Frontier Group Holdings, Inc.

ULCC • NASDAQ

Frontier Group Holdings, Inc. is a airlines, airports & air services company in the industrials sector on NASDAQ, led by Barry L. Biffle, with a market cap of $1.3B. As of Q3 2025, 59% of shares are held by 156 institutional investors, with Indigo Partners LLC as the largest holder at 14.07%.

Chief Executive OfficerBarry L. Biffle

Market Cap$1.3B

Airlines, Airports & Air Services

Industrials

Employees7.7K

Websiteflyfrontier.com

Country

United States of America

Overview

Overview of institutional ownership in ULCC as of Q3 2025 with a market cap of $1.0B

All Institutions

Institutions: 156
Value Held: $592.6M
Shares Held: 134.2M
Avg Position: $3.8M
Median Position: $206.8K

Hedge Funds

Hedge Funds: 31
Value Held: $115.7M
Shares Held: 26.2M
Avg Position: $3.7M
Median Position: $1.7M

Ownership Breakdown

Institutional (non-HF)

47.35%

$476.9M

Hedge Funds

11.49%

$115.7M

Retail & Other

41.17%

$414.7M

Based on market cap of $1.0B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in ULCC as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
I Indigo Partners LLC Private Equity	William Augustus Franke Managing Partner	$141.7M 48.14% of portfolio	14.07% 32.1M shares	Q4 2021 Held for 3y 11m	$294.3M
Wildcat Capital Management, LLC Private Equity	Leonard A Potter President	$123.9M 85.40% of portfolio	12.30% 28.1M shares	Q2 2024 Held for 1y 5m	$145.1M
VANGUARD GROUP INC Institution	Salim Ramji CEO	$34.5M 0.00% of portfolio	3.42% 7.8M shares	Q2 2021 Held for 4y 5m	$6.69T
B BlackRock, Inc. Institution	-	$28.4M 0.00% of portfolio	2.82% 6.4M shares	Q2 2021 Held for 4y 5m	$5.67T
Silver Point Capital L.P. Hedge Fund•Distressed	Edward Arnold Mule CEO	$27.6M 2.06% of portfolio	2.74% 6.3M shares	Q1 2025 Held for 8 months	$1.3B
U U S GLOBAL INVESTORS INC Institution	Frank Edward Holmes CEO	$20.1M 2.28% of portfolio	2.00% 4.6M shares	Q2 2022 Held for 3y 5m	$883.9M
A Ancient Art, L.P. Hedge Fund•Long/Short	Brooke Anna Phillips CFO	$18.9M 4.55% of portfolio	1.88% 4.3M shares	Q3 2021 Held for 4y 2m	$416.1M
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$17.9M 0.00% of portfolio	1.77% 4.0M shares	Q2 2022 Held for 3y 5m	$466.32B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$13.4M 0.00% of portfolio	1.33% 3.0M shares	Q2 2021 Held for 4y 5m	$1.33T
CITIGROUP INC Institution	Jane Fraser CEO	$12.5M 0.01% of portfolio	1.24% 2.8M shares	Q2 2021 Held for 4y 5m	$144.32B

Net Capital Flow

Institutional buying and selling activity for ULCC in Q3 2025

Traded: +$51.6M
Buyers: 97
Sellers: 66
Total Bought: +$80.4M
Total Sold: −$28.8M
Avg Position: $3.2M

Biggest Buyers

Institution	Net Bought	Current Position
Silver Point Capital L.P. Hedge Fund•Distressed	+$23.7M +5.4M shares	$27.6M 6.3M shares
Highland Peak Capital, LLC Hedge Fund•Multi-Strategy	+$7.8M +1.8M shares	$7.8M 1.8M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$4.6M +1.0M shares	$5.5M 1.2M shares
BANK OF AMERICA CORP /DE/ Institution	+$3.8M +852.8K shares	$13.4M 3.0M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$3.2M +718.1K shares	$9.7M 2.2M shares
N Newbrook Capital Advisors LP Hedge Fund•Long/Short	+$2.9M +658.2K shares	$2.9M 658.2K shares
Wolf Hill Capital Management, LP Hedge Fund•Long/Short	+$2.5M +570.4K shares	$2.5M 570.4K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$2.3M +519.2K shares	$3.4M 778.8K shares
Voleon Capital Management LP Hedge Fund•Quant	+$2.2M +506.7K shares	$3.2M 715.4K shares
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	+$2.0M +459.8K shares	$2.0M 459.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
U U S GLOBAL INVESTORS INC Institution	−$7.2M −1.6M shares	$20.1M 4.6M shares
J Jump Financial, LLC Institution	−$4.2M −1.2M shares	Sold Off 0 shares
Bridgewater Associates, LP Hedge Fund•Global Macro	−$3.0M −821.1K shares	Sold Off 0 shares
A Ancient Art, L.P. Hedge Fund•Long/Short	−$2.0M −447.0K shares	$18.9M 4.3M shares
Empyrean Capital Partners, LP Hedge Fund•Event Driven	−$1.7M −376.6K shares	$3.2M 723.4K shares
Q Qube Research & Technologies Ltd Institution	−$1.3M −358.2K shares	Sold Off 0 shares
S SG Americas Securities, LLC Institution	−$1.1M −238.2K shares	$489.9K 111.0K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$1.0M −279.9K shares	Sold Off 0 shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	−$914.0K −251.8K shares	Sold Off 0 shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	−$845.5K −191.3K shares	$391.6K 88.6K shares

