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United States Natural Gas Fund
UNG

78 hedge funds and large institutions have $168M invested in United States Natural Gas Fund in 2025 Q1 according to their latest regulatory filings, with 18 funds opening new positions, 12 increasing their positions, 26 reducing their positions, and 24 closing their positions.

New
Increased
Maintained
Reduced
Closed

128% more call options, than puts

Call options by funds: $123M | Put options by funds: $54M

64% more capital invested

Capital invested by funds: $102M → $168M (+$65.9M)

26.51% more ownership

Funds ownership: 12.17% → 38.68% (+27%)

9% less funds holding

Funds holding: 86 → 78 (-8)

25% less first-time investments, than exits

New positions opened: 18 | Existing positions closed: 24

54% less repeat investments, than reductions

Existing positions increased: 12 | Existing positions reduced: 26

Holders
78
Holders Change
-8
Holders Change %
-9.3%
% of All Funds
1.05%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
18
Increased
12
Reduced
26
Closed
24
Calls
$123M
Puts
$54M
Net Calls
+$69.1M
Net Calls Change
+$34M

Top Buyers

1
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
+$31.7M
2
Goldman Sachs
Goldman Sachs
New York
+$27.6M
3
Morgan Stanley
Morgan Stanley
New York
+$19.9M
4
JF
Jump Financial
Illinois
+$10.4M
5
Citadel Advisors
Citadel Advisors
Florida
+$5.71M

Top Sellers

1
Jane Street
Jane Street
New York
-$27.3M
2
SG
Sourcerock Group
Colorado
-$10.4M
3
Manulife (Manufacturers Life Insurance)
Manulife (Manufacturers Life Insurance)
Ontario, Canada
-$5.53M
4
Bank of America
Bank of America
North Carolina
-$4.81M
5
CWM
Centric Wealth Management
Illinois
-$3.61M
Name Holding Trade Value Shares
Change 		Change in
Stake
CIBC Private Wealth Group
51
CIBC Private Wealth Group
Georgia
$27.6K -$3.35K -170 -10%
CA
52
Clearstead Advisors
Ohio
$21.6K -$253K -12,833 -93%
MCM
53
MAI Capital Management
Ohio
$13.4K – – –
HI
54
Harbour Investments
Wisconsin
$8.99K +$7.18K +364 +700%
QC
55
Quent Capital
New York
$8.08K – – –
Northwestern Mutual Wealth Management
56
Northwestern Mutual Wealth Management
Wisconsin
$6.79K +$6.19K +314 New
FMP
57
Financial Management Professionals
Texas
$5.4K – – –
SPIA
58
Steward Partners Investment Advisory
New York
$5.4K – – –
NS
59
NBC Securities
Alabama
$5K +$4.93K +250 New
CCM
60
Chilton Capital Management
Texas
$4.5K – – –
CVM
61
Cheviot Value Management
California
$4.32K +$4.73K +240 New
SHF
62
Safe Harbor Fiduciary
Florida
$3.24K – – –
PNC Financial Services Group
63
PNC Financial Services Group
Pennsylvania
$2.7K – – –
Mirae Asset Global Investments
64
Mirae Asset Global Investments
South Korea
$2.67K -$99 -5 -4%
FFA
65
Farther Finance Advisors
California
$2.07K – – –
CTA
66
Colonial Trust Advisors
South Carolina
$1.62K – – –
Bank of America
67
Bank of America
North Carolina
$1.08K -$4.81M -244,012 -100%
LFG
68
Larson Financial Group
Missouri
$1.04K – – –
ADL
69
Asset Dedication LLC
California
$433 – – –
NECFA
70
New England Capital Financial Advisors
Connecticut
$389 – – –
Jones Financial Companies
71
Jones Financial Companies
Missouri
$384 -$276 -14 -44%
National Bank of Canada
72
National Bank of Canada
Quebec, Canada
$237 -$15.4K -780 -99%
AF
73
Allworth Financial
California
$186 – – –
TRCT
74
Tower Research Capital (TRC)
New York
$173 -$550K -27,864 -100%
FDCDDQ
75
Federation des caisses Desjardins du Quebec
Quebec, Canada
$86 – – –
1 2
3
4 5

UNG Hedge Fund Activity: Q1 2025 in Review

78 of the 7,457 institutional investors tracked by Wall St. Rank reported a position in United States Natural Gas Fund (UNG) for Q1 2025, worth a combined $168M — up 64% from $102M a quarter earlier.

Sellers outnumbered buyers: 24 funds closed out of UNG and 18 opened new positions — a net loss of 6 holders — while 26 trimmed existing stakes and 12 added.

The largest buyer was BNP Paribas Financial Markets, adding an estimated $31.7M. The largest seller was Jane Street, cutting an estimated $27.3M.

  • 78 institutional investors held United States Natural Gas Fund (UNG) as of Q1 2025, down from 86 in Q4 2024.
  • Funds reported $168M of United States Natural Gas Fund stock for Q1 2025, up 64% quarter-over-quarter.
  • 18 funds opened new United States Natural Gas Fund positions in Q1 2025 and 24 closed out, a net change of -6 holders.
  • The largest United States Natural Gas Fund buyer in Q1 2025 was BNP Paribas Financial Markets, an estimated $31.7M added.
  • The largest United States Natural Gas Fund seller in Q1 2025 was Jane Street, an estimated $27.3M sold.

Based on aggregated 13F filings for Q1 2025.