Toast, Inc.: which funds bought and sold

Institutions that bought and sold Toast 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, 413 institutions that filed 13F reports for both quarters added to or opened positions in Toast, and 353 cut or closed them. Together they added a net 31.4M shares, +7.1% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 10.1M shares (−6.0%); index fund managers were net buyers of 32.6M shares (+33.2%). 117 opened a new position and 110 sold out entirely.

Bought, Q2 2026 413 institutions, 117 of them new holders Sold, Q2 2026 353 institutions, 110 of them sold out

Net change, all compared +31.4M shares (+7.1%)

Net change, active managers −10.1M shares (−6.0%), 42 bought, 40 sold

Buyers versus sellers

institutions compared, 866

413 bought 100 353 sold

Active managers and hedge funds 42 bought · 40 sold · −10.1M

Index fund managers 8 bought · 2 sold · +32.6M

Other institutions 363 bought · 311 sold · +8.9M

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Blackrock, Inc. Index funds	+21.6M +79.4%	48.7M	$1.4B
Principal Financial Group Inc	+7.2M +90.1%	15.2M	$422M
State Street Corp Index funds	+6.7M +66.4%	16.9M	$470M
Citadel Advisors LLC Hedge fund	+6.3M +1212.9%	6.9M	$191M
Balyasny Asset Management L.P. Hedge fund	+4.9M +220.8%	7.1M	$198M
Junto Capital Management LP Hedge fund	+2.0M New position	2.0M	$54.3M
Price T Rowe Associates Inc Active manager	+1.8M +40.8%	6.3M	$177M
Vanguard Portfolio Management LLC Index funds	+1.8M +9.0%	22.1M	$614M
FMR LLC Active manager	+1.8M +5.7%	33.5M	$933M
Lead Edge Capital Management, LLC	+1.7M +131.3%	3.0M	$84.1M
Kensico Capital Management Corp Hedge fund	+1.7M New position	1.7M	$46.2M
Goldman Sachs Group Inc	+1.4M +51.7%	4.2M	$118M
Wellington Management Group LLP Active manager	+1.4M +131.9%	2.5M	$68.3M
Assenagon Asset Management S.A.	+1.3M +194.8%	1.9M	$54M
Valueact Holdings, L.P. Hedge fund	+1.2M +9.6%	14.1M	$393M
Wells Fargo & Company	+1.2M +125.7%	2.2M	$61.7M
Northern Trust Corp Index funds	+1.2M +41.8%	4.1M	$114M
SG Americas Securities, LLC	+1.2M +273.5%	1.6M	$45.1M
Light Street Capital Management, LLC Hedge fund	+1.2M New position	1.2M	$32.5M
Philosophy Capital Management LLC	+1.1M New position	1.1M	$32M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Citadel Advisors LLC Hedge fund	+6.3M +1212.9%	6.9M	$191M
Balyasny Asset Management L.P. Hedge fund	+4.9M +220.8%	7.1M	$198M
Junto Capital Management LP Hedge fund	+2.0M New position	2.0M	$54.3M
Price T Rowe Associates Inc Active manager	+1.8M +40.8%	6.3M	$177M
FMR LLC Active manager	+1.8M +5.7%	33.5M	$933M
Kensico Capital Management Corp Hedge fund	+1.7M New position	1.7M	$46.2M
Wellington Management Group LLP Active manager	+1.4M +131.9%	2.5M	$68.3M
Valueact Holdings, L.P. Hedge fund	+1.2M +9.6%	14.1M	$393M
Light Street Capital Management, LLC Hedge fund	+1.2M New position	1.2M	$32.5M
Bridgewater Associates, LP Hedge fund	+1.1M +323.7%	1.4M	$39.8M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Alliancebernstein L.P. Active manager	−7.3M −40.0%	10.9M	$289M
Qube Research & Technologies Ltd Hedge fund	−4.2M Sold out	0	—
Millennium Management LLC Hedge fund	−4.1M −86.7%	631K	$17.5M
Jane Street Group, LLC	−4.0M −99.4%	22K	$620,914
Worldquant Millennium Advisors LLC Hedge fund	−3.9M −98.7%	50K	$1.4M
Capital International Investors Active manager	−3.9M −12.6%	26.7M	$744M
Renaissance Technologies LLC Hedge fund	−2.4M −55.2%	1.9M	$53.8M
Xn LP	−2.1M −32.6%	4.4M	$122M
Greenvale Capital LLP	−2.0M Sold out	0	—
Greenhouse Funds LLLP	−2.0M Sold out	0	—
Champlain Investment Partners, LLC Active manager	−1.8M −57.2%	1.3M	$36.6M
Marshall Wace, LLP Hedge fund	−1.4M −49.3%	1.5M	$40.9M
D. E. Shaw & Co., Inc. Hedge fund	−1.4M −56.9%	1.0M	$28.9M
1832 Asset Management L.P.	−1.3M −74.7%	438K	$12.2M
Mackenzie Financial Corp	−1.2M −97.0%	38K	$1.1M
Employees Retirement System Of Texas	−1.1M −99.5%	4,808	$134,000
Caisse De Depot Et Placement Du Quebec	−976K −99.1%	8,964	$249,378
Trexquant Investment LP Hedge fund	−922K −49.1%	957K	$26.6M
Susquehanna International Group, LLP	−806K −88.7%	102K	$2.8M
UBS Group AG	−767K −11.7%	5.8M	$162M

