Zscaler
889 hedge funds and large institutions have $20B invested in Zscaler in 2025 Q4 according to their latest regulatory filings, with 144 funds opening new positions, 327 increasing their positions, 299 reducing their positions, and 147 closing their positions.
4.26% more ownership
Funds ownership: 51.61% → 55.88% (+4.3%)
9% more repeat investments, than reductions
Existing positions increased: 327 | Existing positions reduced: 299
2% less first-time investments, than exits
New positions opened: 144 | Existing positions closed: 147
2% less funds holding
Funds holding: 910 → 889 (-21)
14% less call options, than puts
Call options by funds: $1.36B | Put options by funds: $1.57B
18% less capital invested
Capital invested by funds: $24.5B → $20B (-$4.43B)
29% less funds holding in top 10
Funds holding in top 10: 7 → 5 (-2)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Invesco
Atlanta,
Georgia
|
+$1.06B |
| 2 |
T. Rowe Price Associates
Baltimore,
Maryland
|
+$219M |
| 3 |
UBS Group
Zurich,
Switzerland
|
+$202M |
| 4 |
Goldman Sachs
New York
|
+$164M |
| 5 |
Squarepoint
New York
|
+$141M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
D.E. Shaw & Co
New York
|
-$246M |
| 2 |
1832 Asset Management
Toronto,
Ontario, Canada
|
-$145M |
| 3 |
Two Sigma Advisers
New York
|
-$139M |
| 4 |
Two Sigma Investments
New York
|
-$100M |
| 5 |
AQR Capital Management
Greenwich,
Connecticut
|
-$96.7M |
ZS Hedge Fund Activity: Q4 2025 in Review
889 of the 8,284 institutional investors tracked by Wall St. Rank reported a position in Zscaler (ZS) for Q4 2025, worth a combined $20B — down 18% from $24.5B a quarter earlier.
Sellers outnumbered buyers: 147 funds closed out of ZS and 144 opened new positions — a net loss of 3 holders — while 299 trimmed existing stakes and 327 added.
The largest buyer was Invesco, adding an estimated $1.06B. The largest seller was D.E. Shaw & Co, cutting an estimated $246M.
- 889 institutional investors held Zscaler (ZS) as of Q4 2025, down from 910 in Q3 2025.
- Funds reported $20B of Zscaler stock for Q4 2025, down 18% quarter-over-quarter.
- 144 funds opened new Zscaler positions in Q4 2025 and 147 closed out, a net change of -3 holders.
- The largest Zscaler buyer in Q4 2025 was Invesco, an estimated $1.06B added.
- The largest Zscaler seller in Q4 2025 was D.E. Shaw & Co, an estimated $246M sold.
Based on aggregated 13F filings for Q4 2025.