Research Frontiers
REFR
35 hedge funds and large institutions have $5.21M invested in Research Frontiers in 2025 Q4 according to their latest regulatory filings, with 9 funds opening new positions, 10 increasing their positions, 7 reducing their positions, and 4 closing their positions.
125% more first-time investments, than exits
New positions opened: 9 | Existing positions closed: 4
43% more repeat investments, than reductions
Existing positions increased: 10 | Existing positions reduced: 7
17% more funds holding
Funds holding: 30 → 35 (+5)
0.67% less ownership
Funds ownership: 12.5% → 11.83% (-0.67%)
21% less capital invested
Capital invested by funds: $6.63M → $5.21M (-$1.42M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Vanguard Group
Malvern,
Pennsylvania
|
+$217K |
| 2 |
Citadel Advisors
Miami,
Florida
|
+$102K |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$52.6K |
| 4 |
TSS
Two Sigma Securities
New York
|
+$38.6K |
| 5 |
XT
XTX Topco
George Town,
Cayman Islands
|
+$35.6K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Focus Partners Wealth
Boston,
Massachusetts
|
-$665K |
| 2 |
MOS
MGO One Seven
Beachwood,
Ohio
|
-$124K |
| 3 |
KWM
Kingsview Wealth Management
Grants Pass,
Oregon
|
-$67.8K |
| 4 |
SRC
Shufro Rose & Co
New York
|
-$25.8K |
| 5 |
FIA
Foundations Investment Advisors
Phoenix,
Arizona
|
-$21.9K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
26
Morgan Stanley
New York
| $5.16K | – | – | – |
|
27
UBS Group
Zurich,
Switzerland
| $3.93K | -$7.68K | -4,549 | -60% |
|
28
Rockefeller Capital Management
New York
| $3.54K | +$4.56K | +2,700 | New |
|
|
TRCT
29
Tower Research Capital (TRC)
New York
| $2.71K | +$1.33K | +787 | +61% |
|
30
JP Morgan Chase
New York
| $1.36K | – | – | – |
|
|
NA
31
NewEdge Advisors
New Orleans,
Louisiana
| $328 | -$2.91K | -1,722 | -87% |
|
|
FG
32
Fairman Group
Chesterbrook,
Pennsylvania
| $164 | – | – | – |
|
33
Bank of America
Charlotte,
North Carolina
| $34 | +$2 | +1 | +4% |
|
34
Citigroup
New York
| $1 | +$2 | +1 | New |
|
|
FIA
35
Foundations Investment Advisors
Phoenix,
Arizona
| – | -$21.9K | -13,800 | Closed |
|
36
Northwestern Mutual Wealth Management
Milwaukee,
Wisconsin
| – | -$5.19K | -3,263 | Closed |
|
|
SS
37
SBI Securities
Tokyo,
Japan
| – | -$30 | -19 | Closed |
|
38
Barclays
London,
United Kingdom
| – | -$14 | -9 | Closed |
|
39
Royal Bank of Canada
Toronto,
Ontario, Canada
| – | +$194 | +115 | +397% |
|
REFR Hedge Fund Activity: Q4 2025 in Review
35 of the 8,228 institutional investors tracked by Wall St. Rank reported a position in Research Frontiers (REFR) for Q4 2025, worth a combined $5.21M — down 21% from $6.63M a quarter earlier.
Buyers outnumbered sellers: 9 funds opened new REFR positions and 4 closed out — a net gain of 5 holders — while 10 added to existing stakes and 7 trimmed.
The largest buyer was Vanguard Group, adding an estimated $217K. The largest seller was Focus Partners Wealth, cutting an estimated $665K.
- 35 institutional investors held Research Frontiers (REFR) as of Q4 2025, up from 30 in Q3 2025.
- Funds reported $5.21M of Research Frontiers stock for Q4 2025, down 21% quarter-over-quarter.
- 9 funds opened new Research Frontiers positions in Q4 2025 and 4 closed out, a net change of +5 holders.
- The largest Research Frontiers buyer in Q4 2025 was Vanguard Group, an estimated $217K added.
- The largest Research Frontiers seller in Q4 2025 was Focus Partners Wealth, an estimated $665K sold.
Based on aggregated 13F filings for Q4 2025.