Ke Holdings Inc.-ADRBEKE

13F holders, Q2 2024 (June 30)
274holders +6
45new positions
37sold out
8famous investors
$14.15avg. 13F price*

At the end of Q2 2024, 274 institutions reported holding Ke Holdings Inc.-ADR (BEKE) in their 13F filings, up 6 from Q1 2024. 45 opened new positions and 37 sold out. The largest holders were T. Rowe Price Associates Inc. ($610.2M), BlackRock Inc. ($488.2M) and Vanguard Group Inc. ($358.2M). 8 famous investors held it, including David Tepper (0.5% of Appaloosa's portfolio), Jim Simons / Peter Brown (0.2% of Renaissance Technologies's portfolio) and Philippe Laffont (0.1% of Coatue Management's portfolio).

Company
Ke Holdings Inc.-ADR
Filed as
KE HLDGS INC (Q2 2024)
CUSIP
482497104
Latest filing quarter
Q2 2026

History

Number of 13F holders

0100200300400 Q1 2024: 268Q1 2024Q2 2024: 274Q2 2024Q3 2024: 287Q3 2024Q4 2024: 301Q4 2024Q1 2025: 307Q1 2025Q2 2025: 257Q2 2025Q3 2025: 241Q3 2025Q4 2025: 222Q4 2025Q1 2026: 199Q1 2026Q2 2026: 204Q2 2026

Total Exit/New Position Q1 2024 → Q2 2024

InstitutionsTotal Value
New Positions45$429.3M
Exits37$135.1M

All 13F filers, Q1 2024 → Q2 2024: 80,998,091 shares bought and 57,971,663 shares sold, net +23,026,428 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.

