CROWD: RED
Active holders jumped 136 to 117 recently (-14% 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
117
of 304 total, index funds excluded
This quarter
+35
54 out
Conviction
4 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2024Mar 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 · $4.9B held
Fund
Value
Note
EQT Fund Management S.a r.l.
$600M
CANADA PENSION PLAN INVESTM…
$459M
BlackRock, Inc.
$402M
FMR LLC
$361M
Bain Capital Investors LLC
$319M
Advent International, L.P.
$267M
VANGUARD PORTFOLIO MANAGEME…
$154M
VANGUARD CAPITAL MANAGEMENT…
$124M
NEUBERGER BERMAN GROUP LLC
$113M
GOLDENTREE ASSET MANAGEMENT…
$107M
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.