Vault-13

ZEVIA PBC ZVIA

CL A · Common Stock · CUSIP 98955K104 · ISIN US98955K1043

American zero-calorie soft drinks manufacturer

99 institutional holders +17 vs Q1 2025
38,616,89038.6m shares reported held*
$124.3mreported value*
45 new 26 added 14 reduced 29 sold out net bought ≈ $17.6m (+5.5m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($369.7k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $3.22. Options: 5 managers hold calls ($297.4k notional), 5 hold puts ($260.8k).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 47Q4 22: 60Q1 23: 65Q2 23: 70Q3 23: 59Q4 23: 64Q1 24: 51Q2 24: 60Q3 24: 40Q4 24: 66Q1 25: 82Q2 25: 9999Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202247
Q4 202260
Q1 202365
Q2 202370
Q3 202359
Q4 202364
Q1 202451
Q2 202460
Q3 202440
Q4 202466
Q1 202582
Q2 202599

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q3 23: 25 bought or addedQ3 23: 33 cut or sold outQ4 23: 34 bought or addedQ4 23: 21 cut or sold outQ4 23Q1 24: 19 bought or addedQ1 24: 35 cut or sold outQ2 24: 29 bought or addedQ2 24: 31 cut or sold outQ2 24Q3 24: 6 bought or addedQ3 24: 41 cut or sold outQ4 24: 43 bought or addedQ4 24: 14 cut or sold outQ4 24Q1 25: 52 bought or addedQ1 25: 28 cut or sold outQ2 25: 71 bought or addedQ2 25: 43 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232533
Q4 20233421
Q1 20241935
Q2 20242931
Q3 2024641
Q4 20244314
Q1 20255228
Q2 20257143

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$500k$1m$1.5m$2mQ3 24 calls: $32.1kQ3 24 puts: $7.1kQ3 24P/C 0.22Q4 24 calls: $1.6mQ4 24 puts: $221.1kQ4 24P/C 0.14Q1 25 calls: $407.1kQ1 25 puts: $252.1kQ1 25P/C 0.62Q2 25 calls: $297.4kQ2 25 puts: $260.8kQ2 25P/C 0.88
Numbers
QuarterCallsPutsP/C
Q3 2024$32.1k$7.1k0.22
Q4 2024$1.6m$221.1k0.14
Q1 2025$407.1k$252.1k0.62
Q2 2025$297.4k$260.8k0.88

Biggest buyers

Divisadero Street Capital Management, LP New +3,230,980+3.2m
BlackRock, Inc. Added +1,611,121+1.6m
Castle Hook Partners LP New +500,000+500.0k
EMERALD MUTUAL FUND ADVISERS TRUST Added +380,693+380.7k
GEODE CAPITAL MANAGEMENT, LLC Added +372,665+372.7k
Ghisallo Capital Management LLC New +301,300+301.3k
VANGUARD GROUP INC Added +300,450+300.4k
BANK OF MONTREAL /CAN/ New +292,800+292.8k
STATE STREET CORP Added +243,980+244.0k
Hodges Capital Management Inc. New +228,000+228.0k

Biggest sellers

Caisse de depot et placement du Quebec Reduced -2,000,000-2.0m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -445,510-445.5k
MILLENNIUM MANAGEMENT LLC Reduced -410,125-410.1k
MARSHALL WACE, LLP Sold out -216,035-216.0k
OMERS ADMINISTRATION Corp Sold out -157,300-157.3k
Qube Research & Technologies Ltd Sold out -125,594-125.6k
JACOBS LEVY EQUITY MANAGEMENT, INC Reduced -104,177-104.2k
GOLDMAN SACHS GROUP INC Reduced -99,856-99.9k
Cubist Systematic Strategies, LLC Sold out -79,275-79.3k
HRT FINANCIAL LP Sold out -58,175-58.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $149.7k46.5k shares
JANE STREET GROUP, LLC Added $68.3k21.2k shares
SIMPLEX TRADING, LLC Reduced $52.0k16.2k shares
GROUP ONE TRADING LLC Added $27.4k8.5k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $138.1k42.9k shares
SIMPLEX TRADING, LLC Reduced $65.0k20.3k shares
CITADEL ADVISORS LLC Added $38.6k12.0k shares
GROUP ONE TRADING LLC Added $19.0k5.9k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC 13D · may seek influence -4.2 pts · filed 2026-05-28 15.9% -4.2 pts 11.4m≈ $18.6m 2026-05-28
Topline Capital Management, LLC 13G · institution new · filed 2026-02-13 8.8% new 6.0m≈ $9.7m 2026-02-13

