CROWD: RED
Active holders jumped 56 to 62 recently (11% 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
62
of 145 total, index funds excluded
This quarter
+25
18 out
Conviction
2 bps
median holder weight: token bet
Streak
7q
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 · $1.3B held
Fund
Value
Note
Wendel SE
$518M
Korea Investment CORP
$178M
UBS Group AG
$136M
Quaker Capital Investments,…
$37M
PSquared Asset Management AG
$36M
HSBC HOLDINGS PLC
$34M
Qube Research & Technologie…
$30M
Sand Grove Capital Manageme…
$28M
fast money
FIL Ltd
$27M
ARROWSTREET CAPITAL, LIMITE…
$21M
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.