AlcoaAA
13F holders, Q3 2025 (September 30)516holders +43
95new positions
54sold out
9famous investors
$33.11avg. 13F price*
At the end of Q3 2025, 516 institutions reported holding Alcoa Corp. (AA) in their 13F filings, up 43 from Q2 2025. 95 opened new positions and 54 sold out. The largest holders were Vanguard Group Inc. ($828.8M), BlackRock, Inc. ($783.7M) and Eagle Capital Management LLC ($539.2M). 9 famous investors held it, including Steve Cohen (0.1% of Point72 Asset Management's portfolio), Ken Griffin (0.1% of Citadel Advisors's portfolio) and Joel Greenblatt (0.1% of Gotham Asset Management's portfolio).
- Company
- Alcoa Corp.
- CUSIP
- 013872106
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q2 2025 → Q3 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 95 | $127.4M |
| Exits | 54 | $115.5M |
All 13F filers, Q2 2025 → Q3 2025: 20,181,488 shares bought and 18,528,621 shares sold, net +1,652,867 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 516 holders
| Vanguard Group Inc. | 0.01% | Reduce -1.3% | 25,198,181 | $828.8M |
| BlackRock, Inc. | 0.01% | Reduce -2.0% | 23,829,240 | $783.7M |
| Eagle Capital Management LLC | 1.72% | Reduce -0.3% | 16,394,322 | $539.2M |
| State Street Corp. | 0.01% | Add +6.7% | 11,458,529 | $376.9M |
| Dimensional Fund Advisors LP | 0.08% | Add +13.5% | 11,118,560 | $365.7M |
| Geode Capital Management, LLC | 0.01% | Add +36.0% | 6,306,229 | $226.7M |
| L1 Capital Pty Ltd | 13.87% | Add +22.3% | 5,887,699 | $219.7M |
| Morgan Stanley | 0.01% | Reduce -13.1% | 4,933,992 | $162.3M |
| JPMorgan Chase & Co. | 0.01% | Add +4.6% | 4,220,713 | $138.8M |
| UBS Group AG | 0.02% | Reduce -6.6% | 3,373,834 | $111.0M |
| Citadel Advisors | 0.07% | Reduce -24.2% | 2,660,950 | $87.5M |
| Bank of America Corp. | 0.01% | Reduce -12.0% | 2,599,669 | $85.5M |
| Northern Trust Corp. | 0.01% | Add +0.3% | 2,125,572 | $69.9M |
| Bank of New York Mellon Corp | 0.01% | Reduce -2.5% | 2,006,458 | $66.0M |
| Charles Schwab Investment Management Inc. | 0.01% | Add +1.0% | 2,004,758 | $65.9M |
| Point72 Asset Management | 0.15% | Reduce -20.6% | 1,940,585 | $63.8M |
| Squarepoint Ops LLC | 0.13% | Add +51.5% | 1,851,967 | $60.9M |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.10% | Add +1.6% | 1,831,663 | $60.2M |
| Voya Investment Management LLC | 0.07% | Add +33.3% | 1,783,280 | $58.7M |
| Mackenzie Financial Corp. | 0.07% | Add +10.5% | 1,733,900 | $57.0M |
| T. Rowe Price Associates Inc. | 0.01% | Add +6.2% | 1,637,671 | $53.9M |
| AQR Capital Management | 0.03% | Add +54.9% | 1,631,293 | $53.1M |
| ARGA Investment Management, LP | 1.37% | Reduce -48.1% | 1,567,261 | $51.5M |
| Global Alpha Capital Management Ltd. | 2.44% | Add +31.6% | 1,296,971 | $42.7M |
| Douglas Lane & Associates, LLC | 0.59% | Reduce -1.2% | 1,293,538 | $42.5M |
| Sourcerock Group LLC | 2.72% | Reduce -58.5% | 1,217,205 | $40.0M |
| Man Group plc | 0.08% | Add +12588.2% | 1,164,902 | $38.3M |
| Susquehanna International Group, LLP | 0.05% | Add +31.1% | 1,135,324 | $37.3M |
| Holocene Advisors, LP | 0.08% | Add +40.6% | 1,023,813 | $33.7M |
| Temasek Holdings (Private) Ltd | 0.11% | No change | 978,244 | $32.2M |
| Drummond Knight Asset Management Pty Ltd | 9.36% | Reduce -38.9% | 929,608 | $30.6M |
| Qube Research & Technologies Ltd | 0.04% | Add +235.8% | 921,613 | $30.3M |
| Van Eck Associates Corp. | 0.03% | Add +15.5% | 920,164 | $30.3M |
| Encompass Capital Advisors LLC | 1.27% | New | 857,220 | $28.2M |
| Victory Capital Management Inc. | 0.02% | Add +36.4% | 823,136 | $27.1M |
| Barclays PLC | 0.01% | Add +50.7% | 799,013 | $26.3M |
| Russell Investments Group, Ltd. | 0.03% | Add +1.7% | 794,277 | $26.1M |
| Panagora Asset Management Inc. | 0.10% | Add +9250.2% | 774,851 | $25.5M |
| Millennium Management | 0.02% | Reduce -42.0% | 768,969 | $25.4M |
| HRT Financial LP | 0.08% | Add +127.9% | 695,787 | $22.9M |
| Invesco Ltd. | 0.00% | Add +8.4% | 694,417 | $22.8M |
| BW Gestao de Investimentos Ltda. | 1.72% | New | 690,000 | $22.7M |
| Rhumbline Advisers | 0.02% | Reduce -0.8% | 679,566 | $22.4M |
| Marshall Wace, LLP | 0.02% | Add +6742.9% | 637,350 | $21.0M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Add +165.9% | 616,926 | $20.3M |
| Jane Street Group, LLC | 0.02% | Add +66.1% | 616,051 | $20.3M |
| Capital World Investors | 0.00% | No change | 611,995 | $20.1M |
| Principal Financial Group Inc. | 0.01% | Reduce -2.0% | 575,061 | $18.9M |
| Goldman Sachs Group Inc. | 0.00% | Reduce -22.6% | 550,065 | $18.1M |
