TOPS · Top Ships Inc. · Holdings
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 Ownership Trend
Holder Concentration
Across 15 13F filersWho Holds TOPS
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: 15 filers, like-for-like change +177.6%; actively managed books +177.6%.
| Holder type | Share | Filers | Change |
|---|---|---|---|
| Registered adviser | 5.7% | 3 | -54.7% |
| Bank | 20.4% | 3 | +243.6% |
| Holding company | 0.0% | 1 | 0.0% |
| Non-US | 0.0% | 0 | — |
| Unknown | 73.9% | 8 | +320.8% |
| Style | Share | Filers | Change |
|---|---|---|---|
| Systematic-like | 5.2% | 2 | +27.8% |
| Concentrated | 14.0% | 2 | new |
| Diversified active | 80.8% | 11 | +153.0% |
| Index-like | 0.0% | 0 | — |
| Not measured | 0.0% | 0 | — |
| Unknown | 0.0% | 0 | — |
| Turnover | Share | Filers | Change |
|---|---|---|---|
| Low turnover | 5.7% | 7 | -54.6% |
| Medium turnover | 20.4% | 1 | +243.6% |
| High turnover | 73.9% | 7 | +320.9% |
| Not measured | 0.0% | 0 | — |
| Unknown | 0.0% | 0 | — |
| Holding horizon | Share | Filers | Change |
|---|---|---|---|
| Short horizon | 13.2% | 2 | new |
| Long horizon | 39.7% | 11 | +115.2% |
| Unknown | 47.0% | 2 | +167.9% |
| Not measured | 0.0% | 0 | — |
| 13F book size | Share | Filers | Change |
|---|---|---|---|
| Under $1B | 0.8% | 2 | new |
| $1B to $10B | 18.5% | 3 | +350.9% |
| $10B to $100B | 47.4% | 5 | +156.7% |
| $100B or more | 33.4% | 5 | +148.0% |
| Not measured | 0.0% | 0 | — |
| Client base | Share | Filers | Change |
|---|---|---|---|
| Individuals and high net worth | 5.7% | 3 | +13.5% |
| Registered funds and BDCs | 0.0% | 0 | -100.0% |
| Pooled investment vehicles | 0.0% | 0 | — |
| Diversified | 0.0% | 0 | — |
| Unknown | 94.3% | 12 | +301.3% |
| Private funds | Share | Filers | Change |
|---|---|---|---|
| No private funds | 5.7% | 3 | +13.5% |
| Other private funds | 0.0% | 0 | -100.0% |
| Hedge funds | 0.0% | 0 | — |
| Unknown | 94.3% | 12 | +301.3% |
| Location | Share | Filers | Change |
|---|---|---|---|
| United States | 79.6% | 11 | +164.6% |
| Outside the US | 20.4% | 4 | +243.6% |
The Sep 30, 2026 filing window is still open, so its bar carries the Jun 30, 2026 positions of filers that have not filed yet.
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.
Conviction and Crowding
15 13F filers, quarter ended Jun 30, 2026Measured 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.
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 basisEstimated, 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 cost covers 100.0% 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.
Shareholder Targets
13F filers that own its peers but not TOPS, quarter ended Jun 30, 2026TOPS has no holder-overlap peers, so these filers hold the largest Energy stocks: XOM, CVX, COP, WMB, TTE, EOG, VLO, SLB, CNQ, ENB, MPC, TRGP, PSX, BKR, KMI, TRP, OKE, LNG, SU, DVN. 5,667 filers in all.
| # | Filer | In peers | Largest peers |
|---|---|---|---|
| 1 | BlackRock, Inc. Holding company, Index-like | $151,352,790,382 20 held | XOM, CVX, COP |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC Registered adviser, Index-like | $129,537,308,237 20 held | XOM, CVX, COP |
| 3 | STATE STREET CORP Bank, Index-like | $107,633,122,108 18 held | XOM, CVX, COP |
| 4 | VANGUARD PORTFOLIO MANAGEMENT LLC Registered adviser, Diversified active | $61,434,449,412 16 held | XOM, CVX, MPC |
| 5 | GEODE CAPITAL MANAGEMENT, LLC Registered adviser, Index-like | $47,670,337,763 19 held | XOM, CVX, COP |
| 6 | FMR LLC Holding company, Diversified active | $38,578,282,548 20 held | XOM, COP, CNQ |
| 7 | MORGAN STANLEY Holding company, Index-like | $36,374,588,473 20 held | XOM, CVX, WMB |
| 8 | Capital World Investors Adviser, Diversified active | $29,914,315,622 11 held | CNQ, EOG, TTE |
| 9 | Amundi Holding company, Index-like | $29,660,121,225 20 held | TTE, XOM, CVX |
| 10 | CHARLES SCHWAB INVESTMENT MANAGEMENT INC Registered adviser, Diversified active | $28,978,050,310 20 held | CVX, XOM, COP |
Fund Ownership of TOPS by Fund Type
Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026Index funds and index ETFs hold 0.00% of shares outstanding.
| Fund type | Of shares outstanding | Shares |
|---|---|---|
| Index funds | 0.00% | 0 |
| Index ETFs | 0.00% | 0 |
| Active ETFs | 0.12% | 9,413 |
| Active funds | 0.00% | 0 |
| Unclassified | 0.00% | 0 |
| All registered funds | 0.12% | 9,413 |
How fund types are measured
Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.