Tvardi Therapeutics, Inc.: which funds bought and sold

Institutions that bought and sold Tvardi Therapeutics 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, 20 institutions that filed 13F reports for both quarters added to or opened positions in Tvardi Therapeutics, and 44 cut or closed them. Together they sold a net 474K shares, −17.6% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 52K shares (−5.8%); index fund managers were net sellers of 527K shares (−45.5%). 14 opened a new position and 20 sold out entirely.

Bought, Q2 2026 20 institutions, 14 of them new holders Sold, Q2 2026 44 institutions, 20 of them sold out

Net change, all compared −474K shares (−17.6%)

Net change, active managers −52K shares (−5.8%), 2 bought, 5 sold

Buyers versus sellers

institutions compared, 78

20 bought 14 44 sold

Active managers and hedge funds 2 bought · 5 sold · −52K

Index fund managers 0 bought · 9 sold · −527K

Other institutions 18 bought · 30 sold · +105K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
UBS Group AG	+61K +120.3%	111K	$211,153
Susquehanna International Group, LLP	+33K New position	33K	$63,014
Russell Investments Group, Ltd.	+20K +85.5%	43K	$82,133
Savant Capital, LLC	+19K New position	19K	$49,434
Gsa Capital Partners LLP	+18K New position	18K	$34,000
Diadema Partners LP	+17K New position	17K	$31,553
Xtx Topco Ltd	+15K New position	15K	$28,249
Brown Advisory Inc Active manager	+11K New position	11K	$21,280
Qube Research & Technologies Ltd Hedge fund	+10K New position	10K	$19,399
Morgan Stanley	+4,951 +6.8%	78K	$147,905
Persistent Asset Partners Ltd	+4,253 New position	4,253	$8,081
PNC Financial Services Group, Inc.	+2,999 +577.8%	3,518	$6,685
Arax Advisory Partners	+2,670 +32.0%	11K	$20,906
Royal Bank Of Canada	+348 New position	348	$1,000
TD Private Client Wealth LLC	+149 New position	149	$283
NISA Investment Advisors, LLC	+85 New position	85	$162
Integrated Wealth Concepts LLC	+61 New position	61	$118
Osaic Holdings, Inc.	+22 +1100.0%	24	$44
Axiom Investment Management LLC	+1 New position	1	$2
Front Row Advisors LLC	+1 New position	1	$2

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Brown Advisory Inc Active manager	+11K New position	11K	$21,280
Qube Research & Technologies Ltd Hedge fund	+10K New position	10K	$19,399

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Blackrock, Inc. Index funds	−293K −75.4%	95K	$181,408
Geode Capital Management, LLC Index funds	−92K −50.4%	90K	$171,741
State Street Corp Index funds	−63K −65.1%	34K	$64,410
Great Lakes Advisors, LLC	−36K Sold out	0	—
Vanguard Portfolio Management LLC Index funds	−34K Sold out	0	—
Squarepoint Ops LLC Hedge fund	−33K Sold out	0	—
Northern Trust Corp Index funds	−27K −55.5%	22K	$41,489
Goldman Sachs Group Inc	−24K Sold out	0	—
Farallon Capital Management, L.L.C. Hedge fund	−21K Sold out	0	—
Bank Of New York Mellon Corp	−17K Sold out	0	—
AQR Capital Management LLC Hedge fund	−15K −35.8%	27K	$51,483
Charles Schwab Investment Management Inc Index funds	−12K Sold out	0	—
FMR LLC Active manager	−3,985 −75.5%	1,293	$2,457
Rhumbline Advisers Index funds	−3,244 Sold out	0	—
Deutsche Bank Ag\	−3,030 Sold out	0	—
New York State Common Retirement Fund	−3,000 Sold out	0	—
Jpmorgan Chase & Co	−2,439 −95.1%	126	$240
Mirae Asset Global Etfs Holdings Ltd.	−2,356 Sold out	0	—
Vanguard Fiduciary Trust Co Index funds	−2,162 −4.6%	45K	$84,949
BNP Paribas Financial Markets	−1,187 −83.2%	239	$454

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Squarepoint Ops LLC Hedge fund	−33K Sold out	0	—
Farallon Capital Management, L.L.C. Hedge fund	−21K Sold out	0	—
AQR Capital Management LLC Hedge fund	−15K −35.8%	27K	$51,483
FMR LLC Active manager	−3,985 −75.5%	1,293	$2,457
Renaissance Technologies LLC Hedge fund	−691 −0.8%	91K	$173,677

New positions

largest by value

Institution	Shares	Value June 30, 2026
Susquehanna International Group, LLP	33K	$63,014
Savant Capital, LLC	19K	$49,434
Gsa Capital Partners LLP	18K	$34,000
Diadema Partners LP	17K	$31,553
Xtx Topco Ltd	15K	$28,249
Brown Advisory IncActive manager	11K	$21,280
Qube Research & Technologies LtdHedge fund	10K	$19,399
Persistent Asset Partners Ltd	4,253	$8,081
Royal Bank Of Canada	348	$1,000
TD Private Client Wealth LLC	149	$283

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Great Lakes Advisors, LLC	36K	$115,230
Vanguard Portfolio Management LLCIndex funds	34K	$107,589
Squarepoint Ops LLCHedge fund	33K	$103,910
Goldman Sachs Group Inc	24K	$75,996
Farallon Capital Management, L.L.C.Hedge fund	21K	$68,173
Bank Of New York Mellon Corp	17K	$55,348
Charles Schwab Investment Management IncIndex funds	12K	$37,473
Rhumbline AdvisersIndex funds	3,244	$10,309
Deutsche Bank Ag\	3,030	$9,635
New York State Common Retirement Fund	3,000	$9,510

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 58
Ten largest holders: 85.4%
Index fund managers: 28.3%
Active managers and hedge funds: 38.0%

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	2	5	2	2	−52K	−5.8%
Index fund managers	0	9	0	3	−527K	−45.5%
Other institutions	18	30	12	15	+105K	+16.2%

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 Tvardi Therapeutics.

Only managers that filed a holdings report for both quarters are compared (78 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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