VSEEW · Vsee Health, Inc. · Holdings
Substantial doubt about the company's ability to continue as a going concern.
“Management has determined that principal conditions including the Company’s liquidity condition and historical operating losses raise substantial doubt about the Company’s ability to continue as a going concern for a period of time of at least one year after the date that the accompanying consolidated financial statements are issued. ... There is no assurance that the Company’s plans to alleviate such concerns will be successful or successful within one year after the date the condensed consolidated financial statements are issued.”View the 10-Q filed Aug 14, 2026
One customer — 46% of revenue (the three months ended June 30, 2026)
“The Company has one customer whose revenue accounted for approximately 46% and 43% of the Company's total revenue for the three months ended June 30, 2026, and six months ended June 30, 2026, respectively.”
One customer — 43% of revenue (the six months ended June 30, 2026)
“The Company has one customer whose revenue accounted for approximately 46% and 43% of the Company's total revenue for the three months ended June 30, 2026, and six months ended June 30, 2026, respectively.”
2 customers — 23% of receivables (June 30, 2026)
“In aggregate, the Company had two customers whose accounts receivable represented 23% of the Company's total accounts receivable as of June 30, 2026.”
3 customers — 43% of receivables (December 31, 2025)
“In the aggregate, the Company had three customers whose accounts receivable represented 43% of the Company's total accounts receivable as of December 31, 2025.”
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
Who Holds VSEEW
Last 8 quarters through Jun 30, 2026Each 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: 19 filers, like-for-like change +2.1%; actively managed books +2.1%; index-like books 0.0%.
| Holder type | Share | Filers | Change |
|---|---|---|---|
| Registered adviser | 43.9% | 9 | -0.2% |
| Bank | 3.3% | 2 | +0.2% |
| Non-US | 8.1% | 1 | 0.0% |
| Holding company | 1.3% | 1 | 0.0% |
| Broker-dealer | 0.0% | 0 | — |
| Unknown | 43.3% | 6 | +5.2% |
| Style | Share | Filers | Change |
|---|---|---|---|
| Index-like | 1.3% | 1 | 0.0% |
| Systematic-like | 16.5% | 4 | -0.7% |
| Concentrated | 10.4% | 1 | 0.0% |
| Diversified active | 71.8% | 13 | +3.1% |
| Not measured | 0.0% | 0 | — |
| Unknown | 0.0% | 0 | — |
| Turnover | Share | Filers | Change |
|---|---|---|---|
| Low turnover | 5.2% | 2 | 0.0% |
| Medium turnover | 49.2% | 8 | +4.5% |
| High turnover | 35.2% | 8 | -0.2% |
| Unknown | 10.4% | 1 | 0.0% |
| Not measured | 0.0% | 0 | — |
| Holding horizon | Share | Filers | Change |
|---|---|---|---|
| Short horizon | 29.5% | 3 | 0.0% |
| Medium horizon | 16.3% | 1 | 0.0% |
| Long horizon | 24.9% | 8 | +9.1% |
| Unknown | 29.3% | 7 | -0.1% |
| Not measured | 0.0% | 0 | — |
| 13F book size | Share | Filers | Change |
|---|---|---|---|
| Under $1B | 6.8% | 2 | 0.0% |
| $1B to $10B | 56.9% | 9 | +3.8% |
| $10B to $100B | 21.8% | 3 | 0.0% |
| $100B or more | 14.5% | 5 | -0.3% |
| Not measured | 0.0% | 0 | — |
| Client base | Share | Filers | Change |
|---|---|---|---|
| Individuals and high net worth | 3.9% | 1 | 0.0% |
| Pooled investment vehicles | 39.0% | 7 | -0.3% |
| Registered funds and BDCs | 1.0% | 1 | 0.0% |
| Corporations | 0.0% | 0 | — |
| Unknown | 56.1% | 10 | +4.0% |
| Private funds | Share | Filers | Change |
|---|---|---|---|
| Hedge funds | 40.0% | 8 | -0.3% |
| No private funds | 3.9% | 1 | 0.0% |
| Private funds, type not stated | 0.0% | 0 | — |
| Unknown | 56.1% | 10 | +4.0% |
| Location | Share | Filers | Change |
|---|---|---|---|
| United States | 72.3% | 15 | +2.9% |
| Outside the US | 27.7% | 4 | 0.0% |
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
19 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).
