CROWD: RED
Active holders jumped 66 to 92 recently (39% 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
92
of 167 total, index funds excluded
This quarter
+34
8 out
Conviction
6 bps
median holder weight: token bet
Streak
3q
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 · $2.2B held
Fund
Value
Note
REGENTS OF THE UNIVERSITY O…
$541M
Mubadala Investment Co PJSC
$361M
CALIFORNIA STATE TEACHERS R…
$251M
Orange County Employees Ret…
$175M
Cresset Asset Management, L…
$105M
State of New Jersey Common …
$78M
Cliffwater LLC
$73M
Capricorn Investment Group …
$70M
UBS Group AG
$53M
VAN ECK ASSOCIATES CORP
$41M
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.