L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 22 Jan 2026
Managers listing it
28
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 7 listed it in both
Shares listed
11,159,373
combined, among listed positions
Reported value
$1.0bn
combined, at the quarter end

Among the 92 comparable managers: 11 buyers (opened or added shares) and 21 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was -3,012,747.

Managers listing HQY in Q4 2025

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q3 2025, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

28 of 28 holders

ActionFiling
Fidelity (FMR LLC)2,052,571$188munder 0.1%Trimmed-1,437,21017 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC1,762,335$161m0.08%Trimmed-1,93317 Feb 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc1,317,719$121munder 0.1%Trimmed-216,01117 Feb 2026 (the filing on sec.gov)
Millennium Management LLC951,563$87munder 0.1%Added+573,28317 Feb 2026 (the filing on sec.gov)
Invesco Ltd871,802$80munder 0.1%Trimmed-1,257,35219 Feb 2026 (the filing on sec.gov)
Janus Henderson Group Ltd820,233$75munder 0.1%Trimmed-19,26117 Feb 2026 (the filing on sec.gov)
Wellington Management Group LLP767,391$70munder 0.1%Trimmed-28,85817 Feb 2026 (the filing on sec.gov)
Artisan Partners LP542,216$50m0.07%Trimmed-55,22917 Feb 2026 (the filing on sec.gov)
Marshall Wace LLP450,322$41munder 0.1%Added+157,14013 Feb 2026 (the filing on sec.gov)
Balyasny Asset Management LLC281,631$26munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Man Group PLC276,444$25munder 0.1%Trimmed-30,83717 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP226,179$21munder 0.1%Trimmed-1,08317 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC215,267$20munder 0.1%Trimmed-211,54717 Feb 2026 (the filing on sec.gov)
Point72 Asset Management LP182,017$17munder 0.1%Trimmed-379,00817 Feb 2026 (the filing on sec.gov)
MFS Investment Management149,122$14munder 0.1%Trimmed-166,20522 Jan 2026 (the filing on sec.gov)
Jane Street Group LLC78,838$7.2munder 0.1%Added+62,93612 Feb 2026 (the filing on sec.gov)
Woodline Partners LP75,461$6.9munder 0.1%Trimmed-200,92917 Feb 2026 (the filing on sec.gov)
Verition Fund Management LLC28,023$2.6munder 0.1%Added+42013 Feb 2026 (the filing on sec.gov)
Arrowstreet Capital LP24,657$2.3munder 0.1%Trimmed-50,23813 Feb 2026 (the filing on sec.gov)
Bridgewater Associates LP20,827$1.9munder 0.1%Added+14,44813 Feb 2026 (the filing on sec.gov)
Quantbot Technologies LP20,723$1.9m0.06%Newnew10 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP14,164$1.3munder 0.1%Added+6,53717 Feb 2026 (the filing on sec.gov)
Acadian Asset Management LLC8,775$803kunder 0.1%Added+8,44410 Feb 2026 (the filing on sec.gov)
Farallon Capital Management LLC5,000$458kunder 0.1%Held017 Feb 2026 (the filing on sec.gov)
Polen Capital Management LLC4,980$456kunder 0.1%Newnew12 Feb 2026 (the filing on sec.gov)
Page 1 of 2

Largest increases and reductions, by shares

Q3 2025 to Q4 2025, among managers that listed it in both quarters or opened it.

Increases

Reductions

New positions and exits

At least these many: a manager is shown exiting only where its own filing shows the position gone.

Ownership over time

Every quarter on file. A quarter-end value moves with the price as well as with the shares held; buyers and sellers count comparable managers, by shares.
5 in Q3 2024 to 5 in Q2 2026

Tracked managers listing it, at least.

0510152017201820192020202120222023202420252026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
HQY by quarter
QuarterHoldersReported valueBuyersSellers
Q2 20151$904kn.a.n.a.
Q3 20152$9.7mn.a.n.a.
Q4 20151$213kn.a.n.a.
Q2 20161$6.7mn.a.n.a.
Q3 20162$15mn.a.n.a.
Q4 20164$33mn.a.n.a.
Q1 20174$43mn.a.n.a.
Q2 20175$248mn.a.n.a.
Q3 20174$264mn.a.n.a.
Q4 20174$234mn.a.n.a.
Q1 20184$351mn.a.n.a.
Q2 20186$433mn.a.n.a.
Q3 20188$824mn.a.n.a.
Q4 20186$303mn.a.n.a.
Q1 20194$333mn.a.n.a.
Q2 201912$339mn.a.n.a.
Q3 20198$275mn.a.n.a.
Q4 20197$292mn.a.n.a.
Q1 20209$236mn.a.n.a.
Q2 20208$257mn.a.n.a.
Q3 20205$151mn.a.n.a.
Q4 20202$101mn.a.n.a.
Q1 20213$188mn.a.n.a.
Q2 20213$228mn.a.n.a.
Q3 20212$108mn.a.n.a.
Q4 20216$113mn.a.n.a.
Q1 20226$247mn.a.n.a.
Q2 20224$178mn.a.n.a.
Q3 20225$293mn.a.n.a.
Q4 20223$140mn.a.n.a.
Q1 20235$180mn.a.n.a.
Q2 20236$285mn.a.n.a.
Q3 20238$734mn.a.n.a.
Q4 20233$132m24
Q1 20245$226m41
Q2 20246$627m50
Q3 20245$172m31
Q4 20248$850m43
Q1 20254$191m40
Q2 20258$883m71
Q3 20257$412m45
Q4 20259$443m1121
Q1 20267$376m1319
Q2 20265$381m1513

Compare with…

Holders over time, buyers and sellers, and the managers holding both, side by side for up to four stocks.

HQY and V →HQY and MA →HQY and MCO →Choose a stock to compare with HQY →

How much of the picture this is

A 13F is a manager’s long US-listed equity book at a quarter end, filed up to 45 days later. It shows no shorts, cash, bonds or performance, and it is never today’s portfolio. Large books are listed to their largest positions, so a manager missing from this table may still hold a small position below that line. These are 95 tracked managers, not the institutional market.

Which funds own HQY, latest filings →Back to the 13F Explorer →