Merlin, Inc.: which funds bought and sold

Institutions that bought and sold Merlin 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, 52 institutions that filed 13F reports for both quarters added to or opened positions in Merlin, and 15 cut or closed them. Together they added a net 11.9M shares, +320.8% on what they held at the start of the quarter. Active managers and hedge funds on our list were net buyers of 7.5M shares (+299.7%); index fund managers were net buyers of 2.1M shares (+4261.9%). 44 opened a new position and 10 sold out entirely.

Bought, Q2 2026 52 institutions, 44 of them new holders Sold, Q2 2026 15 institutions, 10 of them sold out

Net change, all compared +11.9M shares (+320.8%)

Net change, active managers +7.5M shares (+299.7%), 10 bought, 4 sold

Buyers versus sellers

institutions compared, 72

52 bought 5 15 sold

Active managers and hedge funds 10 bought · 4 sold · +7.5M

Index fund managers 7 bought · 0 sold · +2.1M

Other institutions 35 bought · 11 sold · +2.2M

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Alyeska Investment Group, L.P. Hedge fund	+7.4M New position	7.4M	$42.1M
UBS Group AG	+762K +279.0%	1.0M	$5.9M
Blackrock, Inc. Index funds	+712K New position	712K	$4.1M
Xtx Topco Ltd	+402K +1353.8%	432K	$2.5M
Vanguard Capital Management LLC Index funds	+392K New position	392K	$2.2M
Geode Capital Management, LLC Index funds	+377K +753.5%	427K	$2.4M
Susquehanna International Group, LLP	+359K New position	359K	$2M
Jane Street Group, LLC	+228K +435.4%	281K	$1.6M
Charles Schwab Investment Management Inc Index funds	+224K New position	224K	$1.3M
Vanguard Fiduciary Trust Co Index funds	+185K New position	185K	$1.1M
Marshall Wace, LLP Hedge fund	+176K New position	176K	$1M
State Street Corp Index funds	+166K New position	166K	$942,833
LPL Financial LLC	+162K New position	162K	$921,382
Marex Group Ltd	+132K New position	132K	$748,235
Tudor Investment Corp Et Al Hedge fund	+100K New position	100K	$569,000
Wells Fargo & Company	+82K New position	82K	$464,304
Hightower Advisors, LLC	+81K New position	81K	$459,490
Advisory Services Network, LLC	+78K New position	78K	$441,544
Northern Trust Corp Index funds	+76K New position	76K	$431,393
Citadel Advisors LLC Hedge fund	+75K New position	75K	$424,320

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Alyeska Investment Group, L.P. Hedge fund	+7.4M New position	7.4M	$42.1M
Marshall Wace, LLP Hedge fund	+176K New position	176K	$1M
Tudor Investment Corp Et Al Hedge fund	+100K New position	100K	$569,000
Citadel Advisors LLC Hedge fund	+75K New position	75K	$424,320
LMR Partners LLP Hedge fund	+48K New position	48K	$270,275
Squarepoint Ops LLC Hedge fund	+40K New position	40K	$229,512
Engineers Gate Manager LP Hedge fund	+29K New position	29K	$165,619
Millennium Management LLC Hedge fund	+29K New position	29K	$163,018
Tocqueville Asset Management L.P. Active manager	+26K New position	26K	$147,940
Voleon Capital Management LP Hedge fund	+11K New position	11K	$63,853

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Exoduspoint Capital Management, LP Hedge fund	−258K −75.1%	86K	$486,876
Continental General Insurance Co	−240K Sold out	0	—
Greenhaven Road Investment Management, L.P.	−108K Sold out	0	—
Goldman Sachs Group Inc	−79K Sold out	0	—
Moore Capital Management, LP Hedge fund	−75K Sold out	0	—
Diametric Capital, LP	−52K −41.9%	72K	$412,325
D. E. Shaw & Co., Inc. Hedge fund	−50K Sold out	0	—
Dld Asset Management, LP	−37K Sold out	0	—
HRT Financial LP	−30K Sold out	0	—
Toronto Dominion Bank	−20K −61.7%	13K	$71,125
Griffin Asset Management, Inc.	−14K Sold out	0	—
Magnetar Financial LLC Hedge fund	−13K −41.3%	18K	$102,420
Bank Of America Corp	−11K Sold out	0	—
Allworth Financial LP	−1,000 −91.7%	90	$513
Ascentis Independent Advisors	−80 Sold out	0	—

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Exoduspoint Capital Management, LP Hedge fund	−258K −75.1%	86K	$486,876
Moore Capital Management, LP Hedge fund	−75K Sold out	0	—
D. E. Shaw & Co., Inc. Hedge fund	−50K Sold out	0	—
Magnetar Financial LLC Hedge fund	−13K −41.3%	18K	$102,420

New positions

largest by value

Institution	Shares	Value June 30, 2026
Alyeska Investment Group, L.P.Hedge fund	7.4M	$42.1M
Blackrock, Inc.Index funds	712K	$4.1M
Vanguard Capital Management LLCIndex funds	392K	$2.2M
Susquehanna International Group, LLP	359K	$2M
Charles Schwab Investment Management IncIndex funds	224K	$1.3M
Vanguard Fiduciary Trust CoIndex funds	185K	$1.1M
Marshall Wace, LLPHedge fund	176K	$1M
State Street CorpIndex funds	166K	$942,833
LPL Financial LLC	162K	$921,382
Marex Group Ltd	132K	$748,235

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Continental General Insurance Co	240K	$1.8M
Greenhaven Road Investment Management, L.P.	108K	$795,513
Goldman Sachs Group Inc	79K	$578,511
Moore Capital Management, LPHedge fund	75K	$551,250
D. E. Shaw & Co., Inc.Hedge fund	50K	$367,500
Dld Asset Management, LP	37K	$270,201
HRT Financial LP	30K	$216,000
Griffin Asset Management, Inc.	14K	$103,892
Bank Of America Corp	11K	$84,275
Ascentis Independent Advisors	80	$588

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 62
Ten largest holders: 85.0%
Index fund managers: 14.0%
Active managers and hedge funds: 64.3%

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	10	4	10	2	+7.5M	+299.7%
Index fund managers	7	0	6	0	+2.1M	+4261.9%
Other institutions	35	11	28	8	+2.2M	+195.3%

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 Merlin.

Only managers that filed a holdings report for both quarters are compared (72 here). 1 other holder is 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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