Vault-13

N/A

0 · CUSIP 000000000

84 institutional holders -10 vs Q4 2025
191,870,489191.9m shares reported held*
$5.3bnreported value*
25 new 0 added 1 reduced 7 sold out net sold ≈ $1.3bn (-21.1m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $27.75. Options: 0 managers hold calls (— notional), 3 hold puts ($2.1m).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 101Q4 22: 91Q1 23: 92Q2 23: 97Q3 23: 105Q4 23: 67Q1 24: 78Q2 24: 82Q3 24: 97Q4 24: 91Q1 25: 83Q2 25: 97Q3 25: 103Q4 25: 94Q1 26: 8484Q3 22Q3 23Q3 24Q3 25Q1 26
Numbers
QuarterHolders
Q3 2022101
Q4 202291
Q1 202392
Q2 202397
Q3 2023105
Q4 202367
Q1 202478
Q2 202482
Q3 202497
Q4 202491
Q1 202583
Q2 202597
Q3 2025103
Q4 202594
Q1 202684

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q2 24: 23 bought or addedQ2 24: 6 cut or sold outQ3 24: 23 bought or addedQ3 24: 8 cut or sold outQ3 24Q4 24: 27 bought or addedQ4 24: 3 cut or sold outQ1 25: 17 bought or addedQ1 25: 9 cut or sold outQ1 25Q2 25: 27 bought or addedQ2 25: 9 cut or sold outQ3 25: 20 bought or addedQ3 25: 9 cut or sold outQ3 25Q4 25: 33 bought or addedQ4 25: 9 cut or sold outQ1 26: 25 bought or addedQ1 26: 8 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024236
Q3 2024238
Q4 2024273
Q1 2025179
Q2 2025279
Q3 2025209
Q4 2025339
Q1 2026258

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$1m$2m$3mQ2 25 calls: $0Q2 25 puts: $0Q2 25P/C —Q3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $0Q1 26 puts: $2.1mQ1 26P/C —
Numbers
QuarterCallsPutsP/C
Q2 2025$0$0—
Q3 2025$0$0—
Q4 2025$0$0—
Q1 2026$0$2.1m—

Biggest buyers

NewEdge Advisors, LLC New +3,115,322+3.1m
Main Street Group, LTD New +63+63
RGM Capital, LLC New +00
NORGES BANK New +00
TWO SIGMA ADVISERS, LP New +00
Indaba Capital Management, L.P. New +00
RIVULET CAPITAL, LLC New +00
Makaira Partners LLC New +00
Newport Asia LLC New +00
SOL Capital Management CO New +00

Biggest sellers

SCHRODER INVESTMENT MANAGEMENT GROUP Sold out -23,669,250-23.7m
Financial Gravity Asset Management, Inc. Sold out -419,517-419.5k
Pensionfund Sabic Reduced -45,300-45.3k
Codex Capital Asset Management L.L.C. Sold out -26,700-26.7k
Douglas Lane & Associates, LLC Sold out -6,010-6.0k
GLADE BROOK CAPITAL PARTNERS LLC Sold out +00
AFBI LP Sold out +00
CONSOLIDATED PRESS INTERNATIONAL HOLDINGS LTD Sold out +00

