Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.
Institutional holdings are being reconciled with SEC filings. Holder totals and changes may be incomplete until reconciliation finishes.
Holders:44
Total Value:$218,448,696
Total Shares:571,571
Institutional Ownership Trend
27 quarters
Holder Concentration
Across 44 13F filers
· Δ vs Jun 30, 2026
Top Holder
75.5%
+39.6 pts
Top 5
92.1%
+33.7 pts
Top 10
94.8%
+25.5 pts
HHI
5,834
Highly concentrated+4,360
Who Holds XNTK
Last 8 quarters through Sep 30, 2026 (filing window open)
Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory
records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book.
The quarter selector does not change this card.
Jun 30, 2026, the newest closed quarter:
230 filers,
like-for-like change -5.3%; actively managed books -5.5%; index-like books +0.6%.
Holder type
Share
Filers
Change
New
Exited
Registered adviser
19.9%
145
+30.2%
32
6
Exempt adviser
0.3%
1
+50.9%
1
1
Adviser
5.7%
4
+26.3%
0
0
Bank
13.4%
14
+13.2%
1
0
Broker-dealer
7.6%
1
-0.9%
0
0
Holding company
4.6%
6
+3.6%
0
0
Non-US
0.0%
0
-100.0%
0
1
Insurer
0.0%
0
—
0
0
Unknown
48.4%
59
-20.6%
11
4
Style
Share
Filers
Change
New
Exited
Index-like
4.2%
3
+0.6%
0
0
Systematic-like
0.4%
3
-36.5%
2
3
Concentrated
48.4%
59
-7.7%
16
1
Diversified active
46.9%
165
-2.7%
27
8
Unknown
0.0%
0
—
0
0
Not measured
0.0%
0
—
0
0
Turnover
Share
Filers
Change
New
Exited
Low turnover
76.7%
164
-2.2%
26
4
Medium turnover
22.1%
45
-12.7%
10
2
High turnover
0.8%
10
-47.8%
6
5
Unknown
0.5%
11
+36.2%
3
1
Not measured
0.0%
0
—
0
0
Holding horizon
Share
Filers
Change
New
Exited
Short horizon
0.3%
8
-42.4%
4
2
Medium horizon
18.5%
55
-20.4%
14
4
Long horizon
79.8%
161
-0.2%
25
4
Unknown
1.5%
6
-23.9%
2
2
Not measured
0.0%
0
—
0
0
13F book size
Share
Filers
Change
New
Exited
Under $1B
14.8%
90
-31.0%
19
4
$1B to $10B
43.7%
69
-4.3%
20
1
$10B to $100B
11.9%
49
+34.2%
4
6
$100B or more
29.7%
22
+0.1%
2
1
Not measured
0.0%
0
—
0
0
Client base
Share
Filers
Change
New
Exited
Individuals and high net worth
16.6%
129
+18.6%
27
5
Pooled investment vehicles
0.1%
1
new
1
0
Registered funds and BDCs
1.9%
2
+2373.9%
1
0
Pension and profit sharing plans
0.2%
2
-0.6%
0
0
Insurance companies
0.0%
2
-0.2%
0
0
Other investment advisers
0.8%
3
+8.4%
1
0
Other
0.1%
1
-0.7%
0
0
Diversified
0.1%
5
+41.7%
2
0
Governments and sovereign funds
0.0%
0
-100.0%
0
1
Unknown
80.1%
85
-11.2%
13
6
Private funds
Share
Filers
Change
New
Exited
Hedge funds
0.9%
6
+19.5%
2
2
Private equity funds
0.9%
5
+205.9%
0
0
Real estate funds
0.0%
1
-27.8%
0
1
Securitized asset funds
0.0%
1
0.0%
0
0
Other private funds
1.1%
12
+5.3%
1
0
Mixed private funds
1.6%
1
+6.3%
0
0
Private funds, type not stated
0.0%
2
+11.0%
1
0
No private funds
15.7%
118
+32.1%
29
4
Unknown
79.8%
84
-11.4%
12
5
Location
Share
Filers
Change
New
Exited
United States
95.0%
221
-6.5%
42
11
Outside the US
5.0%
9
+27.6%
3
1
The Sep 30, 2026 filing window is still open, so its
bar shows only the filers that have filed so far.
How the mix is measured
Shares are 13F common shares restated to today's split basis; options and principal amounts are left out.
The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later
quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type
comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster
current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and
book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none
was. Actively managed books are those measured systematic-like, concentrated or diversified active.
Excluded 2 holders with no observed 2026-03-31 13F and 4 holders with no observed 2026-06-30 13F.
Conviction and Crowding
230 13F filers, quarter ended Jun 30, 2026
Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts
filers with high turnover or that advise private funds on Form ADV.
Conviction holders
94
40.9% of filers hold it in their top 10
Mar 31, 2026: 83
Holders above 5%
3
median weight 0.016%
Mar 31, 2026: 4
Crowding
—
shares outstanding is an issuer-wide count, not one listing's
Private-fund advisers
—
of shares outstanding
Institutional ownership
—
shares outstanding is an issuer-wide count, not one listing's
Top 10 holders
69.2%
of 13F shares, Herfindahl 0.137
Active holders
-5.5%
like-for-like share change of active filers
5% stakes on record
0
0 13D, 0 13G
How long holders have held itvalue-weighted 15.8 quarters
Under 1 year 11.3%1 to 3 years 17.2%3 years or more 71.5%Since coverage start 0.000%
Managers in the top fifth by current three-year FundScore alpha were net
buyers of $0
(0 buying, 0 selling).
Estimated Holder Cost Basis
Quarter ended Jun 30, 2026, on that quarter's share basis
Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps
the average cost, so this is what holders paid on average if they traded evenly through each quarter.
Estimated avg cost
$270.33
estimated per share
Mar 31, 2026: $241.04
Quarter-end price
$372.62
implied by 13F values
Estimated gain or loss
+37.8%
price against the estimated cost
Estimated at a loss
0.000%
of costed 13F value
Estimated cost covers 25.9% of the 13F shares; positions
already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.
Quarterly Activity
vs Jun 30, 2026
New
4
Increased
7
Decreased
11
Sold Out
2
Unchanged
22
New and Sold Out count only filers that reported a 13F for both quarters: a first-time filer's book is not a buy, and a fund that has not filed, or withheld its positions under confidential treatment, has not sold.