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Alliancebernstein L.P. Active manager	−7.3M −40.0%	10.9M	$289M
Qube Research & Technologies Ltd Hedge fund	−4.2M Sold out	0	—
Millennium Management LLC Hedge fund	−4.1M −86.7%	631K	$17.5M
Worldquant Millennium Advisors LLC Hedge fund	−3.9M −98.7%	50K	$1.4M
Capital International Investors Active manager	−3.9M −12.6%	26.7M	$744M
Renaissance Technologies LLC Hedge fund	−2.4M −55.2%	1.9M	$53.8M
Champlain Investment Partners, LLC Active manager	−1.8M −57.2%	1.3M	$36.6M
Marshall Wace, LLP Hedge fund	−1.4M −49.3%	1.5M	$40.9M
D. E. Shaw & Co., Inc. Hedge fund	−1.4M −56.9%	1.0M	$28.9M
Trexquant Investment LP Hedge fund	−922K −49.1%	957K	$26.6M

New positions

largest by value

Institution	Shares	Value June 30, 2026
Junto Capital Management LPHedge fund	2.0M	$54.3M
Kensico Capital Management CorpHedge fund	1.7M	$46.2M
Light Street Capital Management, LLCHedge fund	1.2M	$32.5M
Philosophy Capital Management LLC	1.1M	$32M
Keenan Capital, LLC	1.1M	$31M
Great Point Wealth Advisors, LLC	807K	$22.4M
Gillson Capital LP	496K	$13.8M
Retirement Systems Of Alabama	486K	$13.5M
Ossiam	380K	$10.6M
Triavera Capital LLC	280K	$7.8M

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Qube Research & Technologies LtdHedge fund	4.2M	$113M
Greenvale Capital LLP	2.0M	$53M
Greenhouse Funds LLLP	2.0M	$52.3M
Alta Fox Capital Management, LLC	740K	$19.6M
Shannon River Fund Management LLCHedge fund	732K	$19.4M
Mane Global Capital Management LP	616K	$16.3M
Xtx Topco Ltd	499K	$13.2M
Australiansuper Pty Ltd	336K	$8.9M
Zacks Investment Management	299K	$7.9M
Hawk Ridge Capital Management LPHedge fund	258K	$6.8M

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 766
Ten largest holders: 47.4%
Index fund managers: 27.2%
Active managers and hedge funds: 32.8%

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	42	40	13	13	−10.1M	−6.0%
Index fund managers	8	2	0	0	+32.6M	+33.2%
Other institutions	363	311	104	97	+8.9M	+5.0%

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 Toast.

Only managers that filed a holdings report for both quarters are compared (866 here). 19 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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