Tradeweb Markets Inc.

TW • NASDAQ

Tradeweb Markets Inc. is a financial - capital markets company in the financial services sector on NASDAQ, led by William Hult, with a market cap of $23.0B. As of Q3 2025, 53% of shares are held by 522 institutional investors, with PRICE T ROWE ASSOCIATES INC /MD/ as the largest holder at 6.04%.

Chief Executive OfficerWilliam Hult

Market Cap$23.0B

Financial - Capital Markets

Financial Services

Employees1.2K

Websitetradeweb.com

Country

United States of America

Overview

Overview of institutional ownership in TW as of Q3 2025 with a market cap of $23.7B

All Institutions

Institutions: 522
Value Held: $12.6B
Shares Held: 113.7M
Avg Position: $24.2M
Median Position: $1.2M

Hedge Funds

Hedge Funds: 57
Value Held: $975.4M
Shares Held: 8.8M
Avg Position: $17.1M
Median Position: $3.2M

Ownership Breakdown

Institutional (non-HF)

49.18%

$11.6B

Hedge Funds

4.12%

$975.4M

Retail & Other

46.71%

$11.1B

Based on market cap of $23.7B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TW as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$1.4B 0.16% of portfolio	6.04% 12.9M shares	Q2 2019 Held for 6y 5m	$912.31B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$1.4B 0.02% of portfolio	5.92% 12.6M shares	Q2 2019 Held for 6y 5m	$6.69T
WELLINGTON MANAGEMENT CO LLP Long Only Manager	Edmund Wellington Iii President	$995.7M 0.17% of portfolio	4.20% 9.0M shares	Q3 2020 Held for 5y 2m	$571.21B
B BlackRock, Inc. Institution	-	$876.1M 0.02% of portfolio	3.70% 7.9M shares	Q2 2019 Held for 6y 5m	$5.67T
FRANKLIN RESOURCES INC Institution	Gregory E. Johnson CEO	$400.6M 0.10% of portfolio	1.69% 3.6M shares	Q2 2019 Held for 6y 5m	$395.56B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$297.4M 0.01% of portfolio	1.26% 2.7M shares	Q2 2019 Held for 6y 5m	$2.88T
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$271.8M 0.02% of portfolio	1.15% 2.4M shares	Q3 2020 Held for 5y 2m	$1.56T
T T. Rowe Price Investment Management, Inc. Insurance Manager	John Edward Robison President	$252.8M 0.16% of portfolio	1.07% 2.3M shares	Q3 2022 Held for 3y 2m	$161.58B
C Capital World Investors Institution	-	$227.0M 0.03% of portfolio	0.96% 2.0M shares	Q2 2019 Held for 6y 5m	$730.00B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$221.6M 0.01% of portfolio	0.94% 2.0M shares	Q2 2019 Held for 6y 5m	$1.57T

Net Capital Flow

Institutional buying and selling activity for TW in Q3 2025

Net Flow: −$653.0M
Buyers: 185
Sellers: 313
Total Bought: +$1.8B
Total Sold: −$2.4B
Avg Position: $22.3M

Biggest Buyers

Institution	Net Bought	Current Position
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$483.2M +4.4M shares	$1.4B 12.9M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$234.0M +2.1M shares	$995.7M 9.0M shares
CANTILLON CAPITAL MANAGEMENT LLC Hedge Fund•Value	+$89.3M +804.4K shares	$214.7M 1.9M shares
VANGUARD GROUP INC Institution	+$87.1M +784.9K shares	$1.4B 12.6M shares
C Carmignac Gestion Institution	+$76.2M +686.9K shares	$139.8M 1.3M shares
Q Qube Research & Technologies Ltd Institution	+$67.7M +609.8K shares	$104.1M 938.3K shares
GOLDMAN SACHS GROUP INC Institution	+$60.9M +548.8K shares	$78.5M 706.9K shares
G Grantham, Mayo, Van Otterloo & Co. LLC Long Only Manager	+$53.9M +485.4K shares	$218.5M 2.0M shares
S Squarepoint Ops LLC Hedge Fund•Quant	+$45.4M +409.2K shares	$45.4M 409.2K shares
J JANE STREET GROUP, LLC Institution	+$43.3M +390.2K shares	$43.3M 390.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
A AXIOM INTERNATIONAL INVESTORS LLC /DE Long Only Manager	−$277.3M −1.9M shares	Sold Off 0 shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	−$190.6M −1.3M shares	Sold Off 0 shares
Artisan Partners Limited Partnership Long Only Manager	−$174.0M −1.2M shares	Sold Off 0 shares
Allspring Global Investments Holdings, LLC Long Only Manager	−$169.2M −1.6M shares	$612.0K 5.7K shares
PRIMECAP MANAGEMENT CO/CA/ Long Only Manager	−$106.1M −956.3K shares	$60.7M 547.0K shares
Invesco Ltd. ETF Provider	−$86.0M −774.8K shares	$94.9M 855.1K shares
T TD ASSET MANAGEMENT INC Institution	−$78.2M −704.3K shares	$174.6M 1.6M shares
C Capital World Investors Institution	−$72.5M −653.0K shares	$227.0M 2.0M shares
WESTFIELD CAPITAL MANAGEMENT CO LP Long Only Manager	−$65.5M −447.6K shares	Sold Off 0 shares
H Handelsbanken Fonder AB Institution	−$60.7M −547.3K shares	$65.7M 592.2K shares

