Zone Frontier Inc.: which funds bought and sold

Institutions that bought and sold Zone Frontier 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, 25 institutions that filed 13F reports for both quarters added to or opened positions in Zone Frontier, and 19 cut or closed them. Together they sold a net 8.5M shares, −14.2% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 8.1M shares (−75.8%); index fund managers were net sellers of 131K shares (−0.8%). 13 opened a new position and 12 sold out entirely.

Bought, Q2 2026 25 institutions, 13 of them new holders Sold, Q2 2026 19 institutions, 12 of them sold out

Net change, all compared −8.5M shares (−14.2%)

Net change, active managers −8.1M shares (−75.8%), 3 bought, 5 sold

Buyers versus sellers

institutions compared, 56

25 bought 12 19 sold

Active managers and hedge funds 3 bought · 5 sold · −8.1M

Index fund managers 4 bought · 2 sold · −131K

Other institutions 18 bought · 12 sold · −217K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
America First Investment Advisors, LLC	+1.2M +2081.5%	1.3M	$1M
State Street Corp Index funds	+785K +266.0%	1.1M	$885,119
Jane Street Group, LLC	+732K New position	732K	$600,112
Osaic Holdings, Inc.	+555K +361.8%	709K	$581,380
Fny Investment Advisers, LLC	+476K New position	476K	$390,000
Stifel Financial Corp	+360K New position	360K	$295,200
HRT Financial LP	+343K New position	343K	$281,000
Vanguard Fiduciary Trust Co Index funds	+282K +28.8%	1.3M	$1M
UBS Group AG	+261K +64844.0%	261K	$214,081
Citadel Advisors LLC Hedge fund	+204K +1617.6%	217K	$177,538
Mai Capital Management	+164K New position	164K	$134,480
Huntington National Bank	+150K New position	150K	$123,001
Xtx Topco Ltd	+91K +167.7%	145K	$119,266
Geode Capital Management, LLC Index funds	+79K +3.7%	2.2M	$1.8M
Scotia Capital Inc.	+64K +476.9%	78K	$63,858
Millennium Management LLC Hedge fund	+59K New position	59K	$48,231
Northern Trust Corp Index funds	+31K +7.1%	473K	$387,895
Concurrent Investment Advisors, LLC	+28K New position	28K	$22,780
Bank Of New York Mellon Corp	+27K New position	27K	$22,495
Morgan Stanley	+26K New position	26K	$21,473

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Citadel Advisors LLC Hedge fund	+204K +1617.6%	217K	$177,538
Millennium Management LLC Hedge fund	+59K New position	59K	$48,231
Victory Capital Management Inc Active manager	+24K New position	24K	$19,858

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Ghisallo Capital Management LLC Hedge fund	−3.8M Sold out	0	—
Mmcap International Inc. Spc	−2.9M −17.3%	14.0M	$11.4M
Renaissance Technologies LLC Hedge fund	−2.6M Sold out	0	—
Marshall Wace, LLP Hedge fund	−1.3M Sold out	0	—
Vanguard Capital Management LLC Index funds	−1.3M −12.1%	9.5M	$7.8M
Corient Private Wealth LP	−918K −55.9%	725K	$594,500
Steadfast Capital Management LP Hedge fund	−703K −23.4%	2.3M	$1.9M
Alpine Global Management, LLC	−431K −51.8%	400K	$328,000
Luminarx Capital Management LP	−200K Sold out	0	—
Cwa Asset Management Group, LLC	−150K Sold out	0	—
Quadrature Capital Ltd Hedge fund	−59K Sold out	0	—
Vanguard Global Advisers, LLC	−47K −38.7%	74K	$60,699
Gsa Capital Partners LLP	−37K Sold out	0	—
Susquehanna International Group, LLP	−11K Sold out	0	—
Meramec Financial Planners, LLC	−9,222 Sold out	0	—
Tower Research Capital LLC (TRC)	−9,164 Sold out	0	—
Blackrock, Inc. Index funds	−4,528 −0.7%	656K	$538,026
Advisory Services Network, LLC	−4,167 Sold out	0	—
Ifp Advisors, Inc	−534 Sold out	0	—

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Ghisallo Capital Management LLC Hedge fund	−3.8M Sold out	0	—
Renaissance Technologies LLC Hedge fund	−2.6M Sold out	0	—
Marshall Wace, LLP Hedge fund	−1.3M Sold out	0	—
Steadfast Capital Management LP Hedge fund	−703K −23.4%	2.3M	$1.9M
Quadrature Capital Ltd Hedge fund	−59K Sold out	0	—

New positions

largest by value

Institution	Shares	Value June 30, 2026
Jane Street Group, LLC	732K	$600,112
Fny Investment Advisers, LLC	476K	$390,000
Stifel Financial Corp	360K	$295,200
HRT Financial LP	343K	$281,000
Mai Capital Management	164K	$134,480
Huntington National Bank	150K	$123,001
Millennium Management LLCHedge fund	59K	$48,231
Concurrent Investment Advisors, LLC	28K	$22,780
Bank Of New York Mellon Corp	27K	$22,495
Morgan Stanley	26K	$21,473

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Ghisallo Capital Management LLCHedge fund	3.8M	$1.3M
Renaissance Technologies LLCHedge fund	2.6M	$911,378
Marshall Wace, LLPHedge fund	1.3M	$474,360
Luminarx Capital Management LP	200K	$71,260
Cwa Asset Management Group, LLC	150K	$53,445
Quadrature Capital LtdHedge fund	59K	$21,144
Gsa Capital Partners LLP	37K	$13,000
Susquehanna International Group, LLP	11K	$4,042
Tower Research Capital LLC (TRC)	9,164	$3,265
Meramec Financial Planners, LLC	9,222	$3,039

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 45
Ten largest holders: 88.2%
Index fund managers: 29.8%
Active managers and hedge funds: 5.1%

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	3	5	2	4	−8.1M	−75.8%
Index fund managers	4	2	0	0	−131K	−0.8%
Other institutions	18	12	11	8	−217K	−0.7%

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 Zone Frontier.

Only managers that filed a holdings report for both quarters are compared (56 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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