| Hosking Partners LLP | 0.64% | Reduce -1.8% | 536,903 | $17.7M |
| Neuberger Berman Group LLC | 0.01% | Add +2168.0% | 526,160 | $17.3M |
| HSBC Holdings PLC | 0.01% | Add +54.5% | 523,068 | $17.1M |
| First Trust Advisors LP | 0.01% | Add +91.5% | 517,060 | $17.0M |
| Swiss National Bank | 0.01% | Add +1.5% | 502,113 | $16.5M |
| Regal Partners Ltd | 1.06% | Add +7.0% | 451,940 | $14.9M |
| Gotham Asset Management | 0.06% | Add +12.2% | 436,889 | $14.4M |
| California Public Employees Retirement System | 0.01% | Add +5.1% | 436,822 | $14.4M |
| Federated Hermes, Inc. | 0.02% | Reduce -8.2% | 427,680 | $14.1M |
| Mirabella Financial Services LLP | 1.17% | Add +25.1% | 406,715 | $13.4M |
| Macquarie Group Ltd. | 0.02% | Reduce -3.3% | 398,914 | $13.1M |
| Legal & General Group Plc | 0.00% | Reduce -5.2% | 388,033 | $12.8M |
| Trexquant Investment LP | 0.13% | New | 386,593 | $12.7M |
| New York State Common Retirement Fund | 0.02% | Reduce -13.4% | 374,839 | $12.3M |
| Amundi | 0.00% | Reduce -15.0% | 347,173 | $11.7M |
| Nuveen, LLC | 0.00% | Reduce -25.8% | 346,478 | $11.4M |
| Alliancebernstein L.P. | 0.00% | Reduce -1.1% | 336,349 | $11.1M |
| Empowered Funds, LLC | 0.11% | Add +24.1% | 322,380 | $10.6M |
| Retirement Systems of Alabama | 0.03% | Reduce -1.1% | 313,044 | $10.3M |
| Sei Investments Co. | 0.01% | Add +1127.2% | 312,949 | $10.3M |
| Mountaineer Partners Management, LLC | 5.67% | Reduce -2.7% | 296,642 | $9.8M |
| Cubist Systematic Strategies, LLC | 0.13% | Add +1804.1% | 281,086 | $9.2M |
| Federation des caisses Desjardins du Quebec | 0.04% | Add +47.1% | 279,421 | $9.2M |
| Wellington Management Group LLP | 0.00% | Reduce -61.0% | 279,143 | $9.2M |
| Ameriprise Financial Inc. | 0.00% | Reduce -4.4% | 275,161 | $9.1M |
| Balyasny Asset Management L.P. | 0.02% | Add +35.9% | 274,035 | $9.0M |
| Schonfeld Strategic Advisors LLC | 0.06% | Reduce -42.6% | 263,236 | $8.7M |
| Monaco Asset Management SAM | 3.11% | Add +177.8% | 250,000 | $8.2M |
| AXA Investment Managers S.A. | 0.02% | — | 248,517 | $8.2M |
| California State Teachers Retirement System | 0.01% | Reduce -1.5% | 242,472 | $8.0M |
| FMR LLC | 0.00% | Add +102.8% | 241,798 | $8.0M |
| Citigroup Inc. | 0.01% | Reduce -68.4% | 238,060 | $7.8M |
| Royal Bank of Canada | 0.00% | Reduce -60.3% | 237,403 | $7.8M |
| Manufacturers Life Insurance Company, The | 0.01% | Reduce -11.5% | 230,679 | $7.6M |
| New Age Alpha Advisors, LLC | 0.31% | Reduce -2.2% | 223,883 | $7.4M |
| New York State Teachers Retirement System | 0.01% | Add +2.6% | 221,733 | $7.3M |
| Franklin Resources Inc. | 0.00% | Add +464.3% | 380,960 | $6.7M |
| Wesleyan Assurance Society | 0.40% | No change | 201,571 | $6.6M |
| Verition Fund Management LLC | 0.04% | Reduce -69.5% | 196,624 | $6.5M |
| PNC Financial Services Group, Inc. | 0.00% | Reduce -0.8% | 191,254 | $6.3M |
| ExodusPoint Capital Management, LP | 0.09% | Add +108.8% | 190,568 | $6.3M |
| CIBC Bancorp USA Inc. | 0.04% | — | 187,462 | $6.2M |
| Deutsche Bank AG | 0.00% | Reduce -22.5% | 185,853 | $6.1M |
| Wells Fargo & Company | 0.00% | Reduce -22.9% | 182,543 | $6.0M |
| State Board of Administration of Florida Retirement System | 0.01% | Reduce -1.3% | 179,171 | $5.9M |
| Simplex Trading, LLC | 0.13% | Add +389.8% | 177,349 | $5.8M |
| Atom Investors LP | 0.44% | Add +36.1% | 177,309 | $5.8M |
| Wolverine Trading, LLC | 0.12% | New | 171,957 | $5.8M |
| Walleye Trading LLC | 0.09% | Add +0.7% | 176,037 | $5.8M |
| Lighthouse Investment Partners, LLC | 0.20% | New | 170,458 | $5.6M |
| Y-Intercept (Hong Kong) Ltd | 0.13% | Add +52.9% | 165,736 | $5.5M |
| CANADA LIFE ASSURANCE Co | 0.01% | No change | 151,182 | $5.1M |
| Corecam Pte. Ltd. | 2.72% | Add +2.0% | 154,980 | $5.1M |
| DRW Securities, LLC | 0.24% | Add +1.2% | 141,433 | $4.7M |
| Nordea Investment Management AB | 0.00% | Add +190.8% | 142,050 | $4.6M |
| Credit Agricole S A | 0.01% | — | 133,771 | $4.4M |
| Integrated Wealth Concepts LLC | 0.04% | Add +295.9% | 133,090 | $4.4M |
| MetLife Investment Management, LLC | 0.02% | New | 133,068 | $4.4M |
| Mercer Global Advisors Inc. | 0.01% | Reduce -0.3% | 129,390 | $4.3M |
| Hollencrest Capital Management | 0.15% | No change | 128,965 | $4.2M |
| CoreCommodity Management, LLC | 0.75% | Reduce -10.8% | 126,201 | $4.2M |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 0.01% | Add +0.8% | 124,768 | $4.1M |
| Wealth High Governance Capital Ltda | 1.13% | New | 120,000 | $3.9M |
