CS Disco

LAW • NYSE

CS Disco is a software - application company in the technology sector on NYSE, led by Eric Friedrichsen, with a market cap of $541.8M. As of Q3 2025, 56% of shares are held by 113 institutional investors, with Deer Management Co. LLC as the largest holder at 14.01%.

Chief Executive OfficerEric Friedrichsen

Market Cap$541.8M

Software - Application

Technology

Employees543.0

Websitecsdisco.com

Country

United States of America

Overview

Overview of institutional ownership in LAW as of Q3 2025 with a market cap of $398.9M

All Institutions

Institutions: 113
Value Held: $222.4M
Shares Held: 34.3M
Avg Position: $2.0M
Median Position: $114.7K

Hedge Funds

Hedge Funds: 24
Value Held: $54.1M
Shares Held: 8.2M
Avg Position: $2.3M
Median Position: $351.4K

Ownership Breakdown

Institutional (non-HF)

42.21%

$168.4M

Hedge Funds

13.55%

$54.1M

Retail & Other

44.23%

$176.4M

Based on market cap of $398.9M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in LAW as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Deer Management Co. LLC Venture Capital	Adam Ralph Fisher Managing Partner	$55.9M 5.00% of portfolio	14.01% 8.7M shares	Q4 2021 Held for 3y 11m	$1.1B
S Stephens Group, LLC Institution	-	$50.4M 27.16% of portfolio	12.63% 7.8M shares	Q4 2021 Held for 3y 11m	$185.4M
Topline Capital Management, LLC Hedge Fund•Long/Short	Collin Mcbirney Managing Partner	$20.7M 3.96% of portfolio	5.19% 3.2M shares	Q4 2024 Held for 11 months	$523.6M
VANGUARD GROUP INC Institution	Salim Ramji CEO	$12.7M 0.00% of portfolio	3.17% 2.0M shares	Q3 2021 Held for 4y 2m	$6.69T
B BlackRock, Inc. Institution	-	$11.2M 0.00% of portfolio	2.80% 1.7M shares	Q3 2021 Held for 4y 2m	$5.67T
S Solel Partners LP Hedge Fund•Long/Short	William Cronin Stone CFO	$7.1M 1.37% of portfolio	1.79% 1.1M shares	Q1 2023 Held for 2y 8m	$519.8M
LAKEWOOD CAPITAL MANAGEMENT, LP Hedge Fund•Long/Short	Anthony Theodore Bozza Managing Partner	$6.6M 0.50% of portfolio	1.65% 1.0M shares	Q3 2023 Held for 2y 2m	$1.3B
A Arrowpoint Asset Management, LLC Hedge Fund•Multi-Strategy	David John Corkins Managing Partner	$5.5M 0.10% of portfolio	1.38% 850.0K shares	Q4 2023 Held for 1y 11m	$5.4B
FORMULA GROWTH LTD Hedge Fund•Long/Short	Randall William Kelly President	$5.3M 1.84% of portfolio	1.33% 820.0K shares	Q1 2023 Held for 2y 8m	$288.3M
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$4.7M 0.00% of portfolio	1.18% 731.4K shares	Q1 2023 Held for 2y 8m	$466.32B

Net Capital Flow

Institutional buying and selling activity for LAW in Q3 2025

Traded: +$6.8M
Buyers: 56
Sellers: 43
Total Bought: +$14.0M
Total Sold: −$7.2M
Avg Position: $1.8M

Biggest Buyers

Institution	Net Bought	Current Position
ESSEX INVESTMENT MANAGEMENT CO LLC Long Only Manager	+$2.9M +443.9K shares	$2.9M 443.9K shares
Topline Capital Management, LLC Hedge Fund•Long/Short	+$1.6M +240.7K shares	$20.7M 3.2M shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	+$1.3M +196.5K shares	$2.1M 321.4K shares
A Analog Century Management LP Hedge Fund•Long/Short	+$1.1M +26.5K shares	$1.1M 26.5K shares
F First Eagle Investment Management, LLC Long Only Manager	+$1.1M +163.8K shares	$1.1M 163.8K shares
Legato Capital Management LLC Fund of Funds	+$834.1K +129.1K shares	$834.1K 129.1K shares
MORGAN STANLEY RIA/Wealth	+$775.1K +120.0K shares	$1.8M 277.0K shares
D D. E. Shaw & Co., Inc. Institution	+$761.7K +117.9K shares	$1.5M 237.7K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$531.9K +82.3K shares	$531.9K 82.3K shares
N Nuveen, LLC Institution	+$445.9K +69.0K shares	$716.9K 111.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
FRANKLIN RESOURCES INC Institution	−$2.2M −499.1K shares	Sold Off 0 shares
B BlackRock, Inc. Institution	−$1.2M −178.4K shares	$11.2M 1.7M shares
UBS Group AG Institution	−$847.9K −131.3K shares	$129.3K 20.0K shares
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	−$622.6K −96.4K shares	$782.4K 121.1K shares
Whetstone Capital Advisors, LLC Hedge Fund•Long/Short	−$347.7K −79.6K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$229.2K −35.5K shares	$1.3M 197.9K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$202.5K −31.4K shares	$91.6K 14.2K shares
H HRT FINANCIAL LLC Institution	−$154.4K −35.3K shares	Sold Off 0 shares
MONETA GROUP INVESTMENT ADVISORS LLC RIA/Wealth	−$142.9K −22.1K shares	$1.3M 203.9K shares
X XTX Topco Ltd Institution	−$132.1K −20.4K shares	$73.6K 11.4K shares

