Anheuser-Busch Inbev-SPN ADRBUD
13F holders, Q2 2025 (June 30)At the end of Q2 2025, 514 institutions reported holding Anheuser-Busch Inbev-SPN ADR (BUD) in their 13F filings, up 18 from Q1 2025. 75 opened new positions and 56 sold out. The largest holders were Dodge & Cox ($2.6B), Fisher Asset Management ($732.8M) and FMR LLC ($478.0M). 11 famous investors held it, including Ken Fisher (0.3% of Fisher Asset Management's portfolio), Bill Gates / Michael Larson (0.2% of Gates Foundation Trust's portfolio) and Jim Simons / Peter Brown (0.1% of Renaissance Technologies's portfolio).
- Company
- Anheuser-Busch Inbev-SPN ADR
- CUSIP
- 03524A108
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q1 2025 → Q2 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 75 | $138.9M |
| Exits | 56 | $93.8M |
All 13F filers, Q1 2025 → Q2 2025: 12,795,054 shares bought and 15,825,340 shares sold, net −3,030,286 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 514 holders
| Dodge & Cox | 1.49% | Reduce -6.4% | 38,477,542 | $2.6B |
| Fisher Asset Management | 0.29% | Add +4.5% | 10,663,933 | $732.8M |
| FMR LLC | 0.03% | Add +348.6% | 6,955,781 | $478.0M |
| Manufacturers Life Insurance Company, The | 0.43% | Reduce -4.5% | 6,901,509 | $474.3M |
| Bank of America Corp. | 0.02% | Add +23.7% | 3,344,451 | $229.8M |
| Morgan Stanley | 0.01% | Reduce -6.3% | 2,665,110 | $183.1M |
| DAVENPORT & Co LLC | 0.81% | Reduce -0.8% | 2,145,235 | $147.3M |
| Goldman Sachs Group Inc. | 0.02% | Add +54.3% | 2,034,125 | $139.8M |
| Royal Bank of Canada | 0.03% | Reduce -48.6% | 2,032,032 | $139.6M |
| Gates Foundation Trust | 0.24% | No change | 1,703,000 | $117.0M |
| Capital International Investors | 0.02% | Reduce -32.3% | 1,596,917 | $109.4M |
| Hotchkis & Wiley Capital Management LLC | 0.27% | Reduce -55.9% | 1,230,440 | $84.6M |
| Renaissance Technologies | 0.11% | Add +30.3% | 1,201,200 | $82.5M |
| Clarkston Capital Partners, LLC | 1.51% | Reduce -30.9% | 1,034,827 | $71.1M |
| Seafarer Capital Partners, LLC | 19.12% | No change | 1,019,000 | $70.0M |
| Northern Trust Corp. | 0.01% | Add +4.2% | 1,008,058 | $69.3M |
| Douglas Lane & Associates, LLC | 0.97% | Reduce -5.9% | 970,173 | $66.7M |
| BlackRock, Inc. | 0.00% | Add +23.8% | 866,761 | $59.6M |
| Wells Fargo & Company | 0.01% | Reduce -3.1% | 854,028 | $58.7M |
| Raymond James Financial Inc. | 0.02% | Reduce -10.8% | 829,698 | $57.0M |
| Citigroup Inc. | 0.03% | Add +3052.6% | 697,647 | $47.9M |
| Causeway Capital Management LLC | 0.70% | Reduce -6.4% | 647,477 | $44.5M |
| Alberta Investment Management Corp | 0.33% | Reduce -26.7% | 560,000 | $38.5M |
| Envestnet Asset Management Inc. | 0.01% | Reduce -12.7% | 554,333 | $38.1M |
| Victory Capital Management Inc. | 0.02% | New | 539,239 | $37.1M |
| Holocene Advisors, LP | 0.08% | New | 494,740 | $34.0M |
| Bank of Montreal | 0.02% | Add +13.8% | 474,456 | $32.6M |
| Penn Davis McFarland Inc. | 3.60% | Reduce -1.1% | 465,668 | $32.0M |
| Optiver Holding B.V. | 0.85% | Add +76.1% | 458,957 | $31.5M |
| Arrowstreet Capital, Limited Partnership | 0.02% | Reduce -74.9% | 457,029 | $31.4M |
| Walleye Trading LLC | 0.75% | Add +75.6% | 446,729 | $30.7M |
| Artisan Partners Limited Partnership | 0.04% | Reduce -65.9% | 427,683 | $29.4M |
| HBK Investments L P | 0.57% | No change | 412,652 | $28.4M |
| Cook & Bynum Capital Management, LLC | 21.94% | No change | 403,914 | $27.8M |
| Capco Asset Management, LLC | 5.83% | Reduce -0.8% | 403,003 | $27.7M |
| Citadel Advisors | 0.02% | Reduce -69.0% | 374,200 | $25.7M |
| First Manhattan Co. Llc. | 0.07% | Reduce -18.8% | 354,870 | $24.4M |
