Wheels Up
91 hedge funds and large institutions have $369M invested in Wheels Up in 2025 Q4 according to their latest regulatory filings, with 14 funds opening new positions, 22 increasing their positions, 24 reducing their positions, and 35 closing their positions.
129% more call options, than puts
Call options by funds: $903K | Put options by funds: $395K
0% more funds holding in top 10
Funds holding in top 10: 3 → 3 (0)
0.15% less ownership
Funds ownership: 4.17% → 4.02% (-0.15%)
8% less repeat investments, than reductions
Existing positions increased: 22 | Existing positions reduced: 24
20% less funds holding
Funds holding: 114 → 91 (-23)
60% less first-time investments, than exits
New positions opened: 14 | Existing positions closed: 35
64% less capital invested
Capital invested by funds: $1.04B → $369M (-$670M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
MCM
Masters Capital Management
Atlanta,
Georgia
|
+$4.56M |
| 2 |
GCP
GSA Capital Partners
London,
United Kingdom
|
+$761K |
| 3 |
II
Inspire Investing
Meridian,
Idaho
|
+$603K |
| 4 |
OAC
OMERS Administration Corp
Toronto,
Ontario, Canada
|
+$457K |
| 5 |
AGM
Alpine Global Management
New York
|
+$305K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
WA
Whitebox Advisors
Minneapolis,
Minnesota
|
-$5.16M |
| 2 |
KA
Kore Advisors
Boynton Beach,
Florida
|
-$2.17M |
| 3 |
Jane Street
New York
|
-$1.65M |
| 4 |
MCP
Militia Capital Partners
Las Vegas,
Nevada
|
-$644K |
| 5 |
Arrowstreet Capital
Boston,
Massachusetts
|
-$562K |
UP Hedge Fund Activity: Q4 2025 in Review
91 of the 8,265 institutional investors tracked by Wall St. Rank reported a position in Wheels Up (UP) for Q4 2025, worth a combined $369M — down 64% from $1.04B a quarter earlier.
Sellers outnumbered buyers: 35 funds closed out of UP and 14 opened new positions — a net loss of 21 holders — while 24 trimmed existing stakes and 22 added.
The largest buyer was Masters Capital Management, adding an estimated $4.56M. The largest seller was Whitebox Advisors, cutting an estimated $5.16M.
- 91 institutional investors held Wheels Up (UP) as of Q4 2025, down from 114 in Q3 2025.
- Funds reported $369M of Wheels Up stock for Q4 2025, down 64% quarter-over-quarter.
- 14 funds opened new Wheels Up positions in Q4 2025 and 35 closed out, a net change of -21 holders.
- The largest Wheels Up buyer in Q4 2025 was Masters Capital Management, an estimated $4.56M added.
- The largest Wheels Up seller in Q4 2025 was Whitebox Advisors, an estimated $5.16M sold.
Based on aggregated 13F filings for Q4 2025.