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Zhihu Inc.: which funds bought and sold

Institutions that bought and sold Zhihu 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, 14 institutions that filed 13F reports for both quarters added to or opened positions in Zhihu, and 24 cut or closed them. Together they added a net 581K shares, +4.8% 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 (+19.1%); index fund managers were net sellers of 142K shares (−23.2%). 3 opened a new position and 4 sold out entirely.

Bought, Q2 2026 14 institutions, 3 of them new holders Sold, Q2 2026 24 institutions, 4 of them sold out
Net change, all compared +581K shares (+4.8%)
Net change, active managers +1.2M shares (+19.1%), 6 bought, 4 sold

Buyers versus sellers

institutions compared, 48
Active managers and hedge funds 6 bought · 4 sold · +1.2M
Index fund managers 0 bought · 2 sold · −142K
Other institutions 8 bought · 18 sold · −511K

Biggest buyers

by change in shares held
Institution Change in shares Shares June 30, 2026 Value
Fil Ltd Active manager +1.7M +87.8% 3.6M $11.5M
Harvest Fund Management Co., Ltd +210K New position 210K $659,000
Two Sigma Investments, LP Hedge fund +85K +592.2% 99K $311,304
Goldman Sachs Group Inc +83K +16.9% 578K $1.8M
Citadel Advisors LLC Hedge fund +70K +170.2% 112K $349,984
Ramsey Quantitative Systems +54K New position 54K $168,538
Dodge & Cox Active manager +20K +4.2% 501K $1.6M
Arrowstreet Capital, Limited Partnership Hedge fund +18K +12.1% 168K $526,641
Marshall Wace, LLP Hedge fund +17K +86.7% 36K $111,898
UBS Group AG +7,082 +1.6% 455K $1.4M
Tower Research Capital LLC (TRC) +2,356 +283.2% 3,188 $9,979
Royal Bank Of Canada +843 New position 843 $3,000
PNC Financial Services Group, Inc. +17 +13.4% 144 $451
Caitong International Asset Management Co., Ltd +13 +650.0% 15 $47

Biggest sellers

by change in shares held
Institution Change in shares Shares June 30, 2026 Value
Acadian Asset Management LLC Active manager −288K −8.9% 2.9M $9.2M
Qube Research & Technologies Ltd Hedge fund −204K −82.0% 45K $139,961
E Fund Management (Hong Kong) Co., Ltd. −157K −23.6% 508K $1.6M
E Fund Management Co., Ltd. −157K −23.6% 508K $1.6M
Jane Street Group, LLC −155K −51.2% 148K $463,710
State Street Corp Index funds −142K −23.2% 469K $1.5M
Commonwealth Of Pennsylvania Public School Empls Retrmt Sys −141K Sold out 0 —
Point72 Asset Management, L.P. Hedge fund −137K Sold out 0 —
Morgan Stanley −82K −26.0% 233K $729,096
Maven Securities Ltd −79K −16.5% 400K $1.3M
Millennium Management LLC Hedge fund −48K −42.7% 65K $203,040
Sei Investments Co −26K −19.8% 104K $324,290
HRT Financial LP −24K Sold out 0 —
BNP Paribas Financial Markets −23K −19.3% 96K $300,089
Jpmorgan Chase & Co −9,295 −8.2% 105K $327,289
Nomura Holdings Inc −6,800 −19.7% 28K $86,901
Invesco Ltd. −3,702 −12.2% 27K $83,533
Xtx Topco Ltd −2,410 −1.8% 133K $416,947
Susquehanna International Group, LLP −2,076 −15.1% 12K $36,524
Citigroup Inc −798 −65.1% 428 $1,340

New positions

largest by value
InstitutionSharesValue June 30, 2026
Harvest Fund Management Co., Ltd 210K $659,000
Ramsey Quantitative Systems 54K $168,538
Royal Bank Of Canada 843 $3,000

Sold out

largest by value
InstitutionSharesValue March 31, 2026
Commonwealth Of Pennsylvania Public School Empls Retrmt Sys 141K $399,085
Point72 Asset Management, L.P.Hedge fund 137K $388,600
HRT Financial LP 24K $68,000
Osaic Holdings, Inc. 50 $142

Who holds the shares

13F holdings at June 30, 2026
Institutions reporting
44
Ten largest holders
82.2%
of 13F-reported shares
Index fund managers
3.7%
of 13F-reported shares
Active managers and hedge funds
60.0%
of 13F-reported shares
Buying and selling by type of institution, March 31, 2026 to June 30, 2026
TypeBoughtSoldNewSold outNet change in sharesNet %
Active managers and hedge funds 6 4 0 1 +1.2M +19.1%
Index fund managers 0 2 0 0 −142K −23.2%
Other institutions 8 18 3 3 −511K −9.9%

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.

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