| UBS Group AG | 0.01% | Reduce -45.7% | 353,670 | $24.3M |
| Sei Investments Co. | 0.03% | Reduce -0.8% | 349,004 | $24.0M |
| Jane Street Group, LLC | 0.04% | Add +735.5% | 341,967 | $23.5M |
| Marshall Wace, LLP | 0.03% | Add +169.8% | 337,311 | $23.2M |
| Great Lakes Advisors, LLC | 0.16% | Reduce -2.2% | 282,489 | $19.4M |
| Balyasny Asset Management L.P. | 0.04% | New | 260,941 | $17.9M |
| Everett Harris & Co. | 0.22% | Add +1.4% | 244,128 | $16.8M |
| Invesco Ltd. | 0.00% | Add +231.3% | 235,517 | $16.2M |
| Natixis Advisors, LLC | 0.02% | Add +40.6% | 215,570 | $14.8M |
| LPL Financial LLC | 0.00% | Add +7.7% | 212,226 | $14.6M |
| Capital Fund Management S.A. | 0.15% | Add +50.5% | 198,833 | $13.7M |
| American Century Companies Inc. | 0.01% | Reduce -1.9% | 194,700 | $13.4M |
| Perpetual Ltd | 0.16% | Reduce -7.7% | 194,094 | $13.3M |
| Thompson Siegel & Walmsley LLC | 0.23% | Reduce -7.7% | 194,094 | $13.3M |
| Fairview Capital Investment Management, LLC | 0.66% | Add +6.7% | 186,457 | $12.8M |
| Point72 Asset Management | 0.03% | Reduce -19.3% | 175,008 | $12.0M |
| Freestone Grove Partners LP | 0.08% | Reduce -5.0% | 156,761 | $10.8M |
| BNP Paribas Financial Markets | 0.01% | Add +13714.9% | 155,694 | $10.7M |
| US Bancorp \de | 0.01% | Add +10.2% | 151,464 | $10.4M |
| Pathstone Holdings, LLC | 0.04% | Reduce -7.3% | 138,793 | $9.5M |
| JPMorgan Chase & Co. | 0.00% | Reduce -7.1% | 132,946 | $9.1M |
| Tudor Investment Corporation | 0.07% | Add +9.8% | 131,490 | $9.0M |
| Quantinno Capital Management LP | 0.04% | Add +36.0% | 126,210 | $8.7M |
| Pinnacle Financial Partners Inc | 0.18% | Add +228.3% | 124,851 | $8.6M |
| D. E. Shaw & Co. | 0.01% | Reduce -62.7% | 123,814 | $8.5M |
| Fayez Sarofim & Co | 0.02% | Reduce -0.6% | 116,356 | $8.0M |
| LMR Partners LLP | 0.18% | New | 116,000 | $8.0M |
| Curi Capital, LLC | 0.15% | Add +0.6% | 113,965 | $7.9M |
| Clearbridge Investments, LLC | 0.01% | Add +5.0% | 114,241 | $7.9M |
| Creative Planning | 0.01% | Add +25.6% | 108,066 | $7.4M |
| Ally Financial Inc. | 0.82% | No change | 105,000 | $7.2M |
| First Trust Advisors LP | 0.01% | Add +1137.6% | 102,842 | $7.1M |
| Millennium Management | 0.01% | Reduce -89.2% | 102,179 | $7.0M |
| Abc Arbitrage SA | 0.80% | Add +261.4% | 101,613 | $7.0M |
| Dimensional Fund Advisors LP | 0.00% | Reduce -4.9% | 100,591 | $6.9M |
| Charles Schwab Investment Management Inc. | 0.00% | Add +24.3% | 98,855 | $6.8M |
| Osaic Holdings, Inc. | 0.01% | Add +86.6% | 101,912 | $6.7M |
| QRG Capital Management, Inc. | 0.06% | Add +7.7% | 93,714 | $6.4M |
| Callan Family Office, LLC | 0.20% | Add +244.9% | 93,526 | $6.4M |
| Neuberger Berman Group LLC | 0.00% | Add +179.0% | 92,805 | $6.4M |
| Hillman Capital Management, Inc. | 3.27% | Reduce -16.1% | 87,093 | $6.0M |
| Tower Research Capital LLC (TRC) | 0.16% | Add +355.0% | 85,065 | $5.8M |
| Ironwood Investment Counsel, LLC | 0.90% | Add +1.2% | 84,502 | $5.8M |
| O'shaughnessy Asset Management, LLC | 0.04% | Add +77.0% | 84,383 | $5.8M |
| Ethic Inc. | 0.10% | Reduce -5.1% | 81,612 | $5.6M |
| Mercer Global Advisors Inc. | 0.01% | Add +3.4% | 80,867 | $5.6M |
| Commonwealth Equity Services, LLC | 0.01% | Add +34.2% | 77,060 | $5.3M |
| Squarepoint Ops LLC | 0.01% | Reduce -29.9% | 77,034 | $5.3M |
| HRT Financial LP | 0.02% | Reduce -26.2% | 70,200 | $4.8M |
| Heron Bay Capital Management | 0.94% | Reduce -24.4% | 69,442 | $4.8M |
| Capstone Investment Advisors, LLC | 0.05% | New | 68,800 | $4.7M |
| Stifel Financial Corp. | 0.00% | Reduce -23.4% | 68,594 | $4.7M |
| Buttonwood Financial Advisors Inc. | 1.89% | Reduce -8.8% | 68,460 | $4.7M |
