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Top Ships (TOPS): which funds own it

Industrials →(by SIC code, unreviewed)Data as of Jun 30, 2026 (Q2 2026) · updated on Nov 5, 2026

A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.

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No concentrated manager holds it.

Who owns Top Ships?

Holders that filed a Schedule 13D or 13G with the SEC for owning more than 5% of the shares: Family Trading (13D/A filed Oct 29, 2026). As of Jun 30, 2026, the largest holders reported on Form 13F were HRT Financial (111,596 shares), UBS Group (53,710 shares) and Virtu Financial (34,780 shares).

Which institutions hold the most Top Ships shares?

Per Form 13F filings as of Jun 30, 2026:

  1. 1. HRT Financial: 111,596 shares
  2. 2. UBS Group: 53,710 shares
  3. 3. Virtu Financial: 34,780 shares
  4. 4. Jane Street Group: 17,346 shares
  5. 5. Susquehanna International Group, LLP: 16,695 shares
  6. 6. Cetera Investment Advisers: 12,899 shares
  7. 7. Two Sigma Securities: 12,023 shares
  8. 8. Highline Wealth Partners: 2,000 shares
  9. 9. Tower Research Capital LLC (TRC): 1,732 shares
  10. 10. Osaic Holdings: 4 shares

Sources:13D/A by Family Trading (Oct 29, 2026) ↗All of the company's proxy statements on EDGAR ↗

We hold 13D and 13G filings made since Dec 23, 2024: a holder above 5% that has not filed since then does not appear here.

Top Ships revenue

Top Ships reported annual revenue of $80.4 million for fiscal year 2025 (year ended December 31, 2025), according to its Form 20-F filed with the SEC (XBRL data).

Concentrated managers
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All 13F: 14
Consensus
—
No score: it needs 5 or more concentrated managers
Price at Jun 30, 2026 (per 13F)
$0.77
-74.3% in the quarter · reported value ÷ shares, not the quote · See current quote ↗

Quarter flow (concentrated managers)

Concentrated managers holding it

None in the latest quarter.

Largest holders of TOPS (all 13F filers)

The 10 13F filers with the most shares as of Jun 30, 2026, whatever their type (index firms usually come first). “Change”: shares added or cut versus the previous quarter, split-adjusted; “no data” = there is no comparable portfolio for the previous quarter (no filing, or a filing with its holdings under confidential treatment). “% of the company” only where shares outstanding are up to date. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. With a free account: the top 25, the largest buyers and the largest sellers.

Fundamentals

12-month figures to Dec 31, 2025 · balance sheet as of Dec 31, 2025.

Profitability
Operating margin
32.7%
Net margin
3.8%
ROE
3.5%
Growth
Revenue (TTM)
$80.4M
Revenue growth
—
Net income (TTM)
$3.1M
Balance sheet
Net debt / EBITDA
—
Free cash flow (TTM)
—
Quality vs sector
—

This company's sector comes from its SIC code, unreviewed, or has too few comparable companies: we do not compare it with its sector.

Figures from the statements the company filed with the SEC (10-K, 10-Q). Free cash flow = operating cash flow − capital expenditures; empty if the company does not report capex. “Quality vs sector”: 0 to 100, the average of its percentiles in ROE, operating margin, free-cash-flow margin, revenue and earnings growth and net debt / EBITDA (at least 3 needed) against companies in its sector above $300M. How each figure is calculated

Shares outstanding: buybacks and dilution

Diluted shares by fiscal year (split-adjusted)

2025: 4.6 M

23.5 M0
20162025

There is a jump that may be an undetected split: we do not show the changes.

Buybacks (FY 2025)
no data
Share issuance
$0
Stock-based compensation
no data
Dividends paid
no data

From the statements the company filed with the SEC (10-K). The change compares average diluted shares of each fiscal year, on today's basis: negative = it bought back more than it issued; positive = dilution. “No data” = the company does not report that item under a tag we can read; it does not mean zero.

Earnings quality and debt

Operating cash flow ÷ net income (12 months)
8.56
Interest coverage (operating income ÷ interest)
1.1 timesfiscal 2025
Debt due within 12 months
$11.8M0.58 times cash and investments
Debt maturities by year (note as of Dec 31, 2025)
  • Year 1$12.0M
  • Year 2$12.0M
  • Year 3$12.0M
  • Year 4$12.0M
  • Year 5—
  • Later—

From the figures the company filed with the SEC. Cash flow over net income near or above 1 means earnings are collected in cash; far below, that part is accounting. Coverage says how many times operating income pays the latest fiscal year's interest. Maturities come from the debt note of the latest annual report, counted from its closing date. “No data” never means zero.

Insiders (Form 4)

Officers and directors who bought (6 m)
no data
Amount (6 m)
no data
CEO/CFO bought (12 m)
No

Open-market purchases, excluding 10b5-1 plans. Officers and directors only; joint filers of the same purchase count as one. 10% owners with no role are shown separately. 0 = nobody bought; “no data” = we do not have its Form 4 filings.

Each of the company's Form 4 filings, on EDGAR ↗Latest trades, with date and filing →

Above 5% (13D/13G)

Disclosed stakes, with their amendments. A filing is not always a purchase: there are also reductions and changes of filing entity.

This list may be incomplete: we hold 13D and 13G filings made since Dec 23, 2024. A holder above 5% that has not filed anything since then is not shown here.

  • Family Trading21.95%13D · amendmentfiling ↗Event: Oct 28, 2026 · filed: Oct 29, 2026
  • Family Trading23.71%13D · amendmentfiling ↗Event: Sep 22, 2026 · filed: Sep 24, 2026
  • Family Trading37.55%13D · amendmentfiling ↗Event: Sep 17, 2026 · filed: Sep 21, 2026

Above 5% over time (13D/13G)

Each holder with its filings in order. History since December 2024.

This company filed no 8-K forms in the last year. Foreign companies listed in the US (ADRs) report material events on forms 6-K and 20-F, and ETFs and funds do not file 8-Ks. If it is a foreign company listed in the US through ADRs (American Depositary Receipts), what trades are bank-issued certificates that represent shares from its home market. See its filings on EDGAR ↗

Other Industrials stocks in managers' portfolios

Same sector and a similar number of concentrated managers holding them. It is a list to keep exploring, not a recommendation.

All of Industrials →

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