Zscaler
751 hedge funds and large institutions have $12.5B invested in Zscaler in 2026 Q1 according to their latest regulatory filings, with 96 funds opening new positions, 294 increasing their positions, 267 reducing their positions, and 220 closing their positions.
10% more repeat investments, than reductions
Existing positions increased: 294 | Existing positions reduced: 267
0.35% less ownership
Funds ownership: 55.88% → 55.53% (-0.35%)
15% less call options, than puts
Call options by funds: $899M | Put options by funds: $1.06B
16% less funds holding
Funds holding: 889 → 751 (-138)
37% less capital invested
Capital invested by funds: $20B → $12.5B (-$7.51B)
56% less first-time investments, than exits
New positions opened: 96 | Existing positions closed: 220
80% less funds holding in top 10
Funds holding in top 10: 5 → 1 (-4)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Victory Capital Management
San Antonio,
Texas
|
+$251M |
| 2 |
Two Sigma Investments
New York
|
+$173M |
| 3 |
First Trust Advisors
Wheaton,
Illinois
|
+$166M |
| 4 |
Wellington Management Group
Boston,
Massachusetts
|
+$135M |
| 5 |
BlackRock
New York
|
+$131M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
-$415M |
| 2 |
Federated Hermes
Pittsburgh,
Pennsylvania
|
-$191M |
| 3 |
T. Rowe Price Associates
Baltimore,
Maryland
|
-$146M |
| 4 |
Invesco
Atlanta,
Georgia
|
-$132M |
| 5 |
VOYA Investment Management
Atlanta,
Georgia
|
-$106M |
ZS Hedge Fund Activity: Q1 2026 in Review
751 of the 8,207 institutional investors tracked by Wall St. Rank reported a position in Zscaler (ZS) for Q1 2026, worth a combined $12.5B — down 37% from $20B a quarter earlier.
Sellers outnumbered buyers: 220 funds closed out of ZS and 96 opened new positions — a net loss of 124 holders — while 267 trimmed existing stakes and 294 added.
The largest buyer was Victory Capital Management, adding an estimated $251M. The largest seller was Fidelity Investments, cutting an estimated $415M.
- 751 institutional investors held Zscaler (ZS) as of Q1 2026, down from 889 in Q4 2025.
- Funds reported $12.5B of Zscaler stock for Q1 2026, down 37% quarter-over-quarter.
- 96 funds opened new Zscaler positions in Q1 2026 and 220 closed out, a net change of -124 holders.
- The largest Zscaler buyer in Q1 2026 was Victory Capital Management, an estimated $251M added.
- The largest Zscaler seller in Q1 2026 was Fidelity Investments, an estimated $415M sold.
Based on aggregated 13F filings for Q1 2026.