Who owns Trevi Therapeutics, Inc. (TRVI)
Which tracked institutional funds hold TRVI, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See TRVI company fundamentals →
Ownership as of the 2026-Q1 13F filings (latest filed 2026-05-18). 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
38 tracked funds added or opened TRVI while 61 trimmed or exited it between 2025-Q4 and 2026-Q1 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
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
TRVI’s largest tracked holder by dollar value, NEA Management Company, LLC, sizes it at 9.0% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 8.9pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in TRVI 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-Q4 and 2026-Q1, across 199 tracked filers holding TRVI, 106 increased or opened the position and 89 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
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 TRVI between the 2025-Q4 and 2026-Q1 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.
New buyers 17
- VANGUARD CAPITAL MANAGEMENT LLC$59M
- Vestal Point Capital, LP$26M
- VANGUARD PORTFOLIO MANAGEMENT LLC$12M
- Candriam S.C.A.$9M
- VANGUARD FIDUCIARY TRUST CO$9M
- Ensign Peak Advisors, Inc$6M
Full exits 11
- VANGUARD GROUP INC$70M
- Point72 Asset Management, L.P.$13M
- Informed Momentum Co LLC$7M
- STEMPOINT CAPITAL LP$5M
- Velan Capital Investment Management LP$3M
- FRED ALGER MANAGEMENT, LLC$2M
Largest adds
- WELLINGTON MANAGEMENT GROUP LLP$19M
- FMR LLC$14M
- CITADEL ADVISORS LLC$12M
- FRONTIER CAPITAL MANAGEMENT CO LLC$10M
- Logos Global Management LP$9M
- Soleus Capital Management, L.P.$8M
Largest trims
- Octagon Capital Advisors LP$18M
- ORBIMED ADVISORS LLC$11M
- MARSHALL WACE, LLP$10M
- Frazier Life Sciences Management, L.P.$10M
- NEA Management Company, LLC$8M
- SUSQUEHANNA INTERNATIONAL GROUP, LLP$8M
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 |
|---|---|---|---|---|
| NEA Management Company, LLC | 13,222,228 | $158M | 9.1% | 2026-Q1 |
| BlackRock, Inc. added | 10,240,186 | $122M | 7.1% | 2026-Q1 |
| Frazier Life Sciences Management, L.P. trimmed | 9,939,547 | $119M | 6.9% | 2026-Q1 |
| FMR LLC added | 8,032,136 | $96M | 5.5% | 2026-Q1 |
| WELLINGTON MANAGEMENT GROUP LLP added | 5,163,775 | $62M | 3.6% | 2026-Q1 |
| Vivo Capital, LLC | 5,094,668 | $61M | 3.5% | 2026-Q1 |
| VANGUARD CAPITAL MANAGEMENT LLC new | 4,978,567 | $59M | 3.4% | 2026-Q1 |
| MARSHALL WACE, LLP trimmed | 3,966,019 | $47M | 2.7% | 2026-Q1 |
| Rubric Capital Management LP trimmed | 3,712,373 | $44M | 2.6% | 2026-Q1 |
| MPM BIOIMPACT LLC added | 3,298,430 | $39M | 2.3% | 2026-Q1 |
| VIKING GLOBAL INVESTORS LP | 3,198,644 | $38M | 2.2% | 2026-Q1 |
| ALLIANCEBERNSTEIN L.P. trimmed | 2,845,472 | $36M | 2.1% | 2026-Q1 |
| GEODE CAPITAL MANAGEMENT, LLC added | 2,778,231 | $33M | 1.9% | 2026-Q1 |
| STATE STREET CORP added | 2,665,313 | $32M | 1.8% | 2026-Q1 |
| EVENTIDE ASSET MANAGEMENT, LLC | 2,622,306 | $31M | 1.8% | 2026-Q1 |