Shareholder Targets
13F filers that own its peers but not VSEEW, quarter ended Jun 30, 2026VSEEW has no holder-overlap peers, so these filers hold the largest Healthcare stocks: LLY, JNJ, ABBV, UNH, MRK, TMO, AMGN, AZN, GILD, ABT, ISRG, VRTX, CVS, DHR, SYK, BMY, PFE, MDT, MCK, ELV. 6,260 filers in all.
| # | Filer | In peers | Largest peers |
|---|---|---|---|
| 1 | BlackRock, Inc. Holding company, Index-like | $399,992,110,610 20 held | LLY, JNJ, ABBV |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC Registered adviser, Diversified active | $116,012,260,024 20 held | LLY, JNJ, ABBV |
| 3 | LILLY ENDOWMENT INC Unknown, Unknown | $108,400,867,760 1 held | LLY |
| 4 | FMR LLC Holding company, Diversified active | $102,008,860,554 20 held | LLY, UNH, GILD |
| 5 | JPMORGAN CHASE & CO Bank, Diversified active | $92,751,126,760 20 held | LLY, JNJ, ABBV |
| 6 | MORGAN STANLEY Holding company, Index-like | $91,022,115,433 20 held | LLY, JNJ, ABBV |
| 7 | Capital World Investors Adviser, Diversified active | $89,827,396,720 14 held | LLY, VRTX, UNH |
| 8 | NORGES BANK Non-US, Index-like | $70,478,623,091 20 held | LLY, JNJ, ABBV |
| 9 | PRICE T ROWE ASSOCIATES INC /MD/ Registered adviser, Diversified active | $69,817,479,779 20 held | LLY, UNH, JNJ |
| 10 | PNC FINANCIAL SERVICES GROUP, INC. Bank, Concentrated | $67,493,367,200 20 held | LLY, JNJ, ABBV |
Quarterly Activity
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.
Top Buyers
vs Mar 31, 2026| Institution | Added | Now Holds | Open |
|---|---|---|---|
| Mid StoneX Group Inc. | +64,850 | 97,275 | |
| Mega SUSQUEHANNA INTERNATIONAL GROUP, LLP | +1,630 | 18,306 | |
| Mega UBS Group AG | +200 | 1,786 |
Top Sellers
vs Mar 31, 2026| Institution | Sold | Now Holds | Open |
|---|---|---|---|
| Mega CITADEL ADVISORS LLC | −3,115 | 22,385 | |
| Mid TWO SIGMA SECURITIES, LLC | −466 | 32,249 |
| Holder | Value (USD) | % of 13F | Shares | Type | Filed | Open |
|---|---|---|---|---|---|---|
| Mid WOLVERINE ASSET MANAGEMENT LLC Registered adviser VSEEW | — | — | 26,094 | Shares | 2026-08-10 | |
| Mid RIVERNORTH CAPITAL MANAGEMENT, LLC Registered adviser VSEEW | — | — | 31,104 | Shares | 2026-08-14 | |
| Mega MILLENNIUM MANAGEMENT LLC Registered adviser VSEEW | — | — | 30,000 | Call | 2026-08-14 | |
| Large Clear Street Group Inc. VSEEW | — | — | 320,203 | Shares | 2026-08-12 | |
| Mega SUSQUEHANNA INTERNATIONAL GROUP, LLP VSEEW | — | — | 18,306 | Shares | 2026-08-14 | |
| Mega UBS Group AG Bank VSEEW | — | — | 1,786 | Shares | 2026-08-13 | |
| Mid MMCAP International Inc. SPC VSEEW | — | — | 500,000 | Shares | 2026-08-14 | |
| Mid Linden Advisors LP Registered adviser VSEEW | — | — | 500,000 | Shares | 2026-08-14 | |
| Large TORONTO DOMINION BANK Bank VSEEW | — | — | 99,300 | Shares | 2026-08-14 | |
| Small Quad-Cities Investment Group, LLC Registered adviser VSEEW | — | — | 121,000 | Shares | 2026-07-07 | |
| Mid Saba Capital Management, L.P. Registered adviser VSEEW | — | — | 243,249 | Shares | 2026-08-14 | |
| Small Yakira Capital Management, Inc. Registered adviser VSEEW | — | — | 88,380 | Shares | 2026-08-13 | |
| Mega CITADEL ADVISORS LLC Registered adviser VSEEW | — | — | 22,385 | Shares | 2026-09-02 | |
| Mid StoneX Group Inc. VSEEW | — | — | 97,275 | Shares | 2026-08-12 | |
| Mid TWO SIGMA SECURITIES, LLC VSEEW | — | — | 32,249 | Shares | 2026-08-14 | |
| Mid WHITEBOX ADVISORS LLC Registered adviser VSEEW | — | — | 232,500 | Shares | 2026-08-14 | |
| Mega GOLDMAN SACHS GROUP INC Holding company VSEEW | — | — | 40,050 | Shares | 2026-08-14 | |
| Mid BOOTHBAY FUND MANAGEMENT, LLC Registered adviser VSEEW | — | — | 87,179 | Shares | 2026-08-14 | |
| Mega D. E. Shaw & Co., Inc. VSEEW | — | — | 365,000 | Shares | 2026-08-14 | |
| Large Alberta Investment Management Corp Non-US VSEEW | — | — | 250,000 | Shares | 2026-08-06 |