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NOTE

FiscalNote
NOTE

Delisted

NOTE was delisted on the 25th of March, 2026.

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91 hedge funds and large institutions have $45.1M invested in FiscalNote in 2025 Q1 according to their latest regulatory filings, with 20 funds opening new positions, 30 increasing their positions, 30 reducing their positions, and 5 closing their positions.

New
Increased
Maintained
Reduced
Closed

300% more first-time investments, than exits

New positions opened: 20 | Existing positions closed: 5

178% more call options, than puts

Call options by funds: $592K | Put options by funds: $213K

18% more funds holding

Funds holding: 77 → 91 (+14)

0% more repeat investments, than reductions

Existing positions increased: 30 | Existing positions reduced: 30

0.04% less ownership

Funds ownership: 3.45% → 3.41% (-0.04%)

25% less capital invested

Capital invested by funds: $60.4M → $45.1M (-$15.3M)

50% less funds holding in top 10

Funds holding in top 10: 2 → 1 (-1)

Holders
91
Holders Change
+14
Holders Change %
+18.18%
% of All Funds
1.22%
Holding in Top 10
1
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-50%
% of All Funds
0.01%
New
20
Increased
30
Reduced
30
Closed
5
Calls
$592K
Puts
$213K
Net Calls
+$379K
Net Calls Change
+$286K

Top Buyers

Rank Fund Capital Flow
1
Focus Partners Wealth
Focus Partners Wealth
Massachusetts
+$895K
2
BlackRock
BlackRock
New York
+$816K
3
UBS Group
UBS Group
Switzerland
+$346K
4
Two Sigma Investments
Two Sigma Investments
New York
+$331K
5
Geode Capital Management
Geode Capital Management
Massachusetts
+$282K

Top Sellers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
-$3.89M
2
KCM
Kennedy Capital Management
Missouri
-$374K
3
Brown Advisory
Brown Advisory
Maryland
-$324K
4
SCM
Stonehill Capital Management
New York
-$229K
5
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$142K
Name Holding Trade Value Shares
Change 		Change in
Stake
California State Teachers Retirement System (CalSTRS)
76
California State Teachers Retirement System (CalSTRS)
California
$3.53K – – –
CCM
77
CAAS Capital Management
New York
$3.4K +$24.7K +1,642 New
BNP Paribas Financial Markets
78
BNP Paribas Financial Markets
France
$3.37K -$7.34K -488 -58%
Citadel Advisors
79
Citadel Advisors
Florida
$3.31K +$5.13K +341 New
CA
80
CoreCap Advisors
Michigan
$2.77K +$1.25K +83 +41%
TCM
81
Tradewinds Capital Management
Washington
$2.51K +$3.88K +258 New
AB
82
Amalgamated Bank
New York
$2K – – –
Federated Hermes
83
Federated Hermes
Pennsylvania
$1.69K +$346 +23 +15%
Carson Wealth (CWM LLC)
84
Carson Wealth (CWM LLC)
Nebraska
$1K -$993 -66 -41%
OP
85
ORG Partners
Indiana
$975 +$1.56K +104 New
EWA
86
EverSource Wealth Advisors
Alabama
$325 +$511 +34 New
PNC Financial Services Group
87
PNC Financial Services Group
Pennsylvania
$128 +$60 +4 +44%
SCM
88
Sterling Capital Management
North Carolina
$51 – – –
TWD
89
True Wealth Design
Ohio
$22 +$30 +2 New
IA
90
IFP Advisors
Florida
$9 – – –
CIAM
91
Caitong International Asset Management
Hong Kong
$1 – – –
FGA
92
Fortis Group Advisors
New Jersey
– -$51.4K -4,000 Closed
AWA
93
Arkadios Wealth Advisors
Georgia
– -$39.9K -3,107 Closed
Marshall Wace
94
Marshall Wace
United Kingdom
– -$24.5K -1,908 Closed
Royal Bank of Canada
95
Royal Bank of Canada
Ontario, Canada
– -$1.34K -89 -64%
AAP
96
Arax Advisory Partners
Colorado
– -$554 -43 Closed
RS
97
R Squared
Hong Kong
– -$503 -39 Closed
1 2 3
4

NOTE Hedge Fund Activity: Q1 2025 in Review

91 of the 7,463 institutional investors tracked by Wall St. Rank reported a position in FiscalNote (NOTE) for Q1 2025, worth a combined $45.1M — down 25% from $60.4M a quarter earlier.

Buyers outnumbered sellers: 20 funds opened new NOTE positions and 5 closed out — a net gain of 15 holders — while 30 added to existing stakes and 30 trimmed.

The largest buyer was Focus Partners Wealth, adding an estimated $895K. The largest seller was Morgan Stanley, cutting an estimated $3.89M.

  • 91 institutional investors held FiscalNote (NOTE) as of Q1 2025, up from 77 in Q4 2024.
  • Funds reported $45.1M of FiscalNote stock for Q1 2025, down 25% quarter-over-quarter.
  • 20 funds opened new FiscalNote positions in Q1 2025 and 5 closed out, a net change of +15 holders.
  • The largest FiscalNote buyer in Q1 2025 was Focus Partners Wealth, an estimated $895K added.
  • The largest FiscalNote seller in Q1 2025 was Morgan Stanley, an estimated $3.89M sold.

Based on aggregated 13F filings for Q1 2025.