Fell to 5% or below in the last year: Tallwoods Investments, LLC (1.0%, 2026-02-17), Divisadero Street Capital Management, LP (4.8%, 2026-02-13)

Insider purchases and sales in Q2 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
505Q3 23: 0 buyingQ3 23: 2 sellingQ4 23: 2 buyingQ4 23: 2 sellingQ4 23Q1 24: 0 buyingQ1 24: 5 sellingQ2 24: 1 buyingQ2 24: 0 sellingQ2 24Q3 24: 4 buyingQ3 24: 0 sellingQ4 24: 0 buyingQ4 24: 1 sellingQ4 24Q1 25: 0 buyingQ1 25: 3 sellingQ2 25: 0 buyingQ2 25: 1 sellingQ2 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q3 20230—2$309.2k—
Q4 20232$74.9k2$195.6k—
Q1 20240—5$195.1k—
Q2 20241$49.0k0——
Q3 20244$50.4k0——
Q4 20240—1$4.9m—
Q1 20250—3$321.7k—
Q2 20250—1$203.2k—
DateInsiderTradeSharesPrice ValueTheir holding
2025-06-30 CAISSE DE DEPOT ET PLACEMENT DU QUEBEC +1 10% owner Sold 2,000,000 $3.01 $6.0m2.0m shares -9%
2025-05-12 Spence Padraic L. Director Sold 75,000 $2.71 $203.2k75.0k shares -4%

