Who owns FiscalNote Holdings (NOTE)
Which tracked institutional funds hold NOTE, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See NOTE company fundamentals →
Ownership as of the 2025-Q4 13F filings (latest filed 2026-03-04). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
The tracked-fund tape on NOTE is one-sided between 2025-Q3 and 2025-Q4: 0 added or opened and 11 trimmed or exited — on balance reducing.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
NOTE’s largest tracked holder by dollar value, MASO CAPITAL PARTNERS Ltd, sizes it at 18.7% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 18.7pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in NOTE divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2025-Q3 and 2025-Q4, across 60 tracked filers holding NOTE, 26 increased or opened the position and 20 reduced or closed it; over the same quarter, open-market insider Form 4s were net sales.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in NOTE between the 2025-Q3 and 2025-Q4 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
Full exits 1
- MASO CAPITAL PARTNERS Ltd$12M
Largest trims
- VANGUARD GROUP INC$1M
- MORGAN STANLEY$607K
- Corecam Pte. Ltd.$425K
- UBS Group AG$415K
- STONEHILL CAPITAL MANAGEMENT LLC$331K
- GEODE CAPITAL MANAGEMENT, LLC$279K
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| VANGUARD GROUP INC added | 412,864 | $607K | 3.4% | 2025-Q4 |
| STONEHILL CAPITAL MANAGEMENT LLC added | 221,050 | $325K | 1.8% | 2025-Q4 |
| Focus Partners Wealth added | 66,989 | $309K | 1.7% | 2025-Q4 |
| MORGAN STANLEY trimmed | 187,949 | $276K | 1.5% | 2025-Q4 |
| Atlas Wealth LLC new | 1,192 | $217K | 1.2% | 2026-Q1 (1 quarter ahead of as-of) |
| Corecam Pte. Ltd. added | 142,398 | $209K | 1.2% | 2025-Q4 |
| TWO SIGMA INVESTMENTS, LP added | 118,792 | $175K | 1.0% | 2025-Q4 |
| CITADEL ADVISORS LLC added | 115,934 | $170K | 1.0% | 2025-Q4 |
| JANE STREET GROUP, LLC added | 99,126 | $146K | 0.8% | 2025-Q4 |
| GEODE CAPITAL MANAGEMENT, LLC added | 94,305 | $139K | 0.8% | 2025-Q4 |
| NewEdge Advisors, LLC added | 84,261 | $124K | 0.7% | 2025-Q4 |
| Comprehensive Financial Management LLC | 84,248 | $124K | 0.7% | 2025-Q4 |
| BlackRock, Inc. trimmed | 81,174 | $119K | 0.7% | 2025-Q4 |
| TWO SIGMA ADVISERS, LP added | 77,432 | $114K | 0.6% | 2025-Q4 |
| BROWN ADVISORY INC | 65,291 | $96K | 0.5% | 2025-Q4 |
| RAYMOND JAMES FINANCIAL INC added | 53,752 | $79K | 0.4% | 2025-Q4 |
| Corecam AG new | 49,581 | $73K | 0.4% | 2025-Q4 |
| LMR Partners LLP | 2,341,738 | $71K | 0.4% | 2025-Q4 |
| Marex Group plc added | 48,141 | $71K | 0.4% | 2025-Q4 |
| MILLENNIUM MANAGEMENT LLC trimmed | 47,722 | $70K | 0.4% | 2025-Q4 |
| TWO SIGMA SECURITIES, LLC added | 41,212 | $61K | 0.3% | 2025-Q4 |
| GOLDMAN SACHS GROUP INC trimmed | 40,362 | $59K | 0.3% | 2025-Q4 |
| XTX Topco Ltd added | 35,516 | $52K | 0.3% | 2025-Q4 |
| GSA CAPITAL PARTNERS LLP trimmed | 33,533 | $49K | 0.3% | 2025-Q4 |
| STATE STREET CORP | 32,922 | $48K | 0.3% | 2025-Q4 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP trimmed | 29,001 | $43K | 0.2% | 2025-Q4 |
