New Positions
125 managers initiated
Top five by reported value
- Vestal Point Capital, LP$181.8M
- JANUS HENDERSON GROUP PLC$136.5M
- Capitolis Liquid Global Markets LLC$123.0M
- Holocene Advisors, LP$112.1M
- AMERIPRISE FINANCIAL INC$76.5M
Terns Pharmaceuticals Inc NASDAQ NMS - GLOBAL MARKET:TERN
Institutional holders, quarter-over-quarter share deltas, and new and closed positions disclosed in Form 13F. Period 2025-12-31 · prior 2025-09-30.
125 new71 added53 reduced18 exited
Total Institutional Holders
247
as of 2025-12-31
Top Holder
BlackRock, Inc.
$331.0M
Largest QoQ Increase
Vestal Point Capital, LP
+4,500,000 sh
Largest QoQ Decrease
Soleus Capital Management, L.P.
-7,914,390 sh
New Positions(125)
Added To(71)
| Manager | Shares | Δ Shares | Value | Δ Value | % Δ |
|---|---|---|---|---|---|
| BlackRock, Inc. | 8,194,218 | +2,642,910 | $331.0M | +$289.4M | 47.6% |
| MORGAN STANLEY | 7,945,608 | +356,513 | $321.0M | +$264.0M | 4.7% |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | 5,550,000 | +1,611,000 | $224.2M | +$194.6M | 40.9% |
| VANGUARD GROUP INC | 5,523,948 | +964,031 | $223.2M | +$188.9M | 21.1% |
| CITADEL ADVISORS LLC | 3,400,642 | +1,741,308 | $137.4M | +$124.9M | 104.9% |
| FRANKLIN RESOURCES INC | 2,731,312 | +1,453,849 | $110.3M | +$100.8M | 113.8% |
| GEODE CAPITAL MANAGEMENT, LLC | 2,096,642 | +382,090 | $84.7M | +$71.8M | 22.3% |
| JPMORGAN CHASE & CO | 1,773,026 | +1,090,318 | $71.6M | +$66.5M | 159.7% |
| Ikarian Capital, LLC | 1,596,378 | +1,432,176 | $64.5M | +$63.3M | 872.2% |
| STATE STREET CORP | 1,775,922 | +170,229 | $71.7M | +$59.7M | 10.6% |
| Pictet Asset Management Holding SA | 1,577,116 | +472,912 | $63.7M | +$55.5M | 42.8% |
| Woodline Partners LP | 1,377,283 | +1,085,228 | $55.6M | +$53.4M | 371.6% |
| ALLIANCEBERNSTEIN L.P. | 1,288,079 | +1,195,179 | $52.0M | +$51.3M | 1286.5% |
| FMR LLC | 1,026,863 | +966,513 | $41.5M | +$41.0M | 1601.5% |
| GOLDMAN SACHS GROUP INC | 1,062,984 | +516,155 | $42.9M | +$38.8M | 94.4% |
| MILLENNIUM MANAGEMENT LLC | 987,306 | +45,722 | $39.9M | +$32.8M | 4.8% |
| WELLINGTON MANAGEMENT GROUP LLP | 788,659 | +535,250 | $31.9M | +$30.0M | 211.2% |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 737,160 | +153,892 | $29.8M | +$25.4M | 26.4% |
| NORTHERN TRUST CORP | 664,444 | +76,899 | $26.8M | +$22.4M | 13.1% |
| ACUTA CAPITAL PARTNERS, LLC | 637,095 | +134,298 | $25.7M | +$22.0M | 26.7% |
| ADAR1 Capital Management, LLC | 541,615 | +531,615 | $21.9M | +$21.8M | 5316.1% |
| Invesco Ltd. | 606,247 | +128,573 | $24.5M | +$20.9M | 26.9% |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | 543,397 | +359,997 | $22.0M | +$20.6M | 196.3% |
| JANE STREET GROUP, LLC | 508,037 | +306,989 | $20.5M | +$19.0M | 152.7% |
| BOOTHBAY FUND MANAGEMENT, LLC | 447,008 | +268,133 | $18.1M | +$16.7M | 149.9% |
| STEMPOINT CAPITAL LP | 429,198 | +339,581 | $17.3M | +$16.7M | 378.9% |
| DEUTSCHE BANK AG\ | 401,446 | +20,697 | $16.2M | +$13.4M | 5.4% |