| ORBIMED ADVISORS LLC trimmed | 2,454,400 | $29M | 1.7% | 2026-Q1 |
| Logos Global Management LP added | 2,400,000 | $29M | 1.7% | 2026-Q1 |
| Vestal Point Capital, LP new | 2,166,504 | $26M | 1.5% | 2026-Q1 |
| ACORN CAPITAL ADVISORS, LLC | 2,144,844 | $26M | 1.5% | 2026-Q1 |
| Artia Global Partners LP | 2,013,602 | $24M | 1.4% | 2026-Q1 |
| Affinity Asset Advisors, LLC trimmed | 2,000,172 | $24M | 1.4% | 2026-Q1 |
| FRONTIER CAPITAL MANAGEMENT CO LLC added | 1,994,292 | $24M | 1.4% | 2026-Q1 |
| EMERALD ADVISERS, LLC trimmed | 1,839,566 | $22M | 1.3% | 2026-Q1 |
| Siren, L.L.C. trimmed | 1,786,867 | $21M | 1.2% | 2026-Q1 |
| Pictet Asset Management Holding SA added | 1,706,048 | $20M | 1.2% | 2026-Q1 |
| RAYMOND JAMES FINANCIAL INC trimmed | 1,687,977 | $20M | 1.2% | 2026-Q1 |
| Soleus Capital Management, L.P. added | 1,620,000 | $19M | 1.1% | 2026-Q1 |
| Pivotal bioVenture Partners Investment Advisor LLC added | 1,553,726 | $19M | 1.1% | 2026-Q1 |
| Octagon Capital Advisors LP trimmed | 1,485,000 | $18M | 1.0% | 2026-Q1 |
| EMERALD MUTUAL FUND ADVISERS TRUST trimmed | 1,262,492 | $15M | 0.9% | 2026-Q1 |
| GOLDMAN SACHS GROUP INC added | 1,227,772 | $15M | 0.8% | 2026-Q1 |
| BANK OF AMERICA CORP /DE/ added | 1,216,955 | $15M | 0.8% | 2026-Q1 |
| CITADEL ADVISORS LLC added | 1,201,489 | $14M | 0.8% | 2026-Q1 |
| NAN FUNG TRINITY (HK) LTD added | 1,142,950 | $14M | 0.8% | 2026-Q1 |
| FLPUTNAM INVESTMENT MANAGEMENT CO added | 1,063,301 | $13M | 0.7% | 2026-Q1 |
| Woodline Partners LP added | 1,000,782 | $12M | 0.7% | 2026-Q1 |
| VANGUARD PORTFOLIO MANAGEMENT LLC new | 968,588 | $12M | 0.7% | 2026-Q1 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC added | 840,572 | $10M | 0.6% | 2026-Q1 |
| NORTHERN TRUST CORP added | 806,659 | $10M | 0.6% | 2026-Q1 |
| Candriam S.C.A. new | 773,620 | $9M | 0.5% | 2026-Q1 |
| MORGAN STANLEY trimmed | 731,255 | $9M | 0.5% | 2026-Q1 |
| VANGUARD FIDUCIARY TRUST CO new | 714,631 | $9M | 0.5% | 2026-Q1 |
| PANAGORA ASSET MANAGEMENT INC trimmed | 625,578 | $7M | 0.4% | 2026-Q1 |
| SPHERA FUNDS MANAGEMENT LTD. trimmed | 574,029 | $7M | 0.4% | 2026-Q1 |
| MILLENNIUM MANAGEMENT LLC added | 570,971 | $7M | 0.4% | 2026-Q1 |
| PEREGRINE CAPITAL MANAGEMENT LLC added | 530,451 | $6M | 0.4% | 2026-Q1 |
| Burkehill Global Management, LP | 525,000 | $6M | 0.4% | 2026-Q1 |
| SILVERARC CAPITAL MANAGEMENT, LLC trimmed | 511,127 | $6M | 0.4% | 2026-Q1 |
| AMERIPRISE FINANCIAL INC added | 504,836 | $6M | 0.3% | 2026-Q1 |
| BALYASNY ASSET MANAGEMENT L.P. added | 473,849 | $6M | 0.3% | 2026-Q1 |
| Ensign Peak Advisors, Inc new | 464,746 | $6M | 0.3% | 2026-Q1 |
| UBS Group AG added | 446,192 | $5M | 0.3% | 2026-Q1 |
| KVP Capital Advisors, LP | 414,000 | $5M | 0.3% | 2026-Q1 |
| Jones Hill Capital LP new | 370,175 | $4M | 0.3% | 2026-Q1 |
| Invesco Ltd. trimmed | 352,984 | $4M | 0.2% | 2026-Q1 |
| Opaleye Management Inc. | 345,100 | $4M | 0.2% | 2026-Q1 |
| GMT Capital Corp new | 317,700 | $4M | 0.2% | 2026-Q1 |
| Swiss Life Asset Management Ltd new | 21,428 | $4M | 0.2% | 2026-Q1 |
