Fermi Inc.: which funds bought and sold

Institutions that bought and sold Fermi 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, 231 institutions that filed 13F reports for both quarters added to or opened positions in Fermi, and 82 cut or closed them. Together they added a net 90.7M shares, +128.0% on what they held at the start of the quarter. Active managers and hedge funds on our list were net buyers of 56.6M shares (+208.4%); index fund managers were net buyers of 13.0M shares (+494.5%). 124 opened a new position and 40 sold out entirely.

Bought, Q2 2026 231 institutions, 124 of them new holders Sold, Q2 2026 82 institutions, 40 of them sold out

Net change, all compared +90.7M shares (+128.0%)

Net change, active managers +56.6M shares (+208.4%), 37 bought, 20 sold

Buyers versus sellers

institutions compared, 329

231 bought 16 82 sold

Active managers and hedge funds 37 bought · 20 sold · +56.6M

Index fund managers 9 bought · 0 sold · +13.0M

Other institutions 185 bought · 62 sold · +21.0M

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
SRS Investment Management, LLC Hedge fund	+20.2M New position	20.2M	$185M
Point72 Asset Management, L.P. Hedge fund	+5.8M +464.9%	7.0M	$64.5M
D. E. Shaw & Co., Inc. Hedge fund	+4.6M +554.2%	5.4M	$49.6M
Millennium Management LLC Hedge fund	+4.2M +7174.7%	4.3M	$39.4M
Exoduspoint Capital Management, LP Hedge fund	+4.0M +13125.9%	4.1M	$37.3M
Marshall Wace, LLP Hedge fund	+3.9M +1403.3%	4.2M	$38.1M
Vanguard Portfolio Management LLC Index funds	+3.7M +2168.3%	3.9M	$35.3M
Bluecrest Capital Management Ltd Hedge fund	+3.6M New position	3.6M	$33.3M
Gotham Asset Management, LLC Hedge fund	+3.6M +1004.1%	3.9M	$36.1M
Blackrock, Inc. Index funds	+3.4M +421.6%	4.2M	$38.5M
Castleknight Management LP Hedge fund	+3.1M +2043.2%	3.3M	$30.2M
Vanguard Capital Management LLC Index funds	+3.0M +2517.7%	3.1M	$28.8M
Nexpoint Asset Management, L.P.	+2.6M +202.8%	3.9M	$36.1M
Citadel Advisors LLC Hedge fund	+2.4M +38.0%	8.6M	$78.7M
Ratan Capital Management LP	+2.2M New position	2.2M	$19.8M
Cetera Investment Advisers	+2.0M +164.0%	3.2M	$29M
HRT Financial LP	+1.7M New position	1.7M	$15.6M
Jane Street Group, LLC	+1.7M +334.7%	2.1M	$19.6M
Two Sigma Investments, LP Hedge fund	+1.6M +274.7%	2.1M	$19.5M
State Street Corp Index funds	+1.5M +253.1%	2.1M	$19.4M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
SRS Investment Management, LLC Hedge fund	+20.2M New position	20.2M	$185M
Point72 Asset Management, L.P. Hedge fund	+5.8M +464.9%	7.0M	$64.5M
D. E. Shaw & Co., Inc. Hedge fund	+4.6M +554.2%	5.4M	$49.6M
Millennium Management LLC Hedge fund	+4.2M +7174.7%	4.3M	$39.4M
Exoduspoint Capital Management, LP Hedge fund	+4.0M +13125.9%	4.1M	$37.3M
Marshall Wace, LLP Hedge fund	+3.9M +1403.3%	4.2M	$38.1M
Bluecrest Capital Management Ltd Hedge fund	+3.6M New position	3.6M	$33.3M
Gotham Asset Management, LLC Hedge fund	+3.6M +1004.1%	3.9M	$36.1M
Castleknight Management LP Hedge fund	+3.1M +2043.2%	3.3M	$30.2M
Citadel Advisors LLC Hedge fund	+2.4M +38.0%	8.6M	$78.7M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
UBS Group AG	−5.7M −64.1%	3.2M	$29.4M
Barclays PLC	−3.0M −98.2%	54K	$496,041
T. Rowe Price Investment Management, Inc. Active manager	−2.5M Sold out	0	—
Tortoise Capital Advisors, L.L.C.	−2.3M Sold out	0	—
Goldman Sachs Group Inc	−1.6M −30.1%	3.8M	$34.8M
Adage Capital Partners Gp, L.L.C. Hedge fund	−1.5M −66.7%	750K	$6.9M
M&G PLC	−1.5M −99.0%	15K	$130,968
Boston Partners Active manager	−1.1M Sold out	0	—
Engle Capital Management, L.P.	−1.0M Sold out	0	—
Morgan Stanley	−777K −65.1%	416K	$3.8M
Tudor Investment Corp Et Al Hedge fund	−661K Sold out	0	—
Sir Capital Management, L.P.	−577K Sold out	0	—
Engineers Gate Manager LP Hedge fund	−475K −90.0%	53K	$481,395
Nicolet Bankshares Inc	−469K −55.9%	370K	$3.4M
Anson Funds Management LP Hedge fund	−445K −63.1%	260K	$2.4M
Voloridge Investment Management, LLC Hedge fund	−426K Sold out	0	—
Hudson Bay Capital Management LP Hedge fund	−400K Sold out	0	—
FMR LLC Active manager	−329K −81.4%	75K	$689,171
Shay Capital LLC	−307K −81.3%	71K	$646,696
Renaissance Technologies LLC Hedge fund	−186K −13.2%	1.2M	$11.2M