| Azimuth Capital Investment Management LLC | 0.17% | New | 67,808 | $4.7M |
| Bank of New York Mellon Corp | 0.00% | Add +3.1% | 67,297 | $4.6M |
| Mariner, LLC | 0.01% | Add +78.3% | 66,400 | $4.6M |
| Ameriprise Financial Inc. | 0.00% | Reduce -53.1% | 63,974 | $4.4M |
| MML Investors Services, LLC | 0.01% | Reduce -1.6% | 62,043 | $4.3M |
| Summit Securities Group LLC | 1.52% | New | 61,721 | $4.2M |
| Baird Financial Group, Inc. | 0.01% | Reduce -2.0% | 58,130 | $4.0M |
| Assetmark, Inc. | 0.01% | Add +11.5% | 57,358 | $3.9M |
| Cerity Partners LLC | 0.01% | Reduce -6.5% | 55,020 | $3.8M |
| Sanctuary Advisors, LLC | 0.02% | Reduce -13.1% | 54,568 | $3.7M |
| HighTower Advisors, LLC | 0.00% | Add +35.9% | 53,341 | $3.7M |
| Cetera Investment Advisers | 0.01% | Reduce -32.2% | 51,907 | $3.6M |
| SeaBridge Investment Advisors LLC | 0.65% | Add +8.4% | 50,848 | $3.5M |
| Vanguard Personalized Indexing Management, LLC | 0.04% | Add +22.2% | 50,252 | $3.5M |
| Schwerin Boyle Capital Management Inc. | 0.38% | Reduce -5.0% | 50,111 | $3.4M |
| RBF Capital, LLC | 0.17% | No change | 50,000 | $3.4M |
| Oppenheimer Asset Management Inc. | 0.04% | Reduce -12.4% | 49,479 | $3.4M |
| Jones Financial Companies LLLP | 0.00% | Reduce -8.0% | 49,208 | $3.4M |
| Capital Group Private Client Services, Inc. | 0.03% | Add +3.8% | 48,535 | $3.3M |
| Beacon Pointe Advisors, LLC | 0.03% | Add +0.8% | 47,151 | $3.2M |
| Susquehanna International Group, LLP | 0.00% | Add +259.1% | 46,305 | $3.2M |
| Northwestern Mutual Wealth Management Co. | 0.00% | Reduce -56.6% | 45,891 | $3.2M |
| Ruffer LLP | 0.14% | No change | 45,000 | $3.1M |
| Night Squared LP | 1.32% | New | 43,180 | $3.0M |
| Motley Fool Wealth Management, LLC | 0.17% | Reduce -14.9% | 42,055 | $2.9M |
| &partners | 0.02% | Add +7.5% | 38,940 | $2.7M |
| Cambridge Investment Research Advisors, Inc. | 0.01% | Reduce -6.8% | 38,430 | $2.6M |
| Koss-Olinger Consulting, LLC | 0.21% | Reduce -3.6% | 37,141 | $2.6M |
| Choreo, LLC | 0.04% | Reduce -1.2% | 36,891 | $2.5M |
| Wealth Enhancement Advisory Services, LLC | 0.00% | Add +0.8% | 36,177 | $2.5M |
| Quadrant Capital Group LLC | 0.08% | Add +23.3% | 33,374 | $2.3M |
| Sequoia Financial Advisors, LLC | 0.01% | Add +25.6% | 31,720 | $2.2M |
| Vestmark Advisory Solutions, Inc. | 0.03% | Reduce -28.0% | 30,802 | $2.1M |
| Park Avenue Securities LLC | 0.02% | New | 28,938 | $2.0M |
| Two Sigma Investments, LP | 0.00% | No change | 28,900 | $2.0M |
| XTX Topco Ltd | 0.08% | Reduce -61.8% | 28,663 | $2.0M |
| Vise Technologies, Inc. | 0.08% | — | 28,567 | $2.0M |
| Orion Porfolio Solutions, LLC | 0.02% | Add +33.7% | 28,552 | $2.0M |
| Atria Investments, Inc | 0.02% | Reduce -19.4% | 27,822 | $1.9M |
| B. Metzler seel. Sohn & Co. AG | 0.02% | No change | 27,331 | $1.9M |
| Wolverine Trading, LLC | 0.05% | Reduce -26.4% | 27,074 | $1.9M |
| Private Advisor Group, LLC | 0.01% | Add +48.5% | 26,969 | $1.9M |
| Highland Capital Management, LLC | 0.10% | Reduce -2.7% | 26,335 | $1.8M |
| Franklin Resources Inc. | 0.00% | Add +4.3% | 25,955 | $1.8M |
| Onex Canada Asset Management Inc. | 0.21% | Reduce -24.0% | 25,620 | $1.8M |
| PNC Financial Services Group, Inc. | 0.00% | Add +17.0% | 25,001 | $1.7M |
| Focus Partners Wealth | 0.00% | Reduce -6.1% | 24,825 | $1.7M |
| Bleakley Financial Group, LLC | 0.04% | Add +16.9% | 24,720 | $1.7M |
| Ritholtz Wealth Management | 0.04% | Add +578.6% | 24,302 | $1.7M |
| Virtu Financial LLC | 0.09% | New | 24,192 | $1.7M |
| Atom Investors LP | 0.15% | New | 23,960 | $1.6M |
| Integrated Investment Consultants, LLC | 0.32% | Reduce -17.1% | 23,588 | $1.6M |
