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ZBIO

Zenas BioPharma
ZBIO

118 hedge funds and large institutions have $1.5B invested in Zenas BioPharma in 2025 Q4 according to their latest regulatory filings, with 46 funds opening new positions, 37 increasing their positions, 24 reducing their positions, and 8 closing their positions.

New
Increased
Maintained
Reduced
Closed

475% more first-time investments, than exits

New positions opened: 46 | Existing positions closed: 8

94% more capital invested

Capital invested by funds: $774M → $1.5B (+$730M)

60% more funds holding in top 10

Funds holding in top 10: 5 → 8 (+3)

54% more repeat investments, than reductions

Existing positions increased: 37 | Existing positions reduced: 24

52% more call options, than puts

Call options by funds: $9.75M | Put options by funds: $6.4M

48% more funds holding

Funds holding: 80 → 118 (+38)

5.28% less ownership

Funds ownership: 82.7% → 77.43% (-5.3%)

Holders
118
Holders Change
+38
Holders Change %
+47.5%
% of All Funds
1.43%
Holding in Top 10
8
Holding in Top 10 Change
+3
Holding in Top 10 Change %
+60%
% of All Funds
0.1%
New
46
Increased
37
Reduced
24
Closed
8
Calls
$9.75M
Puts
$6.4M
Net Calls
+$3.35M
Net Calls Change
+$3.12M

Top Buyers

Rank Fund Capital Flow
1
Fidelity Investments
Fidelity Investments
Massachusetts
+$94.8M
2
PCH
Polar Capital Holdings
United Kingdom
+$34.8M
3
Federated Hermes
Federated Hermes
Pennsylvania
+$28.1M
4
EC
EcoR1 Capital
California
+$26M
5
NMC
NEA Management Company
Maryland
+$26M

Top Sellers

Rank Fund Capital Flow
1
DM
Deerfield Management
New York
-$34.7M
2
NHAS
Novo Holdings A/S
Denmark
-$18.1M
3
VC
Vivo Capital
California
-$10.8M
4
PBPIA
Pivotal bioVenture Partners Investment Advisor
California
-$6.15M
5
SAM
Sectoral Asset Management
Quebec, Canada
-$3.37M
Name Holding Trade Value Shares
Change 		Change in
Stake
Skandinaviska Enskilda Banken (SEB)
26
Skandinaviska Enskilda Banken (SEB)
Sweden
$5.95M +$5.39M +163,860 New
Northern Trust
27
Northern Trust
Illinois
$5.64M +$726K +22,088 +17%
Voloridge Investment Management
28
Voloridge Investment Management
Florida
$4.85M +$4.39M +133,439 New
Goldman Sachs
29
Goldman Sachs
New York
$4.75M +$4.3M +130,698 New
Morgan Stanley
30
Morgan Stanley
New York
$4.66M +$1.3M +39,602 +45%
EP
31
Eversept Partners
New York
$4.39M -$1.24M -37,726 -24%
SCM
32
Superstring Capital Management
New York
$3.03M -$438K -13,312 -14%
AQR Capital Management
33
AQR Capital Management
Connecticut
$2.84M +$1.76M +53,636 +218%
UBS Group
34
UBS Group
Switzerland
$2.52M +$1.12M +34,003 +96%
Bank of New York Mellon
35
Bank of New York Mellon
New York
$1.88M +$333K +10,114 +24%
Schroder Investment Management Group
36
Schroder Investment Management Group
United Kingdom
$1.85M -$2.04M -61,976 -55%
N
37
Nuveen
North Carolina
$1.85M +$998K +30,331 +148%
Millennium Management
38
Millennium Management
New York
$1.78M -$746K -22,690 -32%
Bank of America
39
Bank of America
North Carolina
$1.71M +$1.06M +32,351 +218%
AA
40
ALPS Advisors
Colorado
$1.6M +$790K +24,035 +120%
Barclays
41
Barclays
United Kingdom
$1.25M +$378K +11,501 +50%
Swiss National Bank
42
Swiss National Bank
Switzerland
$1.15M +$1.04M +31,600 New
Citadel Advisors
43
Citadel Advisors
Florida
$888K +$804K +24,459 New
RhumbLine Advisers
44
RhumbLine Advisers
Massachusetts
$797K +$24.1K +732 +3%
JP Morgan Chase
45
JP Morgan Chase
New York
$789K +$499K +15,178 +232%
Wells Fargo
46
Wells Fargo
California
$768K +$286K +8,696 +70%
AllianceBernstein
47
AllianceBernstein
Tennessee
$666K – – –
California State Teachers Retirement System (CalSTRS)
48
California State Teachers Retirement System (CalSTRS)
California
$570K +$479K +14,556 +1,271%
Squarepoint
49
Squarepoint
New York
$564K +$511K +15,541 New
Two Sigma Investments
50
Two Sigma Investments
New York
$548K -$174K -5,282 -26%
1
2
3 4 5

ZBIO Hedge Fund Activity: Q4 2025 in Review

118 of the 8,228 institutional investors tracked by Wall St. Rank reported a position in Zenas BioPharma (ZBIO) for Q4 2025, worth a combined $1.5B — up 94% from $774M a quarter earlier.

Buyers outnumbered sellers: 46 funds opened new ZBIO positions and 8 closed out — a net gain of 38 holders — while 37 added to existing stakes and 24 trimmed.

The largest buyer was Fidelity Investments, adding an estimated $94.8M. The largest seller was Deerfield Management, exiting entirely with an estimated $34.7M sold.

  • 118 institutional investors held Zenas BioPharma (ZBIO) as of Q4 2025, up from 80 in Q3 2025.
  • Funds reported $1.5B of Zenas BioPharma stock for Q4 2025, up 94% quarter-over-quarter.
  • 46 funds opened new Zenas BioPharma positions in Q4 2025 and 8 closed out, a net change of +38 holders.
  • The largest Zenas BioPharma buyer in Q4 2025 was Fidelity Investments, an estimated $94.8M added.
  • The largest Zenas BioPharma seller in Q4 2025 was Deerfield Management, an estimated $34.7M sold.

Based on aggregated 13F filings for Q4 2025.