Arcutis Biotherapeutics, Inc.: which funds bought and sold

Institutions that bought and sold Arcutis Biotherapeutics shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 133 institutions that filed 13F reports for both quarters added to or opened positions in Arcutis Biotherapeutics, and 134 cut or closed them. Together they sold a net 909K shares, −0.7% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 4.3M shares (−7.5%); index fund managers were net buyers of 1.5M shares (+5.2%). 40 opened a new position and 35 sold out entirely.

Bought, Q2 2026 133 institutions, 40 of them new holders Sold, Q2 2026 134 institutions, 35 of them sold out

Net change, all compared −909K shares (−0.7%)

Net change, active managers −4.3M shares (−7.5%), 28 bought, 28 sold

Buyers versus sellers

institutions compared, 302

133 bought 35 134 sold

Active managers and hedge funds 28 bought · 28 sold · −4.3M

Index fund managers 8 bought · 4 sold · +1.5M

Other institutions 97 bought · 102 sold · +2.0M

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Orbimed Advisors LLC	+2.0M New position	2.0M	$53.5M
D. E. Shaw & Co., Inc. Hedge fund	+1.5M +58.2%	3.9M	$104M
Blackrock, Inc. Index funds	+1.3M +14.6%	10.5M	$277M
Citadel Advisors LLC Hedge fund	+1.1M +7333.1%	1.2M	$30.4M
Jones Hill Capital LP	+1.1M New position	1.1M	$28.6M
Polar Capital Holdings PLC Active manager	+940K +16.6%	6.6M	$173M
Bank Of America Corp	+766K +34.5%	3.0M	$78.3M
Millennium Management LLC Hedge fund	+515K +1043.4%	564K	$14.8M
Vanguard Portfolio Management LLC Index funds	+474K +24.3%	2.4M	$63.7M
American Century Companies Inc Active manager	+462K +31.6%	1.9M	$50.5M
Aberdeen Group PLC	+453K +70.3%	1.1M	$28.8M
Two Sigma Investments, LP Hedge fund	+430K +183.3%	664K	$17.4M
Longaeva Partners L.P.	+345K New position	345K	$9M
Manufacturers Life Insurance Company, The	+308K +61.1%	812K	$21.3M
Gw&K Investment Management, LLC	+300K +30.3%	1.3M	$33.8M
Balyasny Asset Management L.P. Hedge fund	+243K New position	243K	$6.4M
Pfm Health Sciences, LP Hedge fund	+242K New position	242K	$6.3M
Morgan Stanley	+232K +5.5%	4.5M	$117M
Walleye Capital LLC Hedge fund	+210K +415.3%	260K	$6.8M
Perpetual Ltd	+200K +22.0%	1.1M	$29.1M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
D. E. Shaw & Co., Inc. Hedge fund	+1.5M +58.2%	3.9M	$104M
Citadel Advisors LLC Hedge fund	+1.1M +7333.1%	1.2M	$30.4M
Polar Capital Holdings PLC Active manager	+940K +16.6%	6.6M	$173M
Millennium Management LLC Hedge fund	+515K +1043.4%	564K	$14.8M
American Century Companies Inc Active manager	+462K +31.6%	1.9M	$50.5M
Two Sigma Investments, LP Hedge fund	+430K +183.3%	664K	$17.4M
Balyasny Asset Management L.P. Hedge fund	+243K New position	243K	$6.4M
Pfm Health Sciences, LP Hedge fund	+242K New position	242K	$6.3M
Walleye Capital LLC Hedge fund	+210K +415.3%	260K	$6.8M
BAMCO Inc Active manager	+181K +16.9%	1.3M	$32.9M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Gilder Gagnon Howe & Co LLC Active manager	−3.0M −69.5%	1.3M	$34.4M
Marshall Wace, LLP Hedge fund	−2.0M −81.6%	447K	$11.7M
Driehaus Capital Management LLC Active manager	−1.3M −60.5%	878K	$23M
Jennison Associates LLC Active manager	−762K −15.3%	4.2M	$111M
Mpm Bioimpact LLC	−734K Sold out	0	—
Stempoint Capital LP	−729K −88.0%	99K	$2.6M
Squarepoint Ops LLC Hedge fund	−566K −51.3%	538K	$14.1M
State Street Corp Index funds	−473K −7.5%	5.8M	$153M
M&G PLC	−469K Sold out	0	—
Eversept Partners, LP Hedge fund	−441K −76.5%	135K	$3.5M
Voloridge Investment Management, LLC Hedge fund	−383K −70.9%	157K	$4.1M
Renaissance Technologies LLC Hedge fund	−383K −86.8%	58K	$1.5M
Franklin Resources Inc Active manager	−367K −16.0%	1.9M	$50.6M
Qube Research & Technologies Ltd Hedge fund	−362K −50.1%	362K	$9.5M
Healthcare Of Ontario Pension Plan Trust Fund	−351K −55.2%	285K	$7.5M
Penn Capital Management Company, LLC Active manager	−333K Sold out	0	—
Price T Rowe Associates Inc Active manager	−290K −64.8%	158K	$4.1M
Cormorant Asset Management, LP Hedge fund	−275K −61.1%	175K	$4.6M
Ensign Peak Advisors, Inc	−270K −21.7%	975K	$25.6M
BNP Paribas Financial Markets	−265K −32.6%	547K	$14.3M