| Arkadios Wealth Advisors | 0.05% | New | 22,660 | $1.6M |
| Mirabella Financial Services LLP | 0.16% | New | 21,676 | $1.5M |
| Citadel Investment Advisory, Inc. | 0.71% | Reduce -3.8% | 21,369 | $1.5M |
| Outfitters Financial LLC | 1.23% | Reduce -1.2% | 21,070 | $1.4M |
| Cantor Fitzgerald, L. P. | 0.04% | New | 21,061 | $1.4M |
| Round Hill Asset Management | 0.96% | Reduce -20.1% | 20,614 | $1.4M |
| Yousif Capital Management, LLC | 0.02% | Reduce -25.5% | 20,321 | $1.4M |
| GFS Advisors, LLC | 0.19% | Reduce -79.0% | 20,305 | $1.4M |
| Exencial Wealth Advisors, LLC | 0.05% | Reduce -20.9% | 20,047 | $1.4M |
| Naviter Wealth, LLC | 0.17% | Add +8.3% | 19,941 | $1.4M |
| Brooklyn Investment Group | 0.17% | Add +98.5% | 19,274 | $1.3M |
| Fox Run Management, L.L.C. | 0.22% | Reduce -15.5% | 19,165 | $1.3M |
| Merit Financial Group, LLC | 0.01% | Add +28.3% | 18,780 | $1.3M |
| Signaturefd, LLC | 0.02% | Add +7.6% | 18,732 | $1.3M |
| Kestra Advisory Services, LLC | 0.01% | Add +0.7% | 18,200 | $1.3M |
| Premier Path Wealth Partners, LLC | 0.17% | Reduce -24.8% | 17,746 | $1.2M |
| Truist Financial Corp. | 0.00% | Reduce -18.7% | 17,571 | $1.2M |
| Crossmark Global Holdings, Inc. | 0.02% | No change | 16,991 | $1.2M |
| Corient Private Wealth LP | 0.00% | Add +60.7% | 16,973 | $1.2M |
| Janney Montgomery Scott LLC | 0.00% | Add +15.7% | 16,888 | $1.2M |
| Compass Wealth Management LLC | 0.27% | Reduce -75.1% | 16,779 | $1.2M |
| Scotia Capital Inc. | 0.01% | Add +7.3% | 16,147 | $1.1M |
| Founders Financial Securities LLC | 0.08% | Add +3.3% | 16,042 | $1.1M |
| NewEdge Wealth, LLC | 0.02% | Reduce -19.7% | 17,162 | $1.1M |
| Henshaw Capital LLC | 0.04% | New | 15,171 | $1.0M |
| Compound Planning, Inc. | 0.04% | Add +2.6% | 15,168 | $1.0M |
| Rhumbline Advisers | 0.00% | Reduce -9.2% | 15,094 | $1.0M |
| Schonfeld Strategic Advisors LLC | 0.01% | Reduce -86.1% | 14,885 | $1.0M |
| Profund Advisors LLC | 0.04% | Add +3.6% | 14,844 | $1.0M |
| Evergreen Capital Management LLC | 0.03% | Add +164.4% | 14,592 | $1.0M |
| Cullen/Frost Bankers, Inc. | 0.01% | No change | 14,589 | $1.0M |
| Sterling Capital Management LLC | 0.01% | Reduce -18.2% | 14,268 | $980K |
| D.A. Davidson & Co. | 0.01% | Reduce -4.7% | 14,160 | $973K |
| Acadian Asset Management LLC | 0.00% | New | 14,038 | $964K |
| Transatlantique Private Wealth LLC | 0.34% | Add +16.7% | 13,575 | $933K |
| AQR Capital Management | 0.00% | Add +49.2% | 13,478 | $926K |
| Avantax Advisory Services, Inc. | 0.00% | Reduce -47.3% | 12,600 | $866K |
| Pekin Hardy Strauss, Inc. | 0.10% | Reduce -78.2% | 12,543 | $862K |
| GAMCO Investors | 0.01% | New | 12,540 | $862K |
| Cumberland Partners Ltd | 0.06% | New | 12,500 | $859K |
| Central Pacific Bank - Trust Division | 0.11% | Reduce -8.9% | 12,325 | $847K |
| Cibc World Market Inc. | 0.00% | New | 12,110 | $832K |
| Ellevest, Inc. | 0.13% | Reduce -1.5% | 11,672 | $802K |
| Semmax Financial Advisors Inc. | 0.21% | New | 12,921 | $801K |
| GTS Securities LLC | 0.04% | New | 11,521 | $792K |
| United Capital Financial Advisors, LLC | 0.01% | Add +3.6% | 11,500 | $790K |
| Laird Norton Wetherby Wealth Management, LLC | 0.03% | — | 11,341 | $779K |
| Farringdon Capital, Ltd. | 0.26% | Add +46.1% | 11,303 | $777K |
| 1832 Asset Management L.P. | 0.00% | Add +55.7% | 11,102 | $763K |
| Annis Gardner Whiting Capital Advisors, LLC | 0.26% | Add +7.2% | 10,883 | $759K |
| Markel Group | 0.01% | No change | 11,000 | $756K |
| GeoWealth Management, LLC | 0.03% | Reduce -3.8% | 10,907 | $750K |
| NorthCoast Asset Management LLC | 0.00% | Reduce -10.7% | 10,515 | $723K |
