Shift4 Payments

FOUR • NYSE

Shift4 Payments is a software - infrastructure company in the technology sector on NYSE, led by Jared Isaacman, with a market cap of $4.7B. As of Q3 2025, 123% of shares are held by 436 institutional investors, with BlackRock, Inc. as the largest holder at 9.2%.

Founder, Chief Executive Officer and Chairman of the BoardJared Isaacman

Market Cap$4.7B

Software - Infrastructure

Technology

Employees3.0K

Websiteshift4.com

Country

United States of America

Overview

Overview of institutional ownership in FOUR as of Q3 2025 with a market cap of $5.3B

All Institutions

Institutions: 436
Value Held: $6.5B
Shares Held: 84.5M
Avg Position: $15.0M
Median Position: $801.7K

Hedge Funds

Hedge Funds: 54
Value Held: $1.3B
Shares Held: 17.3M
Avg Position: $24.8M
Median Position: $1.5M

Ownership Breakdown

Institutional (non-HF)

97.94%

$5.2B

Hedge Funds

25.18%

$1.3B

Retail & Other

Based on market cap of $5.3B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in FOUR as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$488.5M 0.01% of portfolio	9.20% 6.3M shares	Q2 2020 Held for 5y 5m	$5.67T
WASATCH ADVISORS INC Long Only Manager	Michael Kenneth Yeates CEO	$476.6M 2.56% of portfolio	8.97% 6.2M shares	Q1 2023 Held for 2y 8m	$18.6B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$473.7M 0.01% of portfolio	8.92% 6.1M shares	Q2 2020 Held for 5y 5m	$6.69T
Durable Capital Partners LP Hedge Fund•Long/Short	Henry Martin Ellenbogen CIO	$435.5M 3.23% of portfolio	8.20% 5.6M shares	Q2 2020 Held for 5y 5m	$13.5B
DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP Hedge Fund•Value	Mina Fahmy Iskander CFO	$392.6M 13.25% of portfolio	7.39% 5.1M shares	Q3 2024 Held for 1y 2m	$3.0B
E Ensign Peak Advisors, Inc Institution	-	$190.0M 0.31% of portfolio	3.58% 2.5M shares	Q4 2021 Held for 3y 11m	$60.9B
N Neuberger Berman Group LLC Institution	-	$181.5M 0.13% of portfolio	3.42% 2.3M shares	Q2 2020 Held for 5y 5m	$136.94B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$178.1M 0.01% of portfolio	3.35% 2.3M shares	Q2 2020 Held for 5y 5m	$1.65T
JENNISON ASSOCIATES LLC Long Only Manager	Jeffrey Todd Becker CEO	$159.1M 0.09% of portfolio	3.00% 2.1M shares	Q2 2020 Held for 5y 5m	$171.73B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$155.4M 0.01% of portfolio	2.92% 2.0M shares	Q3 2020 Held for 5y 2m	$2.88T

Net Capital Flow

Institutional buying and selling activity for FOUR in Q3 2025

Traded: −$183.0M
Buyers: 212
Sellers: 256
Total Bought: +$766.5M
Total Sold: −$949.5M
Avg Position: $12.7M

Biggest Buyers

Institution	Net Bought	Current Position
E Ensign Peak Advisors, Inc Institution	+$105.6M +1.4M shares	$190.0M 2.5M shares
Marshall Wace LLP Institution	+$59.7M +771.0K shares	$65.0M 839.3K shares
FULLER & THALER ASSET MANAGEMENT, INC. Long Only Manager	+$52.3M +676.3K shares	$104.3M 1.3M shares
N Neuberger Berman Group LLC Institution	+$41.3M +534.0K shares	$181.5M 2.3M shares
ShawSpring Partners LLC Hedge Fund•Long/Short	+$36.6M +472.7K shares	$96.9M 1.3M shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	+$33.0M +426.0K shares	$118.2M 1.5M shares
JENNISON ASSOCIATES LLC Long Only Manager	+$32.4M +419.1K shares	$159.1M 2.1M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$27.5M +355.6K shares	$29.8M 385.6K shares
Invesco Ltd. ETF Provider	+$24.5M +316.7K shares	$84.2M 1.1M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$24.5M +316.1K shares	$32.9M 425.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
ALLIANCEBERNSTEIN L.P. Long Only Manager	−$109.6M −1.4M shares	$7.0M 90.3K shares
Durable Capital Partners LP Hedge Fund•Long/Short	−$80.4M −1.0M shares	$435.5M 5.6M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$63.5M −820.9K shares	$1.7M 21.7K shares
Wolf Hill Capital Management, LP Hedge Fund•Long/Short	−$61.1M −788.9K shares	$807.5K 10.4K shares
S Senator Investment Group LP Institution	−$40.9M −527.8K shares	$21.3M 274.9K shares
A Artemis Investment Management LLP Institution	−$31.3M −315.7K shares	Sold Off 0 shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	−$30.6M −395.1K shares	$4.8M 62.6K shares
UBS Group AG Institution	−$29.5M −381.0K shares	$154.0M 2.0M shares
B BESSEMER GROUP INC Institution	−$28.5M −368.8K shares	$17.7K 229.0 shares
ING INVESTMENT MANAGEMENT LLC Insurance Manager	−$25.9M −334.1K shares	$2.1M 27.2K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FOUR in Q3 2025

