State Street SPDR Portfolio High Yield Bond ETF
SPHY
535 hedge funds and large institutions have $6.82B invested in State Street SPDR Portfolio High Yield Bond ETF in 2025 Q4 according to their latest regulatory filings, with 94 funds opening new positions, 257 increasing their positions, 139 reducing their positions, and 32 closing their positions.
194% more first-time investments, than exits
New positions opened: 94 | Existing positions closed: 32
85% more repeat investments, than reductions
Existing positions increased: 257 | Existing positions reduced: 139
12% more funds holding
Funds holding: 478 → 535 (+57)
9% more funds holding in top 10
Funds holding in top 10: 32 → 35 (+3)
3% more capital invested
Capital invested by funds: $6.62B → $6.82B (+$199M)
5.68% less ownership
Funds ownership: 71.3% → 65.62% (-5.7%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Asset Management One
Tokyo,
Japan
|
+$85.7M |
| 2 |
Bank of America
Charlotte,
North Carolina
|
+$54.4M |
| 3 |
American Century Companies
Kansas City,
Missouri
|
+$46.6M |
| 4 |
SPIA
Steward Partners Investment Advisory
New York
|
+$25.1M |
| 5 |
EMPI
Elo Mutual Pension Insurance
Espoo,
Finland
|
+$24.9M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
IMPI
Ilmarinen Mutual Pension Insurance
Helsinki,
Finland
|
-$156M |
| 2 |
NL
NEPC LLC
Boston,
Massachusetts
|
-$29.3M |
| 3 |
Neuberger Berman Group
New York
|
-$20.8M |
| 4 |
Renaissance Technologies
New York
|
-$17.6M |
| 5 |
Victory Capital Management
San Antonio,
Texas
|
-$17.5M |
SPHY Hedge Fund Activity: Q4 2025 in Review
535 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in State Street SPDR Portfolio High Yield Bond ETF (SPHY) for Q4 2025, worth a combined $6.82B — up 3% from $6.62B a quarter earlier.
Buyers outnumbered sellers: 94 funds opened new SPHY positions and 32 closed out — a net gain of 62 holders — while 257 added to existing stakes and 139 trimmed.
The largest buyer was Asset Management One, opening a new position worth an estimated $85.7M. The largest seller was Ilmarinen Mutual Pension Insurance, cutting an estimated $156M.
- 535 institutional investors held State Street SPDR Portfolio High Yield Bond ETF (SPHY) as of Q4 2025, up from 478 in Q3 2025.
- Funds reported $6.82B of State Street SPDR Portfolio High Yield Bond ETF stock for Q4 2025, up 3% quarter-over-quarter.
- 94 funds opened new State Street SPDR Portfolio High Yield Bond ETF positions in Q4 2025 and 32 closed out, a net change of +62 holders.
- The largest State Street SPDR Portfolio High Yield Bond ETF buyer in Q4 2025 was Asset Management One, an estimated $85.7M added.
- The largest State Street SPDR Portfolio High Yield Bond ETF seller in Q4 2025 was Ilmarinen Mutual Pension Insurance, an estimated $156M sold.
Based on aggregated 13F filings for Q4 2025.