CROWD: RED
Active holders jumped 94 to 74 recently (-21% 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
74
of 210 total, index funds excluded
This quarter
+17
37 out
Conviction
6 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2021Mar 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 · $1.5B held
Fund
Value
Note
GENERAL ATLANTIC, L.P.
$240M
North Reef Capital Manageme…
$120M
BlackRock, Inc.
$92M
JANA Partners Management, LP
$85M
VANGUARD PORTFOLIO MANAGEME…
$73M
JANUS HENDERSON GROUP PLC
$60M
UBS Group AG
$58M
VANGUARD CAPITAL MANAGEMENT…
$50M
ALGEBRIS (UK) LTD
$49M
Irenic Capital Management LP
$42M
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.