CROWD: RED
Active holders jumped 100 to 97 recently (-3% 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
97
of 277 total, index funds excluded
This quarter
+27
30 out
Conviction
1 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 · $905M held
Fund
Value
Note
BlackRock, Inc.
$115M
H&F Corporate Investors IX,…
$65M
VANGUARD PORTFOLIO MANAGEME…
$63M
SG Americas Securities, LLC
$50M
MORGAN STANLEY
$50M
Sachem Head Capital Managem…
$34M
Sixth Street Partners Manag…
$34M
Jefferies Financial Group I…
$34M
VANGUARD CAPITAL MANAGEMENT…
$32M
PRIVATE MANAGEMENT GROUP INC
$30M
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.