% of shares outstanding is not shown for USFR: this is a fund line, and we hold no cover-page share count for it at any quarter — a fund's shares outstanding move with creations and redemptions rather than with issuance and buybacks, and it is not the SEC cover-page count this percentage is defined against. The figure is withheld rather than computed against a count that does not exist. Holder share counts are shown as filed.
Crowding percentile lands with its cohort — the cohort is size-matched, so it needs a market cap for USFR in the served universe — that lands with the next screener build.
| # | Holder | Shares | Value | % of shares out | Δ QoQ |
|---|---|---|---|---|---|
| 1 | MORGAN STANLEY | 17,440,50817.4M | $878M | — | ADD 5% |
| 2 | BANK OF AMERICA CORP /DE/ | 15,934,09115.9M | $802M | — | ADD 11% |
| 3 | LPL Financial LLC | 12,759,06612.8M | $642M | — | — |
| 4 | Summit Trail Advisors, LLC | 9,927,5639.9M | $500M | — | ADD 15% |
| 5 | NewEdge Wealth, LLC | 7,632,3767.6M | $384M | — | TRIM -8% |
| 6 | RAYMOND JAMES FINANCIAL INC | 7,040,2617.0M | $354M | — | — |
| 7 | CAPTRUST FINANCIAL ADVISORS | 5,254,3915.3M | $265M | — | TRIM -27% |
| 8 | BIP Wealth, LLC | 5,099,7165.1M | $257M | — | TRIM -4% |
| 9 | UBS Group AG | 5,091,2285.1M | $256M | — | TRIM -10% |
| 10 | WELLS FARGO & COMPANY/MN | 3,939,2673.9M | $198M | — | ADD 18% |
Ranked by each filer’s own reported value, not shares.
| Biggest buyers | Δ shares | Δ value | |
|---|---|---|---|
| BANK OF AMERICA CORP /DE/ | +1,551,622 | $78M | ADD |
| Summit Trail Advisors, LLC | +1,331,889 | $67M | ADD |
| FOURPATH CAPITAL MANAGEMENT, LLC | +1,164,700 | $59M | OPEN |
| Stenger Family Office, LLC | +1,009,122 | $51M | OPEN |
| Kestra Advisory Services, LLC | +882,801 | $44M | ADD |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| CAPTRUST FINANCIAL ADVISORS | −1,942,001 | $98M | TRIM |
| Alpine Bank Wealth Management | −746,848 | $38M | TRIM |
| NewEdge Wealth, LLC | −698,026 | $35M | TRIM |
| KNIGHTSBRIDGE ASSET MANAGEMENT, LLC | −622,331 | $31M | TRIM |
| UBS Group AG | −542,477 | $27M | TRIM |
Prior quarter split-rebased · 13Fs are long, US-listed only.
| Holder | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| MORGAN STANLEY | 19.2M | 18.8M | 18.7M | 17.7M | 16.7M | 17.4M | $878M |
| BANK OF AMERICA CORP /DE/ | 14.9M | 15.6M | 15.8M | 15.1M | 14.4M | 15.9M | $802M |
| LPL Financial LLC | 12.6M | 12.8M | 15.6M | 14.3M | 12.9M | 12.8M | $642M |
| Summit Trail Advisors, LLC | 21.8M | 27.3M | 22.3M | 21.6M | 8.6M | 9.9M | $500M |
| NewEdge Wealth, LLC | — | — | — | — | 8.3M | 7.6M | $384M |
| RAYMOND JAMES FINANCIAL INC | 5.7M | 6.4M | 6.4M | 6.7M | 7.1M | 7.0M | $354M |
| CAPTRUST FINANCIAL ADVISORS | 5.1M | 6.3M | 7.0M | 7.1M | 7.2M | 5.3M | $265M |
| BIP Wealth, LLC | 5.7M | 5.8M | 5.5M | 19.5M | 5.3M | 5.1M | $257M |
| UBS Group AG | 5.8M | 6.6M | 8.2M | 7.6M | 5.6M | 5.1M | $256M |
| WELLS FARGO & COMPANY/MN | 3.5M | 3.1M | 3.4M | 3.4M | 3.3M | 3.9M | $198M |
Green = added, red = trimmed, grey = held; a dash is a quarter with no 13F on file — a gap, not an exit.
Holders only — breaks = no 13F.
Short interest has its own tab now — open SI →
SEC Form 13F · ~10,250 filers, 10y · long-only, US-listed, filed ≤45d after quarter-end.
