Turning Point Brands

TPB • NYSE

Turning Point Brands is a tobacco company in the consumer defensive sector on NYSE, led by Graham A. Purdy, with a market cap of $2.0B. As of Q3 2025, 101% of shares are held by 222 institutional investors, with VANGUARD GROUP INC as the largest holder at 7.71%.

CEOGraham A. Purdy

Market Cap$2.0B

Tobacco

Consumer Defensive

Employees373.0

Websiteturningpointbrands.com

Country

United States of America

Overview

Overview of institutional ownership in TPB as of Q3 2025 with a market cap of $1.8B

All Institutions

Institutions: 222
Value Held: $1.8B
Shares Held: 18.3M
Avg Position: $8.1M
Median Position: $1.5M

Hedge Funds

Hedge Funds: 47
Value Held: $585.2M
Shares Held: 5.9M
Avg Position: $12.5M
Median Position: $5.2M

Ownership Breakdown

Institutional (non-HF)

68.5%

$1.2B

Hedge Funds

32.84%

$585.2M

Retail & Other

Based on market cap of $1.8B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TPB as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$137.4M 0.00% of portfolio	7.71% 1.4M shares	Q2 2016 Held for 9y 5m	$6.69T
B BlackRock, Inc. Institution	-	$137.2M 0.00% of portfolio	7.70% 1.4M shares	Q2 2016 Held for 9y 5m	$5.67T
D Divisadero Street Capital Management, LP Hedge Fund•Long/Short	William Zolezzi Managing Partner	$96.3M 4.50% of portfolio	5.40% 974.1K shares	Q1 2025 Held for 8 months	$2.1B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$89.5M 0.01% of portfolio	5.02% 905.5K shares	Q3 2016 Held for 9y 2m	$1.65T
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	Teresa Joy Rasmussen CEO	$79.9M 0.17% of portfolio	4.49% 808.6K shares	Q3 2018 Held for 7y 2m	$48.0B
A Arrowpoint Asset Management, LLC Hedge Fund•Multi-Strategy	David John Corkins Managing Partner	$66.7M 1.24% of portfolio	3.74% 674.8K shares	Q3 2021 Held for 4y 2m	$5.4B
FMR LLC Institution	-	$64.7M 0.00% of portfolio	3.63% 654.0K shares	Q4 2020 Held for 4y 11m	$1.92T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$50.7M 0.00% of portfolio	2.85% 513.2K shares	Q2 2016 Held for 9y 5m	$1.57T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	Gerard Kieran O'Reilly CEO	$45.8M 0.01% of portfolio	2.57% 463.2K shares	Q4 2017 Held for 7y 11m	$466.32B
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$43.7M 0.03% of portfolio	2.45% 441.8K shares	Q1 2024 Held for 1y 8m	$158.92B

Net Capital Flow

Institutional buying and selling activity for TPB in Q3 2025

Traded: +$146.6M
Buyers: 113
Sellers: 106
Total Bought: +$330.0M
Total Sold: −$183.4M
Avg Position: $7.3M

Biggest Buyers

Institution	Net Bought	Current Position
T T. Rowe Price Investment Management, Inc. Insurance Manager	+$33.8M +341.8K shares	$33.8M 341.8K shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$20.8M +210.3K shares	$20.8M 210.3K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$19.1M +193.2K shares	$21.2M 214.4K shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$18.9M +190.9K shares	$20.5M 207.8K shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	+$16.3M +164.4K shares	$40.0M 405.0K shares
MANGROVE PARTNERS Hedge Fund•Multi-Strategy	+$16.0M +161.7K shares	$25.8M 261.0K shares
FIRST TRUST ADVISORS LP ETF Provider	+$14.3M +144.7K shares	$28.3M 286.7K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$13.7M +138.8K shares	$30.8M 311.9K shares
A Arrowpoint Asset Management, LLC Hedge Fund•Multi-Strategy	+$13.3M +134.4K shares	$66.7M 674.8K shares
CANNELL CAPITAL LLC Hedge Fund•Long/Short	+$11.8M +119.8K shares	$17.8M 180.1K shares

Biggest Sellers

Institution	Net Sold	Current Position
A AMERICAN CENTURY COMPANIES INC Institution	−$22.4M −226.3K shares	$31.8M 321.3K shares
MORGAN STANLEY RIA/Wealth	−$20.6M −208.0K shares	$89.5M 905.5K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$16.4M −165.6K shares	$9.1M 91.6K shares
4D Advisors, LLC Hedge Fund•Long/Short	−$12.1M −122.0K shares	$9.9M 100.0K shares
VANGUARD GROUP INC Institution	−$10.7M −108.0K shares	$137.4M 1.4M shares
S SG Americas Securities, LLC Institution	−$9.2M −92.8K shares	$3.0M 30.8K shares
B BlackRock, Inc. Institution	−$4.7M −47.3K shares	$137.2M 1.4M shares
B Becker Drapkin Management, L.P. Hedge Fund•Long/Short	−$4.6M −60.9K shares	Sold Off 0 shares
FMR LLC Institution	−$4.4M −44.2K shares	$64.7M 654.0K shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	−$4.2M −42.3K shares	$2.3M 23.6K shares