| PRICE T ROWE ASSOCIATES INC /MD/ trimmed | 24,300 | $36K | 0.2% | 2025-Q4 |
| R Squared Ltd trimmed | 15,681 | $23K | 0.1% | 2025-Q4 |
| NORTHERN TRUST CORP | 14,903 | $22K | 0.1% | 2025-Q4 |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC trimmed | 13,000 | $19K | 0.1% | 2025-Q4 |
| UBS Group AG trimmed | 12,502 | $18K | 0.1% | 2025-Q4 |
| HRT FINANCIAL LP trimmed | 10,172 | $14K | 0.1% | 2025-Q4 |
| Saba Capital Management, L.P. | 273,057 | $8K | 0.0% | 2025-Q4 |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC trimmed | 4,791 | $7K | 0.0% | 2025-Q4 |
| Ovata Capital Management Ltd | 194,545 | $6K | 0.0% | 2025-Q4 |
| WOLVERINE ASSET MANAGEMENT LLC trimmed | 178,245 | $5K | 0.0% | 2025-Q4 |
| TORONTO DOMINION BANK | 150,000 | $5K | 0.0% | 2025-Q4 |
| SONA ASSET MANAGEMENT (US) LLC | 150,000 | $5K | 0.0% | 2025-Q4 |
| Clear Street Group Inc. | 106,101 | $3K | 0.0% | 2025-Q4 |
| WELLS FARGO & COMPANY/MN | 2,000 | $3K | 0.0% | 2025-Q4 |
| PEAK6 LLC | 64,177 | $2K | 0.0% | 2025-Q4 |
| StoneX Group Inc. | 51,058 | $2K | 0.0% | 2025-Q4 |
| SIMPLEX TRADING, LLC added | 5,587 | $1K | 0.0% | 2026-Q1 (1 quarter ahead of as-of) |
| Tidemark, LLC | 654 | $962 | 0.0% | 2025-Q4 |
| GROUP ONE TRADING LLC trimmed | 514 | $756 | 0.0% | 2025-Q4 |
| Atlantic Union Bankshares Corp | 462 | $679 | 0.0% | 2025-Q4 |
| Limestone Investment Advisors LP | 19,700 | $601 | 0.0% | 2025-Q4 |
| Tower Research Capital LLC (TRC) trimmed | 355 | $522 | 0.0% | 2025-Q4 |
| SBI Securities Co., Ltd. new | 142 | $209 | 0.0% | 2025-Q4 |
| BANK OF AMERICA CORP /DE/ added | 106 | $156 | 0.0% | 2025-Q4 |
| MAI Capital Management | 98 | $145 | 0.0% | 2025-Q4 |
| CoreCap Advisors, LLC | 285 | $73 | 0.0% | 2026-Q1 (1 quarter ahead of as-of) |
| SHP Wealth Management new | 45 | $66 | 0.0% | 2025-Q4 |
| BNP PARIBAS FINANCIAL MARKETS added | 36 | $53 | 0.0% | 2025-Q4 |
| NATIONAL BANK OF CANADA /FI/ new | 33 | $48 | 0.0% | 2025-Q4 |
| LRI Investments, LLC | 25 | $37 | 0.0% | 2025-Q4 |
| Rockefeller Capital Management L.P. | 83 | $21 | 0.0% | 2026-Q1 (1 quarter ahead of as-of) |
| Front Row Advisors LLC added | 12 | $18 | 0.0% | 2025-Q4 |
| Optiver Holding B.V. | 1 | $1 | 0.0% | 2025-Q4 |
| ROYAL BANK OF CANADA trimmed | 13 | — | 0.0% | 2025-Q4 |
| DANSKE BANK A/S | 1 | — | 0.0% | 2026-Q1 (1 quarter ahead of as-of) |
| MASO CAPITAL PARTNERS Ltd trimmed | 2,457,328 | $11M | 63.7% | 2025-Q3 stale (1 quarter behind) |
| Yorkville Advisors Global, LP new | 95,000 | $440K | 2.5% | 2025-Q3 stale (1 quarter behind) |
| MARSHALL WACE, LLP trimmed | 41,872 | $194K | 1.1% | 2025-Q3 stale (1 quarter behind) |
| Jump Financial, LLC added | 27,000 | $125K | 0.7% | 2025-Q3 stale (1 quarter behind) |
| BARCLAYS PLC added | 86,286 | $110K | 0.6% | 2025-Q3 stale (1 quarter behind) |
| Tradewinds Capital Management, LLC trimmed | 258 | $1K | 0.0% | 2025-Q3 stale (1 quarter behind) |
| FEDERATED HERMES, INC. trimmed | 174 | $806 | 0.0% | 2025-Q3 stale (1 quarter behind) |
| CITIGROUP INC trimmed | 5 | $23 | 0.0% | 2025-Q3 stale (1 quarter behind) |