Entry and Exit Activity

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

New Positions: 9
New Value: $4.1M
Exited Positions: 30
Exited Value: $13.3M

New Positions

Institution	Position Value
N Newbrook Capital Advisors LP Hedge Fund•Long/Short	$2.9M 658.2K shares
Point72 Europe LLP Digital Asset Manager	$565.1K 128.0K shares
O OMERS ADMINISTRATION Corp Institution	$268.0K 60.7K shares
M MYDA Advisors LLC Hedge Fund•Long/Short	$132.5K 30.0K shares
P PEAK6 LLC Institution	$70.1K 15.9K shares
A AXQ CAPITAL, LP Hedge Fund•Market Neutral	$67.8K 15.4K shares
Q Quadrature Capital Ltd Institution	$67.5K 15.3K shares
Aster Capital Management Ltd RIA/Wealth	$2.0K 447.0 shares
Transamerica Financial Advisors, Inc. Institution	$185.0 42.0 shares

Exited Positions

Institution	Previous Position
J Jump Financial, LLC Institution	$4.2M 1.2M shares
Bridgewater Associates, LP Hedge Fund•Global Macro	$3.0M 821.1K shares
Q Qube Research & Technologies Ltd Institution	$1.3M 358.2K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$1.0M 279.9K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	$914.0K 251.8K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$538.4K 148.3K shares
FIRST TRUST ADVISORS LP ETF Provider	$477.0K 131.4K shares
C CAXTON ASSOCIATES LLP Institution	$308.3K 84.9K shares
B Brevan Howard Capital Management LP Institution	$240.9K 66.4K shares
MARINER INVESTMENT GROUP LLC Hedge Fund•Multi-Strategy	$217.8K 60.0K shares

Options Activity

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

Call Positions: 10
Call Value: $3.3M
Put Positions: 8
Put Value: $3.7M

Call Positions

Institution	Position Value
Highland Peak Capital, LLC Hedge Fund•Multi-Strategy	$1.3M 3.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.0M 2.3K contracts
W WOLVERINE TRADING, LLC Institution	$353.8K 734.0 contracts
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	$346.1K 784.0 contracts
J JANE STREET GROUP, LLC Institution	$125.8K 285.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$116.1K 263.0 contracts
Walleye Trading LLC RIA/Wealth	$24.3K 55.0 contracts
B Belvedere Trading LLC Institution	- - contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	- - contracts
BARCLAYS PLC Institution	- - contracts

Put Positions

Institution	Position Value
Crawford Fund Management, LLC Hedge Fund•Long/Short	$2.0M 4.4K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$432.3K 978.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$363.4K 823.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$323.2K 732.0 contracts
P PEAK6 LLC Institution	$307.7K 697.0 contracts
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	$154.5K 350.0 contracts
Walleye Trading LLC RIA/Wealth	$84.8K 192.0 contracts
J JANE STREET GROUP, LLC Institution	$69.8K 158.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Wildcat Capital Management, LLC Private Equity	Leonard A Potter President	85.40% $123.9M	12.30% 28.1M shares	Q2 2024 Held for 1y 5m	$145.1M
I Indigo Partners LLC Private Equity	William Augustus Franke Managing Partner	48.14% $141.7M	14.07% 32.1M shares	Q4 2021 Held for 3y 11m	$294.3M
A Ancient Art, L.P. Hedge Fund•Long/Short	Brooke Anna Phillips CFO	4.55% $18.9M	1.88% 4.3M shares	Q3 2021 Held for 4y 2m	$416.1M
P Prentice Capital Management, LP Hedge Fund•Long/Short	Michael John Zimmerman CIO	3.57% $2.3M	0.23% 530.1K shares	Q2 2025 Held for 5 months	$65.5M
Highland Peak Capital, LLC Hedge Fund•Multi-Strategy	Seth Se Eung Kirner Managing Partner	2.93% $7.8M	0.78% 1.8M shares	Q3 2025 Held for 2 months	$267.0M
U U S GLOBAL INVESTORS INC Institution	Frank Edward Holmes CEO	2.28% $20.1M	2.00% 4.6M shares	Q2 2022 Held for 3y 5m	$883.9M
Silver Point Capital L.P. Hedge Fund•Distressed	Edward Arnold Mule CEO	2.06% $27.6M	2.74% 6.3M shares	Q1 2025 Held for 8 months	$1.3B
N Newbrook Capital Advisors LP Hedge Fund•Long/Short	Christopher Scott Reed CFO	0.39% $2.9M	0.29% 658.2K shares	Q3 2025 Held for 2 months	$750.4M
P PAR CAPITAL MANAGEMENT INC Hedge Fund•Long/Short	William David Moeykens President	0.28% $9.5M	0.95% 2.2M shares	Q1 2022 Held for 3y 8m	$3.4B
Wolf Hill Capital Management, LP Hedge Fund•Long/Short	Gary Steven Lehrman Founder	0.22% $2.5M	0.25% 570.4K shares	Q3 2025 Held for 2 months	$1.1B

Hedge Fund Spotlight

Discover hedge funds investing in ULCC

Newbrook Capital Advisors LP

Hedge Fund • Long/Short

Portfolio ManagerChristopher Scott Reed

Portfolio Value: $750.4M
Positions: 19
Last Reported: Q3 2025

Sector Allocation

Position in Frontier Group Holdings, Inc.

Market Value: $2.9M
Shares Held: 658.2K
Portfolio Weight: 0.39%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Amazon AMZN	Specialty Retail Consumer Cyclical	$81.3M	10.83%
2 Talen Energy Corporation TLN	Unknown Unknown	$68.8M	9.16%
3 Vistra VST	Independent Power Producers Utilities	$64.5M	8.59%