| Mutual of America Capital Management LLC | 0.04% | Reduce -7.1% | 119,575 | $3.9M |
| Jain Global LLC | 0.05% | New | 118,604 | $3.9M |
| Amalgamated Bank | 0.03% | Add +0.4% | 118,325 | $3.9M |
| Treasurer of the State of North Carolina | 0.01% | Reduce -3.8% | 116,177 | $3.8M |
| Police & Firemen's Retirement System of New Jersey | 0.03% | Add +17.1% | 114,539 | $3.8M |
| Raymond James Financial Inc. | 0.00% | Add +85.0% | 111,091 | $3.7M |
| Algert Global LLC | 0.06% | Add +18.0% | 110,221 | $3.6M |
| Janus Henderson Group PLC | 0.00% | No change | 109,100 | $3.6M |
| Aquatic Capital Management LLC | 0.06% | New | 105,812 | $3.5M |
| LPL Financial LLC | 0.00% | Reduce -4.5% | 97,513 | $3.2M |
| GMO | 0.01% | New | 97,400 | $3.2M |
| State of New Jersey Common Pension Fund D | 0.01% | Add +8.2% | 96,964 | $3.2M |
| State of Tennessee, Department of Treasury | 0.01% | Reduce -19.4% | 95,577 | $3.1M |
| Two Sigma Advisers, LP | 0.01% | Reduce -44.0% | 93,400 | $3.1M |
| Glenmede Investment Management, LP | 0.01% | Reduce -22.3% | 90,805 | $3.0M |
| Thrivent Financial for Lutherans | 0.01% | Reduce -57.9% | 89,364 | $2.9M |
| Yousif Capital Management, LLC | 0.03% | Reduce -6.3% | 87,529 | $2.9M |
| SG Americas Securities, LLC | 0.01% | Reduce -33.8% | 86,451 | $2.8M |
| Hudson Bay Capital Management LP | 0.02% | Reduce -33.8% | 86,165 | $2.8M |
| Leonteq Securities AG | 0.15% | Add +7.2% | 83,679 | $2.8M |
| Boston Partners | 0.00% | Reduce -5.3% | 82,978 | $2.7M |
| CI Investments Inc. | 0.01% | Reduce -3.6% | 82,692 | $2.7M |
| Polymer Capital Management (US) LLC | 0.36% | Reduce -14.0% | 82,657 | $2.7M |
| Group One Trading LLC | 0.08% | Add +17.2% | 82,089 | $2.7M |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.01% | Reduce -9.8% | 81,759 | $2.7M |
| Renaissance Technologies | 0.00% | Reduce -95.0% | 81,296 | $2.7M |
| Public Employees Retirement System of Ohio | 0.01% | Add +0.6% | 80,723 | $2.7M |
| American Century Companies Inc. | 0.00% | Add +13.6% | 79,818 | $2.6M |
| Teachers Retirement System of the State of Kentucky | 0.02% | No change | 76,851 | $2.5M |
| Arizona State Retirement System | 0.01% | Add +1.4% | 76,612 | $2.5M |
| Lesa Sroufe & Co | 2.01% | Add +0.5% | 75,504 | $2.5M |
| Commonwealth Equity Services, LLC | 0.00% | Reduce -12.0% | 75,467 | $2.5M |
| Freemont Management S.A. | 1.92% | Add +50.0% | 75,000 | $2.5M |
| Alphadyne Asset Management LP | 1.67% | New | 75,000 | $2.5M |
| American Assets Investment Management, LLC | 0.18% | No change | 75,000 | $2.5M |
| HighTower Advisors, LLC | 0.00% | Reduce -8.6% | 74,676 | $2.5M |
| Horizon Investments, LLC | 0.03% | New | 73,594 | $2.4M |
| Cohen & Steers, Inc. | 0.00% | New | 73,305 | $2.4M |
| Louisiana State Employees Retirement System | 0.04% | Reduce -1.0% | 72,100 | $2.4M |
| Storebrand Asset Management As | 0.01% | Reduce -44.3% | 70,514 | $2.3M |
| Comerica Bank | 0.01% | Reduce -8.4% | 69,568 | $2.3M |
| Ameritas Investment Partners, Inc. | 0.07% | Reduce -4.8% | 66,589 | $2.2M |
| Commonwealth of Pennsylvania Public School Empls Retrmt SYS | 0.01% | Reduce -0.1% | 66,450 | $2.2M |
| South Dakota Investment Council | 0.04% | Add +2.2% | 65,683 | $2.2M |
| Graham Capital Management, L.P. | 0.12% | Add +10.5% | 64,179 | $2.1M |
| BNP Paribas Financial Markets | 0.00% | Reduce -68.3% | 63,279 | $2.1M |
| Pacer Advisors, Inc. | 0.01% | Add +455.9% | 62,982 | $2.1M |
| State of Michigan Retirement System | 0.01% | Reduce -1.0% | 61,675 | $2.0M |
| Bank of Montreal | 0.00% | Reduce -3.6% | 61,652 | $2.0M |
| Northwestern Mutual Investment Management Company, LLC | 0.03% | Reduce -0.2% | 57,711 | $1.9M |
| Quadrature Capital Ltd | 0.02% | Add +7.2% | 57,468 | $1.9M |
| Point72 Europe (London) LLP | 0.10% | New | 56,890 | $1.9M |
| Cerity Partners LLC | 0.00% | Add +24.2% | 56,613 | $1.9M |
| Brevan Howard Capital Management LP | 0.03% | New | 56,455 | $1.9M |
| Boothbay Fund Management, LLC | 0.05% | Reduce -63.9% | 56,271 | $1.9M |
| KLP Kapitalforvaltning As | 0.01% | Add +3.4% | 54,700 | $1.8M |
| LMR Partners LLP | 0.03% | Add +1161.4% | 54,000 | $1.8M |
| Recurrent Investment Advisors LLC | 0.13% | No change | 53,411 | $1.8M |
| Oregon Public Employees Retirement Fund | 0.02% | Reduce -1.7% | 52,124 | $1.7M |
| State of Wisconsin Investment Board | 0.00% | Add +6.1% | 51,983 | $1.7M |
| New Mexico Educational Retirement Board | 0.05% | No change | 51,200 | $1.7M |
| Campbell & CO Investment Adviser LLC | 0.12% | New | 48,207 | $1.6M |
