The Hanover Insurance Group

THG • NYSE

The Hanover Insurance Group is a insurance - property & casualty company in the financial services sector on NYSE, led by Joseph M. Zubretsky, with a market cap of $6.6B. As of Q3 2025, 88% of shares are held by 453 institutional investors, with VANGUARD GROUP INC as the largest holder at 10.35%.

President and Chief Executive OfficerJoseph M. Zubretsky

Market Cap$6.6B

Insurance - Property & Casualty

Financial Services

Employees4.8K

Websitehanover.com

Country

United States of America

Overview

Overview of institutional ownership in THG as of Q3 2025 with a market cap of $6.5B

All Institutions

Institutions: 453
Value Held: $5.7B
Shares Held: 31.4M
Avg Position: $12.6M
Median Position: $655.7K

Hedge Funds

Hedge Funds: 38
Value Held: $467.4M
Shares Held: 2.6M
Avg Position: $12.3M
Median Position: $1.8M

Ownership Breakdown

Institutional (non-HF)

80.47%

$5.2B

Hedge Funds

7.19%

$467.4M

Retail & Other

12.34%

$801.5M

Based on market cap of $6.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in THG as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$672.5M 0.01% of portfolio	10.35% 3.7M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$641.6M 0.01% of portfolio	9.88% 3.5M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$295.9M 0.03% of portfolio	4.55% 1.6M shares	≤ Q2 2013 Held for 12y 5m+	$912.31B
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	Edward Murray Maloney CEO	$229.9M 0.07% of portfolio	3.54% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$322.72B
ALLIANCEBERNSTEIN L.P. Long Only Manager	Seth Perry Bernstein CEO	$229.3M 0.07% of portfolio	3.53% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$317.45B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$225.0M 0.01% of portfolio	3.46% 1.2M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
FULLER & THALER ASSET MANAGEMENT, INC. Long Only Manager	Raife Brandon Giovinazzo Managing Partner	$173.7M 0.59% of portfolio	2.67% 956.5K shares	Q3 2020 Held for 5y 2m	$29.4B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$143.6M 0.03% of portfolio	2.21% 790.8K shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	David Gary Kabiller Founder	$138.0M 0.09% of portfolio	2.13% 763.4K shares	≤ Q2 2013 Held for 12y 5m+	$156.17B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$126.8M 0.01% of portfolio	1.95% 698.1K shares	≤ Q2 2013 Held for 12y 5m+	$1.57T

Net Capital Flow

Institutional buying and selling activity for THG in Q3 2025

Traded: −$78.2M
Buyers: 238
Sellers: 177
Total Bought: +$356.9M
Total Sold: −$435.0M
Avg Position: $11.6M

Biggest Buyers

Institution	Net Bought	Current Position
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$37.9M +209.6K shares	$138.0M 763.4K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$35.7M +196.7K shares	$53.1M 292.1K shares
Invesco Ltd. ETF Provider	+$30.1M +165.5K shares	$81.5M 449.0K shares
FIRST TRUST ADVISORS LP ETF Provider	+$25.8M +141.8K shares	$116.1M 639.3K shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	+$25.4M +139.9K shares	$25.4M 139.9K shares
Q Qube Research & Technologies Ltd Institution	+$18.5M +101.9K shares	$46.0M 253.4K shares
AMERIPRISE FINANCIAL INC Institution	+$16.2M +88.9K shares	$116.2M 639.9K shares
FULLER & THALER ASSET MANAGEMENT, INC. Long Only Manager	+$9.8M +53.8K shares	$173.7M 956.5K shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	+$9.2M +50.5K shares	$9.2M 50.5K shares
Woodline Partners LP Hedge Fund•Long/Short	+$8.8M +48.6K shares	$70.9M 390.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
FRANKLIN RESOURCES INC Institution	−$94.8M −521.9K shares	$70.7M 389.5K shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	−$65.4M −360.0K shares	$36.0M 198.0K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	−$23.9M −131.6K shares	$85.1M 468.7K shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	−$22.5M −123.9K shares	$14.1M 77.8K shares
Allspring Global Investments Holdings, LLC Long Only Manager	−$22.4M −123.4K shares	$102.0M 562.2K shares
A AMERICAN CENTURY COMPANIES INC Institution	−$16.9M −93.0K shares	$102.5M 564.5K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$16.4M −90.3K shares	$23.3M 128.0K shares
B BlackRock, Inc. Institution	−$14.2M −78.0K shares	$641.6M 3.5M shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$12.1M −66.4K shares	$295.9M 1.6M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$11.4M −62.9K shares	$21.2M 116.7K shares