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
T. Rowe Price Investment Management, Inc. Active manager	−2.5M Sold out	0	—
Adage Capital Partners Gp, L.L.C. Hedge fund	−1.5M −66.7%	750K	$6.9M
Boston Partners Active manager	−1.1M Sold out	0	—
Tudor Investment Corp Et Al Hedge fund	−661K Sold out	0	—
Engineers Gate Manager LP Hedge fund	−475K −90.0%	53K	$481,395
Anson Funds Management LP Hedge fund	−445K −63.1%	260K	$2.4M
Voloridge Investment Management, LLC Hedge fund	−426K Sold out	0	—
Hudson Bay Capital Management LP Hedge fund	−400K Sold out	0	—
FMR LLC Active manager	−329K −81.4%	75K	$689,171
Renaissance Technologies LLC Hedge fund	−186K −13.2%	1.2M	$11.2M

New positions

largest by value

Institution	Shares	Value June 30, 2026
SRS Investment Management, LLCHedge fund	20.2M	$185M
Bluecrest Capital Management LtdHedge fund	3.6M	$33.3M
Ratan Capital Management LP	2.2M	$19.8M
HRT Financial LP	1.7M	$15.6M
Texas Capital Bank Wealth Management Services Inc	1.5M	$13.3M
Steadfast Capital Management LPHedge fund	1.4M	$13.3M
Value Aligned Research Advisors, LLC	1.4M	$12.5M
Whetstone Capital Advisors, LLC	1.3M	$12M
Group One Trading LLC	1.2M	$11.2M
Aberdeen Group PLC	1.0M	$9.2M

Sold out

largest by value

Institution	Shares	Value March 31, 2026
T. Rowe Price Investment Management, Inc.Active manager	2.5M	$14.4M
Tortoise Capital Advisors, L.L.C.	2.3M	$13.3M
Boston PartnersActive manager	1.1M	$6.4M
Engle Capital Management, L.P.	1.0M	$5.9M
Tudor Investment Corp Et AlHedge fund	661K	$3.9M
Sir Capital Management, L.P.	577K	$3.4M
Voloridge Investment Management, LLCHedge fund	426K	$2.5M
Hudson Bay Capital Management LPHedge fund	400K	$2.3M
Pentwater Capital Management LPHedge fund	125K	$730,000
Summittx Capital, L.P.	111K	$648,240

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 293
Ten largest holders: 40.7%
Index fund managers: 9.7%
Active managers and hedge funds: 51.8%

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	37	20	14	11	+56.6M	+208.4%
Index fund managers	9	0	1	0	+13.0M	+494.5%
Other institutions	185	62	109	29	+21.0M	+51.3%

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 Fermi.

Only managers that filed a holdings report for both quarters are compared (329 here). 9 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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