| Kestra Private Wealth Services, LLC | 0.01% | Add +1.6% | 10,399 | $715K |
| Hantz Financial Services, Inc. | 0.01% | Add +889.4% | 10,329 | $710K |
| GC Wealth Management RIA, LLC | 0.06% | Reduce -6.5% | 10,282 | $707K |
| Vident Advisory, LLC | 0.01% | Add +103.7% | 10,264 | $705K |
| Manske Wealth Management | 0.23% | Reduce -2.7% | 10,143 | $697K |
| CW Advisors, LLC | 0.01% | Reduce -5.0% | 10,110 | $695K |
| Tidal Investments LLC | 0.00% | Reduce -31.5% | 10,092 | $694K |
| Guggenheim Capital LLC | 0.01% | Reduce -16.7% | 10,069 | $692K |
| Banco Bilbao Vizcaya Argentaria, S.A. | 0.01% | Add +208.5% | 10,031 | $686K |
| Cwm, LLC | 0.00% | Add +4.5% | 9,725 | $668K |
| TBH Global Asset Management, LLC | 0.14% | Reduce -7.8% | 9,613 | $661K |
| Russell Investments Group, Ltd. | 0.00% | Add +40.1% | 9,562 | $657K |
| Bridgefront Capital, LLC | 0.17% | New | 9,553 | $656K |
| Ballentine Partners, LLC | 0.01% | Add +39.5% | 9,541 | $656K |
| CHICAGO TRUST Co NA | 0.09% | Add +4.3% | 9,500 | $653K |
| Steward Partners Investment Advisory, LLC | 0.00% | Reduce -5.6% | 9,189 | $631K |
| Traub Capital Management LLC | 0.57% | — | 9,004 | $619K |
| Brandes Investment Partners, LP | 0.01% | Reduce -31.0% | 8,987 | $618K |
| TD Waterhouse Canada Inc. | 0.00% | Reduce -15.6% | 8,933 | $616K |
| Persium Advisors, LLC | 0.51% | Reduce -1.1% | 8,956 | $615K |
| Coldstream Capital Management Inc. | 0.01% | Add +197.7% | 8,942 | $615K |
| Ieq Capital, LLC | 0.00% | Add +47.6% | 8,922 | $613K |
| Captrust Financial Advisors | 0.00% | Reduce -8.7% | 8,832 | $607K |
| ICONIQ Capital, LLC | 0.01% | Add +40.0% | 8,828 | $607K |
| MAI Capital Management | 0.00% | Add +15.3% | 8,783 | $604K |
| Venturi Wealth Management, LLC | 0.03% | Reduce -28.8% | 8,591 | $590K |
| Balanced Rock Investment Advisors LLC | 0.46% | Reduce -1.3% | 8,502 | $584K |
| Michels Family Financial, LLC | 0.50% | Reduce -0.7% | 8,478 | $583K |
| Solitude Financial Services | 0.21% | Reduce -33.4% | 8,340 | $573K |
| Qtron Investments LLC | 0.07% | New | 8,206 | $564K |
| Savant Capital, LLC | 0.00% | New | 8,064 | $554K |
| Kayne Anderson Rudnick Investment Management LLC | 0.00% | Add +561.0% | 7,939 | $546K |
| Csenge Advisory Group | 0.03% | Reduce -0.4% | 7,625 | $537K |
| Old North State Wealth Management, LLC | 0.27% | Reduce -4.3% | 7,461 | $513K |
| Concurrent Investment Advisors, LLC | 0.01% | Add +10.7% | 7,109 | $489K |
| Aaron Wealth Advisors LLC | 0.05% | Add +10.2% | 6,988 | $480K |
| Personal Cfo Solutions, LLC | 0.09% | Add +0.7% | 6,827 | $469K |
| Versant Capital Management, Inc | 0.07% | Add +4.0% | 6,745 | $464K |
| Ingalls & Snyder LLC | 0.02% | New | 6,668 | $458K |
| Prossimo Advisors, LLC | 0.37% | Reduce -27.6% | 6,650 | $457K |
| Kennondale Capital Management LLC | 0.47% | No change | 6,643 | $457K |
| May Hill Capital, LLC | 0.15% | Reduce -12.3% | 6,469 | $445K |
| Gallacher Capital Management LLC | 0.21% | Reduce -3.8% | 6,462 | $444K |
| PDS Planning, Inc | 0.03% | Reduce -0.8% | 6,364 | $437K |
| M&T Bank Corp | 0.00% | Add +9.0% | 6,327 | $435K |
| Pinnacle Wealth Planning Services, Inc. | 0.06% | Reduce -14.4% | 6,313 | $434K |
| Ascent Group, LLC | 0.02% | Reduce -73.0% | 6,305 | $433K |
| Sagespring Wealth Partners, LLC | 0.01% | Add +28.5% | 6,282 | $432K |
| Glenview Trust Co | 0.01% | Reduce -5.7% | 6,217 | $427K |
| Forum Financial Management, LP | 0.01% | Reduce -26.1% | 6,154 | $423K |
| Parallel Advisors, LLC | 0.01% | Add +6.8% | 6,073 | $417K |
| HighPoint Advisor Group LLC | 0.02% | Add +12.7% | 6,043 | $415K |
