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ZTO Express
ZTO

170 hedge funds and large institutions have $1.29B invested in ZTO Express in 2025 Q3 according to their latest regulatory filings, with 27 funds opening new positions, 65 increasing their positions, 49 reducing their positions, and 37 closing their positions.

New
Increased
Maintained
Reduced
Closed

593% more call options, than puts

Call options by funds: $175M | Put options by funds: $25.2M

33% more repeat investments, than reductions

Existing positions increased: 65 | Existing positions reduced: 49

3.14% less ownership

Funds ownership: 14.34% → 11.21% (-3.1%)

7% less funds holding

Funds holding: 182 → 170 (-12)

15% less capital invested

Capital invested by funds: $1.52B → $1.29B (-$236M)

25% less funds holding in top 10

Funds holding in top 10: 4 → 3 (-1)

27% less first-time investments, than exits

New positions opened: 27 | Existing positions closed: 37

Holders
170
Holders Change
-12
Holders Change %
-6.59%
% of All Funds
2.23%
Holding in Top 10
3
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-25%
% of All Funds
0.04%
New
27
Increased
65
Reduced
49
Closed
37
Calls
$175M
Puts
$25.2M
Net Calls
+$149M
Net Calls Change
+$38.4M

Top Buyers

1
Morgan Stanley
Morgan Stanley
New York
+$33.3M
2
Goldman Sachs
Goldman Sachs
New York
+$27.4M
3
CLGM
Capitolis Liquid Global Markets
New York
+$25.6M
4
CGH
Crossmark Global Holdings
Texas
+$11.3M
5
Pzena Investment Management
Pzena Investment Management
New York
+$7.2M

Top Sellers

1
HL
Harding Loevner
New Jersey
-$219M
2
T. Rowe Price Associates
T. Rowe Price Associates
Maryland
-$59.2M
3
UBS Group
UBS Group
Switzerland
-$53.9M
4
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
Ontario, Canada
-$30.4M
5
Canada Pension Plan Investment Board
Canada Pension Plan Investment Board
Ontario, Canada
-$12.5M
Name Holding Trade Value Shares
Change 		Change in
Stake
Norges Bank
176
Norges Bank
Norway
– -$7.45M -419,510 Closed
Pictet Asset Management
177
Pictet Asset Management
Switzerland
– -$3.76M -212,109 Closed
LP
178
LMR Partners
United Kingdom
– -$1.8M -101,649 Closed
Victory Capital Management
179
Victory Capital Management
Texas
– -$1.39M -78,069 Closed
Lazard Asset Management
180
Lazard Asset Management
New York
– -$686K -38,712 Closed
KeyBank National Association
181
KeyBank National Association
Ohio
– -$670K -37,747 Closed
JG
182
Jain Global
New York
– -$531K -29,900 Closed
BP
183
BNP Paribas
France
– -$508K -28,609 Closed
Verition Fund Management
184
Verition Fund Management
Connecticut
– -$470K -26,475 Closed
QCM
185
Quantinno Capital Management
New York
– -$446K -25,143 Closed
Squarepoint
186
Squarepoint
New York
– -$469K -24,517 Closed
JF
187
Jump Financial
Illinois
– -$374K -21,058 Closed
AA
188
ABC Arbitrage
France
– -$349K -19,650 Closed
Cerity Partners
189
Cerity Partners
New York
– -$339K -19,106 Closed
Jane Street
190
Jane Street
New York
– -$348K -18,153 Closed
Vanguard Group
191
Vanguard Group
Pennsylvania
– -$263K -14,840 Closed
Axa
192
Axa
France
– -$248K -13,961 Closed
BC
193
Bridgefront Capital
Texas
– -$242K -13,610 Closed
Connor, Clark & Lunn Investment Management (CC&L)
194
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
– -$215K -12,131 Closed
MT
195
Midwest Trust
Kansas
– -$192K -10,840 Closed
Arrowstreet Capital
196
Arrowstreet Capital
Massachusetts
– -$190K -10,706 Closed
TSS
197
Two Sigma Securities
New York
– -$181K -10,184 Closed
BIG
198
Brooklyn Investment Group
New York
– -$120K -6,738 Closed
DB
199
Danske Bank
Denmark
– -$89.2K -5,024 Closed
Raymond James Financial
200
Raymond James Financial
Florida
– -$71K -3,999 Closed
5 6 7
8
9

ZTO Hedge Fund Activity: Q3 2025 in Review

170 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in ZTO Express (ZTO) for Q3 2025, worth a combined $1.29B — down 15% from $1.52B a quarter earlier.

Sellers outnumbered buyers: 37 funds closed out of ZTO and 27 opened new positions — a net loss of 10 holders — while 49 trimmed existing stakes and 65 added.

The largest buyer was Morgan Stanley, adding an estimated $33.3M. The largest seller was Harding Loevner, cutting an estimated $219M.

  • 170 institutional investors held ZTO Express (ZTO) as of Q3 2025, down from 182 in Q2 2025.
  • Funds reported $1.29B of ZTO Express stock for Q3 2025, down 15% quarter-over-quarter.
  • 27 funds opened new ZTO Express positions in Q3 2025 and 37 closed out, a net change of -10 holders.
  • The largest ZTO Express buyer in Q3 2025 was Morgan Stanley, an estimated $33.3M added.
  • The largest ZTO Express seller in Q3 2025 was Harding Loevner, an estimated $219M sold.

Based on aggregated 13F filings for Q3 2025.