Toast
TOST
740 hedge funds and large institutions have $16B invested in Toast in 2025 Q3 according to their latest regulatory filings, with 118 funds opening new positions, 288 increasing their positions, 216 reducing their positions, and 121 closing their positions.
33% more repeat investments, than reductions
Existing positions increased: 288 | Existing positions reduced: 216
25% more call options, than puts
Call options by funds: $628M | Put options by funds: $502M
2% less first-time investments, than exits
New positions opened: 118 | Existing positions closed: 121
1% less funds holding
Funds holding: 751 → 740 (-11)
2.92% less ownership
Funds ownership: 89.05% → 86.13% (-2.9%)
18% less capital invested
Capital invested by funds: $19.6B → $16B (-$3.59B)
47% less funds holding in top 10
Funds holding in top 10: 17 → 9 (-8)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AllianceBernstein
Nashville,
Tennessee
|
+$343M |
| 2 |
Jennison Associates
New York
|
+$278M |
| 3 |
VH
ValueAct Holdings
San Francisco,
California
|
+$147M |
| 4 |
Capital International Investors
Los Angeles,
California
|
+$145M |
| 5 |
Sumitomo Mitsui Trust Group
Minato-Ku, Tokyo,
Japan
|
+$86.1M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
T. Rowe Price Associates
Baltimore,
Maryland
|
-$297M |
| 2 |
1832 Asset Management
Toronto,
Ontario, Canada
|
-$191M |
| 3 |
DCP
Durable Capital Partners
Bethesda,
Maryland
|
-$169M |
| 4 |
T. Rowe Price Investment Management
Baltimore,
Maryland
|
-$154M |
| 5 |
ACA
Abdiel Capital Advisors
New York
|
-$137M |
TOST Hedge Fund Activity: Q3 2025 in Review
740 of the 7,647 institutional investors tracked by Wall St. Rank reported a position in Toast (TOST) for Q3 2025, worth a combined $16B — down 18% from $19.6B a quarter earlier.
Sellers outnumbered buyers: 121 funds closed out of TOST and 118 opened new positions — a net loss of 3 holders — while 216 trimmed existing stakes and 288 added.
The largest buyer was AllianceBernstein, adding an estimated $343M. The largest seller was T. Rowe Price Associates, cutting an estimated $297M.
- 740 institutional investors held Toast (TOST) as of Q3 2025, down from 751 in Q2 2025.
- Funds reported $16B of Toast stock for Q3 2025, down 18% quarter-over-quarter.
- 118 funds opened new Toast positions in Q3 2025 and 121 closed out, a net change of -3 holders.
- The largest Toast buyer in Q3 2025 was AllianceBernstein, an estimated $343M added.
- The largest Toast seller in Q3 2025 was T. Rowe Price Associates, an estimated $297M sold.
Based on aggregated 13F filings for Q3 2025.