Ownership 274 holders

T. Rowe Price Associates Inc. 0.07% Add +12.4% 43,126,585 $610.2M
BlackRock Inc. 0.01% Add +3.6% 34,501,955 $488.2M
Vanguard Group Inc. 0.01% Add +0.2% 25,315,368 $358.2M
HHLR Advisors, LTD. 8.09% Reduce -20.6% 23,172,330 $327.9M
Morgan Stanley 0.02% Add +16.7% 18,127,044 $256.5M
JPMorgan Chase & Co. 0.02% Add +215.9% 16,405,127 $232.1M
FIL Ltd 0.22% Add +90.7% 15,992,137 $226.3M
Krane Funds Advisors LLC 9.52% Add +4.8% 15,941,888 $225.6M
Wellington Management Group LLP 0.03% Reduce -15.2% 13,669,557 $193.4M
Capital World Investors 0.03% Reduce -10.2% 13,166,309 $186.3M
GQG Partners LLC 0.28% New 12,989,997 $183.8M
Alkeon Capital Management LLC 0.81% No change 11,137,381 $157.6M
State Street Corp. 0.01% Reduce -1.6% 10,775,420 $152.5M
Schroder Investment Management Group 0.15% Add +47.3% 9,882,293 $139.8M
M&G PLC 0.83% Reduce -10.7% 8,668,167 $121.4M
Renaissance Technologies 0.18% Reduce -7.6% 7,520,794 $106.4M
Goldman Sachs Group Inc. 0.02% Reduce -21.2% 6,846,540 $96.9M
Norges Bank 0.01% Reduce -23.5% 6,321,284 $89.4M
Artisan Partners Limited Partnership 0.13% Reduce -7.5% 6,026,797 $85.3M
Davis Selected Advisers 0.49% Reduce -0.3% 5,995,230 $84.8M
HCEP Management Ltd 22.32% Reduce -33.0% 5,880,718 $83.2M
Bank of America Corp. 0.01% Add +0.6% 5,764,709 $81.6M
Turiya Advisors Asia Ltd 31.11% Add +56.2% 5,070,206 $71.7M
RWC Asset Advisors (us) LLC 7.22% New 5,003,993 $70.8M
Slate Path Capital LP 1.40% New 4,902,058 $69.4M
Farallon Capital Management, L.L.C. 0.40% No change 4,740,833 $67.1M
CoreView Capital Management Ltd 10.25% Reduce -54.4% 4,597,504 $65.1M
Legal & General Group Plc 0.02% Add +8.6% 4,588,532 $64.9M
FMR LLC 0.00% Add +5.7% 4,561,858 $64.6M
ANTIPODES PARTNERS Ltd 2.15% Add +180.3% 4,188,521 $59.3M
E Fund Management Co., Ltd. 3.26% Reduce -16.8% 4,172,572 $59.0M
SC US (ttgp), LTD. 0.47% Reduce -16.7% 4,111,841 $58.2M
Ninety One UK Ltd 0.15% Add +25.1% 3,713,270 $52.5M
Geode Capital Management, LLC 0.00% Add +3.2% 3,720,540 $52.3M
HSG Holding Ltd 1.85% Reduce -16.7% 3,635,656 $50.1M
Manufacturers Life Insurance Company, The 0.04% Add +83.7% 3,355,895 $47.5M
UBS Group AG 0.01% Add +78.6% 2,624,472 $37.1M
Baird Financial Group, Inc. 0.07% Add +4.4% 2,486,647 $35.2M
Allianz Asset Management GmbH 0.06% Add +46.5% 2,455,101 $34.7M
Matthews International Capital Management LLC 7.42% Reduce -35.6% 2,369,481 $33.5M
Man Group plc 0.09% Add +52.0% 2,238,340 $31.7M
Perseverance Asset Management International 4.11% Add +86.0% 2,214,554 $31.3M
HSBC Holdings PLC 0.02% Add +8.9% 2,196,325 $31.1M
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% Reduce -52.2% 2,137,585 $30.2M
Indus Capital Partners, LLC 18.22% Reduce -2.4% 2,103,591 $29.8M
Appaloosa 0.48% Add +22.3% 2,085,000 $29.5M
Marshall Wace, LLP 0.04% Reduce -22.8% 1,982,660 $28.1M
Coatue Management 0.10% Reduce -50.6% 1,877,536 $26.6M
Tybourne Capital Management (hk) Ltd. 4.91% Add +1.1% 1,706,568 $24.1M
Ninety One North America, Inc. 1.21% Add +25.5% 1,689,193 $23.9M
Deutsche Bank AG 0.01% Add +27.9% 1,622,950 $23.0M
Jennison Associates LLC 0.01% Reduce -5.0% 1,580,082 $22.4M
Sumitomo Mitsui Trust Group, Inc. 0.02% Reduce -0.3% 1,507,068 $21.3M
