CROWD: RED
Active holders jumped 67 to 128 recently (91% 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
128
of 329 total, index funds excluded
This quarter
+75
14 out
Conviction
3 bps
median holder weight: token bet
Streak
1q
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 · $2.8B held
Fund
Value
Note
BlackRock, Inc.
$425M
VANGUARD PORTFOLIO MANAGEME…
$174M
VANGUARD CAPITAL MANAGEMENT…
$119M
STATE STREET CORP
$114M
FRONTIER CAPITAL MANAGEMENT…
$111M
Invesco Ltd.
$103M
Boston Partners
$91M
D. E. Shaw & Co., Inc.
$74M
GEODE CAPITAL MANAGEMENT, L…
$71M
Driehaus Capital Management…
$66M
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.