock for Q3 2025, down 1.9% quarter-over-quarter.
  • 127 funds opened new Nasdaq positions in Q3 2025 and 88 closed out, a net change of +39 holders.
  • The largest Nasdaq buyer in Q3 2025 was Vanguard Group, an estimated $356M added.
  • The largest Nasdaq seller in Q3 2025 was Jane Street, an estimated $561M sold.

Based on aggregated 13F filings for Q3 2025.