Swiss National Bank 0.01% Reduce -0.2% 1,468,330 $20.8M
Pertento Partners LLP 2.64% Add +50.8% 1,461,702 $20.7M
Robeco Institutional Asset Management B.V. 0.04% Reduce -25.0% 1,445,116 $20.4M
Baillie Gifford & Co. 0.02% Reduce -1.3% 1,444,247 $20.4M
Northern Trust Corp. 0.00% Add +14.7% 1,419,818 $20.1M
Alberta Investment Management Corp 0.22% Add +15.3% 1,412,482 $20.0M
Carrhae Capital LLP 3.12% New 1,348,487 $19.1M
Citadel Advisors 0.02% Add +40.1% 1,278,227 $18.1M
Sylebra Capital LLC 0.66% Reduce -16.8% 1,254,188 $17.7M
Russell Investments Group, Ltd. 0.03% Add +72.1% 1,196,705 $16.9M
Millennium Management 0.01% Add +12.9% 1,187,235 $16.8M
Pictet Asset Management Holding SA 0.02% Add +58.7% 1,111,221 $15.7M
TB Alternative Assets Ltd. 3.59% Reduce -6.7% 1,089,797 $15.4M
Royal London Asset Management Ltd. 0.04% New 1,077,600 $15.2M
Healthcare of Ontario Pension Plan Trust Fund 0.04% Add +23.7% 1,068,300 $15.1M
Bank of New York Mellon Corp 0.00% Add +7.5% 1,044,077 $14.8M
AQR Capital Management 0.02% Add +2.1% 1,029,675 $14.6M
California Public Employees Retirement System 0.01% Reduce -6.8% 1,012,696 $14.3M
Verition Fund Management LLC 0.12% Reduce -35.4% 1,000,000 $14.2M
Barclays PLC 0.01% Add +17.6% 994,013 $14.1M
Nuveen Asset Management, LLC 0.00% Reduce -0.7% 939,005 $13.3M
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.08% Reduce -24.3% 935,250 $13.2M
American Century Companies Inc. 0.01% Add +1.6% 925,257 $13.1M
RWC Asset Management LLP 1.12% New 922,971 $13.1M
Lazard Asset Management LLC 0.02% Add +5.6% 910,735 $12.9M
Point72 Hong Kong Ltd 0.78% Add +28.0% 909,116 $12.9M
Charles Schwab Investment Management Inc. 0.00% Add +12.9% 890,795 $12.6M
Polymer Capital Management (HK) LTD 2.49% Add +232.2% 866,939 $12.3M
MY.Alpha Management HK Advisors Ltd 4.57% Reduce -28.7% 858,297 $12.1M
CANADA LIFE ASSURANCE Co 0.02% Reduce -11.7% 844,283 $11.9M
National Bank of Canada 0.02% New 780,700 $11.5M
Rovida Advisors Inc. 4.03% Add +60.0% 800,000 $11.3M
Greenwoods Asset Management Hong Kong Ltd. 0.29% Add +326.8% 780,872 $11.0M
Royal Bank of Canada 0.00% Add +0.8% 742,177 $10.5M
Van Eck Associates Corp. 0.01% Reduce -2.6% 719,539 $10.2M
Sei Investments Co. 0.01% Reduce -0.2% 717,621 $10.2M
Squarepoint Ops LLC 0.04% Reduce -62.6% 701,528 $9.9M
Harvest Fund Management Co., Ltd 0.71% Reduce -0.6% 696,604 $9.8M
Nordea Investment Management AB 0.01% Add +41.7% 686,536 $9.8M
Oxbow Capital Management (HK) Ltd 3.20% New 667,895 $9.5M
Bridgewater Associates 0.05% Reduce -22.3% 647,978 $9.2M
Invesco Ltd. 0.00% Reduce -15.4% 612,305 $8.7M
Mirae Asset Global Investments Co., Ltd. 0.04% Add +9.7% 568,040 $8.1M
Panagora Asset Management Inc. 0.04% Add +1.3% 564,092 $8.0M
E Fund Management (Hong Kong) Co., Ltd. 4.57% Add +2.3% 526,599 $7.5M
OVERSEA-CHINESE BANKING Corp Ltd 0.22% Reduce -49.8% 514,485 $7.3M
Mitsubishi UFJ Trust & Banking Corp 0.02% Reduce -20.4% 488,219 $6.9M
Pinpoint Asset Management Ltd 0.97% Reduce -21.6% 431,975 $6.9M
Korea Investment CORP 0.02% Add +0.7% 479,196 $6.8M
Aberdeen Group plc 0.01% Add +3.5% 475,468 $6.7M
Qube Research & Technologies Ltd 0.01% New 475,149 $6.7M
