CROWD: RED
Active holders jumped 29 to 57 recently (97% in one quarter). Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
57
of 110 total, index funds excluded
This quarter
+40
12 out
Conviction
13 bps
median holder weight: token bet
Streak
3q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2025Mar 2026
Holdings as of Mar 31, 2026, filed by May 16, 2026. Counts for the newest quarter keep settling for a few weeks as amendments land.
The tide
funds in (up) vs out (down)
Top holders
by reported value · $2.5B held
Fund
Value
Note
Helikon Investments Ltd
$381M
Boston Partners
$174M
FIL Ltd
$153M
BARCLAYS PLC
$149M
MORGAN STANLEY
$117M
MILLENNIUM MANAGEMENT LLC
$82M
VANGUARD CAPITAL MANAGEMENT…
$81M
UBS Group AG
$80M
BANK OF AMERICA CORP /DE/
$78M
Magnetar Financial LLC
$78M
Tourists vs true believers
every holder a dot · right = bigger bet in their own book, up = patient money
Hover any dot for the fund and its bet size. Patience is measured from each filer's actual quarter-to-quarter turnover across our whole database.