Entry and Exit Activity

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

New Positions: 11
New Value: $6.4M
Exited Positions: 9
Exited Value: $2.9M

New Positions

Institution	Position Value
ESSEX INVESTMENT MANAGEMENT CO LLC Long Only Manager	$2.9M 443.9K shares
A Analog Century Management LP Hedge Fund•Long/Short	$1.1M 26.5K shares
F First Eagle Investment Management, LLC Long Only Manager	$1.1M 163.8K shares
Legato Capital Management LLC Fund of Funds	$834.1K 129.1K shares
ZACKS INVESTMENT MANAGEMENT RIA/Wealth	$401.1K 62.1K shares
Q Quadrature Capital Ltd Institution	$111.7K 17.2K shares
SRS Capital Advisors, Inc. RIA/Wealth	$17.4K 2.7K shares
O Optiver Holding B.V. Institution	$3.2K 496.0 shares
M Marquette Asset Management Inc. Institution	$1.6K 240.0 shares
Hanson McClain, Inc. RIA/Wealth	$162.0 25.0 shares

Exited Positions

Institution	Previous Position
FRANKLIN RESOURCES INC Institution	$2.2M 499.1K shares
Whetstone Capital Advisors, LLC Hedge Fund•Long/Short	$347.7K 79.6K shares
H HRT FINANCIAL LLC Institution	$154.4K 35.3K shares
STATE OF WISCONSIN INVESTMENT BOARD RIA/Wealth	$82.1K 18.8K shares
INTECH INVESTMENT MANAGEMENT LLC Long Only Manager	$63.4K 14.5K shares
MACKENZIE FINANCIAL CORP Long Only Manager	$57.5K 13.2K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$39.3K 9.0K shares
Goss Wealth Management LLC RIA/Wealth	$6.1K 1.4K shares
Caitong International Asset Management Co., Ltd RIA/Wealth	$428.0 98.0 shares

Options Activity

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

Call Positions: 1
Call Value: $67.8K
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$67.8K 105.0 contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
S Stephens Group, LLC Institution	-	27.16% $50.4M	12.63% 7.8M shares	Q4 2021 Held for 3y 11m	$185.4M
Deer Management Co. LLC Venture Capital	Adam Ralph Fisher Managing Partner	5.00% $55.9M	14.01% 8.7M shares	Q4 2021 Held for 3y 11m	$1.1B
Topline Capital Management, LLC Hedge Fund•Long/Short	Collin Mcbirney Managing Partner	3.96% $20.7M	5.19% 3.2M shares	Q4 2024 Held for 11 months	$523.6M
FORMULA GROWTH LTD Hedge Fund•Long/Short	Randall William Kelly President	1.84% $5.3M	1.33% 820.0K shares	Q1 2023 Held for 2y 8m	$288.3M
S Solel Partners LP Hedge Fund•Long/Short	William Cronin Stone CFO	1.37% $7.1M	1.79% 1.1M shares	Q1 2023 Held for 2y 8m	$519.8M
LAKEWOOD CAPITAL MANAGEMENT, LP Hedge Fund•Long/Short	Anthony Theodore Bozza Managing Partner	0.50% $6.6M	1.65% 1.0M shares	Q3 2023 Held for 2y 2m	$1.3B
ESSEX INVESTMENT MANAGEMENT CO LLC Long Only Manager	Nancy Beth Prial CEO	0.44% $2.9M	0.72% 443.9K shares	Q3 2025 Held for 2 months	$652.5M
R Squared Ltd Private Equity	-	0.13% $312.2K	0.08% 48.3K shares	Q4 2024 Held for 11 months	$232.5M
M Matthew Goff Investment Advisor, LLC Institution	-	0.12% $691.3K	0.17% 107.0K shares	Q3 2024 Held for 1y 2m	$585.1M
A Arrowpoint Asset Management, LLC Hedge Fund•Multi-Strategy	David John Corkins Managing Partner	0.10% $5.5M	1.38% 850.0K shares	Q4 2023 Held for 1y 11m	$5.4B

Hedge Fund Spotlight

Discover hedge funds investing in LAW

LAKEWOOD CAPITAL MANAGEMENT, LP

Hedge Fund • Long/Short

Portfolio ManagerAnthony Theodore Bozza

Portfolio Value: $1.3B
Positions: 50
Last Reported: Q3 2025

Sector Allocation

Position in CS Disco

Market Value: $6.6M
Shares Held: 1.0M
Portfolio Weight: 0.50%
Owned Since: 2023-Q3

Top Holding	Sector	Market Value	Weight
1 Elevance Health ELV	Medical - Healthcare Plans Healthcare	$97.5M	7.38%
2 Cigna CI	Medical - Healthcare Plans Healthcare	$97.2M	7.36%
3 Arrow Electronics ARW	Technology Distributors Technology	$69.9M	5.29%