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Turning Point Brands
TPB

226 hedge funds and large institutions have $1.81B invested in Turning Point Brands in 2025 Q3 according to their latest regulatory filings, with 46 funds opening new positions, 71 increasing their positions, 79 reducing their positions, and 27 closing their positions.

New
Increased
Maintained
Reduced
Closed

313% more call options, than puts

Call options by funds: $61.6M | Put options by funds: $14.9M

70% more first-time investments, than exits

New positions opened: 46 | Existing positions closed: 27

41% more capital invested

Capital invested by funds: $1.28B → $1.81B (+$531M)

40% more funds holding in top 10

Funds holding in top 10: 10 → 14 (+4)

9% more funds holding

Funds holding: 208 → 226 (+18)

7.26% more ownership

Funds ownership: 94.35% → 101.61% (+7.3%)

10% less repeat investments, than reductions

Existing positions increased: 71 | Existing positions reduced: 79

Holders
226
Holders Change
+18
Holders Change %
+8.65%
% of All Funds
2.97%
Holding in Top 10
14
Holding in Top 10 Change
+4
Holding in Top 10 Change %
+40%
% of All Funds
0.18%
New
46
Increased
71
Reduced
79
Closed
27
Calls
$61.6M
Puts
$14.9M
Net Calls
+$46.7M
Net Calls Change
+$5.19M

Top Buyers

1
T. Rowe Price Investment Management
T. Rowe Price Investment Management
Maryland
+$30.9M
2
Wellington Management Group
Wellington Management Group
Massachusetts
+$19M
3
Millennium Management
Millennium Management
New York
+$17.5M
4
T. Rowe Price Associates
T. Rowe Price Associates
Maryland
+$17.3M
5
DCM
Driehaus Capital Management
Illinois
+$14.9M

Top Sellers

1
American Century Companies
American Century Companies
Missouri
-$20.5M
2
Morgan Stanley
Morgan Stanley
New York
-$18.8M
3
Renaissance Technologies
Renaissance Technologies
New York
-$15M
4
4A
4D Advisors
California
-$11M
5
Vanguard Group
Vanguard Group
Pennsylvania
-$9.78M
Name Holding Trade Value Shares
Change 		Change in
Stake
Vanguard Group
1
Vanguard Group
Pennsylvania
$137M -$9.78M -108,032 -7%
BlackRock
2
BlackRock
New York
$137M -$4.28M -47,270 -3%
DSCM
3
Divisadero Street Capital Management
Florida
$96.3M +$2.74M +30,282 +3%
Morgan Stanley
4
Morgan Stanley
New York
$89.5M -$18.8M -208,014 -19%
Thrivent Financial for Lutherans
5
Thrivent Financial for Lutherans
Minnesota
$79.9M +$7.76M +85,716 +12%
ACH
6
ArrowMark Colorado Holdings
Colorado
$66.7M +$12.2M +134,401 +25%
Fidelity Investments
7
Fidelity Investments
Massachusetts
$64.7M -$4M -44,163 -6%
Geode Capital Management
8
Geode Capital Management
Massachusetts
$50.7M +$313K +3,461 +0.7%
Dimensional Fund Advisors
9
Dimensional Fund Advisors
Texas
$45.8M -$151K -1,669 -0.4%
Arrowstreet Capital
10
Arrowstreet Capital
Massachusetts
$43.7M +$10.1M +111,590 +34%
DCM
11
Driehaus Capital Management
Illinois
$40M +$14.9M +164,413 +68%
FSCM
12
First Sabrepoint Capital Management
Texas
$39.5M – – –
State Street
13
State Street
Massachusetts
$36.1M -$152K -1,684 -0.5%
T. Rowe Price Investment Management
14
T. Rowe Price Investment Management
Maryland
$33.8M +$30.9M +341,801 New
American Century Companies
15
American Century Companies
Missouri
$31.8M -$20.5M -226,331 -41%
Two Sigma Investments
16
Two Sigma Investments
New York
$30.8M +$12.6M +138,825 +80%
CLGM
17
Capitolis Liquid Global Markets
New York
$30.5M +$7.4M +81,700 +36%
First Trust Advisors
18
First Trust Advisors
Illinois
$28.3M +$13.1M +144,663 +102%
MP
19
Mangrove Partners
Connecticut
$25.8M +$14.6M +161,732 +163%
MRCP
20
Maple Rock Capital Partners
Ontario, Canada
$22.7M -$1.29M -14,300 -6%
Millennium Management
21
Millennium Management
New York
$21.2M +$17.5M +193,218 +912%
Wellington Management Group
22
Wellington Management Group
Massachusetts
$20.8M +$19M +210,275 New
T. Rowe Price Associates
23
T. Rowe Price Associates
Maryland
$20.5M +$17.3M +190,873 +1,128%
D.E. Shaw & Co
24
D.E. Shaw & Co
New York
$20.2M -$2.34M -25,846 -11%
HCM
25
Harspring Capital Management
New York
$17.9M – – –
1
2 3 4 5

TPB Hedge Fund Activity: Q3 2025 in Review

226 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Turning Point Brands (TPB) for Q3 2025, worth a combined $1.81B — up 41% from $1.28B a quarter earlier.

Buyers outnumbered sellers: 46 funds opened new TPB positions and 27 closed out — a net gain of 19 holders — while 71 added to existing stakes and 79 trimmed.

The largest buyer was T. Rowe Price Investment Management, opening a new position worth an estimated $30.9M. The largest seller was American Century Companies, cutting an estimated $20.5M.

  • 226 institutional investors held Turning Point Brands (TPB) as of Q3 2025, up from 208 in Q2 2025.
  • Funds reported $1.81B of Turning Point Brands stock for Q3 2025, up 41% quarter-over-quarter.
  • 46 funds opened new Turning Point Brands positions in Q3 2025 and 27 closed out, a net change of +19 holders.
  • The largest Turning Point Brands buyer in Q3 2025 was T. Rowe Price Investment Management, an estimated $30.9M added.
  • The largest Turning Point Brands seller in Q3 2025 was American Century Companies, an estimated $20.5M sold.

Based on aggregated 13F filings for Q3 2025.