Duolingo, Inc.: which funds bought and sold

Institutions that bought and sold Duolingo 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, 259 institutions that filed 13F reports for both quarters added to or opened positions in Duolingo, and 178 cut or closed them. Together they added a net 925K shares, +2.4% on what they held at the start of the quarter. Active managers and hedge funds on our list were net buyers of 1.3M shares (+8.8%); index fund managers were net sellers of 117K shares (−1.1%). 114 opened a new position and 55 sold out entirely.

Bought, Q2 2026 259 institutions, 114 of them new holders Sold, Q2 2026 178 institutions, 55 of them sold out

Net change, all compared +925K shares (+2.4%)

Net change, active managers +1.3M shares (+8.8%), 23 bought, 30 sold

Buyers versus sellers

institutions compared, 478

259 bought 41 178 sold

Active managers and hedge funds 23 bought · 30 sold · +1.3M

Index fund managers 5 bought · 5 sold · −117K

Other institutions 231 bought · 143 sold · −286K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
AQR Capital Management LLC Hedge fund	+2.2M +2019.6%	2.3M	$268M
Squarepoint Ops LLC Hedge fund	+302K +1372.3%	324K	$37.3M
Goldman Sachs Group Inc	+272K +77.2%	625K	$71.8M
Two Sigma Investments, LP Hedge fund	+234K +16.7%	1.6M	$187M
Point72 Asset Management, L.P. Hedge fund	+215K New position	215K	$24.7M
SG Americas Securities, LLC	+189K +238.1%	268K	$30.8M
Susquehanna International Group, LLP	+136K +173.6%	214K	$24.6M
Polymer Capital Management (HK) Ltd	+122K New position	122K	$14.1M
Federated Hermes, Inc. Active manager	+119K +9.5%	1.4M	$158M
Jump Financial, LLC	+117K +3613.6%	120K	$13.8M
State Of Michigan Retirement System	+113K +9.5%	1.3M	$150M
Gotham Asset Management, LLC Hedge fund	+106K +264.8%	146K	$16.8M
Winmill & Co. Inc	+87K New position	87K	$10M
Ieq Capital, LLC	+81K New position	81K	$9.3M
Kr Capital LP	+68K New position	68K	$7.9M
Nantahala Capital Management, LLC Hedge fund	+68K +67.8%	168K	$19.3M
Envestnet Asset Management Inc	+63K +878.4%	70K	$8.1M
Baird Financial Group, Inc.	+62K +881.9%	69K	$8M
Cerity Partners LLC	+61K New position	61K	$7.1M
Fideuram Asset Management (Ireland) Dac	+61K New position	61K	$6.1M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
AQR Capital Management LLC Hedge fund	+2.2M +2019.6%	2.3M	$268M
Squarepoint Ops LLC Hedge fund	+302K +1372.3%	324K	$37.3M
Two Sigma Investments, LP Hedge fund	+234K +16.7%	1.6M	$187M
Point72 Asset Management, L.P. Hedge fund	+215K New position	215K	$24.7M
Federated Hermes, Inc. Active manager	+119K +9.5%	1.4M	$158M
Gotham Asset Management, LLC Hedge fund	+106K +264.8%	146K	$16.8M
Nantahala Capital Management, LLC Hedge fund	+68K +67.8%	168K	$19.3M
American Century Companies Inc Active manager	+38K +29.0%	168K	$19.4M
FMR LLC Active manager	+38K +3.5%	1.1M	$130M
Schonfeld Strategic Advisors LLC Hedge fund	+30K +828.4%	33K	$3.8M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Jane Street Group, LLC	−498K −74.2%	173K	$19.9M
Morgan Stanley	−448K −46.9%	506K	$58.2M
Voloridge Investment Management, LLC Hedge fund	−429K Sold out	0	—
Renaissance Technologies LLC Hedge fund	−392K −65.0%	212K	$24.3M
Citadel Advisors LLC Hedge fund	−271K −99.0%	2,607	$299,857
Millennium Management LLC Hedge fund	−259K −78.3%	72K	$8.3M
Invesco Ltd.	−190K −53.0%	168K	$19.4M
Jpmorgan Chase & Co	−180K −38.2%	291K	$34M
Bank Of America Corp	−142K −10.7%	1.2M	$137M
Blackrock, Inc. Index funds	−119K −3.0%	3.9M	$445M
Capital Fund Management S.A. Hedge fund	−98K Sold out	0	—
Citigroup Inc	−97K −40.2%	144K	$16.6M
D. E. Shaw & Co., Inc. Hedge fund	−84K −29.8%	197K	$22.6M
UBS Group AG	−72K −6.6%	1.0M	$118M
National Bank Of Canada	−71K −94.4%	4,155	$478,361
Fora Capital, LLC	−69K Sold out	0	—
Winton Group Ltd Hedge fund	−60K Sold out	0	—
Clear Street Group Inc.	−52K −41.0%	76K	$8.7M
Baillie Gifford & Co Active manager	−52K −1.1%	4.8M	$555M
Walleye Capital LLC Hedge fund	−50K −84.7%	9,089	$1M

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Voloridge Investment Management, LLC Hedge fund	−429K Sold out	0	—
Renaissance Technologies LLC Hedge fund	−392K −65.0%	212K	$24.3M
Citadel Advisors LLC Hedge fund	−271K −99.0%	2,607	$299,857
Millennium Management LLC Hedge fund	−259K −78.3%	72K	$8.3M
Capital Fund Management S.A. Hedge fund	−98K Sold out	0	—
D. E. Shaw & Co., Inc. Hedge fund	−84K −29.8%	197K	$22.6M
Winton Group Ltd Hedge fund	−60K Sold out	0	—
Baillie Gifford & Co Active manager	−52K −1.1%	4.8M	$555M
Walleye Capital LLC Hedge fund	−50K −84.7%	9,089	$1M
Tudor Investment Corp Et Al Hedge fund	−48K −50.9%	46K	$5.3M

New positions

largest by value

Institution	Shares	Value June 30, 2026
Point72 Asset Management, L.P.Hedge fund	215K	$24.7M
Polymer Capital Management (HK) Ltd	122K	$14.1M
Winmill & Co. Inc	87K	$10M
Ieq Capital, LLC	81K	$9.3M
Kr Capital LP	68K	$7.9M
Cerity Partners LLC	61K	$7.1M
Mariner, LLC	59K	$6.8M
Fideuram Asset Management (Ireland) Dac	61K	$6.1M
Maxi Investments Cy Ltd	29K	$3.4M
Wealth Enhancement Advisory Services, LLC	29K	$3.2M

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Voloridge Investment Management, LLCHedge fund	429K	$42.3M
Capital Fund Management S.A.Hedge fund	98K	$9.7M
Fora Capital, LLC	69K	$6.8M
Winton Group LtdHedge fund	60K	$6M
Exoduspoint Capital Management, LPHedge fund	43K	$4.3M
Y-Intercept (Hong Kong) Ltd	43K	$4.2M
Square Peg Capital Pty Ltd	41K	$4.1M
Worldquant Millennium Advisors LLCHedge fund	41K	$4.1M
Militia Capital Management LLC	34K	$3.3M
Axq Capital, LP	34K	$3.3M

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 432
Ten largest holders: 53.9%
Index fund managers: 25.7%
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	23	30	6	9	+1.3M	+8.8%
Index fund managers	5	5	0	0	−117K	−1.1%
Other institutions	231	143	108	46	−286K	−2.2%

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 Duolingo.

Only managers that filed a holdings report for both quarters are compared (478 here). 15 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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