Research Frontiers
REFR
30 hedge funds and large institutions have $7.09M invested in Research Frontiers in 2025 Q2 according to their latest regulatory filings, with 2 funds opening new positions, 7 increasing their positions, 8 reducing their positions, and 5 closing their positions.
39% more capital invested
Capital invested by funds: $5.11M → $7.09M (+$1.99M)
0.34% less ownership
Funds ownership: 13.43% → 13.09% (-0.34%)
9% less funds holding
Funds holding: 33 → 30 (-3)
13% less repeat investments, than reductions
Existing positions increased: 7 | Existing positions reduced: 8
60% less first-time investments, than exits
New positions opened: 2 | Existing positions closed: 5
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Vanguard Group
Malvern,
Pennsylvania
|
+$152K |
| 2 |
Raymond James Financial
St Petersburg,
Florida
|
+$36.6K |
| 3 |
HPC
HM Payson & Co
Portland,
Maine
|
+$29.4K |
| 4 |
UBS Group
Zurich,
Switzerland
|
+$22.6K |
| 5 |
Mariner
Overland Park,
Kansas
|
+$22K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CAPTRUST Financial Advisors
Raleigh,
North Carolina
|
-$168K |
| 2 |
DWM
Destination Wealth Management
Walnut Creek,
California
|
-$117K |
| 3 |
Citadel Advisors
Miami,
Florida
|
-$29.7K |
| 4 |
KWM
Kingsview Wealth Management
Grants Pass,
Oregon
|
-$28.7K |
| 5 |
Renaissance Technologies
New York
|
-$20.3K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
26
JP Morgan Chase
New York
| $1.69K | -$91 | -62 | -6% |
|
27
BNP Paribas Financial Markets
Paris,
France
| $1.3K | – | – | – |
|
28
Bank of America
Charlotte,
North Carolina
| $466 | +$60 | +41 | +17% |
|
|
FG
29
Fairman Group
Chesterbrook,
Pennsylvania
| $203 | – | – | – |
|
|
SS
30
SBI Securities
Tokyo,
Japan
| $31 | – | – | – |
|
|
31
CAPTRUST Financial Advisors
Raleigh,
North Carolina
| – | -$168K | -149,000 | Closed |
|
|
32
Citadel Advisors
Miami,
Florida
| – | -$29.7K | -20,246 | Closed |
|
|
VF
33
Virtu Financial
New York
| – | -$15K | -13,129 | Closed |
|
|
TSS
34
Two Sigma Securities
New York
| – | -$12.5K | -11,093 | Closed |
|
REFR Hedge Fund Activity: Q2 2025 in Review
30 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in Research Frontiers (REFR) for Q2 2025, worth a combined $7.09M — up 39% from $5.11M a quarter earlier.
Sellers outnumbered buyers: 5 funds closed out of REFR and 2 opened new positions — a net loss of 3 holders — while 8 trimmed existing stakes and 7 added.
The largest buyer was Vanguard Group, adding an estimated $152K. The largest seller was CAPTRUST Financial Advisors, exiting entirely with an estimated $168K sold.
- 30 institutional investors held Research Frontiers (REFR) as of Q2 2025, down from 33 in Q1 2025.
- Funds reported $7.09M of Research Frontiers stock for Q2 2025, up 39% quarter-over-quarter.
- 2 funds opened new Research Frontiers positions in Q2 2025 and 5 closed out, a net change of -3 holders.
- The largest Research Frontiers buyer in Q2 2025 was Vanguard Group, an estimated $152K added.
- The largest Research Frontiers seller in Q2 2025 was CAPTRUST Financial Advisors, an estimated $168K sold.
Based on aggregated 13F filings for Q2 2025.