Zhihu
62 hedge funds and large institutions have $72.8M invested in Zhihu in 2025 Q2 according to their latest regulatory filings, with 12 funds opening new positions, 15 increasing their positions, 22 reducing their positions, and 8 closing their positions.
50% more first-time investments, than exits
New positions opened: 12 | Existing positions closed: 8
7% more funds holding
Funds holding: 58 → 62 (+4)
3.21% less ownership
Funds ownership: 24.08% → 20.88% (-3.2%)
20% less capital invested
Capital invested by funds: $90.6M → $72.8M (-$17.7M)
32% less repeat investments, than reductions
Existing positions increased: 15 | Existing positions reduced: 22
89% less call options, than puts
Call options by funds: $255K | Put options by funds: $2.25M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Acadian Asset Management
Boston,
Massachusetts
|
+$1.84M |
| 2 |
JP Morgan Chase
New York
|
+$514K |
| 3 |
EFM
E Fund Management
Guangzhou,
China
|
+$320K |
| 4 |
EFMH
E Fund Management (HK)
Central,
Hong Kong
|
+$320K |
| 5 |
Mackenzie Financial
Toronto Ontario,
Ontario, Canada
|
+$268K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity International
Hamilton,
Bermuda
|
-$4.01M |
| 2 |
Vanguard Group
Malvern,
Pennsylvania
|
-$3.8M |
| 3 |
Citadel Advisors
Miami,
Florida
|
-$1.33M |
| 4 |
MAMHA
MY.Alpha Management HK Advisors
Hong Kong
|
-$1.28M |
| 5 |
Group One Trading
Chicago,
Illinois
|
-$1.28M |
ZH Hedge Fund Activity: Q2 2025 in Review
62 of the 7,613 institutional investors tracked by Wall St. Rank reported a position in Zhihu (ZH) for Q2 2025, worth a combined $72.8M — down 20% from $90.6M a quarter earlier.
Buyers outnumbered sellers: 12 funds opened new ZH positions and 8 closed out — a net gain of 4 holders — while 15 added to existing stakes and 22 trimmed.
The largest buyer was Acadian Asset Management, adding an estimated $1.84M. The largest seller was Fidelity International, cutting an estimated $4.01M.
- 62 institutional investors held Zhihu (ZH) as of Q2 2025, up from 58 in Q1 2025.
- Funds reported $72.8M of Zhihu stock for Q2 2025, down 20% quarter-over-quarter.
- 12 funds opened new Zhihu positions in Q2 2025 and 8 closed out, a net change of +4 holders.
- The largest Zhihu buyer in Q2 2025 was Acadian Asset Management, an estimated $1.84M added.
- The largest Zhihu seller in Q2 2025 was Fidelity International, an estimated $4.01M sold.
Based on aggregated 13F filings for Q2 2025.