NI Holdings, Inc.: which funds bought and sold

Institutions that bought and sold NI Holdings 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, 42 institutions that filed 13F reports for both quarters added to or opened positions in NI Holdings, and 24 cut or closed them. Together they added a net 105K shares, +2.1% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 57K shares (−13.3%); index fund managers were net buyers of 35K shares (+2.7%). 11 opened a new position and 4 sold out entirely.

Bought, Q2 2026 42 institutions, 11 of them new holders Sold, Q2 2026 24 institutions, 4 of them sold out

Net change, all compared +105K shares (+2.1%)

Net change, active managers −57K shares (−13.3%), 5 bought, 2 sold

Buyers versus sellers

institutions compared, 82

42 bought 16 24 sold

Active managers and hedge funds 5 bought · 2 sold · −57K

Index fund managers 6 bought · 3 sold · +35K

Other institutions 31 bought · 19 sold · +126K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Morgan Stanley	+143K +372.9%	182K	$2.9M
Arbiter Partners Capital Management LLC	+74K +143.6%	125K	$2M
Geode Capital Management, LLC Index funds	+28K +18.1%	182K	$2.9M
Dimensional Fund Advisors LP	+20K +5.7%	361K	$5.7M
Citadel Advisors LLC Hedge fund	+18K New position	18K	$285,278
Blackrock, Inc. Index funds	+17K +3.2%	546K	$8.6M
Boothbay Fund Management, LLC Hedge fund	+11K +36.1%	42K	$662,962
AQR Capital Management LLC Hedge fund	+7,652 +47.8%	24K	$371,886
Deutsche Bank Ag\	+6,603 New position	6,603	$103,733
Vanguard Portfolio Management LLC Index funds	+5,127 +13.0%	44K	$698,592
Russell Investments Group, Ltd.	+5,064 +59.6%	14K	$212,996
Renaissance Technologies LLC Hedge fund	+3,800 +4.3%	93K	$1.5M
Vanguard Fiduciary Trust Co Index funds	+3,721 +7.9%	51K	$797,597
Wells Fargo & Company	+3,139 +121.3%	5,727	$89,971
Citigroup Inc	+2,799 +880.2%	3,117	$48,968
Osaic Holdings, Inc.	+1,707 +8535.0%	1,727	$27,130
Ae Wealth Management LLC	+1,372 +10.1%	15K	$234,222
Jpmorgan Chase & Co	+1,206 +42.3%	4,055	$64,272
Bank Of New York Mellon Corp	+1,152 +7.2%	17K	$269,646
Royal Bank Of Canada	+1,114 +223.2%	1,613	$26,000

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Citadel Advisors LLC Hedge fund	+18K New position	18K	$285,278
Boothbay Fund Management, LLC Hedge fund	+11K +36.1%	42K	$662,962
AQR Capital Management LLC Hedge fund	+7,652 +47.8%	24K	$371,886
Renaissance Technologies LLC Hedge fund	+3,800 +4.3%	93K	$1.5M
FMR LLC Active manager	+181 +22.4%	990	$15,553

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
M3F, Inc.	−100K −6.1%	1.6M	$24.4M
TCW Group Inc Active manager	−83K −39.6%	127K	$2M
Philadelphia Financial Management Of San Francisco, LLC	−15K Sold out	0	—
Bridgeway Capital Management, LLC Active manager	−15K −17.9%	66K	$1M
Jane Street Group, LLC	−10K Sold out	0	—
Goldman Sachs Group Inc	−8,898 −25.1%	26K	$416,064
Northern Trust Corp Index funds	−8,426 −13.5%	54K	$851,372
Vanguard Capital Management LLC Index funds	−6,628 −2.2%	288K	$4.5M
State Street Corp Index funds	−3,869 −2.8%	135K	$2.1M
Asset Allocation & Management Company, LLC	−2,500 −11.6%	19K	$300,000
Tower Research Capital LLC (TRC)	−750 −49.8%	757	$11,892
BNP Paribas Financial Markets	−437 −19.4%	1,817	$28,545
UBS Group AG	−426 −30.0%	992	$15,584
California State Teachers Retirement System	−277 −74.9%	93	$1,461
Mirae Asset Global Etfs Holdings Ltd.	−274 −8.1%	3,113	$48,905
PNC Financial Services Group, Inc.	−126 −52.9%	112	$1,760
Sterling Capital Management LLC	−99 −43.6%	128	$2,011
Barclays PLC	−73 −2.6%	2,732	$42,920
Optiver Holding B.V.	−72 −92.3%	6	$94
Creative Planning	−45 −0.3%	14K	$223,035

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
TCW Group Inc Active manager	−83K −39.6%	127K	$2M
Bridgeway Capital Management, LLC Active manager	−15K −17.9%	66K	$1M

New positions

largest by value

Institution	Shares	Value June 30, 2026
Citadel Advisors LLCHedge fund	18K	$285,278
Deutsche Bank Ag\	6,603	$103,733
Integrated Wealth Concepts LLC	49	$771
Physician Wealth Advisors, Inc.	40	$629
Rialto Wealth Management, LLC	39	$613
Bare Financial Services, Inc	36	$566
Bogart Wealth, LLC	36	$566
Jones Financial Companies LLLP	25	$408
Farther Finance Advisors, LLC	6	$95
Clearstead Advisors, LLC	2	$32

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Philadelphia Financial Management Of San Francisco, LLC	15K	$190,231
Jane Street Group, LLC	10K	$131,916
Mai Capital Management	5	$65
Root Financial Partners, LLC	2	$26

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 78
Ten largest holders: 80.8%
Index fund managers: 25.8%
Active managers and hedge funds: 7.2%

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	5	2	1	0	−57K	−13.3%
Index fund managers	6	3	0	0	+35K	+2.7%
Other institutions	31	19	10	4	+126K	+3.8%

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 NI Holdings.

Only managers that filed a holdings report for both quarters are compared (82 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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