CROWD: RED
Active holders jumped 18 to 23 recently (28% 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?Institutions that actively chose this stock. Index funds and mega-diversified platforms (filers holding 1500+ names) are stripped out; they hold it automatically, not by decision.
23
of 121 total, index funds excluded
This quarter?Turnover of the active crowd vs the prior quarter: funds that opened a position vs funds that closed out entirely. The split shows texture: broad new interest vs a revolving door.
+8
3 out
Conviction?How big this position is inside the typical holder's own portfolio (median, in basis points). 1 bps is pocket lint they will not miss; 200+ bps is a bet they did real work on. Many holders at tiny weight is weaker than few holders at real weight.
4 bps
median holder weight: token bet
Streak?How many quarters in a row the active holder count has risen. Persistence, not a buy signal: long streaks are how names end up crowded.
2q
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 · $189M held
Fund
Value
Note
Long Focus Capital Manageme…
$21M
BlackRock, Inc.
$19M
DIMENSIONAL FUND ADVISORS LP
$18M
VANGUARD CAPITAL MANAGEMENT…
$11M
WELLINGTON MANAGEMENT GROUP…
$10M
Deer Park Road Corp
$10M
Prescott Group Capital Mana…
$8M
AMERICAN CENTURY COMPANIES …
$8M
GEODE CAPITAL MANAGEMENT, L…
$6M
STATE STREET CORP
$5M
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.