| Russell Investments Group, Ltd. | 247,027 | +214,855 | $10.0M | +$9.7M | 667.8% |
| Bank of New York Mellon Corp | 258,562 | +50,381 | $10.4M | +$8.9M | 24.2% |
| SummitTX Capital, L.P. | 215,854 | +204,148 | $8.7M | +$8.6M | 1744.0% |
| AMERICAN CENTURY COMPANIES INC | 192,751 | +27,705 | $7.8M | +$6.5M | 16.8% |
| CANADA PENSION PLAN INVESTMENT BOARD | 144,800 | +143,400 | $5.8M | +$5.8M | 10242.9% |
| Trexquant Investment LP | 150,049 | +111,826 | $6.1M | +$5.8M | 292.6% |
| Voya Investment Management LLC | 122,395 | +108,729 | $4.9M | +$4.8M | 795.6% |
| Persistent Asset Partners Ltd | 113,555 | +39,190 | $4.6M | +$4.0M | 52.7% |
| RHUMBLINE ADVISERS | 106,241 | +1,404 | $4.3M | +$3.5M | 1.3% |
| WELLS FARGO & COMPANY/MN | 96,308 | +40,716 | $3.9M | +$3.5M | 73.2% |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | 79,775 | +54,851 | $3.2M | +$3.0M | 220.1% |
| CITIGROUP INC | 69,468 | +56,856 | $2.8M | +$2.7M | 450.8% |
| Velan Capital Investment Management LP | 70,000 | +50,000 | $2.8M | +$2.7M | 250.0% |
| GROUP ONE TRADING, L.P. | 70,844 | +40,175 | $2.9M | +$2.6M | 131.0% |
| NEW YORK STATE COMMON RETIREMENT FUND | 65,303 | +47,732 | $2.6M | +$2.5M | 271.6% |
| MetLife Investment Management, LLC | 47,938 | +2,342 | $1.9M | +$1.6M | 5.1% |
| AQR CAPITAL MANAGEMENT LLC | 46,324 | +6,140 | $1.9M | +$1.6M | 15.3% |
| TWO SIGMA INVESTMENTS, LP | 43,866 | +9,836 | $1.8M | +$1.5M | 28.9% |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 39,786 | +5,810 | $1.6M | +$1.4M | 17.1% |
| INTECH INVESTMENT MANAGEMENT LLC | 32,921 | +1,928 | $1.3M | +$1.1M | 6.2% |
| Creative Planning | 29,928 | +13,893 | $1.2M | +$1.1M | 86.6% |
| Squarepoint Ops LLC | 25,167 | +12,433 | $1.0M | +$921.1K | 97.6% |
| Police & Firemen's Retirement System of New Jersey | 23,244 | +1,194 | $939.1K | +$773.5K | 5.4% |
| Legal & General Group Plc | 18,058 | +11,834 | $729.5K | +$682.8K | 190.1% |
| ProShare Advisors LLC | 19,654 | +4,173 | $794.0K | +$677.8K | 26.9% |
| Vanguard Personalized Indexing Management, LLC | 18,555 | +906 | $749.6K | +$617.1K | 5.1% |
| NewEdge Advisors, LLC | 9,173 | +6,475 | $370.6K | +$350.3K | 240.0% |
| Ameritas Investment Partners, Inc. | 6,961 | +1,321 | $281.2K | +$238.9K | 23.4% |
| US BANCORP \DE\ | 4,607 | +4,066 | $186.1K | +$182.1K | 751.6% |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 5,280 | +105 | $213.3K | +$174.4K | 2.0% |
| Mirae Asset Global Investments Co., Ltd. | 4,377 | +994 | $176.8K | +$151.4K | 29.4% |
| EverSource Wealth Advisors, LLC | 2,207 | +841 | $89.2K | +$78.9K | 61.6% |
| ADVISOR GROUP HOLDINGS, INC. | 2,185 | +175 | $88.3K | +$72.6K | 8.7% |
| BARCLAYS PLC | 244,637 | +114,246 | $912.5K | -$66.7K | 87.6% |
| PRICE T ROWE ASSOCIATES INC /MD/ | 974,312 | +880,139 | $39.4K | +$38.7K | 934.6% |
| GAMMA Investing LLC | 871 | +770 | $35.2K | +$34.4K | 762.4% |
| SRS Capital Advisors, Inc. | 290 | +143 | $11.7K | +$10.6K | 97.3% |
| Rockefeller Capital Management L.P. | 274 | +211 | $11.1K | +$10.6K | 334.9% |
