Zhihu
52 hedge funds and large institutions have $48.8M invested in Zhihu in 2025 Q4 according to their latest regulatory filings, with 7 funds opening new positions, 10 increasing their positions, 27 reducing their positions, and 8 closing their positions.
258% more call options, than puts
Call options by funds: $286K | Put options by funds: $80K
3.93% less ownership
Funds ownership: 21.45% → 17.51% (-3.9%)
5% less funds holding
Funds holding: 55 → 52 (-3)
13% less first-time investments, than exits
New positions opened: 7 | Existing positions closed: 8
46% less capital invested
Capital invested by funds: $90.5M → $48.8M (-$41.7M)
63% less repeat investments, than reductions
Existing positions increased: 10 | Existing positions reduced: 27
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
EFMH
E Fund Management (HK)
Central,
Hong Kong
|
+$1.14M |
| 2 |
State Street
Boston,
Massachusetts
|
+$1.05M |
| 3 |
MS
Maven Securities
St Helier,
Jersey
|
+$701K |
| 4 |
XT
XTX Topco
George Town,
Cayman Islands
|
+$350K |
| 5 |
JP Morgan Chase
New York
|
+$223K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
-$2.97M |
| 2 |
Arrowstreet Capital
Boston,
Massachusetts
|
-$2.37M |
| 3 |
MICM
Matthews International Capital Management
San Francisco,
California
|
-$2.11M |
| 4 |
Goldman Sachs
New York
|
-$1.96M |
| 5 |
Marshall Wace
London,
United Kingdom
|
-$1.01M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
CLGM
51
Capitolis Liquid Global Markets
New York
| – | -$753K | -148,500 | Closed |
|
52
Renaissance Technologies
New York
| – | -$437K | -86,288 | Closed |
|
53
National Bank of Canada
Montreal,
Quebec, Canada
| – | -$428K | -84,400 | Closed |
|
|
EWM
54
Empirical Wealth Management
Seattle,
Washington
| – | -$403K | -79,558 | Closed |
|
55
Group One Trading
Chicago,
Illinois
| – | -$222K | -55,344 | Closed |
|
56
Millennium Management
New York
| – | -$222K | -43,857 | Closed |
|
57
Legal & General Group
London,
United Kingdom
| – | -$3.07K | -606 | Closed |
|
|
EWA
58
EverSource Wealth Advisors
Birmingham,
Alabama
| – | -$1.3K | -257 | Closed |
|
ZH Hedge Fund Activity: Q4 2025 in Review
52 of the 8,228 institutional investors tracked by Wall St. Rank reported a position in Zhihu (ZH) for Q4 2025, worth a combined $48.8M — down 46% from $90.5M a quarter earlier.
Sellers outnumbered buyers: 8 funds closed out of ZH and 7 opened new positions — a net loss of 1 holder — while 27 trimmed existing stakes and 10 added.
The largest buyer was E Fund Management (HK), adding an estimated $1.14M. The largest seller was Morgan Stanley, cutting an estimated $2.97M.
- 52 institutional investors held Zhihu (ZH) as of Q4 2025, down from 55 in Q3 2025.
- Funds reported $48.8M of Zhihu stock for Q4 2025, down 46% quarter-over-quarter.
- 7 funds opened new Zhihu positions in Q4 2025 and 8 closed out, a net change of -1 holder.
- The largest Zhihu buyer in Q4 2025 was E Fund Management (HK), an estimated $1.14M added.
- The largest Zhihu seller in Q4 2025 was Morgan Stanley, an estimated $2.97M sold.
Based on aggregated 13F filings for Q4 2025.