CROWD: RED
Active holders jumped 21 to 29 recently (38% 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
29
of 115 total, index funds excluded
This quarter
+11
3 out
Conviction
3 bps
median holder weight: token bet
Streak
2q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2025Mar 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 · $385M held
Fund
Value
Note
WELLINGTON MANAGEMENT GROUP…
$78M
ADAGE CAPITAL PARTNERS GP, …
$45M
BlackRock, Inc.
$24M
Boston Partners
$21M
MORGAN STANLEY
$17M
VANGUARD CAPITAL MANAGEMENT…
$16M
HOTCHKIS & WILEY CAPITAL MA…
$13M
TWO SIGMA INVESTMENTS, LP
$10M
MALTESE CAPITAL MANAGEMENT …
$10M
AMERICAN CENTURY COMPANIES …
$8M
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.