| Persistent Asset Partners Ltd | 1.13% | Add +20.9% | 47,427 | $1.6M |
| Sig Brokerage, LP | 0.38% | Add +37.3% | 46,446 | $1.5M |
| Ensign Peak Advisors, Inc | 0.00% | Reduce -33.9% | 46,295 | $1.5M |
| Blume Capital Management, Inc. | 0.29% | Add +2.4% | 45,645 | $1.5M |
| Cibc World Market Inc. | 0.00% | Add +29.3% | 45,284 | $1.5M |
| VIRGINIA RETIREMENT SYSTEMS ET Al | 0.01% | Add +63.6% | 45,000 | $1.5M |
| Teacher Retirement System of Texas | 0.01% | Reduce -19.6% | 44,860 | $1.5M |
| Ieq Capital, LLC | 0.00% | Add +61.7% | 44,779 | $1.5M |
| SummitTX Capital, L.P. | 0.06% | Reduce -82.5% | 43,789 | $1.4M |
| Banco Bilbao Vizcaya Argentaria, S.A. | 0.01% | Reduce -44.8% | 43,587 | $1.4M |
| Quantinno Capital Management LP | 0.00% | Add +108.3% | 41,073 | $1.4M |
| OMERS ADMINISTRATION Corp | 0.01% | New | 40,000 | $1.3M |
| Stifel Financial Corp. | 0.00% | Reduce -32.1% | 39,822 | $1.3M |
| Merewether Investment Management, LP | 0.03% | New | 37,500 | $1.2M |
| Empirical Finance, LLC | 0.06% | Add +0.6% | 37,319 | $1.2M |
| SIH Partners, LLLP | 0.11% | New | 37,004 | $1.2M |
| Pictet Asset Management Holding SA | 0.00% | Reduce -7.2% | 36,659 | $1.2M |
| JTC Employer Solutions Trustee Ltd | 0.10% | No change | 35,437 | $1.2M |
| Mitsubishi UFJ Trust & Banking Corp | 0.00% | New | 34,795 | $1.1M |
| Summit Wealth Group LLC / Co. | 0.12% | New | 4,956 | $1.1M |
| Capstone Investment Advisors, LLC | 0.01% | Reduce -96.5% | 33,721 | $1.1M |
| Arax Advisory Partners | 0.02% | Add +10024.2% | 33,511 | $1.1M |
| Weiss Asset Management LP | 0.02% | New | 33,336 | $1.1M |
| Creative Planning | 0.00% | Add +19.0% | 33,253 | $1.1M |
| Vanguard Personalized Indexing Management, LLC | 0.01% | Add +7.1% | 32,735 | $1.1M |
| Mariner, LLC | 0.00% | Add +11.0% | 32,354 | $1.1M |
| National Bank of Canada | 0.00% | Reduce -8.0% | 31,512 | $1.0M |
| Prudential Financial Inc. | 0.00% | Reduce -45.8% | 31,286 | $1.0M |
| O'shaughnessy Asset Management, LLC | 0.01% | Add +267.0% | 30,103 | $990K |
| Natixis | 0.01% | Add +442.5% | 29,591 | $973K |
| Xponance LLC | 0.01% | Reduce -3.6% | 29,351 | $965K |
| Fiduciary Alliance LLC | 0.06% | Reduce -6.3% | 29,070 | $956K |
| Penserra Capital Management LLC | 0.01% | Add +2.6% | 29,012 | $954K |
| Cetera Investment Advisers | 0.00% | Add +91.0% | 28,784 | $947K |
| Osaic Holdings, Inc. | 0.00% | Reduce -0.8% | 28,987 | $942K |
| Cambridge Investment Research Advisors, Inc. | 0.00% | Add +27.9% | 28,267 | $930K |
| Cloverfields Capital Group, LP | 0.29% | Reduce -37.8% | 27,975 | $920K |
| State of Alaska, Department of Revenue | 0.01% | Reduce -4.2% | 27,905 | $917K |
| Bank Julius Baer & Co. Ltd, Zurich | 0.00% | No change | 26,500 | $872K |
| New York Life Investment Management LLC | 0.01% | Reduce -3.1% | 26,142 | $860K |
| Hartree Partners, LP | 0.29% | Add +24.9% | 25,000 | $822K |
| Jump Financial, LLC | 0.01% | Reduce -92.5% | 24,591 | $809K |
| Aberdeen Group plc | 0.00% | Add +116.8% | 23,145 | $783K |
| Janney Montgomery Scott LLC | 0.00% | Reduce -4.7% | 22,711 | $747K |
| Envestnet Asset Management Inc. | 0.00% | Add +28.9% | 22,538 | $741K |
| Quadrant Capital Group LLC | 0.02% | Add +1.5% | 22,497 | $740K |
| D. E. Shaw & Co. | 0.00% | New | 22,391 | $736K |
| Caxton Associates LLP | 0.02% | Reduce -31.2% | 21,977 | $723K |
| Old West Investment Management, LLC | 0.16% | New | 21,865 | $719K |
| Los Angeles Capital Management LLC | 0.00% | No change | 21,853 | $719K |
| HMS Capital Management, LLC | 0.30% | Add +7.9% | 21,438 | $705K |
| Pathstone Holdings, LLC | 0.00% | Reduce -8.2% | 20,533 | $675K |
| Lido Advisors, LLC | 0.00% | Reduce -2.5% | 20,417 | $672K |
| Convergence Investment Partners, LLC | 0.15% | New | 20,290 | $667K |
| Quinn Opportunity Partners LLC | 0.05% | No change | 20,000 | $658K |
| Public Employees Retirement Association of Colorado | 0.00% | No change | 19,732 | $649K |
| Prelude Capital Management, LLC | 0.05% | Add +17.0% | 19,633 | $646K |
| Securian Asset Management, Inc. | 0.02% | Reduce -1.6% | 19,391 | $638K |
| Wealth Enhancement Advisory Services, LLC | 0.00% | Add +9.1% | 17,739 | $630K |
| Twin Capital Management Inc. | 0.08% | Reduce -1.9% | 18,763 | $617K |
| Cwm, LLC | 0.00% | Add +0.6% | 18,740 | $616K |
| Tidal Investments LLC | 0.00% | Reduce -40.6% | 18,573 | $611K |
| Sendero Wealth Management, LLC | 0.07% | Reduce -2.0% | 18,501 | $608K |
| Marex Group Ltd | 0.01% | New | 18,372 | $604K |
