CROWD: RED
Active holders jumped 86 to 71 recently (-17% 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
71
of 159 total, index funds excluded
This quarter
+14
29 out
Conviction
5 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
CANADA PENSION PLAN INVESTM…
$1.1B
Technology Crossover Manage…
$489M
Radcliff Management LLC
$220M
T. Rowe Price Investment Ma…
$208M
Greenhouse Funds LLLP
$157M
MASSACHUSETTS FINANCIAL SER…
$104M
JANUS HENDERSON GROUP PLC
$70M
UBS Group AG
$64M
Stephens Investment Managem…
$52M
SPRUCE HOUSE INVESTMENT MAN…
$46M
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.