CROWD: RED
Active holders jumped 97 to 117 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
117
of 281 total, index funds excluded
This quarter
+47
27 out
Conviction
9 bps
median holder weight: token bet
Streak
3q
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 · $3.5B held
Fund
Value
Note
BlackRock, Inc.
$311M
WCM INVESTMENT MANAGEMENT, …
$172M
DEERFIELD MANAGEMENT COMPAN…
$159M
fast money
ANTIPODES PARTNERS Ltd
$156M
VANGUARD PORTFOLIO MANAGEME…
$142M
VANGUARD CAPITAL MANAGEMENT…
$138M
WELLINGTON MANAGEMENT GROUP…
$121M
CARRONADE CAPITAL MANAGEMEN…
$117M
Maple Rock Capital Partners…
$112M
RENAISSANCE TECHNOLOGIES LLC
$105M
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.