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Research Frontiers
REFR

35 hedge funds and large institutions have $3.48M invested in Research Frontiers in 2026 Q1 according to their latest regulatory filings, with 9 funds opening new positions, 6 increasing their positions, 7 reducing their positions, and 8 closing their positions.

New
Increased
Maintained
Reduced
Closed

13% more first-time investments, than exits

New positions opened: 9 | Existing positions closed: 8

0% more funds holding

Funds holding: 35 → 35 (0)

0.82% less ownership

Funds ownership: 11.83% → 11.01% (-0.82%)

14% less repeat investments, than reductions

Existing positions increased: 6 | Existing positions reduced: 7

33% less capital invested

Capital invested by funds: $5.21M → $3.48M (-$1.74M)

Holders
35
Holders Change
–
Holders Change %
0%
% of All Funds
0.43%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
9
Increased
6
Reduced
7
Closed
8
Calls
$14K
Puts
–
Net Calls
+$14K
Net Calls Change
-$29K

Top Buyers

Rank Fund Capital Flow
1
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$37K
2
Goldman Sachs
Goldman Sachs
New York
+$20.3K
3
FPAS
Focus Partners Advisor Solutions
Missouri
+$15.4K
4
XT
XTX Topco
Cayman Islands
+$13K
5
FF
Farrell Financial
New York
+$11.4K

Top Sellers

Rank Fund Capital Flow
1
Citadel Advisors
Citadel Advisors
Florida
-$79K
2
KWM
Kingsview Wealth Management
Oregon
-$63.6K
3
Charles Schwab
Charles Schwab
California
-$28.6K
4
Raymond James Financial
Raymond James Financial
Florida
-$27.4K
5
VF
Virtu Financial
New York
-$27K
Name Holding Trade Value Shares
Change 		Change in
Stake
TRCT
26
Tower Research Capital (TRC)
New York
$5.57K +$4.36K +3,986 +193%
Osaic Holdings
27
Osaic Holdings
Arizona
$3.68K – – –
Morgan Stanley
28
Morgan Stanley
New York
$3.62K – – –
MCM
29
MAI Capital Management
Ohio
$1.35K +$1.64K +1,500 New
UBS Group
30
UBS Group
Switzerland
$1.08K -$2K -1,828 -61%
JP Morgan Chase
31
JP Morgan Chase
New York
$948 – – –
Citigroup
32
Citigroup
New York
$395 +$478 +437 +43,700%
Simplex Trading
33
Simplex Trading
Illinois
$305 +$363 +332 New
FG
34
Fairman Group
Pennsylvania
$113 – – –
SS
35
SBI Securities
Japan
$5 +$5 +5 New
Citadel Advisors
36
Citadel Advisors
Florida
– -$79K -60,312 Closed
Charles Schwab
37
Charles Schwab
California
– -$28.6K -21,870 Closed
VF
38
Virtu Financial
New York
– -$27K -20,798 Closed
HHGA
39
Halbert Hargrove Global Advisors
California
– -$19.6K -15,000 Closed
Rockefeller Capital Management
40
Rockefeller Capital Management
New York
– -$3.54K -2,700 Closed
NA
41
NewEdge Advisors
Louisiana
– -$328 -250 Closed
Bank of America
42
Bank of America
North Carolina
– -$34 -26 Closed
1
2

REFR Hedge Fund Activity: Q1 2026 in Review

35 of the 8,127 institutional investors tracked by Wall St. Rank reported a position in Research Frontiers (REFR) for Q1 2026, worth a combined $3.48M — down 33% from $5.21M a quarter earlier.

Buyers outnumbered sellers: 9 funds opened new REFR positions and 8 closed out — a net gain of 1 holder — while 6 added to existing stakes and 7 trimmed.

The largest buyer was Susquehanna International Group, adding an estimated $37K. The largest seller was Citadel Advisors, exiting entirely with an estimated $79K sold.

  • 35 institutional investors held Research Frontiers (REFR) as of Q1 2026, unchanged from Q4 2025.
  • Funds reported $3.48M of Research Frontiers stock for Q1 2026, down 33% quarter-over-quarter.
  • 9 funds opened new Research Frontiers positions in Q1 2026 and 8 closed out, a net change of +1 holder.
  • The largest Research Frontiers buyer in Q1 2026 was Susquehanna International Group, an estimated $37K added.
  • The largest Research Frontiers seller in Q1 2026 was Citadel Advisors, an estimated $79K sold.

Based on aggregated 13F filings for Q1 2026.