Entry and Exit Activity

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

New Positions: 38
New Value: $93.4M
Exited Positions: 109
Exited Value: $983.5M

New Positions

Institution	Position Value
HMI Capital, LLC Hedge Fund•Value	$48.7M 438.5K shares
A Altshuler Shaham Ltd Institution	$22.8M 205.0K shares
N North Reef Capital Management LP Hedge Fund•Long/Short	$4.6M 41.2K shares
C Campbell & CO Investment Adviser LLC Hedge Fund•Quant Macro	$3.4M 30.7K shares
P Perbak Capital Partners LLP Institution	$3.3M 29.7K shares
Canada Post Corp Registered Pension Plan Private Equity	$2.5M 22.7K shares
Voleon Capital Management LP Hedge Fund•Quant	$2.0M 18.2K shares
Malaga Cove Capital, LLC RIA/Wealth	$920.8K 8.3K shares
P Polymer Capital Management LLC Hedge Fund•Multi-Strategy	$827.7K 7.5K shares
Maridea Wealth Management LLC RIA/Wealth	$732.1K 6.7K shares

Exited Positions

Institution	Previous Position
A AXIOM INTERNATIONAL INVESTORS LLC /DE Long Only Manager	$277.3M 1.9M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	$190.6M 1.3M shares
Artisan Partners Limited Partnership Long Only Manager	$174.0M 1.2M shares
WESTFIELD CAPITAL MANAGEMENT CO LP Long Only Manager	$65.5M 447.6K shares
P Perpetual Ltd Institution	$57.8M 395.0K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	$24.9M 170.1K shares
O ODDO BHF ASSET MANAGEMENT SAS Institution	$19.9M 135.7K shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	$19.4M 132.6K shares
A AGF MANAGEMENT LTD Institution	$19.0M 129.6K shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	$15.3M 104.8K shares

Options Activity

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

Call Positions: 14
Call Value: $24.8M
Put Positions: 9
Put Value: $15.3M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$12.3M 1.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.9M 445.0 contracts
Interval Partners, LLC Hedge Fund•Long/Short	$2.4M 212.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$1.6M 146.0 contracts
J JANE STREET GROUP, LLC Institution	$1.1M 95.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$788.0K 71.0 contracts
W WOLVERINE TRADING, LLC Institution	$723.9K 65.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$543.8K 49.0 contracts
Walleye Trading LLC RIA/Wealth	$244.2K 22.0 contracts
T Toroso Investments, LLC ETF Provider	$233.1K 21.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$7.1M 636.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$5.7M 515.0 contracts
J JANE STREET GROUP, LLC Institution	$1.5M 132.0 contracts
W WOLVERINE TRADING, LLC Institution	$534.6K 48.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$299.6K 27.0 contracts
Hunting Hill Global Capital, LLC Hedge Fund•Multi-Strategy	$99.9K 9.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$88.8K 8.0 contracts
Walleye Trading LLC RIA/Wealth	$22.2K 2.0 contracts
BARCLAYS PLC Institution	- - contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
L Lakehouse Capital Pty Ltd Institution	-	6.01% $9.0M	0.04% 80.9K shares	Q3 2023 Held for 2y 2m	$149.3M
Praesidium Investment Management Company, LLC Hedge Fund•Value	Peter Joseph Uddo Managing Partner	4.86% $24.9M	0.11% 224.7K shares	Q1 2025 Held for 8 months	$512.7M
N Nutshell Asset Management Ltd Institution	-	4.76% $10.0M	0.04% 90.0K shares	Q1 2025 Held for 8 months	$209.6M
S Seatown Holdings Pte. Ltd. Institution	-	4.21% $7.3M	0.03% 65.8K shares	Q2 2025 Held for 5 months	$173.5M
W WILSON ASSET MANAGEMENT PTY LTD Institution	-	4.07% $16.4M	0.07% 148.1K shares	Q4 2022 Held for 2y 11m	$404.2M
A Alamar Capital Management, LLC RIA/Wealth	Leo John Murphy CEO	3.65% $6.9M	0.02% 35.9K shares	Q2 2024 Held for 1y 5m	$189.2M
O Ownership Capital B.V. Institution	-	3.46% $6.2M	0.03% 55.5K shares	Q4 2019 Held for 5y 11m	$177.7M
HMI Capital, LLC Hedge Fund•Value	Justin Carr Nyweide CIO	2.81% $48.7M	0.21% 438.5K shares	Q3 2025 Held for 2 months	$1.7B
Sone Capital Management, LLC Hedge Fund•Multi-Strategy	Andrew Kyle Walker CFO	2.30% $27.5M	0.12% 247.5K shares	Q2 2025 Held for 5 months	$1.2B
C CCLA Investment Management Ltd Institution	-	2.10% $127.5M	0.54% 1.1M shares	Q1 2023 Held for 2y 8m	$6.1B

Hedge Fund Spotlight

Discover hedge funds investing in TW

CAPSTONE INVESTMENT ADVISORS, LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerPaul Matthew Britton

Portfolio Value: $9.4B
Positions: 1,012
Last Reported: Q3 2025

Sector Allocation

Position in Tradeweb Markets Inc.

Market Value: $1.9M
Shares Held: 17.4K
Portfolio Weight: 0.02%
Owned Since: 2025-Q2

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