| NewEdge Advisors, LLC | 0.00% | Reduce -32.1% | 6,025 | $414K |
| Berkshire Asset Management LLC | 0.02% | Add +1.0% | 5,979 | $411K |
| Toronto Dominion Bank | 0.00% | Add +361.8% | 5,911 | $406K |
| Commerce Bank | 0.00% | Add +2.2% | 5,834 | $401K |
| Excalibur Management Corp. | 0.15% | Reduce -3.2% | 5,756 | $396K |
| 626 Financial, LLC | 0.18% | Add +0.9% | 5,721 | $393K |
| Level Four Advisory Services, LLC | 0.01% | New | 5,703 | $392K |
| Two Sigma Advisers, LP | 0.00% | New | 5,700 | $392K |
| My Legacy Advisors, LLC | 0.14% | Reduce -54.4% | 5,774 | $390K |
| Titleist Asset Management, LLC | 0.04% | New | 5,601 | $385K |
| Eldridge Investment Advisors, Inc. | 0.08% | No change | 5,500 | $378K |
| Avidian Wealth Enterprises, LLC | 0.02% | Reduce -1.1% | 5,444 | $374K |
| Keystone Financial Group | 0.03% | Reduce -2.0% | 5,334 | $367K |
| Integrated Advisors Network LLC | 0.02% | Reduce -6.7% | 5,282 | $363K |
| Jacobs & Co. | 0.04% | Reduce -2.8% | 5,233 | $359K |
| Advisory Services Network, LLC | 0.01% | Reduce -31.3% | 6,222 | $359K |
| American Assets Inc. | 0.12% | No change | 5,000 | $352K |
| Eagle Rock Investment Company, LLC | 0.06% | Add +8.0% | 5,106 | $351K |
| AE Wealth Management LLC | 0.00% | Reduce -9.5% | 4,968 | $341K |
| Allspring Global Investments Holdings, LLC | 0.00% | Add +1.9% | 4,910 | $340K |
| Prosperity Consulting Group, LLC | 0.02% | Reduce -57.7% | 4,917 | $338K |
| Pinnacle Associates Ltd. | 0.00% | Reduce -2.2% | 4,876 | $335K |
| Envestnet Portfolio Solutions, Inc. | 0.00% | Add +24.2% | 4,844 | $333K |
| Apollon Wealth Management, LLC | 0.01% | Add +27.8% | 4,839 | $333K |
| Barclays PLC | 0.00% | Reduce -99.0% | 4,814 | $331K |
| Ausdal Financial Partners, Inc. | 0.02% | New | 4,810 | $331K |
| World Equity Group, Inc. | 0.09% | New | 4,799 | $330K |
| West Family Investments, Inc. | 0.09% | New | 4,794 | $329K |
| Moors & Cabot, Inc. | 0.02% | Add +3.0% | 4,768 | $328K |
| Independent Financial Group, LLC | 0.01% | Reduce -52.3% | 4,731 | $325K |
| Strategic Blueprint, LLC | 0.02% | New | 4,689 | $322K |
| Centiva Capital, LP | 0.02% | Add +33.4% | 4,601 | $316K |
| Brucke Financial, Inc. | 0.22% | Add +1.6% | 4,569 | $314K |
| Smartleaf Asset Management LLC | 0.03% | Add +0.3% | 4,433 | $304K |
| Valeo Financial Advisors, LLC | 0.01% | Add +8.4% | 4,418 | $304K |
| XY Capital Ltd | 0.21% | New | 4,400 | $302K |
| Trivium Point Advisory, LLC | 0.03% | Reduce -83.7% | 4,258 | $293K |
| OneDigital Investment Advisors LLC | 0.00% | Reduce -4.9% | 4,217 | $290K |
| Pettee Investors, Inc. | 0.17% | Reduce -7.7% | 4,188 | $288K |
| Pettyjohn, Wood & White, Inc. | 0.05% | Reduce -0.6% | 4,165 | $286K |
| Glenmede Investment Management, LP | 0.00% | — | 4,043 | $278K |
| First Affirmative Financial Network | 0.14% | Add +6.9% | 4,025 | $277K |
| Rehmann Capital Advisory Group | 0.02% | Reduce -19.2% | 4,008 | $275K |
| Tyler-Stone Wealth Management | 0.04% | No change | 4,000 | $275K |
| FSM Wealth Advisors, LLC | 0.04% | Add +15.3% | 3,958 | $271K |
| Dorsey & Whitney Trust CO LLC | 0.01% | Reduce -2.4% | 3,893 | $268K |
| Greenleaf Trust | 0.00% | Reduce -2.5% | 3,878 | $266K |
| Hazlett, Burt & Watson, Inc. | 0.11% | Add +0.1% | 3,852 | $265K |
| Quintet Private Bank (Europe) S.A. | 0.02% | Add +17.0% | 3,850 | $265K |
| AlphaCore Capital LLC | 0.01% | New | 3,822 | $263K |
| LVW Advisors, LLC | 0.03% | Reduce -49.9% | 3,816 | $262K |
| Covenant Partners, LLC | 0.08% | No change | 3,729 | $256K |
| Cetera Trust Company, N.A | 0.15% | Add +19.4% | 3,700 | $254K |
| Brown Brothers Harriman & Co. | 0.00% | Add +5.0% | 3,693 | $254K |
