TIL
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Momentum inputs (comparable managers):
holder breadth -22.2% ·
share flow -30.0% ·
net new positions -20.0%
— formula
Broad distribution — falling shares and fewer holders
All ownership figures: tracked 13F managers only, common-stock positions, reporting period Q2 2025
| Quarter | Holders | Δ | Shares | Reported value | New | Exits |
|---|---|---|---|---|---|---|
| Q2 2026 | 16 | -1 | 782.45K | $6.02M | +2 | −3 |
| Q1 2026 | 17 | 0 | 667.91K | $5.50M | +1 | −1 |
| Q4 2025 | 17 | 0 | 905.56K | $9.96M | +2 | −2 |
| Q3 2025 | 8 | 0 | 633.99K | $11.32M | +1 | −1 |
| Q2 2025 | 7 | -2 | 458.28K | $9.55M | — | −2 |
| Q1 2025 | 6 | 0 | 440.30K | $7.64M | — | — |
| Q4 2024 | 6 | +1 | 317.24K | $6.06M | +2 | −1 |
| Q3 2024 | 4 | -1 | 255.86K | $17.23M | +1 | −2 |
| Q2 2024 | 5 | — | 268.69K | $2.76M | — | — |
| # | Manager | Shares | Δ shares | Value | Their weight | Held | ||
|---|---|---|---|---|---|---|---|---|
| 1 | The Vanguard Group ✦ (passive) | 168.10K | — | $3.50M | 0.0% | n/c | 1 | SEC ↗ ×2 |
| 2 | Millennium Management ✦ | 108.10K | -49.1% | $2.25M | 0.0% | ▼ Trim | 3 | SEC ↗ |
| 3 | Renaissance Technologies ✦ | 70.66K | -32.7% | $1.47M | 0.0% | ▼ Trim | 5 | SEC ↗ |
| 4 | BlackRock ✦ (passive) | 50.73K | — | $1.06M | 0.0% | n/c | 1 | SEC ↗ ×3 |
| 5 | Geode Capital Management ✦ (passive) | 43.09K | -0.3% | $897,986 | 0.0% | ▼ Trim | 5 | SEC ↗ ×2 |
| 6 | State Street Global Advisors ✦ (passive) | 17.59K | 0.0% | $366,504 | 0.0% | Held | 3 | SEC ↗ |
| 7 | Fidelity (FMR) ✦ | 5 | — | $110 | 0.0% | n/c | 1 | SEC ↗ |
“Their weight” = the position's share of that manager's reported 13F equity value — the conviction measure. ✦ = curated manager.
New buyers
| No new tracked buyers this quarter. |
Exited
| Adage Capital Partners | $694,400 | was 0.0% |
| Marshall Wace | $387,093 | was 0.0% |
Full-market context: across ALL 13F filers (SEC structured data, Q1 2026): 31 holders, 2.25M shares, $18.49M reported. This is a different, older period than the tracked-universe figures above and the two are never mixed.
What else this security's tracked holders most often hold — shared-ownership counts, not fundamental relationships.