CROWD: RED
Active holders jumped 262 to 240 recently. Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
240
of 460 total, index funds excluded
This quarter
+80
101 out
Conviction
2 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2024Mar 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 · $5.7B held
Fund
Value
Note
BlackRock, Inc.
$432M
FMR LLC
$405M
VANGUARD PORTFOLIO MANAGEME…
$393M
VANGUARD CAPITAL MANAGEMENT…
$321M
FIRST TRUST ADVISORS LP
$240M
VOYA INVESTMENT MANAGEMENT …
$183M
PointState Capital LP
$179M
Pictet Asset Management Hol…
$163M
GEODE CAPITAL MANAGEMENT, L…
$132M
STATE STREET CORP
$126M
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.