| Fox Run Management, L.L.C. | 0.09% | New | 17,928 | $590K |
| Focus Partners Advisor Solutions, LLC | 0.01% | New | 16,130 | $568K |
| Essential Partners LLC | 0.18% | Add +0.1% | 16,921 | $557K |
| Aster Capital Management (DIFC) Ltd | 0.27% | New | 16,491 | $542K |
| Summit Trail Advisors, LLC | 0.01% | New | 16,420 | $540K |
| Aviva PLC | 0.00% | New | 16,099 | $529K |
| Sterling Capital Management LLC | 0.01% | Reduce -10.1% | 15,976 | $525K |
| J. Safra Sarasin Holding AG | 0.01% | Reduce -27.6% | 14,926 | $491K |
| Beirne Wealth Consulting Services, LLC | 0.12% | New | 14,772 | $486K |
| Altshuler Shaham Ltd | 0.01% | Add +28.6% | 14,616 | $481K |
| Great Valley Advisor Group, Inc. | 0.01% | Reduce -0.5% | 14,520 | $478K |
| Moors & Cabot, Inc. | 0.02% | Reduce -2.9% | 14,395 | $473K |
| Commerce Bank | 0.00% | Add +0.6% | 14,265 | $469K |
| Kestra Private Wealth Services, LLC | 0.01% | Reduce -1.2% | 14,044 | $462K |
| M&T Bank Corp | 0.00% | Reduce -13.7% | 13,816 | $454K |
| Alps Advisors Inc. | 0.00% | Add +31.2% | 13,715 | $451K |
| Utah Retirement Systems | 0.00% | No change | 13,658 | $449K |
| Merit Financial Group, LLC | 0.00% | New | 13,513 | $444K |
| Gsa Capital Partners LLP | 0.04% | New | 13,401 | $441K |
| Crossmark Global Holdings, Inc. | 0.01% | Add +0.3% | 13,355 | $439K |
| Private Advisor Group, LLC | 0.00% | Reduce -6.0% | 13,318 | $438K |
| D.A. Davidson & Co. | 0.00% | Add +7.5% | 13,219 | $435K |
| Sciencast Management LP | 0.08% | New | 13,168 | $433K |
| YHB Investment Advisors, Inc. | 0.03% | No change | 12,810 | $421K |
| Cantor Fitzgerald, L. P. | 0.01% | New | 12,803 | $421K |
| VestGen Advisors, LLC | 0.01% | Reduce -39.1% | 12,791 | $421K |
| Nomura Holdings Inc. | 0.00% | New | 12,785 | $420K |
| Baader Bank Aktiengesellschaft | 0.03% | Reduce -7.4% | 13,473 | $412K |
| Scientech Research LLC | 0.14% | Reduce -60.0% | 12,500 | $411K |
| Versor Investments LP | 0.08% | Reduce -58.2% | 12,500 | $411K |
| FNY Investment Advisers, LLC | 0.14% | Add +149.5% | 12,473 | $410K |
| Focus Partners Wealth | 0.00% | Add +68.4% | 12,159 | $400K |
| Pallas Capital Advisors LLC | 0.01% | Reduce -3.3% | 12,121 | $399K |
| Bridgefront Capital, LLC | 0.12% | Add +47.8% | 12,099 | $398K |
| Captrust Financial Advisors | 0.00% | Add +3.8% | 12,060 | $397K |
| Prospera Financial Services Inc | 0.01% | Add +29.7% | 11,877 | $391K |
| XY Capital Ltd | 0.32% | New | 11,738 | $386K |
| Natixis Advisors, LLC | 0.00% | New | 11,700 | $385K |
| DAVENPORT & Co LLC | 0.00% | No change | 11,653 | $383K |
| Guggenheim Capital LLC | 0.00% | Add +24.4% | 11,581 | $381K |
| Nisa Investment Advisors, LLC | 0.00% | Add +3.2% | 11,581 | $381K |
| Maryland State Retirement & Pension System | 0.01% | No change | 11,531 | $379K |
| XTX Topco Ltd | 0.02% | New | 11,419 | $376K |
| Nwam LLC | 0.02% | Add +26.6% | 9,625 | $375K |
| Forum Financial Management, LP | 0.01% | Add +55.9% | 11,392 | $375K |
| Swiss Life Asset Management Ltd | 0.00% | New | 11,250 | $370K |
| GTS Securities LLC | 0.01% | Add +10.6% | 11,188 | $368K |
| ProShare Advisors LLC | 0.00% | Reduce -4.0% | 11,013 | $362K |
| Synovus Financial Corp. | 0.00% | Reduce -0.5% | 10,832 | $356K |
| Advisors Asset Management, Inc. | 0.01% | Add +35.8% | 10,788 | $355K |
| MML Investors Services, LLC | 0.00% | Add +2.6% | 10,665 | $351K |
| Prime Capital Investment Advisors, LLC | 0.00% | Add +0.4% | 10,478 | $345K |
| Corient Private Wealth LP | 0.00% | Add +9.0% | 10,307 | $339K |
| Tower Research Capital LLC (TRC) | 0.01% | Add +120.8% | 10,297 | $339K |
| &partners | 0.00% | Reduce -19.3% | 9,292 | $331K |
| Aegis Wealth Management LLC | 0.18% | New | 10,008 | $329K |
| Atlantic Union Bankshares Corp | 0.01% | Add +1467.4% | 9,859 | $324K |
| Savant Capital, LLC | 0.00% | Add +28.0% | 9,695 | $319K |
| Emprise Bank | 0.13% | No change | 9,410 | $309K |
| MQS Management LLC | 0.18% | New | 9,384 | $309K |
| Oppenheimer & Co. Inc. | 0.00% | Reduce -13.2% | 9,274 | $305K |
| Two Sigma Investments, LP | 0.00% | Add +10.4% | 9,164 | $301K |
| Consolidated Portfolio Review Corp | 0.04% | New | 9,050 | $298K |
| Circle Wealth Management, LLC | 0.01% | No change | 8,746 | $288K |
| Global Retirement Partners, LLC | 0.01% | Add +0.3% | 8,225 | $271K |
| Arkadios Wealth Advisors | 0.01% | Reduce -4.7% | 8,146 | $268K |
| Truist Financial Corp. | 0.00% | Reduce -22.3% | 8,139 | $268K |
| QRG Capital Management, Inc. | 0.00% | Reduce -63.6% | 8,034 | $264K |
