CROWD: RED
Active holders jumped 118 to 108 recently (-8% 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
108
of 264 total, index funds excluded
This quarter
+29
39 out
Conviction
3 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2023Mar 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 · $3.1B held
Fund
Value
Note
SUMMIT PARTNERS L P
$367M
Capital International Inves…
$228M
FMR LLC
$190M
VANGUARD PORTFOLIO MANAGEME…
$147M
Whale Rock Capital Manageme…
$133M
VANGUARD CAPITAL MANAGEMENT…
$120M
WELLINGTON MANAGEMENT GROUP…
$107M
ALLIANCEBERNSTEIN L.P.
$99M
MORGAN STANLEY
$99M
BlackRock, Inc.
$85M
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.