Entry and Exit Activity

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

New Positions: 24
New Value: $77.7M
Exited Positions: 26
Exited Value: $20.2M

New Positions

Institution	Position Value
T T. Rowe Price Investment Management, Inc. Insurance Manager	$33.8M 341.8K shares
FINDELL CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	$8.9M 90.0K shares
M Mitsubishi UFJ Securities International PLC Institution	$8.5M 85.6K shares
RIPOSTE CAPITAL LLC Hedge Fund•Long/Short	$7.4M 75.0K shares
F Fund 1 Investments, LLC Institution	$3.9M 39.4K shares
HighTower Advisors, LLC RIA/Wealth	$3.7M 37.8K shares
M MAVERICK CAPITAL LTD Hedge Fund•Long/Short	$3.1M 31.8K shares
T TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY Institution	$2.2M 22.6K shares
B Brevan Howard Capital Management LP Institution	$1.5M 15.4K shares
CBOE Vest Financial, LLC ETF Provider	$1.4M 14.4K shares

Exited Positions

Institution	Previous Position
B Becker Drapkin Management, L.P. Hedge Fund•Long/Short	$4.6M 60.9K shares
SG Capital Management LLC Hedge Fund•Event Driven	$3.3M 43.6K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$2.8M 36.8K shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	$1.3M 17.7K shares
CenterBook Partners LP Hedge Fund•Market Neutral	$1.3M 17.2K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$1.2M 16.4K shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$1.1M 14.8K shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	$813.7K 10.7K shares
Kestra Advisory Services, LLC RIA/Wealth	$783.2K 10.3K shares
Toroso Investments, LLC ETF Provider	$647.1K 8.5K shares

Options Activity

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

Call Positions: 8
Call Value: $38.3M
Put Positions: 6
Put Value: $13.4M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$19.3M 2.0K contracts
Caption Management, LLC Hedge Fund•Long/Short	$8.3M 843.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$7.8M 789.0 contracts
J JANE STREET GROUP, LLC Institution	$1.5M 156.0 contracts
W WOLVERINE TRADING, LLC Institution	$590.1K 61.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$415.2K 42.0 contracts
Walleye Trading LLC RIA/Wealth	$217.5K 22.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$138.4K 14.0 contracts

Put Positions

Institution	Position Value
Caption Management, LLC Hedge Fund•Long/Short	$5.4M 550.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.4M 346.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.1M 318.0 contracts
J JANE STREET GROUP, LLC Institution	$1.1M 113.0 contracts
Walleye Trading LLC RIA/Wealth	$148.3K 15.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$98.9K 10.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
F FIRST SABREPOINT CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	George Hiland Baxter Managing Partner	15.96% $39.5M	2.22% 400.0K shares	Q3 2024 Held for 1y 2m	$247.7M
H Harspring Capital Management, LLC Hedge Fund•Long/Short	Alan Takeo Kikuchi COO	6.91% $17.9M	1.01% 181.5K shares	Q4 2023 Held for 1y 11m	$259.6M
4D Advisors, LLC Hedge Fund•Long/Short	Kurt F Graeber Managing Partner	5.26% $9.9M	0.55% 100.0K shares	Q1 2025 Held for 8 months	$187.8M
A AWH Capital, L.P. Hedge Fund•Long/Short	Kathleen Moran Schutz COO	4.94% $4.7M	0.27% 47.9K shares	Q2 2025 Held for 5 months	$95.8M
P Prospect Capital Advisors, LLC Hedge Fund•Long/Short	Daniel William Mendoza Managing Partner	4.79% $9.3M	0.52% 93.6K shares	Q2 2025 Held for 5 months	$193.0M
CANNELL CAPITAL LLC Hedge Fund•Long/Short	James Carlo Cannell President	4.67% $17.8M	1.00% 180.1K shares	Q1 2025 Held for 8 months	$380.9M
RIPOSTE CAPITAL LLC Hedge Fund•Long/Short	Jay Clifton Plourde CCO	4.55% $7.4M	0.42% 75.0K shares	Q3 2025 Held for 2 months	$162.9M
D Divisadero Street Capital Management, LP Hedge Fund•Long/Short	William Zolezzi Managing Partner	4.50% $96.3M	5.40% 974.1K shares	Q1 2025 Held for 8 months	$2.1B
FINDELL CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	Ryan Bradley Voerg CFO	4.13% $8.9M	0.50% 90.0K shares	Q3 2025 Held for 2 months	$215.6M
P potrero capital research llc Hedge Fund•Long/Short	Jack R Ripsteen Managing Partner	3.94% $13.0M	0.73% 131.8K shares	Q1 2025 Held for 8 months	$330.9M

Hedge Fund Spotlight

Discover hedge funds investing in TPB

RIPOSTE CAPITAL LLC

Hedge Fund • Long/Short

Portfolio ManagerJay Clifton Plourde

Portfolio Value: $162.9M
Positions: 14
Last Reported: Q3 2025

Sector Allocation

Position in Turning Point Brands

Market Value: $7.4M
Shares Held: 75.0K
Portfolio Weight: 4.55%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Vertiv Holdings Co VRT	Electrical Equipment & Parts Industrials	$27.2M	16.67%
2 Extendicare Inc. EXE	Unknown Unknown	$21.2M	13.04%
3 Eaton Corporation ETN	Industrial - Machinery Industrials	$18.7M	11.49%