| ROTHSCHILD INVESTMENT LLC | 311 | +31 | $12.6K | +$10.5K | 11.1% |
| MASSMUTUAL TRUST CO FSB/ADV | 240 | +74 | $9.7K | +$8.4K | 44.6% |
| SBI Securities Co., Ltd. | 202 | +77 | $8.2K | +$7.2K | 61.6% |
| CWM, LLC | 2,790 | +13 | $113 | +$92 | 0.5% |
| AMALGAMATED BANK | 2,694 | +268 | $109 | +$91 | 11.0% |
| Daiwa Securities Group Inc. | 260 | +109 | $11 | +$10 | 72.2% |
Reduced(53)
| Manager | Shares | Δ Shares | Value | Δ Value | % Δ |
|---|---|---|---|---|---|
| Vivo Capital, LLC | 5,346,928 | -1,548,818 | $216.0M | +$164.2M | -22.5% |
| ACORN CAPITAL ADVISORS, LLC | 1,746,264 | -225,000 | $70.5M | +$55.7M | -11.4% |
| Soleus Capital Management, L.P. | 212,710 | -7,914,390 | $8.6M | -$52.4M | -97.4% |
| DIMENSIONAL FUND ADVISORS LP | 1,247,763 | -208,638 | $50.4M | +$39.5M | -14.3% |
| Candriam S.C.A. | 1,262,303 | -1,105,932 | $51.0M | +$33.2M | -46.7% |
| Nuveen, LLC | 1,078,157 | -395,214 | $43.6M | +$32.5M | -26.8% |
| ORBIMED ADVISORS LLC | 2,153,300 | -5,409,671 | $87.0M | +$30.2M | -71.5% |
| Deep Track Capital, LP | 769,048 | -6,725,952 | $31.1M | -$25.2M | -89.7% |
| Parkman Healthcare Partners LLC | 620,877 | -313,883 | $25.1M | +$18.1M | -33.6% |
| BANK OF AMERICA CORP /DE/ | 553,609 | -151,164 | $22.4M | +$17.1M | -21.4% |
| COMMODORE CAPITAL LP | 1,475,000 | -4,225,000 | $59.6M | +$16.8M | -74.1% |
| Schonfeld Strategic Advisors LLC | 754,237 | -1,137,688 | $30.5M | +$16.3M | -60.1% |
| RENAISSANCE TECHNOLOGIES LLC | 466,847 | -209,987 | $18.9M | +$13.8M | -31.0% |
| DIADEMA PARTNERS LP | 410,580 | -137,779 | $16.6M | +$12.5M | -25.1% |
| SUPERSTRING CAPITAL MANAGEMENT LP | 443,777 | -345,869 | $17.9M | +$12.0M | -43.8% |
| Integral Health Asset Management, LLC | 425,000 | -525,000 | $17.2M | +$10.0M | -55.3% |
| UBS Group AG | 325,968 | -646,804 | $13.2M | +$5.9M | -66.5% |
| PLATINUM INVESTMENT MANAGEMENT LTD | 110,734 | -14,422 | $4.5M | +$3.5M | -11.5% |
| SCHRODER INVESTMENT MANAGEMENT GROUP | 99,360 | -118,571 | $4.0M | +$2.3M | -54.4% |
| Cinctive Capital Management LP | 70,159 | -7,396 | $2.8M | +$2.3M | -9.5% |
| PRUDENTIAL FINANCIAL INC | 34,300 | -34,820 | $1.4M | +$866.6K | -50.4% |
| STATE OF WISCONSIN INVESTMENT BOARD | 25,874 | -19,608 | $1.0M | +$703.7K | -43.1% |
| AlphaQuest LLC | 1,008 | -89,875 | $40.7K | -$641.8K | -98.9% |
| Royal Bank of Canada | 3,070 | -196,903 | $123.0K | -$617.0K | -98.5% |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | 31,000 | -64,000 | $1.3M | +$539.0K | -67.4% |
| China Universal Asset Management Co., Ltd. | 14,878 | -461 | $601.1K | +$485.9K | -3.0% |
| Sio Capital Management, LLC | 10,100 | 0 | $408.0K | +$332.2K | 0.0% |
| FOX RUN MANAGEMENT, L.L.C. | 8,891 | -2,719 | $359.2K | +$272.0K | -23.4% |
| WINTON GROUP Ltd | 5,600 | -60,081 | $226.2K | -$267.0K | -91.5% |
| Qube Research & Technologies Ltd | 7,664 | -69,118 | $309.6K | -$267.0K | -90.0% |
| Graham Capital Management, L.P. | 10,958 | -13,336 | $442.7K | +$260.3K | -54.9% |