New Positions: 42
New Value: $63.6M
Exited Positions: 78
Exited Value: $152.4M

New Positions

Institution	Position Value
Woodline Partners LP Hedge Fund•Long/Short	$17.1M 221.0K shares
SCHWARTZ INVESTMENT COUNSEL INC Long Only Manager	$9.7M 125.0K shares
U University of Illinois Foundation Institution	$9.0M 115.8K shares
Jackson Square Partners, LLC Long Only Manager	$5.7M 74.1K shares
L La Banque Postale Asset Management SA Institution	$4.3M 56.1K shares
MARINER INVESTMENT GROUP LLC Hedge Fund•Multi-Strategy	$3.5M 45.0K shares
Morningstar Investment Management LLC Long Only Manager	$2.5M 31.9K shares
Aurora Investment Counsel RIA/Wealth	$2.0M 26.2K shares
Redwood Investment Management, LLC Long Only Manager	$1.2M 15.9K shares
B Broadcrest Asset Management, LLC Hedge Fund•Value	$1.2M 15.0K shares

Exited Positions

Institution	Previous Position
A Artemis Investment Management LLP Institution	$31.3M 315.7K shares
DAVENPORT & Co LLC RIA/Wealth	$12.5M 127.5K shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	$9.0M 91.2K shares
SORA INVESTORS LLC Hedge Fund•Long/Short	$8.5M 85.7K shares
Aquatic Capital Management LLC Hedge Fund•Quant	$7.8M 79.2K shares
M Meridiem Capital Partners LP Hedge Fund•Long/Short	$6.6M 66.8K shares
CASTLEARK MANAGEMENT LLC Long Only Manager	$5.2M 52.9K shares
C CAXTON ASSOCIATES LLP Institution	$5.2M 52.2K shares
UBS OCONNOR LLC Long Only Manager	$4.6M 46.8K shares
X XTX Topco Ltd Institution	$3.8M 37.8K shares

Options Activity

Institutions with the largest Call and Put options positions in FOUR as of Q3 2025

Call Positions: 23
Call Value: $164.4M
Put Positions: 18
Put Value: $83.0M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$68.2M 8.8K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$19.9M 2.6K contracts
Walleye Trading LLC RIA/Wealth	$19.5M 2.5K contracts
J JANE STREET GROUP, LLC Institution	$12.4M 1.6K contracts
Lombard Odier Asset Management Ltd Private Equity	$10.8M 1.4K contracts
N NOMURA HOLDINGS INC Institution	$9.9M 1.3K contracts
D D. E. Shaw & Co., Inc. Institution	$6.5M 843.0 contracts
W WOLVERINE TRADING, LLC Institution	$6.5M 821.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$2.5M 325.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$2.2M 281.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$38.7M 5.0K contracts
Shaolin Capital Management LLC Hedge Fund•Multi-Strategy	$11.6M 1.5K contracts
P Portman Square Capital LLP Hedge Fund•Vol Arbitrage	$7.0M 900.0 contracts
J JANE STREET GROUP, LLC Institution	$4.7M 611.0 contracts
Walleye Trading LLC RIA/Wealth	$4.7M 606.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.2M 538.0 contracts
W WOLVERINE TRADING, LLC Institution	$2.7M 347.0 contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.9M 250.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$1.9M 250.0 contracts
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	$1.0M 135.0 contracts

Most Committed Institutions

Institutions with FOUR as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
14B Captial Management LP Hedge Fund•Long/Short	Ilya Nmn Zaides CIO	17.98% $30.7M	0.58% 397.0K shares	Q4 2023 Held for 1y 11m	$170.9M
ShawSpring Partners LLC Hedge Fund•Long/Short	Dennis Hong Managing Partner	14.40% $96.9M	1.82% 1.3M shares	Q1 2024 Held for 1y 8m	$672.6M
DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP Hedge Fund•Value	Mina Fahmy Iskander CFO	13.25% $392.6M	7.39% 5.1M shares	Q3 2024 Held for 1y 2m	$3.0B
Maestria Partners LLC Hedge Fund•Value	James Richard Edwards Managing Partner	9.11% $28.8M	0.54% 372.4K shares	Q4 2024 Held for 11 months	$316.4M
GOODNOW INVESTMENT GROUP, LLC Hedge Fund•Long/Short	Peter John Gavey CCO	6.11% $67.2M	1.26% 868.1K shares	Q1 2024 Held for 1y 8m	$1.1B
Loup Funds, LLC Hedge Fund•Sector	Charles Eugene Munster Managing Partner	5.34% $12.7M	0.24% 164.5K shares	Q2 2023 Held for 2y 5m	$238.6M
Spyglass Capital Management LLC Long Only Manager	James Andrew Robillard President	5.13% $96.1M	1.81% 1.2M shares	Q3 2023 Held for 2y 2m	$1.9B
R Ratan Capital Management LP Hedge Fund•Long/Short	Nehal Kamalapat Chopra Managing Partner	3.99% $6.6M	0.12% 85.7K shares	Q2 2020 Held for 5y 5m	$166.3M
B BW Gestao de Investimentos Ltda. Institution	-	3.75% $49.0M	0.92% 632.8K shares	Q3 2024 Held for 1y 2m	$1.3B
J JCSD Capital, LLC Hedge Fund•Sector	Daniel Joseph Tachiera CCO	3.26% $1.8M	0.03% 23.7K shares	Q2 2025 Held for 5 months	$56.3M

Hedge Fund Spotlight

Discover hedge funds investing in FOUR

North Reef Capital Management LP

Hedge Fund • Long/Short

Portfolio ManagerDaniel Mariano Locasto

Portfolio Value: $2.1B
Positions: 43
Last Reported: Q3 2025

Sector Allocation

Position in Shift4 Payments

Market Value: $8.0M
Shares Held: 103.1K
Portfolio Weight: 0.37%
Owned Since: 2024-Q4

Top Holding	Sector	Market Value	Weight
1 First Horizon FHN	Banks - Regional Financial Services	$279.7M	13.08%
2 Cadence Bank CADE	Banks - Regional Financial Services	$264.8M	12.39%
3 Comerica CMA	Banks - Regional Financial Services	$244.6M	11.44%