| Perennial Investment Advisors, LLC | 0.02% | Add +3.3% | 3,641 | $250K |
| Moneta Group Investment Advisors LLC | 0.00% | Add +1.5% | 3,639 | $250K |
| Signature Estate & Investment Advisors LLC | 0.01% | Reduce -26.7% | 3,636 | $250K |
| Syon Capital LLC | 0.02% | New | 3,630 | $249K |
| Mitchell McLeod Pugh & Williams Inc. | 0.05% | No change | 3,615 | $248K |
| Checchi Capital Advisers, LLC | 0.02% | Reduce -1.0% | 3,524 | $242K |
| Pitcairn Co. | 0.02% | Reduce -8.0% | 3,519 | $242K |
| Mutual Advisors, LLC | 0.01% | Reduce -29.8% | 3,431 | $241K |
| Cornerstone Wealth Management, LLC | 0.01% | Reduce -2.6% | 3,483 | $239K |
| Sage Rhino Capital LLC | 0.05% | Add +5.1% | 3,477 | $239K |
| Oppenheimer & Co. Inc. | 0.00% | Reduce -7.5% | 3,456 | $237K |
| Principle Wealth Partners LLC | 0.01% | New | 3,435 | $236K |
| Douglass Winthrop Advisors, LLC | 0.00% | Reduce -4.9% | 3,400 | $234K |
| Lester Murray Antman dba SimplyRich | 0.06% | New | 3,397 | $233K |
| S.E.E.D. Planning Group LLC | 0.07% | Reduce -6.2% | 3,378 | $232K |
| Summit Trail Advisors, LLC | 0.00% | New | 3,355 | $231K |
| Fairvoy Private Wealth, LLC | 0.06% | Reduce -4.5% | 3,353 | $230K |
| Northside Capital Management, LLC | 0.02% | New | 3,350 | $230K |
| Aprio Wealth Management, LLC | 0.03% | Add +1.1% | 3,326 | $229K |
| Optas, LLC | 0.04% | New | 3,317 | $228K |
| National Bank of Canada | 0.00% | Add +4.3% | 3,284 | $226K |
| Am Investment Strategies LLC | 0.05% | Add +0.3% | 3,284 | $225K |
| Prospera Financial Services Inc | 0.00% | New | 3,268 | $225K |
| Stephens Inc. | 0.00% | Reduce -7.6% | 3,245 | $223K |
| Pure Financial Advisors, LLC | 0.00% | New | 3,232 | $222K |
| HB Wealth Management, LLC | 0.00% | Reduce -37.1% | 3,213 | $221K |
| Ascentis Independent Advisors | 0.04% | New | 3,192 | $219K |
| Brown Advisory Inc. | 0.00% | New | 3,162 | $217K |
| Calydon Capital | 0.02% | New | 3,142 | $216K |
| Earned Wealth Advisors, LLC | 0.04% | New | 3,140 | $216K |
| Geneos Wealth Management Inc. | 0.01% | Reduce -57.3% | 3,126 | $215K |
| Thrivent Financial for Lutherans | 0.00% | New | 3,034 | $209K |
| West Bancorporation Inc. | 0.13% | Reduce -20.0% | 3,025 | $208K |
| Federation des caisses Desjardins du Quebec | 0.00% | Reduce -3.8% | 3,017 | $207K |
| Kathmere Capital Management, LLC | 0.02% | New | 3,011 | $207K |
| Atwood & Palmer Inc. | 0.01% | New | 3,000 | $206K |
| Harbour Investments, Inc. | 0.00% | Add +119.7% | 2,773 | $191K |
| Principal Securities, Inc. | 0.00% | Reduce -21.4% | 2,764 | $190K |
| Whittier Trust Co. of Nevada Inc. | 0.00% | Reduce -4.8% | 2,740 | $188K |
| CoreFirst Bank & Trust | 0.10% | New | 2,470 | $170K |
| Farther Finance Advisors, LLC | 0.00% | Add +34.5% | 2,455 | $169K |
| IFP Advisors, Inc | 0.00% | Reduce -0.8% | 2,409 | $166K |
| Arax Advisory Partners | 0.01% | Add +35.2% | 2,344 | $161K |
| TCTC Holdings, LLC | 0.01% | No change | 2,306 | $158K |
| EverSource Wealth Advisors, LLC | 0.01% | Add +36.1% | 2,230 | $153K |
| Global Retirement Partners, LLC | 0.00% | — | 2,224 | $153K |
| Pittenger & Anderson Inc. | 0.01% | Reduce -42.2% | 2,050 | $141K |
| GAMMA Investing LLC | 0.01% | Add +75.9% | 2,037 | $140K |
| Rothschild Investment LLC | 0.01% | Add +1.8% | 2,015 | $138K |
| Bessemer Group Inc. | 0.00% | Add +45.6% | 1,945 | $134K |
| Golden State Wealth Management, LLC | 0.02% | Reduce -7.6% | 1,854 | $127K |
| Richardson Financial Services Inc. | 0.08% | Reduce -65.5% | 1,808 | $125K |
| Blue Trust, Inc. | 0.00% | Add +26.4% | 1,800 | $124K |
| New York State Common Retirement Fund | 0.00% | New | 1,744 | $120K |