| PROFUND ADVISORS LLC | 7,261 | -5,498 | $293.3K | +$197.5K | -43.1% |
| BNP PARIBAS ARBITRAGE, SNC | 20,353 | -65,956 | $822.3K | +$174.1K | -76.4% |
| CIBC Private Wealth Group, LLC | 5,000 | 0 | $202.0K | +$164.4K | 0.0% |
| Sterling Capital Management LLC | 4,943 | -46 | $199.7K | +$162.2K | -0.9% |
| DLD Asset Management, LP | 5,000 | -5,000 | $202.0K | +$126.9K | -50.0% |
| NISA INVESTMENT ADVISORS, LLC | 3,398 | -953 | $137.3K | +$104.6K | -21.9% |
| E. Ohman J:or Asset Management AB | 21,202 | -81,208 | $856.6K | +$87.5K | -79.3% |
| GF FUND MANAGEMENT CO. LTD. | 1,770 | -113 | $71.5K | +$57.4K | -6.0% |
| Tower Research Capital LLC (TRC) | 1,611 | -701 | $65.1K | +$47.7K | -30.3% |
| QUADRANT CAPITAL GROUP LLC | 1,165 | 0 | $47.1K | +$38.3K | 0.0% |
| COUNTRY TRUST BANK | 1,000 | 0 | $40.4K | +$32.9K | 0.0% |
| PNC Financial Services Group, Inc. | 936 | -147 | $37.8K | +$29.7K | -13.6% |
| Virtus Investment Advisers, Inc. | 5,912 | -23,041 | $238.8K | +$21.4K | -79.6% |
| Fortitude Family Office, LLC | 461 | 0 | $18.6K | +$15.2K | 0.0% |
| MAI Capital Management | 189 | 0 | $7.6K | +$6.2K | 0.0% |
| Rialto Wealth Management, LLC | 162 | 0 | $6.5K | +$5.3K | 0.0% |
| Sunbelt Securities, Inc. | 71 | 0 | $2.9K | +$2.3K | 0.0% |
| Parallel Advisors, LLC | 348 | -1,815 | $14.1K | -$2.2K | -83.9% |
| IFP Advisors, Inc | 0 | 0 | $436 | +$436 | — |
| Global Retirement Partners, LLC | 1 | -41 | $40 | -$275 | -97.6% |
| Capital Advisors, Ltd. LLC | 5 | -84 | $0 | -$1 | -94.4% |
| NOMURA ASSET MANAGEMENT CO LTD | 0 | 0 | $0 | $0 | — |
Sold Out(18)
| Manager | Shares | Δ Shares | Value | Δ Value | % Δ |
|---|---|---|---|---|---|
| SALEM INVESTMENT COUNSELORS INC | 0 | -346,850 | $0 | -$2.6M | — |
| JACOBS LEVY EQUITY MANAGEMENT, INC | 0 | -136,979 | $0 | -$1.0M | — |
| Samsara BioCapital, LLC | 0 | -135,573 | $0 | -$1.0M | — |
| EXCHANGE TRADED CONCEPTS, LLC | 0 | -121,455 | $0 | -$912.1K | — |
| Dynamic Technology Lab Private Ltd | 0 | -66,576 | $0 | -$500.0K | — |
| ALPS ADVISORS INC | 0 | -42,630 | $0 | -$320.2K | — |
| ZACKS INVESTMENT MANAGEMENT | 0 | -36,100 | $0 | -$271.1K | — |
| CAXTON ASSOCIATES LLP | 0 | -15,168 | $0 | -$113.9K | — |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | 0 | -13,196 | $0 | -$99.1K | — |
| CIBC Bancorp USA Inc. | 0 | -12,708 | $0 | -$95.4K | — |
| OPPENHEIMER & CO INC | 0 | -12,466 | $0 | -$93.6K | — |
| Polymer Capital Management (US) LLC | 0 | -10,144 | $0 | -$76.2K | — |
| Caitong International Asset Management Co., Ltd | 0 | -651 | $0 | -$4.9K | — |
| Optiver Holding B.V. | 0 | -456 | $0 | -$3.4K | — |
| Rise Advisors, LLC | 0 | -445 | $0 | -$3.3K | — |
| ZRC WEALTH MANAGEMENT, LLC | 0 | -281 | $0 | -$2.1K | — |
| LGT Financial Advisors LLC | 0 | -50 | $0 | -$376 | — |
| STONERIDGE INVESTMENT PARTNERS LLC | 0 | -16,867 | $0 | -$127 | — |
Top Holders by reported value
Ranked by the dollar value reported on the latest Form 13F. Share counts reflect long positions as of 2025-12-31.
