Orion S.a.: which funds bought and sold

Institutions that bought and sold Orion 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, 103 institutions that filed 13F reports for both quarters added to or opened positions in Orion, and 66 cut or closed them. Together they added a net 1.6M shares, +3.1% on what they held at the start of the quarter. Active managers and hedge funds on our list were net buyers of 1.2M shares (+7.0%); index fund managers were net buyers of 293K shares (+2.8%). 25 opened a new position and 16 sold out entirely.

Bought, Q2 2026 103 institutions, 25 of them new holders Sold, Q2 2026 66 institutions, 16 of them sold out

Net change, all compared +1.6M shares (+3.1%)

Net change, active managers +1.2M shares (+7.0%), 22 bought, 19 sold

Buyers versus sellers

institutions compared, 203

103 bought 34 66 sold

Active managers and hedge funds 22 bought · 19 sold · +1.2M

Index fund managers 7 bought · 3 sold · +293K

Other institutions 74 bought · 44 sold · +41K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
American Century Companies Inc Active manager	+695K +27.7%	3.2M	$21.2M
Acadian Asset Management LLC Active manager	+582K +168.0%	928K	$6.1M
AQR Capital Management LLC Hedge fund	+517K +26.4%	2.5M	$16.4M
Mackenzie Financial Corp	+383K +61.1%	1.0M	$6.7M
Fuller & Thaler Asset Management, Inc.	+256K +18.5%	1.6M	$10.9M
Blackrock, Inc. Index funds	+246K +6.2%	4.2M	$27.9M
Millennium Management LLC Hedge fund	+175K +663.4%	202K	$1.3M
Pzena Investment Management LLC Active manager	+172K +3.7%	4.8M	$31.6M
Geode Capital Management, LLC Index funds	+167K +13.0%	1.4M	$9.6M
UBS Group AG	+150K +61.6%	395K	$2.6M
Panagora Asset Management Inc Active manager	+148K New position	148K	$979,602
Russell Investments Group, Ltd.	+119K +69.5%	291K	$1.9M
Point72 Asset Management, L.P. Hedge fund	+114K +174.9%	179K	$1.2M
Creative Planning	+105K +200.3%	157K	$1M
Vanguard Portfolio Management LLC Index funds	+104K +11.7%	990K	$6.6M
Csm Advisors, LLC	+91K +12.7%	807K	$5.4M
Gsa Capital Partners LLP	+84K +66.5%	209K	$1.4M
PDT Partners, LLC Hedge fund	+72K New position	72K	$476,498
Voleon Capital Management LP Hedge fund	+66K +28.5%	299K	$2M
Bank Of America Corp	+65K +26.1%	314K	$2.1M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
American Century Companies Inc Active manager	+695K +27.7%	3.2M	$21.2M
Acadian Asset Management LLC Active manager	+582K +168.0%	928K	$6.1M
AQR Capital Management LLC Hedge fund	+517K +26.4%	2.5M	$16.4M
Millennium Management LLC Hedge fund	+175K +663.4%	202K	$1.3M
Pzena Investment Management LLC Active manager	+172K +3.7%	4.8M	$31.6M
Panagora Asset Management Inc Active manager	+148K New position	148K	$979,602
Point72 Asset Management, L.P. Hedge fund	+114K +174.9%	179K	$1.2M
PDT Partners, LLC Hedge fund	+72K New position	72K	$476,498
Voleon Capital Management LP Hedge fund	+66K +28.5%	299K	$2M
Man Group PLC Hedge fund	+51K New position	51K	$338,097

