NextDecade
NEXT
185 hedge funds and large institutions have $571M invested in NextDecade in 2025 Q4 according to their latest regulatory filings, with 35 funds opening new positions, 72 increasing their positions, 54 reducing their positions, and 37 closing their positions.
331% more call options, than puts
Call options by funds: $57.4M | Put options by funds: $13.3M
33% more repeat investments, than reductions
Existing positions increased: 72 | Existing positions reduced: 54
5% less first-time investments, than exits
New positions opened: 35 | Existing positions closed: 37
3.66% less ownership
Funds ownership: 44.57% → 40.91% (-3.7%)
5% less funds holding
Funds holding: 194 → 185 (-9)
28% less capital invested
Capital invested by funds: $793M → $571M (-$222M)
33% less funds holding in top 10
Funds holding in top 10: 6 → 4 (-2)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Balyasny Asset Management
Chicago,
Illinois
|
+$13.1M |
| 2 |
Jane Street
New York
|
+$5.8M |
| 3 |
WHCM
Wolf Hill Capital Management
Greenwich,
Connecticut
|
+$4.54M |
| 4 |
Goldman Sachs
New York
|
+$4.37M |
| 5 |
Hotchkis & Wiley Capital Management
Los Angeles,
California
|
+$4.08M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
YCM
Yaupon Capital Management
New York
|
-$12.7M |
| 2 |
Citadel Advisors
Miami,
Florida
|
-$8.22M |
| 3 |
Vanguard Group
Malvern,
Pennsylvania
|
-$6.91M |
| 4 |
Voloridge Investment Management
Jupiter,
Florida
|
-$6.64M |
| 5 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
-$4.94M |
NEXT Hedge Fund Activity: Q4 2025 in Review
185 of the 8,269 institutional investors tracked by Wall St. Rank reported a position in NextDecade (NEXT) for Q4 2025, worth a combined $571M — down 28% from $793M a quarter earlier.
Sellers outnumbered buyers: 37 funds closed out of NEXT and 35 opened new positions — a net loss of 2 holders — while 54 trimmed existing stakes and 72 added.
The largest buyer was Balyasny Asset Management, adding an estimated $13.1M. The largest seller was Yaupon Capital Management, cutting an estimated $12.7M.
- 185 institutional investors held NextDecade (NEXT) as of Q4 2025, down from 194 in Q3 2025.
- Funds reported $571M of NextDecade stock for Q4 2025, down 28% quarter-over-quarter.
- 35 funds opened new NextDecade positions in Q4 2025 and 37 closed out, a net change of -2 holders.
- The largest NextDecade buyer in Q4 2025 was Balyasny Asset Management, an estimated $13.1M added.
- The largest NextDecade seller in Q4 2025 was Yaupon Capital Management, an estimated $12.7M sold.
Based on aggregated 13F filings for Q4 2025.