CROWD: RED
Active holders jumped 104 to 100 recently (-4% 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
100
of 291 total, index funds excluded
This quarter
+30
33 out
Conviction
1 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2021Mar 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 · $3.2B held
Fund
Value
Note
WINDACRE PARTNERSHIP LLC
$534M
PRINCIPAL FINANCIAL GROUP I…
$306M
BlackRock, Inc.
$264M
FMR LLC
$221M
VANGUARD CAPITAL MANAGEMENT…
$151M
DIMENSIONAL FUND ADVISORS LP
$116M
JANUS HENDERSON GROUP PLC
$98M
DF DENT & CO INC
$96M
GEODE CAPITAL MANAGEMENT, L…
$93M
STATE STREET CORP
$79M
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.