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Jane Street Group, LLC	−403K −83.9%	77K	$511,332
D. E. Shaw & Co., Inc. Hedge fund	−282K −11.4%	2.2M	$14.5M
Marshall Wace, LLP Hedge fund	−237K −80.7%	57K	$376,332
Charles Schwab Investment Management Inc Index funds	−213K −14.2%	1.3M	$8.5M
Thor Investment Management Inc	−212K Sold out	0	—
Divisar Capital Management LLC	−183K −5.1%	3.4M	$22.4M
Sei Investments Co	−179K −43.3%	235K	$1.6M
Engineers Gate Manager LP Hedge fund	−149K −64.6%	82K	$542,374
Penn Capital Management Company, LLC Active manager	−140K −68.4%	65K	$428,822
Squarepoint Ops LLC Hedge fund	−135K Sold out	0	—
Xtx Topco Ltd	−125K −88.6%	16K	$106,372
Harvey Partners, LLC	−113K −8.7%	1.2M	$7.9M
Morgan Stanley	−110K −7.7%	1.3M	$8.8M
LSV Asset Management Active manager	−104K −53.2%	92K	$608,000
Raymond James Financial Inc	−102K −12.0%	745K	$4.9M
Jpmorgan Chase & Co	−98K −10.9%	800K	$5.5M
Dimensional Fund Advisors LP	−87K −4.2%	2.0M	$13.1M
Franklin Resources Inc Active manager	−85K −40.3%	126K	$833,431
Citadel Advisors LLC Hedge fund	−84K −29.0%	205K	$1.4M
Atom Investors LP	−80K Sold out	0	—

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
D. E. Shaw & Co., Inc. Hedge fund	−282K −11.4%	2.2M	$14.5M
Marshall Wace, LLP Hedge fund	−237K −80.7%	57K	$376,332
Engineers Gate Manager LP Hedge fund	−149K −64.6%	82K	$542,374
Penn Capital Management Company, LLC Active manager	−140K −68.4%	65K	$428,822
Squarepoint Ops LLC Hedge fund	−135K Sold out	0	—
LSV Asset Management Active manager	−104K −53.2%	92K	$608,000
Franklin Resources Inc Active manager	−85K −40.3%	126K	$833,431
Citadel Advisors LLC Hedge fund	−84K −29.0%	205K	$1.4M
Jacobs Levy Equity Management, Inc Active manager	−75K −14.9%	428K	$2.8M
Lighthouse Investment Partners, LLC Hedge fund	−60K −59.0%	42K	$276,126

New positions

largest by value

Institution	Shares	Value June 30, 2026
Panagora Asset Management IncActive manager	148K	$979,602
PDT Partners, LLCHedge fund	72K	$476,498
Occudo Quantitative Strategies LP	53K	$352,743
Jump Financial, LLC	52K	$347,724
Man Group PLCHedge fund	51K	$338,097
Y-Intercept (Hong Kong) Ltd	43K	$285,561
Balyasny Asset Management L.P.Hedge fund	42K	$276,332
Nverses Capital, LLC	39K	$261,679
Boothbay Fund Management, LLCHedge fund	35K	$232,355
Algert Global LLCHedge fund	31K	$204,071

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Thor Investment Management Inc	212K	$1.4M
Squarepoint Ops LLCHedge fund	135K	$875,141
Atom Investors LP	80K	$522,815
Susquehanna International Group, LLP	58K	$377,937
Qube Research & Technologies LtdHedge fund	58K	$374,452
Arrowstreet Capital, Limited PartnershipHedge fund	47K	$303,141
Wealthedge Investment Advisors, LLC	43K	$280,690
Grizzlyrock Capital, LLC	40K	$256,750
Quadrature Capital LtdHedge fund	39K	$252,655
Quantbot Technologies LPHedge fund	33K	$215,956

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 187
Ten largest holders: 50.7%
Index fund managers: 20.0%
Active managers and hedge funds: 35.9%

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	22	19	7	5	+1.2M	+7.0%
Index fund managers	7	3	0	0	+293K	+2.8%
Other institutions	74	44	18	11	+41K	+0.2%

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 Orion.

Only managers that filed a holdings report for both quarters are compared (203 here). 2 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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