| Manager | Shares | $ Value | Δ Shares | QoQ % |
|---|---|---|---|---|
| BlackRock, Inc. | 8,194,218 | $331.0M | +2,642,910 | 47.6% |
| MORGAN STANLEY | 7,945,608 | $321.0M | +356,513 | 4.7% |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | 5,550,000 | $224.2M | +1,611,000 | 40.9% |
| VANGUARD GROUP INC | 5,523,948 | $223.2M | +964,031 | 21.1% |
| Vivo Capital, LLC | 5,346,928 | $216.0M | -1,548,818 | -22.5% |
| Vestal Point Capital, LP | 4,500,000 | $181.8M | +4,500,000 | — |
| CITADEL ADVISORS LLC | 3,400,642 | $137.4M | +1,741,308 | 104.9% |
| JANUS HENDERSON GROUP PLC | 3,379,569 | $136.5M | +3,379,569 | — |
| Capitolis Liquid Global Markets LLC | 3,045,200 | $123.0M | +3,045,200 | — |
| Holocene Advisors, LP | 2,775,493 | $112.1M | +2,775,493 | — |
| FRANKLIN RESOURCES INC | 2,731,312 | $110.3M | +1,453,849 | 113.8% |
| ORBIMED ADVISORS LLC | 2,153,300 | $87.0M | -5,409,671 | -71.5% |
| GEODE CAPITAL MANAGEMENT, LLC | 2,096,642 | $84.7M | +382,090 | 22.3% |
| AMERIPRISE FINANCIAL INC | 1,894,381 | $76.5M | +1,894,381 | — |
| STATE STREET CORP | 1,775,922 | $71.7M | +170,229 | 10.6% |
| JPMORGAN CHASE & CO | 1,773,026 | $71.6M | +1,090,318 | 159.7% |
| ACORN CAPITAL ADVISORS, LLC | 1,746,264 | $70.5M | -225,000 | -11.4% |
| Nearwater Capital Markets, Ltd | 1,704,800 | $68.9M | +1,704,800 | — |
| Ikarian Capital, LLC | 1,596,378 | $64.5M | +1,432,176 | 872.2% |
| Pictet Asset Management Holding SA | 1,577,116 | $63.7M | +472,912 | 42.8% |
New & Closed Positions this quarter
Closed Positions
18 managers exited
Top five by prior-quarter value
Methodology
Form 13F is the SEC's quarterly disclosure for institutional investment managers exercising discretion over $100 million or more in qualifying U.S. equity securities. Managers must file within 45 days of each calendar quarter end, which is why holdings shown here reflect a snapshot at the period date — not real-time positioning.
Quarter-over-quarter deltas compare each manager's most recently reported share count for TERN against its prior-quarter count. New positions are entries where the prior count was zero; closed positions are entries where the current count is zero. Amendments (13F-HR/A) replace prior filings for the same period.
Source: SEC EDGAR Form 13F (XML information tables). Dollar values are as reported by the manager and may use mid-quarter pricing conventions. CUSIP-to-ticker resolution is best-effort.