Biggest calls

None

Biggest puts

FRED ALGER MANAGEMENT, LLC New $1.4m44.8k shares
TWIN FOCUS CAPITAL PARTNERS, LLC New $741.2k1.7k shares
Provida Pension Fund Administrator Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Exor N.V. 92.90% of their portfolio Amsterdam, P7 182,543,970182.5m $5.0bn $5.0bn 92.90% Unchanged
2 ORBIMED ADVISORS LLC 0.48% of their portfolio New York, NY 6,210,8996.2m $22.1m $22.1m 0.48% Unchanged
3 NewEdge Advisors, LLC 1.09% of their portfolio NEW ORLEANS, LA 3,115,3223.1m $300.4m $300.4m 1.09% New
4 Strategic Investment Solutions, Inc. /IL 0.01% of their portfolio ORLAND PARK, IL 127127 $29.2k $29.2k 0.01% Unchanged
5 Pensionfund Sabic 0.00% of their portfolio SITTARD, P7 108108 $0 $0 0.00% Reduced -45.3k -45,300
6 Main Street Group, LTD 0.00% of their portfolio GLEN ALLEN, VA 6363 $0 $0 0.00% New
7 CHEVRON CORP — of their portfolio HOUSTON, TX 00 $0 $0 — Unchanged
8 PITCAIRN CO — of their portfolio CONSHOHOCKEN, PA 00 $0 $0 — Unchanged
9 KEYSTONE GROUP, L.P. — of their portfolio FORT WORTH, TX 00 $0 $0 — Unchanged
10 Sarepta Therapeutics, Inc. — of their portfolio Cambridge, MA 00 $0 $0 — Unchanged
11 BASS LEE M /TX/ — of their portfolio FORT WORTH, TX 00 $0 $0 — Unchanged
12 GENRE PARTNERS L P — of their portfolio FORT WORTH, TX 00 $0 $0 — Unchanged
13 KELLOGG W K FOUNDATION TRUST — of their portfolio CHICAGO, IL 00 $0 $0 — Unchanged
14 TYNDALL CAPITAL PARTNERS L P — of their portfolio NEW YORK, NY 00 $0 $0 — Unchanged
15 THOMAS H LEE PARTNERS LP — of their portfolio BOSTON, MA 00 $0 $0 — Unchanged
16 SHEN NEIL NANPENG — of their portfolio NA, K3 00 $0 $0 — New
17 TVL MANAGEMENT CORP — of their portfolio MENLO PARK, CA 00 $0 $0 — Unchanged
18 Covenant Partners, LLC — of their portfolio Nashville, TN 00 $0 $0 — New
19 RGM Capital, LLC — of their portfolio NAPLES, FL 00 $0 $0 — New
20 Permira Holdings LTD — of their portfolio ST. PETER PORT, Y7 00 $0 $0 — Unchanged
21 SOL Capital Management CO — of their portfolio ROCKVILLE, MD 00 $0 $0 — New
22 NORGES BANK — of their portfolio OSLO, Q8 00 $0 $0 — New
23 CVentures, Inc. — of their portfolio GREENWOOD VLG, CO 00 $0 $0 — Unchanged
24 Hartz Capital, Inc. — of their portfolio SECAUCUS, NJ 00 $0 $0 — Unchanged
25 VALINOR MANAGEMENT, L.P. — of their portfolio NEW YORK, NY 00 $0 $0 — Unchanged
26 Cutter & CO Brokerage, Inc. — of their portfolio Ballwin, MO 00 $0 $0 — Unchanged
27 NNS Holding — of their portfolio CAMANA BAY, GRAND CAYMAN, E9 00 $0 $0 — Unchanged
28 Ridgeback Capital Investments L.P. — of their portfolio MIAMI BEACH, FL 00 $0 $0 — Unchanged
29 TWO SIGMA ADVISERS, LP — of their portfolio NEW YORK, NY 00 $0 $0 — New
30 NJ State Employees Deferred Compensation Plan — of their portfolio TRENTON, NJ 00 $0 $0 — Unchanged
31 Chieftain Capital Management, Inc. — of their portfolio New York, NY 00 $0 $0 — Unchanged
32 Schreiber John — of their portfolio LAKE FOREST, IL 00 $0 $0 — Unchanged
33 Hall Kathryn A. — of their portfolio SAN FRANCISCO, CA 00 $0 $0 — Unchanged
34 Indaba Capital Management, L.P. — of their portfolio SAN FRANCISCO, CA 00 $0 $0 — New
35 Makaira Partners LLC — of their portfolio LA JOLLA, CA 00 $0 $0 — New
36 Unicom Capital LLC — of their portfolio Denver, CO 00 $0 $0 — Unchanged
37 Thiel Macro LLC — of their portfolio LOS ANGELES, CA 00 $0 $0 — Unchanged
38 RIVULET CAPITAL, LLC — of their portfolio PASSAIC, NJ 00 $0 $0 — New
39 Waterfront Capital Partners, LLC — of their portfolio NEW YORK, NY 00 $0 $0 — Unchanged
40 CROSBY Co OF NEW HAMPSHIRE LLC — of their portfolio SALEM, NH 00 $0 $0 — Unchanged
41 Newport Asia LLC — of their portfolio SAN FRANCISCO, CA 00 $0 $0 — New
