I3 Verticals, Inc.: which funds bought and sold

Institutions that bought and sold I3 Verticals 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, 55 institutions that filed 13F reports for both quarters added to or opened positions in I3 Verticals, and 86 cut or closed them. Together they sold a net 2.4M shares, −10.0% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 866K shares (−10.8%); index fund managers were net sellers of 91K shares (−1.8%). 16 opened a new position and 27 sold out entirely.

Bought, Q2 2026 55 institutions, 16 of them new holders Sold, Q2 2026 86 institutions, 27 of them sold out

Net change, all compared −2.4M shares (−10.0%)

Net change, active managers −866K shares (−10.8%), 14 bought, 9 sold

Buyers versus sellers

institutions compared, 157

55 bought 16 86 sold

Active managers and hedge funds 14 bought · 9 sold · −866K

Index fund managers 4 bought · 5 sold · −91K

Other institutions 37 bought · 72 sold · −1.5M

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
First Eagle Investment Management, LLC Active manager	+1.1M +278.4%	1.4M	$30.9M
Heartland Advisors Inc	+358K +59.0%	965K	$20.6M
Forager Capital Management, LLC	+285K +49.2%	865K	$18.5M
Jane Street Group, LLC	+280K New position	280K	$6M
Wellington Management Group LLP Active manager	+225K New position	225K	$4.8M
Citadel Advisors LLC Hedge fund	+209K +396.2%	262K	$5.6M
Renaissance Technologies LLC Hedge fund	+191K New position	191K	$4.1M
Crosslink Capital Inc	+152K +15.7%	1.1M	$23.9M
HRT Financial LP	+128K +357.2%	164K	$3.5M
Confluence Investment Management LLC	+110K +91.6%	231K	$4.9M
Royce & Associates LP Active manager	+68K +11.6%	651K	$13.9M
Punch & Associates Investment Management, Inc.	+67K +6.5%	1.1M	$23.5M
Dimensional Fund Advisors LP	+63K +10.2%	680K	$14.5M
Nuveen, LLC	+52K +32.6%	211K	$4.5M
North Reef Capital Management LP Hedge fund	+50K +4.9%	1.1M	$23M
Marshall Wace, LLP Hedge fund	+49K New position	49K	$1M
Xtx Topco Ltd	+29K +64.1%	74K	$1.6M
Blackrock, Inc. Index funds	+27K +1.5%	1.8M	$38.5M
Wasatch Advisors LP Active manager	+26K +7.3%	377K	$8.1M
State Street Corp Index funds	+25K +3.7%	719K	$15.4M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
First Eagle Investment Management, LLC Active manager	+1.1M +278.4%	1.4M	$30.9M
Wellington Management Group LLP Active manager	+225K New position	225K	$4.8M
Citadel Advisors LLC Hedge fund	+209K +396.2%	262K	$5.6M
Renaissance Technologies LLC Hedge fund	+191K New position	191K	$4.1M
Royce & Associates LP Active manager	+68K +11.6%	651K	$13.9M
North Reef Capital Management LP Hedge fund	+50K +4.9%	1.1M	$23M
Marshall Wace, LLP Hedge fund	+49K New position	49K	$1M
Wasatch Advisors LP Active manager	+26K +7.3%	377K	$8.1M
Squarepoint Ops LLC Hedge fund	+25K New position	25K	$536,136
Engineers Gate Manager LP Hedge fund	+25K New position	25K	$528,938

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
William Blair Investment Management, LLC Active manager	−1.2M Sold out	0	—
Ranger Investment Management, L.P. Active manager	−926K Sold out	0	—
Long Path Partners LP	−604K −73.7%	215K	$4.6M
Thrivent Financial For Lutherans	−456K Sold out	0	—
Raymond James Financial Inc	−455K −91.4%	43K	$920,488
Geneva Capital Management LLC Active manager	−366K −23.5%	1.2M	$25.4M
Russell Investments Group, Ltd.	−302K −96.1%	12K	$259,972
12Th Street Asset Management Company, LLC	−299K −57.2%	224K	$4.8M
T. Rowe Price Investment Management, Inc. Active manager	−242K −34.4%	462K	$9.9M
Portolan Capital Management, LLC	−207K Sold out	0	—
Vanguard Capital Management LLC Index funds	−149K −15.4%	815K	$17.4M
Oppenheimer Asset Management Inc.	−99K Sold out	0	—
Tectonic Advisors LLC	−98K Sold out	0	—
Wesbanco Bank Inc	−65K Sold out	0	—
Arrowmark Colorado Holdings LLC	−62K −30.9%	140K	$3M
Victory Capital Management Inc Active manager	−56K −46.6%	64K	$1.4M
Altravue Capital, LLC	−50K −4.3%	1.1M	$23.9M
Bank Of America Corp	−50K −50.7%	48K	$1M
Eversource Wealth Advisors, LLC	−47K −99.6%	203	$4,336
Envestnet Asset Management Inc	−46K −47.7%	51K	$1.1M

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
William Blair Investment Management, LLC Active manager	−1.2M Sold out	0	—
Ranger Investment Management, L.P. Active manager	−926K Sold out	0	—
Geneva Capital Management LLC Active manager	−366K −23.5%	1.2M	$25.4M
T. Rowe Price Investment Management, Inc. Active manager	−242K −34.4%	462K	$9.9M
Victory Capital Management Inc Active manager	−56K −46.6%	64K	$1.4M
GAMCO Investors, Inc. Et Al Active manager	−29K −38.1%	48K	$1M
Jennison Associates LLC Active manager	−13K −1.5%	857K	$18.3M
FMR LLC Active manager	−2,799 −71.2%	1,134	$24,222
Kennedy Capital Management LLC Active manager	−2,650 −1.9%	136K	$2.9M

New positions

largest by value

Institution	Shares	Value June 30, 2026
Jane Street Group, LLC	280K	$6M
Wellington Management Group LLPActive manager	225K	$4.8M
Renaissance Technologies LLCHedge fund	191K	$4.1M
Marshall Wace, LLPHedge fund	49K	$1M
Squarepoint Ops LLCHedge fund	25K	$536,136
Engineers Gate Manager LPHedge fund	25K	$528,938
Atom Investors LP	23K	$489,358
Corient Private Wealth LP	12K	$262,237
Caxton Associates LLPHedge fund	10K	$221,717
Dynamic Technology Lab Private Ltd	9,598	$205,000

Sold out

largest by value

Institution	Shares	Value March 31, 2026
William Blair Investment Management, LLCActive manager	1.2M	$26.3M
Ranger Investment Management, L.P.Active manager	926K	$20.7M
Thrivent Financial For Lutherans	456K	$10.2M
Portolan Capital Management, LLC	207K	$4.6M
Oppenheimer Asset Management Inc.	99K	$2.2M
Tectonic Advisors LLC	98K	$2.2M
Wesbanco Bank Inc	65K	$1.5M
State Board Of Administration Of Florida Retirement System	37K	$818,957
Mariner, LLC	32K	$718,204
Kings Path Partners LLC	20K	$453,349

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 132
Ten largest holders: 52.3%
Index fund managers: 23.3%
Active managers and hedge funds: 32.5%

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	14	9	6	2	−866K	−10.8%
Index fund managers	4	5	0	0	−91K	−1.8%
Other institutions	37	72	10	25	−1.5M	−13.3%

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 I3 Verticals.

Only managers that filed a holdings report for both quarters are compared (157 here). 4 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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