Zhihu
48 hedge funds and large institutions have $34.6M invested in Zhihu in 2026 Q1 according to their latest regulatory filings, with 8 funds opening new positions, 17 increasing their positions, 15 reducing their positions, and 11 closing their positions.
205% more call options, than puts
Call options by funds: $128K | Put options by funds: $42K
13% more repeat investments, than reductions
Existing positions increased: 17 | Existing positions reduced: 15
3.06% less ownership
Funds ownership: 17.51% → 14.45% (-3.1%)
8% less funds holding
Funds holding: 52 → 48 (-4)
27% less first-time investments, than exits
New positions opened: 8 | Existing positions closed: 11
29% less capital invested
Capital invested by funds: $48.8M → $34.6M (-$14.2M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FBIL
First Beijing Investment Ltd
Hong Kong
|
+$1.86M |
| 2 |
Goldman Sachs
New York
|
+$1.16M |
| 3 |
Jane Street
New York
|
+$656K |
| 4 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
+$618K |
| 5 |
Dodge & Cox
San Francisco,
California
|
+$547K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
MICM
Matthews International Capital Management
San Francisco,
California
|
-$7.78M |
| 2 |
Arrowstreet Capital
Boston,
Massachusetts
|
-$1.18M |
| 3 |
State Street
Boston,
Massachusetts
|
-$933K |
| 4 |
Morgan Stanley
New York
|
-$339K |
| 5 |
California Public Employees Retirement System
Sacramento,
California
|
-$237K |
ZH Hedge Fund Activity: Q1 2026 in Review
48 of the 8,191 institutional investors tracked by Wall St. Rank reported a position in Zhihu (ZH) for Q1 2026, worth a combined $34.6M — down 29% from $48.8M a quarter earlier.
Sellers outnumbered buyers: 11 funds closed out of ZH and 8 opened new positions — a net loss of 3 holders — while 15 trimmed existing stakes and 17 added.
The largest buyer was First Beijing Investment Ltd, opening a new position worth an estimated $1.86M. The largest seller was Matthews International Capital Management, exiting entirely with an estimated $7.78M sold.
- 48 institutional investors held Zhihu (ZH) as of Q1 2026, down from 52 in Q4 2025.
- Funds reported $34.6M of Zhihu stock for Q1 2026, down 29% quarter-over-quarter.
- 8 funds opened new Zhihu positions in Q1 2026 and 11 closed out, a net change of -3 holders.
- The largest Zhihu buyer in Q1 2026 was First Beijing Investment Ltd, an estimated $1.86M added.
- The largest Zhihu seller in Q1 2026 was Matthews International Capital Management, an estimated $7.78M sold.
Based on aggregated 13F filings for Q1 2026.