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Hanover Insurance
THG

459 hedge funds and large institutions have $5.7B invested in Hanover Insurance in 2025 Q3 according to their latest regulatory filings, with 66 funds opening new positions, 173 increasing their positions, 143 reducing their positions, and 35 closing their positions.

New
Increased
Maintained
Reduced
Closed

89% more first-time investments, than exits

New positions opened: 66 | Existing positions closed: 35

21% more repeat investments, than reductions

Existing positions increased: 173 | Existing positions reduced: 143

6% more funds holding

Funds holding: 432 → 459 (+27)

4% more capital invested

Capital invested by funds: $5.48B → $5.7B (+$219M)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

2.13% less ownership

Funds ownership: 89.84% → 87.71% (-2.1%)

41% less call options, than puts

Call options by funds: $5.94M | Put options by funds: $10.1M

Holders
459
Holders Change
+27
Holders Change %
+6.25%
% of All Funds
6.02%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.01%
New
66
Increased
173
Reduced
143
Closed
35
Calls
$5.94M
Puts
$10.1M
Net Calls
-$4.2M
Net Calls Change
-$4.24M

Top Buyers

1
AQR Capital Management
AQR Capital Management
Connecticut
+$35.9M
2
Balyasny Asset Management
Balyasny Asset Management
Illinois
+$33.7M
3
Invesco
Invesco
Georgia
+$28.4M
4
First Trust Advisors
First Trust Advisors
Illinois
+$24.3M
5
William Blair Investment Management
William Blair Investment Management
Illinois
+$24M

Top Sellers

1
Franklin Resources
Franklin Resources
California
-$89.5M
2
Adage Capital Partners
Adage Capital Partners
Massachusetts
-$61.7M
3
Victory Capital Management
Victory Capital Management
Texas
-$22.6M
4
T. Rowe Price Investment Management
T. Rowe Price Investment Management
Maryland
-$21.2M
5
Allspring Global Investments
Allspring Global Investments
North Carolina
-$21.2M
Name Holding Trade Value Shares
Change 		Change in
Stake
Balyasny Asset Management
26
Balyasny Asset Management
Illinois
$53.1M +$33.7M +196,655 +206%
MG
27
Markel Group
Virginia
$51M – – –
Bank of America
28
Bank of America
North Carolina
$47.2M +$1.83M +10,656 +4%
Qube Research & Technologies (QRT)
29
Qube Research & Technologies (QRT)
United Kingdom
$46M +$17.5M +101,901 +67%
Brown Advisory
30
Brown Advisory
Maryland
$45.6M -$1.31M -7,625 -3%
Jacobs Levy Equity Management
31
Jacobs Levy Equity Management
New Jersey
$39.6M -$4.74M -27,672 -11%
ProShare Advisors
32
ProShare Advisors
Maryland
$38.8M +$1.96M +11,415 +6%
Janus Henderson Group
33
Janus Henderson Group
United Kingdom
$38.1M -$3.26M -19,042 -8%
Fidelity Investments
34
Fidelity Investments
Massachusetts
$38M -$6.42M -37,478 -15%
Adage Capital Partners
35
Adage Capital Partners
Massachusetts
$36M -$61.7M -360,000 -65%
BTW
36
Boston Trust Walden
Massachusetts
$31.2M -$142K -826 -0.5%
Goldman Sachs
37
Goldman Sachs
New York
$30.6M -$3.35M -19,520 -10%
William Blair Investment Management
38
William Blair Investment Management
Illinois
$25.4M +$24M +139,892 New
AGA
39
Altrinsic Global Advisors
Connecticut
$25.4M -$369K -2,155 -2%
GAM
40
Gotham Asset Management
New York
$23.9M +$2.56M +14,948 +13%
Public Employees Retirement Association of Colorado
41
Public Employees Retirement Association of Colorado
Colorado
$23.4M – – –
Millennium Management
42
Millennium Management
New York
$23.3M -$15.5M -90,279 -41%
California Public Employees Retirement System
43
California Public Employees Retirement System
California
$22.9M -$2.43M -14,168 -10%
UBS AM
44
UBS AM
Illinois
$21.2M -$10.8M -62,880 -35%
Envestnet Asset Management
45
Envestnet Asset Management
Illinois
$21M +$230K +1,344 +1%
LIP
46
Lighthouse Investment Partners
Florida
$19.8M -$7.8M -45,498 -29%
RhumbLine Advisers
47
RhumbLine Advisers
Massachusetts
$19.7M -$448K -2,612 -2%
IP
48
Interval Partners
New York
$19.5M +$2.04M +11,908 +13%
Russell Investments Group
49
Russell Investments Group
United Kingdom
$18.8M -$1.75M -10,190 -9%
Natixis Advisors
50
Natixis Advisors
Massachusetts
$17.6M +$479K +2,794 +3%
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THG Hedge Fund Activity: Q3 2025 in Review

459 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Hanover Insurance (THG) for Q3 2025, worth a combined $5.7B — up 4% from $5.48B a quarter earlier.

Buyers outnumbered sellers: 66 funds opened new THG positions and 35 closed out — a net gain of 31 holders — while 173 added to existing stakes and 143 trimmed.

The largest buyer was AQR Capital Management, adding an estimated $35.9M. The largest seller was Franklin Resources, cutting an estimated $89.5M.

  • 459 institutional investors held Hanover Insurance (THG) as of Q3 2025, up from 432 in Q2 2025.
  • Funds reported $5.7B of Hanover Insurance stock for Q3 2025, up 4% quarter-over-quarter.
  • 66 funds opened new Hanover Insurance positions in Q3 2025 and 35 closed out, a net change of +31 holders.
  • The largest Hanover Insurance buyer in Q3 2025 was AQR Capital Management, an estimated $35.9M added.
  • The largest Hanover Insurance seller in Q3 2025 was Franklin Resources, an estimated $89.5M sold.

Based on aggregated 13F filings for Q3 2025.