| Bank of New York Mellon Corp trimmed | 260,161 | $3M | 0.2% | 2026-Q1 |
| SUPERSTRING CAPITAL MANAGEMENT LP added | 251,566 | $3M | 0.2% | 2026-Q1 |
| J. Goldman & Co LP trimmed | 236,959 | $3M | 0.2% | 2026-Q1 |
| F/m Investments LLC trimmed | 231,602 | $3M | 0.2% | 2026-Q1 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP trimmed | 227,688 | $3M | 0.2% | 2026-Q1 |
| Propel Bio Management, LLC trimmed | 223,802 | $3M | 0.2% | 2026-Q1 |
| Nuveen, LLC added | 188,182 | $2M | 0.1% | 2026-Q1 |
| D. E. Shaw & Co., Inc. added | 181,344 | $2M | 0.1% | 2026-Q1 |
| Swiss National Bank | 168,200 | $2M | 0.1% | 2026-Q1 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC added | 154,168 | $2M | 0.1% | 2026-Q1 |
| STATE OF WISCONSIN INVESTMENT BOARD added | 134,731 | $2M | 0.1% | 2026-Q1 |
| TRUST CO OF TOLEDO NA /OH/ added | 131,502 | $2M | 0.1% | 2026-Q1 |
| FIFTH THIRD BANCORP added | 128,325 | $2M | 0.1% | 2026-Q1 |
| RHUMBLINE ADVISERS added | 109,061 | $1M | 0.1% | 2026-Q1 |
| Squarepoint Ops LLC added | 103,967 | $1M | 0.1% | 2026-Q1 |
| OPPENHEIMER & CO INC trimmed | 100,027 | $1M | 0.1% | 2026-Q1 |
| LMR Partners LLP | 100,000 | $1M | 0.1% | 2026-Q1 |
| CITIGROUP INC trimmed | 99,949 | $1M | 0.1% | 2026-Q1 |
| WEXFORD CAPITAL LP added | 90,752 | $1M | 0.1% | 2026-Q1 |
| DEUTSCHE BANK AG\ added | 84,755 | $1M | 0.1% | 2026-Q1 |
| Erste Asset Management GmbH | 90,000 | $1M | 0.1% | 2026-Q1 |
| VANGUARD GROUP INC trimmed | 5,601,269 | $70M | 4.1% | 2025-Q4 stale |
| ARMISTICE CAPITAL, LLC added | 2,988,000 | $19M | 1.1% | 2025-Q1 stale |
| Point72 Asset Management, L.P. added | 1,000,000 | $13M | 0.7% | 2025-Q4 stale |
| Informed Momentum Co LLC trimmed | 541,242 | $7M | 0.4% | 2025-Q4 stale |
| STEMPOINT CAPITAL LP added | 399,557 | $5M | 0.3% | 2025-Q4 stale |
| Ally Bridge Group (NY) LLC trimmed | 686,219 | $4M | 0.2% | 2025-Q1 stale |
| VR ADVISER, LLC trimmed | 615,506 | $4M | 0.2% | 2025-Q1 stale |
| Ikarian Capital, LLC added | 575,000 | $4M | 0.2% | 2025-Q1 stale |
| Alyeska Investment Group, L.P. new | 650,000 | $4M | 0.2% | 2025-Q2 stale |
| ADAGE CAPITAL PARTNERS GP, L.L.C. trimmed | 440,000 | $3M | 0.2% | 2025-Q1 stale |
| ACUTA CAPITAL PARTNERS, LLC trimmed | 493,735 | $3M | 0.2% | 2025-Q2 stale |
| RENAISSANCE TECHNOLOGIES LLC trimmed | 293,300 | $3M | 0.2% | 2025-Q3 stale |
| Velan Capital Investment Management LP | 205,000 | $3M | 0.1% | 2025-Q4 stale |
| SUVRETTA CAPITAL MANAGEMENT, LLC new | 340,164 | $2M | 0.1% | 2025-Q1 stale |
| FRED ALGER MANAGEMENT, LLC trimmed | 157,980 | $2M | 0.1% | 2025-Q4 stale |
| HRT FINANCIAL LP new | 125,104 | $2M | 0.1% | 2025-Q4 stale |
| Rosalind Advisors, Inc. | 100,000 | $1M | 0.1% | 2025-Q4 stale |
| COMERICA BANK added | 83,027 | $1M | 0.1% | 2025-Q4 stale |
| BOOTHBAY FUND MANAGEMENT, LLC added | 164,740 | $1M | 0.1% | 2025-Q1 stale |
| Exome Asset Management LLC new | 163,738 | $1M | 0.1% | 2025-Q1 stale |
| Jump Financial, LLC added | 160,815 | $1M | 0.1% | 2025-Q1 stale |
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.