Zhihu
56 hedge funds and large institutions have $91.7M invested in Zhihu in 2025 Q3 according to their latest regulatory filings, with 7 funds opening new positions, 16 increasing their positions, 19 reducing their positions, and 12 closing their positions.
5% more capital inflows, than outflows
Capital inflows: $21.2M | Capital outflows: $20.2M
0.75% less ownership
Funds ownership: 20.88% → 20.13% (-0.75%)
10% less funds holding
Funds holding: 62 → 56 (-6)
16% less repeat investments, than reductions
Existing positions increased: 16 | Existing positions reduced: 19
42% less first-time investments, than exits
New positions opened: 7 | Existing positions closed: 12
72% less call options, than puts
Call options by funds: $645K | Put options by funds: $2.28M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity International
Hamilton,
Bermuda
|
+$6.82M |
| 2 |
UBS Group
Zurich,
Switzerland
|
+$2.39M |
| 3 |
Morgan Stanley
New York
|
+$2.32M |
| 4 |
Goldman Sachs
New York
|
+$2.16M |
| 5 |
Maven Securities
St Helier,
Jersey
|
+$1.38M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Norges Bank
Oslo,
Norway
|
-$6.02M |
| 2 |
MY.Alpha Management HK Advisors
Hong Kong
|
-$5.43M |
| 3 |
Matthews International Capital Management
San Francisco,
California
|
-$3.2M |
| 4 |
Millennium Management
New York
|
-$1.21M |
| 5 |
Bank of America
Charlotte,
North Carolina
|
-$618K |
ZH Hedge Fund Activity: Q3 2025 in Review
56 of the 7,661 institutional investors tracked by Wall St. Rank reported a position in Zhihu (ZH) for Q3 2025, worth a combined $91.7M — up 26% from $72.8M a quarter earlier.
Sellers outnumbered buyers: 12 funds closed out of ZH and 7 opened new positions — a net loss of 5 holders — while 19 trimmed existing stakes and 16 added.
The largest buyer was Fidelity International, adding an estimated $6.82M. The largest seller was Norges Bank, cutting an estimated $6.02M.
- 56 institutional investors held Zhihu (ZH) as of Q3 2025, down from 62 in Q2 2025.
- Funds reported $91.7M of Zhihu stock for Q3 2025, up 26% quarter-over-quarter.
- 7 funds opened new Zhihu positions in Q3 2025 and 12 closed out, a net change of -5 holders.
- The largest Zhihu buyer in Q3 2025 was Fidelity International, an estimated $6.82M added.
- The largest Zhihu seller in Q3 2025 was Norges Bank, an estimated $6.02M sold.
Based on aggregated 13F filings for Q3 2025.