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ZH

Zhihu
ZH

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.

New
Increased
Maintained
Reduced
Closed

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)

Holders
48
Holders Change
-4
Holders Change %
-7.69%
% of All Funds
0.59%
Holding in Top 10
1
Holding in Top 10 Change
+1
Holding in Top 10 Change %
% of All Funds
0.01%
New
8
Increased
17
Reduced
15
Closed
11
Calls
$128K
Puts
$42K
Net Calls
+$86K
Net Calls Change
-$120K

Top Buyers

1
FBIL
First Beijing Investment Ltd
Hong Kong
+$1.86M
2
Goldman Sachs
Goldman Sachs
New York
+$1.16M
3
Jane Street
Jane Street
New York
+$656K
4
Qube Research & Technologies (QRT)
Qube Research & Technologies (QRT)
United Kingdom
+$618K
5
Dodge & Cox
Dodge & Cox
California
+$547K

Top Sellers

1
MICM
Matthews International Capital Management
California
-$7.78M
2
Arrowstreet Capital
Arrowstreet Capital
Massachusetts
-$1.18M
3
State Street
State Street
Massachusetts
-$933K
4
Morgan Stanley
Morgan Stanley
New York
-$339K
5
California Public Employees Retirement System
California Public Employees Retirement System
California
-$237K
Name Holding Trade Value Shares
Change 		Change in
Stake
Acadian Asset Management
1
Acadian Asset Management
Massachusetts
$9.16M +$74.2K +21,962 +0.7%
Fidelity International
2
Fidelity International
Bermuda
$5.39M -$49.6K -14,683 -0.8%
EFMH
3
E Fund Management (HK)
Hong Kong
$1.89M +$493K +146,019 +28%
EFM
4
E Fund Management
China
$1.89M +$2.24M +664,671 New
State Street
5
State Street
Massachusetts
$1.74M -$933K -276,208 -31%
FBIL
6
First Beijing Investment Ltd
Hong Kong
$1.56M +$1.86M +551,048 New
Goldman Sachs
7
Goldman Sachs
New York
$1.4M +$1.16M +343,310 +228%
Dodge & Cox
8
Dodge & Cox
California
$1.37M +$547K +161,928 +51%
MS
9
Maven Securities
Jersey
$1.36M +$46.4K +13,748 +3%
UBS Group
10
UBS Group
Switzerland
$1.27M +$38.8K +11,476 +3%
Morgan Stanley
11
Morgan Stanley
New York
$894K -$339K -100,463 -24%
Jane Street
12
Jane Street
New York
$862K +$656K +194,160 +177%
Qube Research & Technologies (QRT)
13
Qube Research & Technologies (QRT)
United Kingdom
$706K +$618K +182,949 +278%
OMC
14
Oasis Management Company
Cayman Islands
$639K – – –
Arrowstreet Capital
15
Arrowstreet Capital
Massachusetts
$426K -$1.18M -349,195 -70%
COPPSERS
16
Commonwealth of Pennsylvania Public School Employees Retirement System
Pennsylvania
$399K – – –
Point72 Asset Management
17
Point72 Asset Management
Connecticut
$389K +$402K +118,954 +665%
XT
18
XTX Topco
Cayman Islands
$385K +$163K +48,264 +55%
SEI Investments
19
SEI Investments
Pennsylvania
$367K +$242K +71,585 +124%
BNP Paribas Financial Markets
20
BNP Paribas Financial Markets
France
$338K +$69.2K +20,500 +21%
Millennium Management
21
Millennium Management
New York
$321K +$382K +113,200 New
JP Morgan Chase
22
JP Morgan Chase
New York
$307K -$38.9K -11,527 -9%
Russell Investments Group
23
Russell Investments Group
United Kingdom
$259K +$262K +77,513 +421%
American Century Companies
24
American Century Companies
Missouri
$236K +$1.96K +580 +0.7%
New York State Common Retirement Fund
25
New York State Common Retirement Fund
New York
$195K +$55.7K +16,496 +32%
1
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ZH Hedge Fund Activity: Q1 2026 in Review

48 of the 8,126 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.