CROWD: RED
Active holders jumped 31 to 31 recently. Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
31
of 132 total, index funds excluded
This quarter
+12
12 out
Conviction
2 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2016Mar 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 · $214M held
Fund
Value
Note
BlackRock, Inc.
$22M
ROYCE & ASSOCIATES LP
$17M
MENDON CAPITAL ADVISORS CORP
$15M
VANGUARD CAPITAL MANAGEMENT…
$14M
Curi Capital, LLC
$14M
Allspring Global Investment…
$10M
Alta Fundamental Advisers L…
$9M
MORGAN STANLEY
$8M
STATE OF WISCONSIN INVESTME…
$8M
CSM Advisors, LLC
$7M
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.