| Praxis Investment Management Inc. | 0.02% | No change | 8,020 | $264K |
| Supplemental Annuity Collective Trust of NJ | 0.07% | No change | 8,000 | $263K |
| Tudor Investment Corporation | 0.00% | New | 7,992 | $263K |
| Ritholtz Wealth Management | 0.01% | New | 7,897 | $260K |
| Vident Advisory, LLC | 0.00% | Add +4.1% | 7,842 | $258K |
| Wedmont Private Capital | 0.01% | New | 7,008 | $249K |
| Bayforest Capital Ltd | 0.12% | Reduce -57.5% | 7,399 | $243K |
| Diversified Trust Co. | 0.00% | Add +0.5% | 7,347 | $242K |
| KBC Group NV | 0.00% | No change | 7,333 | $241K |
| Point72 Asia (Singapore) Pte. Ltd. | 0.04% | New | 7,156 | $235K |
| Point72 (DIFC) Ltd | 0.02% | New | 7,051 | $232K |
| Kestra Advisory Services, LLC | 0.00% | Reduce -6.7% | 6,995 | $230K |
| EntryPoint Capital, LLC | 0.09% | Reduce -65.6% | 6,959 | $229K |
| Trajan Wealth LLC | 0.01% | Reduce -10.9% | 6,926 | $228K |
| Vontobel Holding Ltd. | 0.00% | Reduce -68.2% | 6,867 | $226K |
| Gryphon Financial Partners LLC | 0.03% | Reduce -14.7% | 6,816 | $224K |
| Fifth Third Wealth Advisors LLC | 0.01% | New | 6,701 | $220K |
| Coldstream Capital Management Inc. | 0.00% | New | 6,553 | $216K |
| Orion Porfolio Solutions, LLC | 0.00% | New | 6,495 | $214K |
| Jones Financial Companies LLLP | 0.00% | Add +131.8% | 6,416 | $210K |
| Mgo One Seven LLC | 0.00% | Reduce -11.6% | 6,349 | $209K |
| Crescent Grove Advisors, LLC | 0.02% | New | 6,298 | $207K |
| Hantz Financial Services, Inc. | 0.00% | Add +137.2% | 6,299 | $207K |
| TD Waterhouse Canada Inc. | 0.00% | Reduce -0.1% | 5,994 | $206K |
| State of Wyoming | 0.02% | Add +33.0% | 6,269 | $206K |
| Farther Finance Advisors, LLC | 0.00% | Add +722.1% | 6,248 | $205K |
| Innealta Capital, LLC | 0.10% | Reduce -25.1% | 6,212 | $204K |
| EPG Wealth Management LLC | 0.06% | New | 6,195 | $204K |
| STRS Ohio | 0.00% | Reduce -82.4% | 6,179 | $203K |
| US Bancorp \de | 0.00% | Add +0.5% | 5,702 | $188K |
| CIBC Private Wealth Group LLC | 0.00% | Add +18.7% | 5,543 | $182K |
| Danske Bank A/S | 0.00% | No change | 4,400 | $145K |
| MAI Capital Management | 0.00% | Reduce -1.0% | 4,359 | $143K |
| Allworth Financial LP | 0.00% | Add +1.0% | 4,255 | $140K |
| Point72 Hong Kong Ltd | 0.01% | New | 4,002 | $132K |
| Investors Research Corp | 0.02% | No change | 3,938 | $130K |
| GAMMA Investing LLC | 0.01% | Add +20.4% | 3,689 | $121K |
| Caitlin John, LLC | 0.08% | New | 3,547 | $117K |
| Steward Partners Investment Advisory, LLC | 0.00% | Reduce -0.1% | 3,423 | $113K |
| Parallel Advisors, LLC | 0.00% | Add +6.3% | 3,292 | $108K |
| Rosenberg Matthew Hamilton | 0.02% | No change | 3,176 | $104K |
| Meeder Asset Management Inc. | 0.01% | New | 3,154 | $104K |
| Mascoma Wealth Management LLC | 0.02% | No change | 3,000 | $99K |
| AlphaQuest LLC | 0.01% | New | 2,975 | $98K |
| Wealthspire Advisors, LLC | 0.00% | New | 2,956 | $97K |
| Ameritas Advisory Services, LLC | 0.01% | Reduce -1.1% | 2,751 | $90K |
| Nomura Asset Management Co. Ltd. | 0.00% | No change | 2,730 | $90K |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 0.00% | Reduce -1.7% | 2,658 | $87K |
| Chilton Capital Management LLC | 0.00% | No change | 2,567 | $84K |
| William B. Walkup & Associates, Inc. | 0.04% | Reduce -0.1% | 2,548 | $84K |
| UMB Bank, n.a. | 0.00% | Add +0.5% | 2,341 | $77K |
| EverSource Wealth Advisors, LLC | 0.00% | Add +6.1% | 2,164 | $71K |
| Covestor Ltd | 0.04% | Add +635.0% | 2,124 | $69K |
| Signaturefd, LLC | 0.00% | Reduce -2.7% | 2,006 | $66K |
| Tompkins Financial Corp. | 0.01% | No change | 2,000 | $66K |
| Northwestern Mutual Wealth Management Co. | 0.00% | Reduce -93.0% | 1,963 | $65K |
| Fifth Third Bancorp | 0.00% | Reduce -9.8% | 1,925 | $63K |
| Wilmington Savings Fund Society, FSB | 0.00% | Reduce -71.9% | 1,751 | $58K |
| Geneos Wealth Management Inc. | 0.00% | Reduce -14.4% | 1,681 | $55K |
| Heartwood Wealth Advisors LLC | 0.00% | New | 1,607 | $53K |
| Montag A & Associates Inc. | 0.00% | No change | 1,300 | $43K |
| Huntington National Bank | 0.00% | Add +167.9% | 1,259 | $41K |
| SBI Securities Co., Ltd. | 0.00% | Add +16.9% | 1,204 | $40K |
| NewEdge Advisors, LLC | 0.00% | Add +91.9% | 1,161 | $38K |
| Westfuller Advisors, LLC | 0.02% | New | 1,065 | $35K |
| IFP Advisors, Inc | 0.00% | Add +15.5% | 1,036 | $34K |
| Investment Research & Advisory Group, Inc. | 0.01% | Add +0.3% | 1,022 | $34K |
| Consultiva Wealth Management, Corp. | 0.09% | No change | 1,000 | $33K |
