CROWD: RED
Active holders jumped 27 to 46 recently (70% 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
46
of 161 total, index funds excluded
This quarter
+28
9 out
Conviction
1 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 · $344M held
Fund
Value
Note
BlackRock, Inc.
$39M
DIMENSIONAL FUND ADVISORS LP
$31M
VANGUARD CAPITAL MANAGEMENT…
$22M
AMERICAN CENTURY COMPANIES …
$14M
Driehaus Capital Management…
$13M
Goehring & Rozencwajg Assoc…
$11M
GEODE CAPITAL MANAGEMENT, L…
$11M
STATE STREET CORP
$10M
JPMORGAN CHASE & CO
$10M
MORGAN STANLEY
$10M
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.