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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
PA
151
Pinnacle Associates
New York
$2.17M -$220K -1,285 -10%
SIA
152
Sit Investment Associates
Minnesota
$2.16M – – –
Allianz Asset Management
153
Allianz Asset Management
Germany
$2.14M -$1.68M -9,796 -45%
TRSOTSOK
154
Teachers Retirement System of the State of Kentucky
Kentucky
$2.13M – – –
YCM
155
Yousif Capital Management
Michigan
$2.13M -$159K -926 -7%
EEL
156
Expect Equity LLC
Maryland
$2.02M – – –
Zurich Cantonal Bank
157
Zurich Cantonal Bank
Switzerland
$1.98M +$134K +782 +8%
ANTB
158
AMG National Trust Bank
Colorado
$1.97M +$12.5K +73 +0.7%
QEI
159
QSV Equity Investors
Illinois
$1.95M – – –
ASRS
160
Arizona State Retirement System
Arizona
$1.93M +$19K +111 +1%
GC
161
Guggenheim Capital
Illinois
$1.89M +$61.2K +357 +4%
CM
162
Capula Management
Cayman Islands
$1.88M +$1.77M +10,334 New
BNP Paribas Financial Markets
163
BNP Paribas Financial Markets
France
$1.87M -$398K -2,321 -18%
Wealth Enhancement Advisory Services
164
Wealth Enhancement Advisory Services
Minnesota
$1.87M +$191K +1,116 +12%
Commonwealth Equity Services
165
Commonwealth Equity Services
Massachusetts
$1.83M +$106K +619 +7%
LSERS
166
Louisiana State Employees Retirement System
Louisiana
$1.82M -$17.1K -100 -1%
KK
167
KLP Kapitalforvaltning
Norway
$1.82M +$189K +1,100 +12%
Thrivent Financial for Lutherans
168
Thrivent Financial for Lutherans
Minnesota
$1.8M -$1.46M -8,496 -46%
CastleKeep Investment Advisors
169
CastleKeep Investment Advisors
Connecticut
$1.78M +$338K +1,971 +25%
Bank of Montreal
170
Bank of Montreal
Ontario, Canada
$1.72M -$114K -664 -7%
Mariner
171
Mariner
Kansas
$1.71M +$493K +2,873 +44%
IIM
172
Ironwood Investment Management
Massachusetts
$1.69M -$11.8K -69 -0.7%
COPPSERS
173
Commonwealth of Pennsylvania Public School Employees Retirement System
Pennsylvania
$1.67M -$8.06K -47 -0.5%
Handelsbanken Fonder
174
Handelsbanken Fonder
Sweden
$1.57M – – –
HPCM
175
Hunter Perkins Capital Management
Illinois
$1.56M -$110K -640 -7%
5 6
7
8 9

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.