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Gilder Gagnon Howe & Co LLC Active manager	−3.0M −69.5%	1.3M	$34.4M
Marshall Wace, LLP Hedge fund	−2.0M −81.6%	447K	$11.7M
Driehaus Capital Management LLC Active manager	−1.3M −60.5%	878K	$23M
Jennison Associates LLC Active manager	−762K −15.3%	4.2M	$111M
Squarepoint Ops LLC Hedge fund	−566K −51.3%	538K	$14.1M
Eversept Partners, LP Hedge fund	−441K −76.5%	135K	$3.5M
Voloridge Investment Management, LLC Hedge fund	−383K −70.9%	157K	$4.1M
Renaissance Technologies LLC Hedge fund	−383K −86.8%	58K	$1.5M
Franklin Resources Inc Active manager	−367K −16.0%	1.9M	$50.6M
Qube Research & Technologies Ltd Hedge fund	−362K −50.1%	362K	$9.5M

New positions

largest by value

Institution	Shares	Value June 30, 2026
Orbimed Advisors LLC	2.0M	$53.5M
Jones Hill Capital LP	1.1M	$28.6M
Longaeva Partners L.P.	345K	$9M
Balyasny Asset Management L.P.Hedge fund	243K	$6.4M
Pfm Health Sciences, LPHedge fund	242K	$6.3M
Holocene Advisors, LPHedge fund	164K	$4.3M
Tudor Investment Corp Et AlHedge fund	132K	$3.5M
Jacobs Levy Equity Management, IncActive manager	86K	$2.3M
Y-Intercept (Hong Kong) Ltd	76K	$2M
Jain Global LLCHedge fund	73K	$1.9M

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Mpm Bioimpact LLC	734K	$17.3M
M&G PLC	469K	$11.3M
Penn Capital Management Company, LLCActive manager	333K	$7.9M
Hillsdale Investment Management Inc.	188K	$4.4M
Nordea Investment Management AB	193K	$4.4M
Jackson Creek Investment Advisors LLC	69K	$1.6M
Engineers Gate Manager LPHedge fund	66K	$1.6M
Invst, LLC	35K	$829,430
Campbell & Co Investment Adviser LLC	32K	$743,177
D.A. Davidson & Co.	27K	$646,910

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 270
Ten largest holders: 54.2%
Index fund managers: 22.8%
Active managers and hedge funds: 41.0%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	28	28	11	5	−4.3M	−7.5%
Index fund managers	8	4	1	0	+1.5M	+5.2%
Other institutions	97	102	28	30	+2.0M	+4.5%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on Arcutis Biotherapeutics.

Only managers that filed a holdings report for both quarters are compared (302 here). 7 other holders are left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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