42 Harbor Spring Capital, LLC — of their portfolio NEW YORK, NY 00 $0 $0 — First filing
43 53 HOUSE LLP — of their portfolio LONDON, X0 00 $0 $0 — Unchanged
44 Madison International Realty Holdings, LLC — of their portfolio New York, NY 00 $0 $0 — New
45 CAPITAL INSIGHT PARTNERS, LLC — of their portfolio SCOTTSDALE, AZ 00 $0 $0 — New
46 Honeycomb Asset Management LP — of their portfolio NEW YORK, NY 00 $0 $0 — New
47 Bass Edward P — of their portfolio FORT WORTH, TX 00 $0 $0 — Unchanged
48 Bain Capital Public Equity Management II, LLC — of their portfolio Boston, MA 00 $0 $0 — New
49 Tarsadia Capital, LLC — of their portfolio New York, NY 00 $0 $0 — Unchanged
50 Builders Vision, LLC — of their portfolio Chicago, IL 00 $0 $0 — Unchanged
51 Nebula Research & Development LLC — of their portfolio New York, NY 00 $0 $0 — Unchanged
52 NNS Investments (Cyprus) Ltd — of their portfolio LIMASSOL, G4 00 $0 $0 — Unchanged
53 Appian Way Asset Management LP — of their portfolio NEW YORK, NY 00 $0 $0 — Unchanged
54 University of Massachusetts Foundation, Inc. — of their portfolio NEWTON, MA 00 $0 $0 — Unchanged
55 Juniper Hill Capital Management LP — of their portfolio Menlo Park, CA 00 $0 $0 — New
56 Anthracite Investment Company, Inc. — of their portfolio FORT WORTH, TX 00 $0 $0 — Unchanged
57 Vesa Equity Investment S.a r.l. — of their portfolio LUXEMBOURG, N4 00 $0 $0 — Unchanged
58 REVOLUTION GROWTH MANAGEMENT COMPANY, INC. — of their portfolio WASHINGTON, DC 00 $0 $0 — Unchanged
59 Carmenna Advisors LLC — of their portfolio MIAMI BEACH, FL 00 $0 $0 — Unchanged
60 GPI CAPITAL, L.P. — of their portfolio NEW YORK, NY 00 $0 $0 — Unchanged
61 ABG Innovation Capital Partners III GP Ltd — of their portfolio CENTRAL, HONG KONG, K3 00 $0 $0 — New
62 Northwoods Investments LLC — of their portfolio DOVER, DE 00 $0 $0 — Unchanged
63 ALTOS VENTURES MANAGEMENT, INC. — of their portfolio Burlingame, CA 00 $0 $0 — Unchanged
64 Roberts Capital Advisors, LLC — of their portfolio DENVER, CO 00 $0 $0 — Unchanged
65 AlphaQuest LLC — of their portfolio New York, NY 00 $0 $0 — New
66 DECADE RENEWABLE PARTNERS LP — of their portfolio HOUSTON, TX 00 $0 $0 — Unchanged
67 Decas Capital LLC — of their portfolio CHARLOTTESVILLE, VA 00 $0 $0 — Unchanged
68 Infini Capital Management Ltd — of their portfolio CENTRAL, K3 00 $0 $0 — New
69 El Puerto de Liverpool, S.A.B. de C.V. — of their portfolio Cuajimalpa, Ciudad de Mexico, O5 00 $0 $0 — Unchanged
70 Strive Asset Management, LLC — of their portfolio DALLAS, TX 00 $0 $0 — Unchanged
71 Stillwater LLC — of their portfolio GREENWICH, CT 00 $0 $0 — Unchanged
72 Council Ring Capital, LLC — of their portfolio Northbrook, IL 00 $0 $0 — Unchanged
73 Schreiber Kathleen — of their portfolio LAKE FOREST, IL 00 $0 $0 — Unchanged
74 SHCP, LLC — of their portfolio CINCINNATI, OH 00 $0 $0 — Unchanged
75 Frist Capital, LLC — of their portfolio NASHVILLE, TN 00 $0 $0 — Unchanged
76 Renwick Deborah Lee — of their portfolio CLEVELAND, OH 00 $0 $0 — Unchanged
77 180 GPS Investments IC Ltd — of their portfolio ST PETER PORT, Y7 00 $0 $0 — New
78 KW WEALTH MANAGEMENT LLC — of their portfolio SACRAMENTO, CA 00 $0 $0 — New
79 Stenham Asset Management (UK) Plc — of their portfolio LONDON, X0 00 $0 $0 — New
80 Mountain Capital Management, LLC — of their portfolio HOUSTON, TX 00 $0 $0 — New
81 Founders Fund Growth II Management, LP — of their portfolio SAN FRANCISCO, CA 00 $0 $0 — New
82 River Bend Holdings, LLC — of their portfolio NAPLES, FL 00 $0 $0 — Unchanged
83 Premier Wealth Management W.L.L. — of their portfolio MANAMA, C6 00 $0 $0 — Unchanged
84 Blind Man Capital, LLC — of their portfolio ERIE, PA 00 $0 $0 — Unchanged