CROWD: RED
Active holders jumped 78 to 69 recently (-12% 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
69
of 160 total, index funds excluded
This quarter
+17
26 out
Conviction
3 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2023Mar 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 · $2.1B held
Fund
Value
Note
VAN ECK ASSOCIATES CORP
$300M
MMCAP International Inc. SPC
$145M
FIL Ltd
$142M
Connor, Clark & Lunn Invest…
$122M
VANGUARD CAPITAL MANAGEMENT…
$104M
ARROWSTREET CAPITAL, LIMITE…
$97M
TT International Asset Mana…
$77M
MORGAN STANLEY
$67M
Apis Capital Advisors, LLC
$65M
FMR LLC
$64M
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.