CROWD: RED
Active holders jumped 353 to 337 recently. Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
337
of 577 total, index funds excluded
This quarter
+80
95 out
Conviction
5 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2016Mar 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 · $14.6B held
Fund
Value
Note
BlackRock, Inc.
$1.3B
Rubric Capital Management LP
$1.1B
MFN Partners Management, LP
$958M
VANGUARD PORTFOLIO MANAGEME…
$669M
VANGUARD CAPITAL MANAGEMENT…
$653M
LONE PINE CAPITAL LLC
$580M
Sachem Head Capital Managem…
$494M
REAVES W H & CO INC
$482M
STATE STREET CORP
$429M
FRED ALGER MANAGEMENT, LLC
$379M
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.