CROWD: RED
Active holders jumped 85 to 61 recently (-28% 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
61
of 206 total, index funds excluded
This quarter
+18
42 out
Conviction
n/a
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 · $939M held
Fund
Value
Note
VANGUARD PORTFOLIO MANAGEME…
$100M
RPD Fund Management LLC
$94M
Fivespan Partners, LP
$85M
BlackRock, Inc.
$78M
Lead Edge Capital Managemen…
$46M
VANGUARD CAPITAL MANAGEMENT…
$40M
MORGAN STANLEY
$37M
ARROWSTREET CAPITAL, LIMITE…
$37M
FIRST TRUST ADVISORS LP
$33M
STATE STREET CORP
$25M
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.