Mitsubishi UFJ Asset Management Co., Ltd. 0.01% Add +19.1% 468,562 $6.6M
Aviva PLC 0.02% Add +0.9% 448,083 $6.3M
Prudential PLC 0.04% Add +6.0% 440,959 $6.2M
Oasis Management Co Ltd. 2.11% Reduce -22.7% 440,000 $6.2M
Brown University 2.34% No change 438,546 $6.2M
Think Investments LP 1.26% No change 432,100 $6.1M
Handelsbanken Fonder AB 0.02% Add +21.0% 404,185 $5.7M
Citigroup Inc. 0.01% Add +29.7% 402,262 $5.7M
Ameriprise Financial Inc. 0.00% Add +25.8% 373,629 $5.3M
Capital Fund Management S.A. 0.06% Reduce -66.5% 348,152 $4.9M
WFM ASIA (BVI) Ltd 0.66% Reduce -47.4% 346,440 $4.9M
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% Add +44.4% 338,181 $4.8M
Kingdon Capital Management, L.L.C. 0.69% New 315,000 $4.5M
California State Teachers Retirement System 0.01% Add +24.4% 307,647 $4.4M
Massachusetts Financial Services Co. 0.00% Reduce -25.3% 302,470 $4.3M
KBC Group NV 0.01% Reduce -55.5% 288,352 $4.1M
Dymon Asia Capital (singapore) Pte. LTD. 4.51% Add +42.8% 257,000 $3.6M
LifePro Asset Management 2.61% New 256,842 $3.6M
Oppenheimer Asset Management Inc. 0.05% Add +54.8% 252,941 $3.6M
OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.10% Reduce -6.2% 247,677 $3.5M
Swedbank AB 0.00% No change 247,093 $3.5M
Janus Henderson Group PLC 0.00% New 242,798 $3.4M
SG Americas Securities, LLC 0.02% Add +37.6% 235,853 $3.3M
Storebrand Asset Management As 0.01% Reduce -11.7% 228,510 $3.2M
Abn Amro Investment Solutions 0.06% Add +5.7% 228,259 $3.2M
Envestnet Asset Management Inc. 0.00% Reduce -7.5% 228,226 $3.2M
Nan Fung Trinity (hk) Ltd. 0.74% Reduce -76.7% 227,790 $3.2M
Quadrature Capital Ltd 0.05% New 227,662 $3.2M
Artal Group S.A. 0.08% Reduce -18.2% 225,000 $3.2M
Public Sector Pension Investment Board 0.02% Add +1.8% 222,826 $3.2M
National Pension Service 0.00% No change 219,249 $3.1M
Franklin Resources Inc. 0.00% Add +4.2% 202,541 $2.9M
Banque Cantonale Vaudoise 0.11% Add +66.7% 200,000 $2.8M
Sumitomo Mitsui DS Asset Management Company, Ltd 0.03% Add +421.4% 199,334 $2.8M
Assenagon Asset Management S.A. 0.01% New 187,405 $2.7M
Jane Street Group, LLC 0.00% Reduce -92.2% 184,968 $2.6M
Resona Asset Management Co.,Ltd. 0.02% Reduce -8.0% 182,599 $2.6M
Zurcher Kantonalbank (Zurich Cantonalbank) 0.01% Reduce -41.1% 179,649 $2.5M
BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% Add +459.5% 177,406 $2.5M
Teacher Retirement System of Texas 0.01% Reduce -76.1% 175,730 $2.5M
Balyasny Asset Management L.P. 0.01% Reduce -66.3% 174,464 $2.5M
Prudential Financial Inc. 0.00% Add +97.4% 169,471 $2.4M
New York State Common Retirement Fund 0.00% Add +22.5% 168,421 $2.4M
APG Asset Management N.V. 0.00% Reduce -44.8% 171,466 $2.3M
Centiva Capital, LP 0.11% Add +87.9% 157,909 $2.2M
Carmignac Gestion 0.04% Reduce -84.1% 156,841 $2.2M
Long Corridor Asset Management Ltd 2.63% New 151,295 $2.1M
Marex Group Ltd 0.06% Reduce -2.3% 151,000 $2.1M
China Universal Asset Management Co., Ltd. 0.26% Reduce -7.7% 132,000 $1.9M
Twinbeech Capital LP 0.04% Reduce -5.6% 127,569 $1.8M
Danske Bank A/S 0.01% Add +25.6% 127,200 $1.8M
Old Well Partners, LLC 2.01% Reduce -60.1% 120,701 $1.7M
Credit Agricole S A 0.01% New 118,450 $1.7M
