CROWD: RED
Active holders jumped 138 to 129 recently (-7% 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
129
of 294 total, index funds excluded
This quarter
+29
38 out
Conviction
n/a
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2020Mar 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 · $637M held
Fund
Value
Note
BlackRock, Inc.
$111M
VANGUARD CAPITAL MANAGEMENT…
$60M
VANGUARD PORTFOLIO MANAGEME…
$46M
GEODE CAPITAL MANAGEMENT, L…
$32M
STATE STREET CORP
$31M
Defiance ETFs, LLC
$31M
Marex Group plc
$31M
Penserra Capital Management…
$23M
MORGAN STANLEY
$16M
MIRAE ASSET GLOBAL ETFS HOL…
$15M
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.