CROWD: RED
Active holders jumped 43 to 45 recently (5% 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
45
of 171 total, index funds excluded
This quarter
+13
11 out
Conviction
2 bps
median holder weight: token bet
Streak
2q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2019Mar 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 · $490M held
Fund
Value
Note
DARLINGTON PARTNERS CAPITAL…
$88M
Greenvale Capital LLP
$64M
BlackRock, Inc.
$45M
Hill Path Capital LP
$30M
VANGUARD CAPITAL MANAGEMENT…
$28M
AMERICAN CENTURY COMPANIES …
$14M
GEODE CAPITAL MANAGEMENT, L…
$14M
STATE STREET CORP
$13M
ARROWSTREET CAPITAL, LIMITE…
$12M
LPL Financial LLC
$10M
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.