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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

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

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
MICM
1
Matthews International Capital Management
California
$15.6M -$2.57M -589,480 -14%
Acadian Asset Management
2
Acadian Asset Management
Massachusetts
$12.5M +$4.8M +1,102,401 +60%
Vanguard Group
3
Vanguard Group
Pennsylvania
$12M -$913K -209,629 -7%
MAMHA
4
MY.Alpha Management HK Advisors
Hong Kong
$7.23M +$7.37M +1,693,544 New
Norges Bank
5
Norges Bank
Norway
$6.48M +$6.61M +1,518,027 New
Fidelity International
6
Fidelity International
Bermuda
$6.42M +$6.09M +1,397,668 +1,096%
Arrowstreet Capital
7
Arrowstreet Capital
Massachusetts
$4.72M +$2.18M +501,676 +83%
Morgan Stanley
8
Morgan Stanley
New York
$2.79M -$1.67M -382,686 -37%
State Street
9
State Street
Massachusetts
$2.16M +$889K +204,192 +67%
Millennium Management
10
Millennium Management
New York
$1.99M +$2.03M +466,554 New
Citadel Advisors
11
Citadel Advisors
Florida
$1.92M +$1.62M +371,396 +475%
Group One Trading
12
Group One Trading
Illinois
$1.75M +$1.78M +409,159 New
Marshall Wace
13
Marshall Wace
United Kingdom
$1.28M +$1.3M +299,064 New
Susquehanna International Group
14
Susquehanna International Group
Pennsylvania
$888K +$508K +116,611 +128%
Goldman Sachs
15
Goldman Sachs
New York
$877K -$8.94M -2,052,529 -91%
Jane Street
16
Jane Street
New York
$872K +$739K +169,845 +494%
National Bank of Canada
17
National Bank of Canada
Quebec, Canada
$858K +$875K +200,900 +20,090,000%
CSS
18
Cubist Systematic Strategies
Connecticut
$815K +$786K +180,583 +1,770%
UBS Group
19
UBS Group
Switzerland
$813K -$3.63M -834,073 -81%
Ohio Public Employees Retirement System (OPERS)
20
Ohio Public Employees Retirement System (OPERS)
Ohio
$812K +$813K +186,664 +5,514%
Bank of America
21
Bank of America
North Carolina
$622K -$3.96M -908,962 -86%
COPPSERS
22
Commonwealth of Pennsylvania Public School Employees Retirement System
Pennsylvania
$600K +$257K +59,090 +73%
Walleye Capital
23
Walleye Capital
New York
$540K +$488K +112,184 +788%
EFMH
24
E Fund Management (HK)
Hong Kong
$483K -$164K -37,749 -25%
EFM
25
E Fund Management
China
$483K -$164K -37,749 -25%
1
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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.