| Orion Capital Management LLC | 0.01% | New | 1,000 | $33K |
| Bessemer Group Inc. | 0.00% | Add +20.9% | 988 | $32K |
| Rockefeller Capital Management L.P. | 0.00% | New | 905 | $30K |
| Root Financial Partners, LLC | 0.00% | New | 888 | $29K |
| Advisory Services Network, LLC | 0.00% | New | 830 | $27K |
| Ritter Daniher Financial Advisory LLC / DE | 0.00% | No change | 733 | $24K |
| Deseret Mutual Benefit Administrators | 0.01% | No change | 690 | $23K |
| Larson Financial Group LLC | 0.00% | Add +218.4% | 675 | $22K |
| 1620 Investment Advisors, Inc. | 0.01% | Reduce -74.8% | 645 | $21K |
| Rothschild Investment LLC | 0.00% | Add +1.0% | 623 | $20K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | Reduce -5.8% | 623 | $20K |
| Trust Co. of Toledo NA | 0.00% | No change | 622 | $20K |
| Creative Financial Designs Inc. | 0.00% | Add +32.5% | 619 | $20K |
| Rise Advisors, LLC | 0.01% | Add +0.3% | 615 | $20K |
| Physician Wealth Advisors, Inc. | 0.00% | Add +0.3% | 588 | $19K |
| Smartleaf Asset Management LLC | 0.00% | Add +34.8% | 554 | $19K |
| Sunbelt Securities, Inc. | 0.00% | Reduce -0.4% | 555 | $18K |
| Quent Capital, LLC | 0.00% | New | 508 | $17K |
| AdvisorNet Financial, Inc | 0.00% | Add +1112.2% | 497 | $16K |
| Optiver Holding B.V. | 0.00% | Reduce -40.0% | 495 | $16K |
| Country Trust Bank | 0.00% | No change | 482 | $16K |
| Mitsubishi UFJ Asset Management Co., Ltd. | 0.00% | No change | 482 | $16K |
| Scarborough Advisors, LLC | 0.00% | Add +300.8% | 481 | $16K |
| Harbour Investments, Inc. | 0.00% | Add +49.7% | 476 | $16K |
| Assetmark, Inc. | 0.00% | Add +565.7% | 466 | $15K |
| Westside Investment Management, Inc. | 0.00% | Add +0.2% | 460 | $15K |
| Smithfield Trust Co | 0.00% | No change | 435 | $15K |
| JCIC Asset Management Inc. | 0.00% | — | 440 | $14K |
| Shell Asset Management Co. | 0.00% | Reduce -72.1% | 414 | $14K |
| American National Bank & Trust | 0.00% | No change | 402 | $13K |
| Cornerstone Planning Group LLC | 0.00% | New | 177 | $13K |
| LRI Investments, LLC | 0.00% | No change | 374 | $12K |
| Quarry LP | 0.00% | New | 354 | $12K |
| Clearstead Advisors, LLC | 0.00% | Add +0.6% | 349 | $11K |
| Prestige Wealth Management Group LLC | 0.00% | No change | 334 | $11K |
| CoreCap Advisors, LLC | 0.00% | No change | 320 | $11K |
| Graney & King, LLC | 0.01% | New | 300 | $10K |
| Trust Co. of Vermont | 0.00% | New | 300 | $10K |
| Versant Capital Management, Inc | 0.00% | Add +14.2% | 298 | $10K |
| Salomon & Ludwin, LLC | 0.00% | New | 272 | $9K |
| Lanark Financial, Inc. | 0.00% | No change | 284 | $9K |
| Parvin Asset Management, LLC | 0.01% | Add +37.5% | 275 | $9K |
| Winch Advisory Services, LLC | 0.00% | Add +106.8% | 273 | $9K |
| Key Financial Inc | 0.00% | No change | 254 | $9K |
| JPL Wealth Management, LLC | 0.00% | New | 258 | $8K |
| Hemington Wealth Management | 0.00% | Add +54.3% | 267 | $8K |
| SJS Investment Consulting Inc. | 0.00% | No change | 242 | $8K |
| Principal Securities, Inc. | 0.00% | No change | 239 | $8K |
| Smallwood Wealth Investment Management, LLC | 0.00% | No change | 222 | $7K |
| Guerra Advisors Inc | 0.00% | New | 221 | $7K |
| Fortitude Family Office, LLC | 0.00% | Add +3.8% | 219 | $7K |
| Parkside Financial Bank & Trust | 0.00% | Add +5.8% | 217 | $7K |
| Rakuten Securities, Inc. | 0.00% | Reduce -44.5% | 213 | $7K |
| Anchor Investment Management, LLC | 0.00% | Add +0.5% | 207 | $7K |
| Walleye Capital LLC | 0.00% | Reduce -97.7% | 205 | $7K |
| Aspect Partners, LLC | 0.00% | New | 200 | $7K |
| ORG Partners LLC | 0.00% | No change | 200 | $7K |
| Farmers & Merchants Investments Inc. | 0.00% | Add +8.1% | 200 | $7K |
| Gables Capital Management Inc. | 0.00% | No change | 189 | $6K |
| Private Trust Co. NA | 0.00% | Add +2.8% | 184 | $6K |
| GW&K Investment Management, LLC | 0.00% | No change | 190 | $6K |
| Blue Trust, Inc. | 0.00% | Add +44.0% | 180 | $6K |
| JFS Wealth Advisors, LLC | 0.00% | Reduce -4.1% | 165 | $5K |
| Strengthening Families & Communities, LLC | 0.00% | New | 163 | $5K |
| Boyd Watterson Asset Management LLC | 0.00% | No change | 149 | $5K |
| Clearstead Trust, LLC | 0.00% | Add +136.7% | 142 | $5K |
| Spire Wealth Management | 0.00% | Add +0.7% | 141 | $5K |
| Hughes Financial Services, LLC | 0.00% | No change | 117 | $5K |
| HighMark Wealth Management LLC | 0.00% | Reduce -34.3% | 132 | $4K |
| Financial Freedom, LLC | 0.00% | No change | 131 | $4K |
| Strategic Advocates LLC | 0.00% | New | 131 | $4K |
