CROWD: RED
Active holders jumped 93 to 98 recently (5% 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
98
of 274 total, index funds excluded
This quarter
+41
35 out
Conviction
4 bps
median holder weight: token bet
Streak
1q
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 · $2.8B held
Fund
Value
Note
BlackRock, Inc.
$232M
VANGUARD PORTFOLIO MANAGEME…
$164M
STATE STREET CORP
$137M
Rubric Capital Management LP
$121M
VANGUARD CAPITAL MANAGEMENT…
$118M
River Road Asset Management…
$112M
GOLDMAN SACHS GROUP INC
$107M
TWO SIGMA INVESTMENTS, LP
$86M
Allianz Asset Management Gm…
$82M
FMR LLC
$81M
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.