CROWD: RED
Active holders jumped 11 to 16 recently (45% 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
16
of 29 total, index funds excluded
This quarter
+7
2 out
Conviction
10 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 · $142M held
Fund
Value
Note
BlackRock, Inc.
$100M
Stewardship Advisors, LLC
$7M
Tower Research Capital LLC …
$6M
Cambridge Investment Resear…
$5M
Sulzberger Capital Advisors…
$5M
ROYAL BANK OF CANADA
$4M
MONEY CONCEPTS CAPITAL CORP
$4M
17 CAPITAL PARTNERS, LLC
$3M
Hummer Financial Advisory S…
$2M
Philadelphia Investment Par…
$2M
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.