| IFP Advisors, Inc | 21 | $9 | 0.0% | 2025-Q3 stale (1 quarter behind) |
| CWM, LLC trimmed | 102 | — | 0.0% | 2025-Q3 stale (1 quarter behind) |
| CITIZENS FINANCIAL GROUP INC/RI added | 470,000 | $252K | 1.4% | 2025-Q2 stale (2 quarters behind) |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC trimmed | 439,817 | $236K | 1.3% | 2025-Q2 stale (2 quarters behind) |
| RENAISSANCE TECHNOLOGIES LLC new | 396,564 | $213K | 1.2% | 2025-Q2 stale (2 quarters behind) |
| Prosperity Wealth Management, Inc. added | 379,500 | $204K | 1.1% | 2025-Q2 stale (2 quarters behind) |
| Cubist Systematic Strategies, LLC new | 294,651 | $158K | 0.9% | 2025-Q2 stale (2 quarters behind) |
| MOORE CAPITAL MANAGEMENT, LP | 200,000 | $107K | 0.6% | 2025-Q2 stale (2 quarters behind) |
| AQR CAPITAL MANAGEMENT LLC added | 190,479 | $102K | 0.6% | 2025-Q2 stale (2 quarters behind) |
| LPL Financial LLC added | 127,126 | $68K | 0.4% | 2025-Q2 stale (2 quarters behind) |
| KLINGENSTEIN FIELDS & CO LP | 119,931 | $64K | 0.4% | 2025-Q2 stale (2 quarters behind) |
| Jain Global LLC new | 63,369 | $34K | 0.2% | 2025-Q2 stale (2 quarters behind) |
| Point72 Asia (Singapore) Pte. Ltd. new | 58,498 | $31K | 0.2% | 2025-Q2 stale (2 quarters behind) |
| Virtu Financial LLC trimmed | 50,197 | $27K | 0.2% | 2025-Q2 stale (2 quarters behind) |
| J.W. COLE ADVISORS, INC. added | 41,100 | $22K | 0.1% | 2025-Q2 stale (2 quarters behind) |
| CERTUITY, LLC | 28,400 | $15K | 0.1% | 2025-Q2 stale (2 quarters behind) |
| Vanguard Personalized Indexing Management, LLC new | 24,472 | $13K | 0.1% | 2025-Q2 stale (2 quarters behind) |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC new | 14,701 | $11K | 0.1% | 2025-Q2 stale (2 quarters behind) |
| Callan Family Office, LLC new | 20,118 | $11K | 0.1% | 2025-Q2 stale (2 quarters behind) |
| PFG Investments, LLC | 19,825 | $11K | 0.1% | 2025-Q2 stale (2 quarters behind) |
| Oasis Management Co Ltd. | 18,084 | $10K | 0.1% | 2025-Q2 stale (2 quarters behind) |
| IEQ CAPITAL, LLC new | 17,497 | $9K | 0.1% | 2025-Q2 stale (2 quarters behind) |
| Creative Planning new | 11,273 | $6K | 0.0% | 2025-Q2 stale (2 quarters behind) |
| FMR LLC trimmed | 6,545 | $4K | 0.0% | 2025-Q2 stale (2 quarters behind) |
| NISA INVESTMENT ADVISORS, LLC added | 1,134 | $608 | 0.0% | 2025-Q2 stale (2 quarters behind) |
| JPMORGAN CHASE & CO trimmed | 639 | $343 | 0.0% | 2025-Q2 stale (2 quarters behind) |
| EverSource Wealth Advisors, LLC trimmed | 334 | $179 | 0.0% | 2025-Q2 stale (2 quarters behind) |
| True Wealth Design, LLC added | 31 | $17 | 0.0% | 2025-Q2 stale (2 quarters behind) |
| Caitong International Asset Management Co., Ltd | 1 | $1 | 0.0% | 2025-Q2 stale (2 quarters behind) |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | 0 | — | 0.0% | 2025-Q2 stale (2 quarters behind) |
1 parent filing withheld from the table above, and from the coverage figures, to avoid listing one book twice: CLEAR STREET LLC (last filed 2025-Q2, 106,001 shares) reconciles to its 1 current affiliate (106,101 shares) — 0.094% apart.
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.