CROWD: RED
Active holders jumped 37 to 48 recently (30% 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
48
of 147 total, index funds excluded
This quarter
+18
7 out
Conviction
n/a
Streak
2q
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 · $251M held
Fund
Value
Note
Electrum Group LLC
$113M
Tidal Investments LLC
$36M
TSP Capital Management Grou…
$24M
Old West Investment Managem…
$17M
ALPS ADVISORS INC
$7M
Goehring & Rozencwajg Assoc…
$6M
MARSHALL WACE, LLP
$6M
JANE STREET GROUP, LLC
$4M
ENVESTNET ASSET MANAGEMENT …
$3M
Walleye Capital LLC
$3M
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.