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ZH

Zhihu
ZH

58 hedge funds and large institutions have $90.6M invested in Zhihu in 2025 Q1 according to their latest regulatory filings, with 15 funds opening new positions, 20 increasing their positions, 15 reducing their positions, and 6 closing their positions.

New
Increased
Maintained
Reduced
Closed

150% more first-time investments, than exits

New positions opened: 15 | Existing positions closed: 6

47% more capital invested

Capital invested by funds: $61.5M → $90.6M (+$29.1M)

33% more repeat investments, than reductions

Existing positions increased: 20 | Existing positions reduced: 15

18% more funds holding

Funds holding: 49 → 58 (+9)

1.48% more ownership

Funds ownership: 7.05% → 8.53% (+1.5%)

63% less call options, than puts

Call options by funds: $838K | Put options by funds: $2.24M

Holders
58
Holders Change
+9
Holders Change %
+18.37%
% of All Funds
0.78%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
15
Increased
20
Reduced
15
Closed
6
Calls
$838K
Puts
$2.24M
Net Calls
-$1.4M
Net Calls Change
-$1.45M

Top Buyers

Rank Fund Capital Flow
1
MAMHA
MY.Alpha Management HK Advisors
Hong Kong
+$7.37M
2
Norges Bank
Norges Bank
Norway
+$6.61M
3
Fidelity International
Fidelity International
Bermuda
+$6.09M
4
Acadian Asset Management
Acadian Asset Management
Massachusetts
+$4.8M
5
Arrowstreet Capital
Arrowstreet Capital
Massachusetts
+$2.18M

Top Sellers

Rank Fund Capital Flow
1
Goldman Sachs
Goldman Sachs
New York
-$8.94M
2
Bank of America
Bank of America
North Carolina
-$3.96M
3
UBS Group
UBS Group
Switzerland
-$3.63M
4
MICM
Matthews International Capital Management
California
-$2.57M
5
Morgan Stanley
Morgan Stanley
New York
-$1.67M
Name Holding Trade Value Shares
Change 		Change in
Stake
Nomura Holdings
26
Nomura Holdings
Japan
$480K -$149K -34,300 -23%
JF
27
Jump Financial
Illinois
$431K +$439K +100,875 New
Simplex Trading
28
Simplex Trading
Illinois
$406K +$356K +81,672 +608%
Renaissance Technologies
29
Renaissance Technologies
New York
$374K – – –
California Public Employees Retirement System
30
California Public Employees Retirement System
California
$363K +$48K +11,031 +15%
DACS
31
Dymon Asia Capital (Singapore)
Singapore
$353K +$360K +82,700 New
BNP Paribas Financial Markets
32
BNP Paribas Financial Markets
France
$334K +$42.7K +9,811 +14%
PI
33
PFG Investments
New York
$327K +$333K +76,500 New
SEI Investments
34
SEI Investments
Pennsylvania
$246K +$251K +57,617 New
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
35
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
Ontario, Canada
$240K -$1.35M -309,200 -85%
New York State Common Retirement Fund
36
New York State Common Retirement Fund
New York
$223K +$89.2K +20,478 +65%
Wolverine Trading
37
Wolverine Trading
Illinois
$199K +$156K +35,853 +345%
PGCM
38
Prescott Group Capital Management
Oklahoma
$171K -$821K -188,510 -82%
CC
39
Centiva Capital
New York
$158K +$161K +37,056 New
Invesco
40
Invesco
Georgia
$150K -$19.8K -4,556 -12%
HSBC Holdings
41
HSBC Holdings
United Kingdom
$123K +$128K +29,458 New
Citigroup
42
Citigroup
New York
$90.6K +$81.3K +18,679 +733%
Russell Investments Group
43
Russell Investments Group
United Kingdom
$80.2K – – –
BlackRock
44
BlackRock
New York
$77.5K +$79K +18,145 +907,250%
EWM
45
Empirical Wealth Management
Washington
$54.6K +$55.7K +12,798 New
Belvedere Trading
46
Belvedere Trading
Illinois
$53.8K +$54.8K +12,589 New
Two Sigma Advisers
47
Two Sigma Advisers
New York
$51.1K -$4.35K -1,000 -8%
RhumbLine Advisers
48
RhumbLine Advisers
Massachusetts
$12.3K -$25.8K -5,932 -67%
PAS
49
Point72 Asia (Singapore)
Singapore
$10.8K +$11K +2,524 +252,400%
CWM
50
Cedar Wealth Management
California
$10.6K – – –
1
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3

ZH Hedge Fund Activity: Q1 2025 in Review

58 of the 7,457 institutional investors tracked by Wall St. Rank reported a position in Zhihu (ZH) for Q1 2025, worth a combined $90.6M — up 47% from $61.5M a quarter earlier.

Buyers outnumbered sellers: 15 funds opened new ZH positions and 6 closed out — a net gain of 9 holders — while 20 added to existing stakes and 15 trimmed.

The largest buyer was MY.Alpha Management HK Advisors, opening a new position worth an estimated $7.37M. The largest seller was Goldman Sachs, cutting an estimated $8.94M.

  • 58 institutional investors held Zhihu (ZH) as of Q1 2025, up from 49 in Q4 2024.
  • Funds reported $90.6M of Zhihu stock for Q1 2025, up 47% quarter-over-quarter.
  • 15 funds opened new Zhihu positions in Q1 2025 and 6 closed out, a net change of +9 holders.
  • The largest Zhihu buyer in Q1 2025 was MY.Alpha Management HK Advisors, an estimated $7.37M added.
  • The largest Zhihu seller in Q1 2025 was Goldman Sachs, an estimated $8.94M sold.

Based on aggregated 13F filings for Q1 2025.