Taikang Asset Management (Hong Kong) Co Ltd 0.25% Add +2741.2% 114,388 $1.6M
Bank of Montreal 0.00% Add +54.5% 98,600 $1.6M
GTS Securities LLC 0.03% Reduce -54.7% 104,799 $1.5M
Rhumbline Advisers 0.00% Reduce -19.2% 104,408 $1.5M
Penserra Capital Management LLC 0.02% Add +18.6% 102,561 $1.5M
Dimensional Fund Advisors LP 0.00% Reduce -1.7% 100,902 $1.4M
DekaBank Deutsche Girozentrale 0.00% Add +256.1% 95,804 $1.4M
Asset Management One Co., Ltd. 0.01% Reduce -3.9% 98,420 $1.4M
Skandinaviska Enskilda Banken AB (publ) 0.01% Reduce -86.4% 93,600 $1.3M
Capital Markets Trading UK LLP 0.91% Add +43.6% 87,950 $1.2M
Mariner, LLC 0.00% Add +4.7% 81,163 $1.1M
Lighthouse Investment Partners, LLC 0.06% New 80,698 $1.1M
Profund Advisors LLC 0.04% Reduce -8.0% 79,403 $1.1M
OMERS ADMINISTRATION Corp 0.01% New 78,200 $1.1M
Nomura Asset Management Co. Ltd. 0.00% Add +5.2% 76,900 $1.1M
Driehaus Capital Management LLC 0.01% New 75,651 $1.1M
Daiwa Securities Group Inc. 0.01% Add +21.9% 72,419 $1.0M
Nomura Holdings Inc. 0.01% Reduce -67.3% 71,226 $1.0M
Ensign Peak Advisors, Inc 0.00% No change 67,650 $957K
Macquarie Group Ltd. 0.00% Reduce -39.1% 63,955 $905K
Scientech Research LLC 0.18% New 61,611 $872K
LMR Partners LLP 0.02% New 59,140 $837K
E. Ohman J:or Asset Management AB 0.02% No change 57,700 $816K
Allspring Global Investments Holdings, LLC 0.00% Add +48.2% 57,487 $813K
Seven Eight Capital, LP 0.08% New 51,283 $726K
Ethic Inc. 0.02% Add +27.9% 49,025 $694K
Gulf International Bank (UK) Ltd 0.02% No change 47,039 $665K
DNB Asset Management AS 0.00% Add +8.3% 46,511 $658K
Point72 Asset Management 0.00% Reduce -87.6% 45,604 $645K
Walleye Capital LLC 0.01% Reduce -79.7% 44,593 $631K
Tower Research Capital LLC (TRC) 0.01% Add +1548.6% 44,413 $628K
MBB Public Markets I LLC 0.01% New 44,321 $627K
Vident Advisory, LLC 0.02% Add +9.3% 41,825 $592K
M&T Bank Corp 0.00% Reduce -21.6% 41,126 $582K
NS Partners Ltd 0.03% Reduce -97.0% 40,800 $577K
PEAK6 Investments LLC 0.03% Add +423.7% 40,428 $572K
IFM Investors Pty Ltd 0.01% Add +11.8% 38,797 $549K
Dodge & Cox 0.00% No change 38,440 $544K
Voya Investment Management LLC 0.00% Reduce -0.3% 36,376 $515K
Fox Run Management, L.L.C. 0.10% Add +83.3% 35,983 $509K
Vontobel Holding Ltd. 0.00% Add +7.6% 30,763 $435K
Altfest L J & Co. Inc. 0.06% Reduce -18.1% 30,461 $431K
Yousif Capital Management, LLC 0.00% Reduce -2.2% 29,910 $423K
Truist Financial Corp. 0.00% Reduce -5.8% 29,003 $410K
Creative Planning 0.00% Add +106.6% 28,014 $396K
XTX Topco Ltd 0.03% New 27,726 $392K
Engineers Gate Manager LP 0.01% Reduce -25.5% 26,731 $378K
B. Metzler seel. Sohn & Co. AG 0.00% No change 26,615 $377K
Campbell & CO Investment Adviser LLC 0.03% Add +12.1% 25,596 $362K
Crossmark Global Holdings, Inc. 0.01% Reduce -18.8% 25,509 $361K
Maven Securities LTD 0.06% New 25,000 $354K
HighVista Strategies LLC 0.12% Reduce -44.6% 23,707 $335K
Shelton Capital Management 0.01% Reduce -72.3% 23,226 $329K
O'shaughnessy Asset Management, LLC 0.00% Add +55.2% 22,672 $321K
Leonteq Securities AG 0.04% Add +593.5% 21,845 $309K
Sompo Asset Management Co., Ltd. 0.05% No change 21,750 $308K
Solstein Capital, LLC 0.19% New 21,100 $299K