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Caisse de depot et placement du Quebec 0.14% of their portfolio Montreal, A8 20,022,09220.0m $64.5m $64.5m 0.14% Reduced -2.0m -2,000,000
2 Divisadero Street Capital Management, LP 0.70% of their portfolio MIAMI, FL 3,230,9803.2m $10.4m $10.4m 0.70% New
3 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,996,6702.0m $6.4m $6.4m 0.00% Added +1.6m +1,611,121
4 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,876,4791.9m $6.0m $6.0m 0.00% Added +300.4k +300,450
5 SILVERCREST ASSET MANAGEMENT GROUP LLC 0.03% of their portfolio NEW YORK, NY 1,316,2641.3m $4.2m $4.2m 0.03% Unchanged
6 ArrowMark Colorado Holdings LLC 0.07% of their portfolio Denver, CO 1,200,0001.2m $3.9m $3.9m 0.07% Unchanged
7 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 933,407933.4k $3.0m $3.0m 0.00% Added +372.7k +372,665
8 EMERALD MUTUAL FUND ADVISERS TRUST 0.15% of their portfolio LEOLA, PA 761,700761.7k $2.5m $2.5m 0.15% Added +380.7k +380,693
9 ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio Boston, MA 650,621650.6k $2.1m $2.1m 0.00% Added +43.3k +43,318
10 Castle Hook Partners LP 0.02% of their portfolio NEW YORK, NY 500,000500.0k $1.6m $1.6m 0.02% New
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 458,108458.1k $1.5m $1.5m 0.00% Added +244.0k +243,980
12 JACOBS LEVY EQUITY MANAGEMENT, INC 0.01% of their portfolio FLORHAM PARK, NJ 439,922439.9k $1.4m $1.4m 0.01% Reduced -104.2k -104,177
13 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 304,126304.1k $979.3k $979.3k 0.00% Added +47.4k +47,400
14 Ghisallo Capital Management LLC 0.03% of their portfolio BOSTON, MA 301,300301.3k $970.2k $970.2k 0.03% New
15 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 299,038299.0k $962.9k $962.9k 0.00% Reduced -410.1k -410,125
16 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 295,243295.2k $950.7k $950.7k 0.00% Added +175.8k +175,811
17 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 292,800292.8k $942.8k $942.8k 0.00% New
18 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 284,167284.2k $917.5k $917.5k 0.00% Added +159.2k +159,243
19 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 266,436266.4k $857.9k $857.9k 0.00% Added +133.0k +132,994
20 Hodges Capital Management Inc. 0.07% of their portfolio DALLAS, TX 228,000228.0k $734.2k $734.2k 0.07% New
21 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 167,073167.1k $538.0k $538.0k 0.00% Reduced -9.6k -9,616
22 GILDER GAGNON HOWE & CO LLC 0.01% of their portfolio New York, NY 156,135156.1k $502.8k $502.8k 0.01% Added +50.0k +50,041
23 MOORE CAPITAL MANAGEMENT, LP 0.01% of their portfolio NEW YORK, NY 150,000150.0k $483.0k $483.0k 0.01% New
24 Kapitalo Investimentos Ltda 0.10% of their portfolio SAO PAULO, D5 145,105145.1k $467.2k $467.2k 0.10% New
25 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 142,934142.9k $460.2k $460.2k 0.00% Unchanged
26 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 137,577137.6k $443.0k $443.0k 0.00% Added +103.5k +103,461
27 EMERALD ADVISERS, LLC 0.02% of their portfolio LEOLA, PA 129,857129.9k $418.1k $418.1k 0.02% Added +39.0k +38,986
28 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 125,574125.6k $404.3k $404.3k 0.00% Added +82.1k +82,113
29 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.01% of their portfolio HOUSTON, TX 110,600110.6k $356.1k $356.1k 0.01% Unchanged
30 STRS OHIO 0.00% of their portfolio COLUMBUS, OH 99,50099.5k $320.4k $320.4k 0.00% New
31 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 99,38099.4k $320.0k $320.0k 0.00% Added +79.4k +79,369
32 TECTONIC ADVISORS LLC 0.02% of their portfolio FRISCO, TX 97,77797.8k $314.8k $314.8k 0.02% New
33 Verition Fund Management LLC 0.00% of their portfolio GREENWICH, CT 75,44575.4k $242.9k $242.9k 0.00% New
34 Wilmington Savings Fund Society, FSB 0.00% of their portfolio WILMINGTON, DE 74,62474.6k $240.3k $240.3k 0.00% Unchanged
35 State of Wyoming 0.03% of their portfolio CHEYENNE, WY 73,43573.4k $236.5k $236.5k 0.03% New
36 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 71,44771.4k $230.1k $230.1k 0.00% New
37 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 69,02569.0k $222.3k $222.3k 0.00% Reduced -445.5k -445,510
38 TD Waterhouse Canada Inc. 0.00% of their portfolio TORONTO, A6 59,84659.8k $183.7k $183.7k 0.00% Reduced -31.5k -31,519
39 WEXFORD CAPITAL LP 0.05% of their portfolio WEST PALM BEACH, FL 56,71156.7k $182.6k $182.6k 0.05% New
40 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 55,74855.7k $179.5k $179.5k 0.00% New
41 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 52,20052.2k $168.1k $168.1k 0.00% Reduced -99.9k -99,856
42 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 50,34650.3k $162.1k $162.1k 0.00% Unchanged
43 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 49,67449.7k $159.9k $159.9k 0.00% Reduced -27.1k -27,116
44 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 45,17945.2k $145.5k $145.5k 0.00% New
45 GSA CAPITAL PARTNERS LLP 0.01% of their portfolio LONDON, X0 44,65544.7k $144.0k $144.0k 0.01% Added +9.9k +9,945
46 UBS Group AG 0.00% of their portfolio ZURICH, V8 42,44242.4k $136.7k $136.7k 0.00% Added +42.0k +42,000