Entry and Exit Activity

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

New Positions: 30
New Value: $6.8M
Exited Positions: 36
Exited Value: $27.5M

New Positions

Institution	Position Value
C CROBAN Institution	$1.2M 6.5K shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	$869.1K 4.8K shares
SIERRA SUMMIT ADVISORS LLC RIA/Wealth	$846.8K 4.7K shares
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	$426.5K 2.3K shares
SYON CAPITAL LLC RIA/Wealth	$399.0K 2.2K shares
V Vise Technologies, Inc. Institution	$377.1K 2.1K shares
BRIGHTON JONES LLC RIA/Wealth	$334.0K 1.8K shares
STEPHENS INC /AR/ RIA/Wealth	$275.4K 1.5K shares
H HB Wealth Management, LLC Institution	$273.7K 1.5K shares
Krilogy Financial LLC RIA/Wealth	$270.5K 1.5K shares

Exited Positions

Institution	Previous Position
P Philadelphia Financial Management of San Francisco, LLC Hedge Fund•Sector	$6.2M 36.8K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$4.4M 25.8K shares
Symphony Financial, Ltd. Co. RIA/Wealth	$3.6M 21.5K shares
Kingsview Wealth Management, LLC RIA/Wealth	$2.3M 13.6K shares
INTECH INVESTMENT MANAGEMENT LLC Long Only Manager	$1.7M 10.2K shares
I Impax Asset Management Group plc Long Only Manager	$1.7M 10.1K shares
W Winton Capital Group Ltd Institution	$1.3M 7.6K shares
Holocene Advisors, LP Hedge Fund•Long/Short	$801.4K 4.7K shares
V Virtu Financial LLC Institution	$794.1K 4.7K shares
Harvest Investment Services, LLC RIA/Wealth	$614.2K 3.6K shares

Options Activity

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

Call Positions: 3
Call Value: $5.9M
Put Positions: 2
Put Value: $10.1M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$5.4M 295.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$308.8K 17.0 contracts
W WOLVERINE TRADING, LLC Institution	$232.8K 13.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$5.3M 293.0 contracts
Interval Partners, LLC Hedge Fund•Long/Short	$4.8M 265.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Q QSV Equity Investors LLC Institution	-	2.00% $2.0M	0.03% 10.8K shares	Q4 2023 Held for 1y 11m	$97.9M
E Expect Equity LLC Institution	-	1.98% $2.0M	0.03% 11.1K shares	Q4 2024 Held for 11 months	$102.4M
P Pullen Investment Management, LLC Institution	-	1.42% $2.6M	0.04% 14.4K shares	Q1 2024 Held for 1y 8m	$184.7M
DELPHI MANAGEMENT INC /MA/ Long Only Manager	Scott Myles Black President	1.39% $1.4M	0.02% 7.7K shares	Q1 2025 Held for 8 months	$100.5M
FJ Capital Management LLC Hedge Fund•Long/Short	Martin Saul Friedman Founder	1.20% $12.0M	0.18% 65.8K shares	Q3 2024 Held for 1y 2m	$999.9M
ALTRINSIC GLOBAL ADVISORS LLC Long Only Manager	John Douglas Hock CEO	0.94% $25.4M	0.39% 139.7K shares	Q3 2022 Held for 3y 2m	$2.7B
Leeward Investments, LLC - MA Long Only Manager	R. Todd Vingers President	0.88% $17.3M	0.27% 95.1K shares	Q1 2023 Held for 2y 8m	$2.0B
CASTLEKEEP INVESTMENT ADVISORS LLC RIA/Wealth	Charles Wesley Kelakos Haberstroh CEO	0.85% $1.8M	0.03% 9.8K shares	Q2 2025 Held for 5 months	$210.3M
C CROBAN Institution	-	0.79% $1.2M	0.02% 6.5K shares	Q3 2025 Held for 2 months	$150.1M
VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. Long Only Manager	Christopher David Wallis CEO	0.76% $83.5M	1.28% 459.5K shares	Q1 2025 Held for 8 months	$11.0B

Hedge Fund Spotlight

Discover hedge funds investing in THG

ARP AMERICAS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerLudger (Nmn) Hentschel

Portfolio Value: $544.4M
Positions: 607
Last Reported: Q3 2025

Sector Allocation

Position in The Hanover Insurance Group

Market Value: $946.8K
Shares Held: 5.2K
Portfolio Weight: 0.17%
Owned Since: 2024-Q3

Top Holding	Sector	Market Value	Weight
1 Merus N.V. MRUS	Biotechnology Healthcare	$18.7M	3.44%
2 Potbelly Corporation PBPB	Restaurants Consumer Cyclical	$18.0M	3.31%
3 Steelcase SCS	Business Equipment & Supplies Industrials	$15.5M	2.84%