Ewa, LLC 0.12% Reduce -0.9% 21,075 $291K
Wolverine Trading, LLC 0.00% Reduce -53.9% 19,846 $281K
Intech Investment Management LLC 0.00% Reduce -1.6% 19,683 $279K
Prelude Capital Management, LLC 0.02% Reduce -31.6% 18,430 $261K
NINE MASTS CAPITAL Ltd 0.11% New 17,000 $252K
Tidal Investments LLC 0.00% New 17,718 $251K
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% — 17,389 $246K
Quantinno Capital Management LP 0.00% New 16,457 $233K
AustralianSuper Pty Ltd 0.00% New 16,402 $232K
XY Capital Ltd 0.26% Reduce -30.9% 16,266 $230K
Neuberger Berman Group LLC 0.00% New 14,715 $208K
QRG Capital Management, Inc. 0.00% Add +5.1% 14,040 $199K
TD Asset Management Inc 0.00% No change 13,192 $187K
Cigna Investments Inc. 0.03% Reduce -6.2% 12,299 $174K
CIBC Asset Management Inc 0.00% No change 11,558 $164K
Two Sigma Securities, LLC 0.01% Reduce -8.4% 11,109 $157K
Group One Trading LLC 0.00% Reduce -85.1% 10,819 $153K
Vanguard Personalized Indexing Management, LLC 0.00% New 10,455 $146K
Polar Capital Holdings Plc 0.00% New 10,186 $144K
Corebridge Financial, Inc. 0.00% — 8,500 $120K
Quadrant Capital Group LLC 0.01% Add +8.8% 8,452 $120K
Signaturefd, LLC 0.00% Add +12.5% 7,781 $110K
PNC Financial Services Group, Inc. 0.00% Add +35.6% 7,510 $106K
US Bancorp \de 0.00% Add +7.5% 4,380 $62K
Federation des caisses Desjardins du Quebec 0.00% No change 4,018 $57K
Blue Trust, Inc. 0.00% Add +2662.2% 3,287 $45K
Redwood Wealth Management Group, LLC 0.03% New 2,600 $37K
Osaic Holdings, Inc. 0.00% Add +44.0% 2,406 $34K
STRS Ohio 0.00% No change 2,187 $31K
Parallel Advisors, LLC 0.00% Add +3.1% 1,946 $28K
Avior Wealth Management, LLC 0.00% No change 1,581 $22K
CI Investments Inc. 0.00% Reduce -0.6% 1,564 $22K
Natixis 0.00% New 1,480 $21K
Lindbrook Capital, LLC 0.00% Add +3.4% 1,315 $19K
Cwm, LLC 0.00% Add +4.5% 1,262 $18K
EverSource Wealth Advisors, LLC 0.00% Add +120.1% 1,246 $17K
Farther Finance Advisors, LLC 0.00% Add +566.7% 1,160 $17K
Benjamin F. Edwards & Company, Inc. 0.00% No change 742 $10K
Federated Hermes, Inc. 0.00% Add +38.2% 651 $9K
Byrne Asset Management LLC 0.01% New 525 $8K
Principal Securities, Inc. 0.00% Add +800.0% 378 $5K
Rock Creek Group LLC 0.00% Reduce -82.9% 349 $5K
Spire Wealth Management 0.00% No change 315 $4K
CGC Financial Services, LLC 0.00% No change 163 $2K
Allworth Financial LP 0.00% No change 138 $2K
NewEdge Advisors, LLC 0.00% Reduce -90.8% 88 $1K
Raffa Wealth Management, LLC 0.00% No change 81 $1K
Venturi Wealth Management, LLC 0.00% New 79 $1K
NFJ Investment Group, LLC 0.00% New 77 $1K
AdvisorNet Financial, Inc 0.00% No change 54 $764
Bell Investment Advisors, Inc 0.00% Reduce -74.9% 46 $651
Highline Wealth Partners LLC 0.00% New 38 $538
GAMMA Investing LLC 0.00% New 37 $524
SWAN Capital LLC 0.00% New 30 $425
IFP Advisors, Inc 0.00% New 29 $410
Abound Wealth Management 0.00% No change 17 $241
Jones Financial Companies LLLP 0.00% New 17 $241
Canada Pension Plan Investment Board 0.00% Reduce -100.0% 10 $141
Creekmur Asset Management LLC 0.00% New 9 $127
Rakuten Securities, Inc. 0.00% New 1 $14

"% of holder's portfolio" is BEKE's weight in each manager's 13F, not the share of Ke Holdings Inc.-ADR the manager owns.