47 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 41,12941.1k $132.4k $132.4k 0.00% New
48 ALGERT GLOBAL LLC 0.00% of their portfolio SAN FRANCISCO, CA 37,33037.3k $120.2k $120.2k 0.00% New
49 NWAM LLC 0.01% of their portfolio MERCER ISLAND, WA 36,64136.6k $117.9k $117.9k 0.01% Added +775 +775
50 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 32,50032.5k $104.7k $104.7k 0.00% New
51 Dynamic Technology Lab Private Ltd 0.01% of their portfolio SINGAPORE, U0 29,80829.8k $96.0k $96.0k 0.01% Reduced -57.2k -57,176
52 MACKENZIE FINANCIAL CORP 0.00% of their portfolio TORONTO ONTARIO, A6 29,72929.7k $95.7k $95.7k 0.00% New
53 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 28,50028.5k $91.8k $91.8k 0.00% New
54 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 28,49628.5k $91.8k $91.8k 0.00% Reduced -2.7k -2,703
55 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 28,35728.4k $91.3k $91.3k 0.00% New
56 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 26,25026.2k $84.5k $84.5k 0.00% New
57 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 23,09423.1k $74.4k $74.4k 0.00% New
58 SHELTON CAPITAL MANAGEMENT 0.00% of their portfolio Denver, CO 22,50022.5k $72.5k $72.5k 0.00% New
59 FIRST MANHATTAN CO. LLC. 0.00% of their portfolio NEW YORK, NY 22,00022.0k $70.8k $70.8k 0.00% Unchanged
60 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 20,55020.6k $66.2k $66.2k 0.00% New
61 CreativeOne Wealth, LLC 0.00% of their portfolio OVERLAND PARK, KS 19,37519.4k $62.4k $62.4k 0.00% New
62 Mariner, LLC 0.00% of their portfolio Overland Park, KS 18,72518.7k $60.3k $60.3k 0.00% Added +1.9k +1,925
63 Engineers Gate Manager LP 0.00% of their portfolio NEW YORK, NY 18,00018.0k $58.0k $58.0k 0.00% New
64 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 17,30817.3k $55.7k $55.7k 0.00% Added +16.3k +16,308
65 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 17,23817.2k $55.5k $55.5k 0.00% New
66 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 15,94515.9k $52.0k $52.0k 0.00% New
67 INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio WEST PALM BEACH, FL 15,92615.9k $51.3k $51.3k 0.00% New
68 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 15,51815.5k $50.0k $50.0k 0.00% Added +14.9k +14,912
69 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 15,42215.4k $49.7k $49.7k 0.00% Reduced -53.1k -53,075
70 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 15,23215.2k $49.0k $49.0k 0.00% Reduced -30.1k -30,075
71 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 14,26814.3k $45.9k $45.9k 0.00% Added +2.0k +2,000
72 DKM Wealth Management, Inc. 0.04% of their portfolio STOCKTON, CA 13,00013.0k $41.9k $41.9k 0.04% New
73 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 11,90011.9k $38.3k $38.3k 0.00% New
74 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 11,20511.2k $36.1k $36.1k 0.00% Added +11.2k +11,204
75 Modera Wealth Management, LLC 0.00% of their portfolio WESTWOOD, NJ 10,04010.0k $32.3k $32.3k 0.00% Unchanged
76 Catalina Capital Group, LLC 0.02% of their portfolio Torrance, CA 10,00010.0k $32.2k $32.2k 0.02% Unchanged
77 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 7,9077.9k $25.5k $25.5k 0.00% New
78 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 5,6165.6k $18.1k $18.1k 0.00% Added +1.6k +1,599
79 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 5,0005.0k $16.1k $16.1k 0.00% Added +600 +600
80 Spire Wealth Management 0.00% of their portfolio MCLEAN, VA 4,3504.3k $14.0k $14.0k 0.00% Reduced -12.4k -12,401
81 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 4,3204.3k $14.0k $14.0k 0.00% New
82 Legal & General Group Plc 0.00% of their portfolio London, X0 3,5113.5k $11.3k $11.3k 0.00% New
83 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 3,2223.2k $10.4k $10.4k 0.00% New
84 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 2,9523.0k $9.5k $9.5k 0.00% Added +2.7k +2,672
85 FMR LLC 0.00% of their portfolio BOSTON, MA 2,0112.0k $6.5k $6.5k 0.00% Unchanged
86 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 1,9692.0k $6.3k $6.3k 0.00% New
87 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,5001.5k $4.8k $4.8k 0.00% New
88 AMALGAMATED BANK 0.00% of their portfolio NEW YORK, NY 1,0781.1k $3.0k $3.0k 0.00% New
89 Vermillion & White Wealth Management Group, LLC 0.00% of their portfolio PHOENIXVILLE, PA 673673 $2.2k $2.2k 0.00% New
90 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 478478 $1.5k $1.5k 0.00% Unchanged
91 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 450450 $1.4k $1.4k 0.00% First filing
92 ELEVATION POINT WEALTH PARTNERS, LLC 0.00% of their portfolio DENVER, CO 400400 $1.3k $1.3k 0.00% New
93 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 301301 $969 $969 0.00% Reduced -152 -152
94 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 150150 $483 $483 0.00% New
95 St. Johns Investment Management Company, LLC 0.00% of their portfolio JACKSONVILLE, FL 9090 $290 $290 0.00% New
96 Sterling Capital Management LLC 0.00% of their portfolio CHARLOTTE, NC 7676 $245 $245 0.00% New
97 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 2020 $64 $64 0.00% Unchanged
98 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged
99 SWAN Capital LLC 0.00% of their portfolio PENSACOLA, FL 00 $0 $0 0.00% New