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114 hedge funds and large institutions have $140M invested in ThredUp in 2025 Q1 according to their latest regulatory filings, with 27 funds opening new positions, 32 increasing their positions, 31 reducing their positions, and 4 closing their positions.

New
Increased
Maintained
Reduced
Closed

575% more first-time investments, than exits

New positions opened: 27 | Existing positions closed: 4

94% more capital invested

Capital invested by funds: $72.4M → $140M (+$67.7M)

25% more funds holding

Funds holding: 91 → 114 (+23)

21% more call options, than puts

Call options by funds: $1.63M | Put options by funds: $1.34M

1.97% more ownership

Funds ownership: 60.8% → 62.77% (+2%)

3% more repeat investments, than reductions

Existing positions increased: 32 | Existing positions reduced: 31

Holders
114
Holders Change
+23
Holders Change %
+25.27%
% of All Funds
1.53%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
27
Increased
32
Reduced
31
Closed
4
Calls
$1.63M
Puts
$1.34M
Net Calls
+$281K
Net Calls Change
-$16K

Top Buyers

Rank Fund Capital Flow
1
Marshall Wace
Marshall Wace
United Kingdom
+$3.13M
2
Millennium Management
Millennium Management
New York
+$2.57M
3
TAM
Tocqueville Asset Management
New York
+$2.23M
4
William Blair & Company
William Blair & Company
Illinois
+$2.16M
5
B
BloombergSen
Ontario, Canada
+$1.45M

Top Sellers

Rank Fund Capital Flow
1
Goldman Sachs
Goldman Sachs
New York
-$2.61M
2
Fidelity International
Fidelity International
Bermuda
-$1.04M
3
Jacobs Levy Equity Management
Jacobs Levy Equity Management
New Jersey
-$470K
4
Morgan Stanley
Morgan Stanley
New York
-$337K
5
JP Morgan Chase
JP Morgan Chase
New York
-$287K
Name Holding Trade Value Shares
Change 		Change in
Stake
Capital World Investors
1
Capital World Investors
California
$21M – – –
NIM
2
Needham Investment Management
New York
$15.3M -$40.3K -17,500 -0.3%
BlackRock
3
BlackRock
New York
$12.6M -$255K -110,861 -2%
Ameriprise
4
Ameriprise
Minnesota
$12.1M +$422K +183,359 +4%
Vanguard Group
5
Vanguard Group
Pennsylvania
$11.4M +$530K +230,323 +5%
William Blair & Company
6
William Blair & Company
Illinois
$7.16M +$2.16M +939,449 +46%
Fidelity International
7
Fidelity International
Bermuda
$7.11M -$1.04M -450,000 -13%
Marshall Wace
8
Marshall Wace
United Kingdom
$6.94M +$3.13M +1,360,443 +89%
Acadian Asset Management
9
Acadian Asset Management
Massachusetts
$5.91M +$644K +279,799 +13%
Geode Capital Management
10
Geode Capital Management
Massachusetts
$4.77M +$147K +63,972 +3%
State Street
11
State Street
Massachusetts
$3.85M +$204K +88,842 +6%
B
12
BloombergSen
Ontario, Canada
$3.06M +$1.45M +630,101 +99%
Millennium Management
13
Millennium Management
New York
$2.88M +$2.57M +1,114,480 +1,369%
Renaissance Technologies
14
Renaissance Technologies
New York
$2.66M +$287K +124,500 +13%
TAM
15
Tocqueville Asset Management
New York
$2.34M +$2.23M +970,000 New
Northern Trust
16
Northern Trust
Illinois
$1.68M -$84.5K -36,725 -5%
Jacobs Levy Equity Management
17
Jacobs Levy Equity Management
New Jersey
$1.34M -$470K -204,342 -27%
Connor, Clark & Lunn Investment Management (CC&L)
18
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
$1.34M +$706K +306,572 +122%
PAM
19
Panagora Asset Management
Massachusetts
$1.17M -$9.65K -4,194 -0.9%
Two Sigma Investments
20
Two Sigma Investments
New York
$929K +$623K +270,866 +236%
Two Sigma Advisers
21
Two Sigma Advisers
New York
$927K +$635K +275,800 +253%
Arrowstreet Capital
22
Arrowstreet Capital
Massachusetts
$851K -$49.3K -21,410 -6%
EI
23
EAM Investors
California
$751K +$717K +311,656 New
Citadel Advisors
24
Citadel Advisors
Florida
$637K +$608K +264,318 New
ACM
25
Archon Capital Management
Washington
$604K -$187K -81,281 -24%
1
2 3 4 5

TDUP Hedge Fund Activity: Q1 2025 in Review

114 of the 7,457 institutional investors tracked by Wall St. Rank reported a position in ThredUp (TDUP) for Q1 2025, worth a combined $140M — up 94% from $72.4M a quarter earlier.

Buyers outnumbered sellers: 27 funds opened new TDUP positions and 4 closed out — a net gain of 23 holders — while 32 added to existing stakes and 31 trimmed.

The largest buyer was Marshall Wace, adding an estimated $3.13M. The largest seller was Goldman Sachs, cutting an estimated $2.61M.

  • 114 institutional investors held ThredUp (TDUP) as of Q1 2025, up from 91 in Q4 2024.
  • Funds reported $140M of ThredUp stock for Q1 2025, up 94% quarter-over-quarter.
  • 27 funds opened new ThredUp positions in Q1 2025 and 4 closed out, a net change of +23 holders.
  • The largest ThredUp buyer in Q1 2025 was Marshall Wace, an estimated $3.13M added.
  • The largest ThredUp seller in Q1 2025 was Goldman Sachs, an estimated $2.61M sold.

Based on aggregated 13F filings for Q1 2025.