| First Community Trust NA | 0.00% | No change | 127 | $4K |
| Whittier Trust Co. of Nevada Inc. | 0.00% | No change | 118 | $4K |
| Groupe la Francaise | 0.00% | New | 140 | $4K |
| Nemes Rush Group LLC | 0.00% | No change | 106 | $3K |
| Vision Financial Markets LLC | 0.00% | No change | 101 | $3K |
| Kilter Group LLC | 0.00% | No change | 98 | $3K |
| Glen Eagle Advisors, LLC | 0.00% | New | 93 | $3K |
| Rialto Wealth Management, LLC | 0.00% | Add +13.8% | 91 | $3K |
| Caldwell Sutter Capital, Inc. | 0.00% | No change | 86 | $3K |
| Vermillion & White Wealth Management Group, LLC | 0.00% | No change | 80 | $3K |
| Binnacle Investments Inc | 0.00% | New | 77 | $3K |
| Murphy & Mullick Capital Management Corp | 0.00% | No change | 75 | $2K |
| CENTRAL TRUST Co | 0.00% | Reduce -40.0% | 75 | $2K |
| Evermay Wealth Management LLC | 0.00% | No change | 65 | $2K |
| Avion Wealth | 0.00% | No change | 80 | $2K |
| Tsfg, LLC | 0.00% | No change | 67 | $2K |
| Caldwell Trust Co | 0.00% | No change | 58 | $2K |
| Brown, Lisle/Cummings, Inc. | 0.00% | No change | 55 | $2K |
| Truvestments Capital LLC | 0.00% | No change | 55 | $2K |
| Bogart Wealth, LLC | 0.00% | New | 47 | $2K |
| HM Payson & Co. | 0.00% | No change | 47 | $2K |
| Cromwell Holdings LLC | 0.00% | Add +41.9% | 44 | $1K |
| Halbert Hargrove Global Advisors, LLC | 0.00% | New | 44 | $1K |
| TOWER TRUST & INVESTMENT Co | 0.00% | No change | 44 | $1K |
| SouthState Bank Corp | 0.00% | Reduce -36.4% | 42 | $1K |
| GPS Wealth Strategies Group, LLC | 0.00% | Reduce -85.4% | 41 | $1K |
| Main Street Group, LTD | 0.00% | No change | 40 | $1K |
| MTM Investment Management, LLC | 0.00% | No change | 39 | $1K |
| Bell Investment Advisors, Inc | 0.00% | Add +81.0% | 38 | $1K |
| MV Capital Management, Inc. | 0.00% | No change | 35 | $1K |
| Pflug Koory, LLC | 0.00% | No change | 33 | $1K |
| Alerus Financial NA | 0.00% | No change | 33 | $1K |
| True Wealth Design, LLC | 0.00% | No change | 32 | $1K |
| Motco | 0.00% | No change | 31 | $1K |
| Cloud Capital Management, LLC | 0.00% | New | 50 | $1K |
| Hazlett, Burt & Watson, Inc. | 0.00% | No change | 17 | $1K |
| T. Rowe Price Investment Management, Inc. | 0.00% | New | 24 | $1K |
| DiNuzzo Private Wealth, Inc. | 0.00% | Add +55.0% | 31 | $998 |
| City State Bank | 0.00% | No change | 29 | $954 |
| Retirement Wealth Solutions LLC | 0.00% | New | 28 | $921 |
| NFSG Corp | 0.00% | No change | 24 | $789 |
| Mather Group, Llc. | 0.00% | New | 24 | $789 |
| REAP Financial Group, LLC | 0.00% | No change | 24 | $785 |
| Steigerwald, Gordon & Koch Inc. | 0.00% | New | 23 | $756 |
| New England Capital Financial Advisors LLC | 0.00% | No change | 21 | $692 |
| Private Wealth Management Group, LLC | 0.00% | No change | 19 | $625 |
| Raffa Wealth Management, LLC | 0.00% | New | 19 | $625 |
| Kozak & Associates, Inc. | 0.00% | New | 17 | $610 |
| Vermillion Wealth Management, Inc. | 0.00% | New | 17 | $559 |
| Tradewinds Capital Management, LLC | 0.00% | New | 16 | $527 |
| HFM Investment Advisors, LLC | 0.00% | No change | 15 | $493 |
| Bay Harbor Wealth Management, LLC | 0.00% | Add +66.7% | 15 | $493 |
| Pension & Wealth Management Advisors, Inc. | 0.00% | New | 13 | $428 |
| Proffitt & Goodson Inc. | 0.00% | No change | 12 | $395 |
| Stone House Investment Management, LLC | 0.00% | Reduce -42.9% | 12 | $395 |
| Caitong International Asset Management Co., Ltd | 0.00% | Reduce -87.8% | 11 | $362 |
| Fortis Group Advisors, LLC | 0.00% | No change | 11 | $362 |
| Salem Investment Counselors Inc. | 0.00% | No change | 11 | $362 |
| McIlrath & Eck, LLC | 0.00% | No change | 11 | $362 |
| Quaker Wealth Management, LLC | 0.00% | No change | 10 | $329 |
| Maryland Capital Advisors Inc. | 0.00% | No change | 10 | $329 |
| YANKCOM Partnership | 0.00% | New | 10 | $329 |
| Transamerica Financial Advisors, LLC | 0.00% | New | 9 | $296 |
| Bruce G. Allen Investments, LLC | 0.00% | Add +60.0% | 8 | $263 |
| New Millennium Group LLC | 0.00% | New | 7 | $230 |
| Annis Gardner Whiting Capital Advisors, LLC | 0.00% | New | 5 | $165 |
| Private Wealth Asset Management, LLC | 0.00% | No change | 5 | $164 |
| Principia Wealth Advisory, LLC | 0.00% | No change | 3 | $99 |
| American Capital Advisory, LLC | 0.00% | No change | 2 | $67 |
| Raleigh Capital Management Inc. | 0.00% | Reduce -97.1% | 1 | $22 |
| CKW Financial Group | 0.00% | No change | 5 | $0 |
"% of holder's portfolio" is AA's weight in each manager's 13F, not the share of Alcoa Corp. the manager owns.