CROWD: RED
Active holders jumped 159 to 140 recently (-12% 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
140
of 331 total, index funds excluded
This quarter
+40
58 out
Conviction
6 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 · $3.7B held
Fund
Value
Note
BlackRock, Inc.
$366M
Monarch Alternative Capital…
$186M
VANGUARD CAPITAL MANAGEMENT…
$174M
GOLDMAN SACHS GROUP INC
$169M
CARRONADE CAPITAL MANAGEMEN…
$139M
VANGUARD PORTFOLIO MANAGEME…
$120M
GEODE CAPITAL MANAGEMENT, L…
$110M
STATE STREET CORP
$108M
Balyasny Asset Management L…
$107M
FULLER & THALER ASSET MANAG…
$94M
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.