Merchants Bancorp: which funds bought and sold

Institutions that bought and sold Merchants Bancorp 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, 81 institutions that filed 13F reports for both quarters added to or opened positions in Merchants Bancorp, and 77 cut or closed them. Together they sold a net 342K shares, −0.8% on what they held at the start of the quarter. Active managers and hedge funds on our list were net buyers of 24K shares (+1.2%); index fund managers were net buyers of 157K shares (+1.9%). 25 opened a new position and 16 sold out entirely.

Bought, Q2 2026 81 institutions, 25 of them new holders Sold, Q2 2026 77 institutions, 16 of them sold out

Net change, all compared −342K shares (−0.8%)

Net change, active managers +24K shares (+1.2%), 9 bought, 13 sold

Buyers versus sellers

institutions compared, 199

81 bought 41 77 sold

Active managers and hedge funds 9 bought · 13 sold · +24K

Index fund managers 8 bought · 1 sold · +157K

Other institutions 64 bought · 63 sold · −524K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
American Century Companies Inc Active manager	+94K +12.7%	837K	$41.9M
Invesco Ltd.	+85K +55.0%	240K	$12M
Dimensional Fund Advisors LP	+68K +3.9%	1.8M	$91.4M
Blackrock, Inc. Index funds	+54K +1.3%	4.1M	$205M
Xtx Topco Ltd	+45K +230.8%	65K	$3.2M
State Street Corp Index funds	+32K +3.1%	1.1M	$53.5M
Citigroup Inc	+29K +219.9%	42K	$2.1M
Russell Investments Group, Ltd.	+26K +30.5%	112K	$5.6M
Exoduspoint Capital Management, LP Hedge fund	+26K New position	26K	$1.3M
Millennium Management LLC Hedge fund	+26K New position	26K	$1.3M
Vanguard Portfolio Management LLC Index funds	+24K +5.1%	488K	$24.4M
Capstone Investment Advisors, LLC Hedge fund	+19K New position	19K	$950,900
Quantinno Capital Management LP	+15K +43.6%	50K	$2.5M
Vanguard Capital Management LLC Index funds	+15K +1.5%	1.0M	$50.8M
Lji Wealth Management, LLC	+15K New position	15K	$750,000
Geode Capital Management, LLC Index funds	+15K +2.1%	740K	$37M
Bank Of America Corp	+15K +13.9%	121K	$6.1M
Northern Trust Corp Index funds	+15K +5.1%	302K	$15.1M
Wells Fargo & Company	+12K +122.3%	22K	$1.1M
Morgan Stanley	+11K +3.6%	309K	$15.4M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
American Century Companies Inc Active manager	+94K +12.7%	837K	$41.9M
Exoduspoint Capital Management, LP Hedge fund	+26K New position	26K	$1.3M
Millennium Management LLC Hedge fund	+26K New position	26K	$1.3M
Capstone Investment Advisors, LLC Hedge fund	+19K New position	19K	$950,900
Federated Hermes, Inc. Active manager	+7,146 +40.0%	25K	$1.2M
Price T Rowe Associates Inc Active manager	+6,020 +21.7%	34K	$1.7M
O'Shaughnessy Asset Management, LLC Active manager	+4,701 New position	4,701	$235,050
Graham Capital Management, L.P. Hedge fund	+4,110 New position	4,110	$205,500
AQR Capital Management LLC Hedge fund	+1,968 +5.1%	40K	$2M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Doma Perpetual Capital Management LLC	−306K −27.4%	810K	$40.5M
Elser Financial Planning, Inc	−174K −0.6%	26.8M	$1.3B
Mackenzie Financial Corp	−87K Sold out	0	—
Goldman Sachs Group Inc	−55K −43.7%	71K	$3.6M
Sei Investments Co	−54K −49.8%	55K	$2.7M
Renaissance Technologies LLC Hedge fund	−49K Sold out	0	—
Nomura Asset Management International Inc.	−48K −4.4%	1.0M	$52.3M
Royce & Associates LP Active manager	−40K −7.1%	527K	$26.4M
Wakefield Asset Management LLLP	−30K Sold out	0	—
Trexquant Investment LP Hedge fund	−29K Sold out	0	—
Denali Advisors LLC	−20K −10.3%	175K	$8.7M
UBS Group AG	−19K −23.0%	62K	$3.1M
First Trust Advisors LP	−15K −13.3%	101K	$5M
D. E. Shaw & Co., Inc. Hedge fund	−12K −42.1%	16K	$817,950
Jpmorgan Chase & Co	−11K −39.0%	18K	$945,761
Rhumbline Advisers Index funds	−11K −13.8%	67K	$3.3M
Susquehanna International Group, LLP	−10K Sold out	0	—
Mirabella Financial Services LLP	−9,706 Sold out	0	—
Franklin Resources Inc Active manager	−8,697 −8.1%	99K	$4.9M
Landscape Capital Management, L.L.C.	−8,388 Sold out	0	—

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Renaissance Technologies LLC Hedge fund	−49K Sold out	0	—
Royce & Associates LP Active manager	−40K −7.1%	527K	$26.4M
Trexquant Investment LP Hedge fund	−29K Sold out	0	—
D. E. Shaw & Co., Inc. Hedge fund	−12K −42.1%	16K	$817,950
Franklin Resources Inc Active manager	−8,697 −8.1%	99K	$4.9M
Two Sigma Investments, LP Hedge fund	−7,000 −16.8%	35K	$1.7M
Brevan Howard Capital Management LP Hedge fund	−6,721 Sold out	0	—
Engineers Gate Manager LP Hedge fund	−5,237 Sold out	0	—
Hotchkis & Wiley Capital Management LLC Active manager	−3,970 −1.3%	298K	$14.9M
Acadian Asset Management LLC Active manager	−1,189 −8.7%	13K	$626,000

New positions

largest by value

Institution	Shares	Value June 30, 2026
Exoduspoint Capital Management, LPHedge fund	26K	$1.3M
Millennium Management LLCHedge fund	26K	$1.3M
Capstone Investment Advisors, LLCHedge fund	19K	$950,900
Lji Wealth Management, LLC	15K	$750,000
Zega Investments, LLC	7,200	$360,000
Jump Financial, LLC	5,500	$275,000
Mercer Global Advisors Inc	4,956	$247,825
O'Shaughnessy Asset Management, LLCActive manager	4,701	$235,050
Fairfield, Bush & Co.	4,650	$232,486
Swiss Life Asset Management Ltd	4,531	$226,550

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Mackenzie Financial Corp	87K	$3.7M
Renaissance Technologies LLCHedge fund	49K	$2.1M
Wakefield Asset Management LLLP	30K	$1.3M
Trexquant Investment LPHedge fund	29K	$1.3M
Susquehanna International Group, LLP	10K	$436,309
Mirabella Financial Services LLP	9,706	$416,484
Landscape Capital Management, L.L.C.	8,388	$359,929
Two Sigma Securities, LLC	7,224	$309,982
Brevan Howard Capital Management LPHedge fund	6,721	$288,398
Engineers Gate Manager LPHedge fund	5,237	$224,719

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 187
Ten largest holders: 85.9%
Index fund managers: 18.2%
Active managers and hedge funds: 4.5%

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	9	13	5	5	+24K	+1.2%
Index fund managers	8	1	0	0	+157K	+1.9%
Other institutions	64	63	20	11	−524K	−1.5%

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 Merchants Bancorp.

Only managers that filed a holdings report for both quarters are compared (199 here). 8 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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