| UMB Bank, n.a. | 0.00% | Add +14.4% | 1,719 | $118K |
| CENTRAL TRUST Co | 0.00% | Reduce -2.9% | 1,703 | $117K |
| Whittier Trust Co. | 0.00% | Reduce -28.1% | 1,689 | $116K |
| Ascentis Wealth Management, LLC | 0.03% | No change | 1,655 | $115K |
| Pflug Koory, LLC | 0.06% | No change | 1,627 | $112K |
| First Horizon Advisors, Inc. | 0.00% | Add +8036.8% | 1,546 | $106K |
| Ameritas Advisory Services, LLC | 0.01% | New | 1,516 | $104K |
| Quantbot Technologies LP | 0.00% | Reduce -79.1% | 1,507 | $104K |
| Wilmington Savings Fund Society, FSB | 0.00% | Add +2.5% | 1,465 | $101K |
| Banque de Luxembourg S.A. | 0.06% | No change | 1,566 | $96K |
| Huntington National Bank | 0.00% | Add +16.3% | 1,387 | $95K |
| Alerus Financial NA | 0.01% | New | 1,365 | $94K |
| Pinnacle Bancorp, Inc. | 0.03% | Add +6.7% | 1,334 | $92K |
| Rosenberg Matthew Hamilton | 0.02% | No change | 1,301 | $89K |
| Allworth Financial LP | 0.00% | Add +5.3% | 1,259 | $87K |
| Larson Financial Group LLC | 0.00% | Add +18.9% | 1,146 | $79K |
| Cromwell Holdings LLC | 0.05% | No change | 1,125 | $77K |
| Armstrong Advisory Group, Inc. | 0.01% | Reduce -36.5% | 1,074 | $74K |
| Trust Co. of Toledo NA | 0.01% | New | 1,050 | $72K |
| JNBA Financial Advisors | 0.01% | No change | 1,050 | $72K |
| 10Elms LLP | 0.08% | No change | 1,042 | $72K |
| Future Financial Wealth Managment LLC | 0.05% | No change | 1,000 | $69K |
| Grove Bank & Trust | 0.01% | No change | 1,000 | $69K |
| Addison Advisors LLC | 0.02% | Add +9.9% | 884 | $61K |
| Reyes Financial Architecture, Inc. | 0.05% | New | 864 | $59K |
| Whipplewood Advisors, LLC | 0.03% | Add +55.2% | 841 | $58K |
| Atlas Capital Advisors Inc. | 0.01% | Add +167.6% | 827 | $57K |
| CIBC Private Wealth Group LLC | 0.00% | Add +45.3% | 812 | $56K |
| Brown, Lisle/Cummings, Inc. | 0.01% | Reduce -48.8% | 811 | $56K |
| Rexford Capital Inc. | 0.05% | — | 794 | $55K |
| Anchor Investment Management, LLC | 0.00% | No change | 772 | $53K |
| Westside Investment Management, Inc. | 0.01% | Add +51.6% | 758 | $52K |
| Hara Capital LLC | 0.03% | Reduce -43.2% | 745 | $51K |
| Investors Research Corp | 0.01% | Reduce -87.5% | 712 | $49K |
| St Germain D J Co. Inc. | 0.00% | No change | 664 | $46K |
| Garde Capital, Inc. | 0.00% | No change | 600 | $41K |
| Leonteq Securities AG | 0.00% | Reduce -78.8% | 594 | $41K |
| NewSquare Capital LLC | 0.00% | Add +602.7% | 527 | $36K |
| Lanark Financial, Inc. | 0.00% | Add +0.2% | 525 | $36K |
| GPS Wealth Strategies Group, LLC | 0.00% | Add +1.9% | 523 | $36K |
| JFS Wealth Advisors, LLC | 0.00% | Add +1.4% | 508 | $35K |
| Elevation Point Wealth Partners, LLC | 0.00% | New | 504 | $35K |
| Delta Asset Management LLC | 0.00% | No change | 500 | $34K |
| Rossby Financial, LCC | 0.01% | Reduce -35.6% | 482 | $33K |
| CoreCap Advisors, LLC | 0.00% | Reduce -17.0% | 465 | $32K |
| Legacy Investment Solutions, LLC | 0.01% | — | 413 | $28K |
| Legacy Wealth Managment, LLC | 0.01% | No change | 413 | $28K |
| Fairscale Capital, LLC | 0.02% | New | 490 | $28K |
| Private Trust Co. NA | 0.00% | Reduce -44.1% | 410 | $28K |
| SOA Wealth Advisors, LLC. | 0.01% | No change | 406 | $28K |
| Independence Bank of Kentucky | 0.00% | No change | 400 | $27K |
| Accredited Wealth Management, LLC | 0.02% | Reduce -63.0% | 390 | $27K |
| New England Capital Financial Advisors LLC | 0.01% | Reduce -20.3% | 384 | $26K |
| Spire Wealth Management | 0.00% | Reduce -13.6% | 363 | $25K |
| Parkside Financial Bank & Trust | 0.00% | Add +45.0% | 351 | $24K |
| Frazier Financial Advisors, LLC | 0.02% | Add +19.8% | 327 | $22K |
| Abound Wealth Management | 0.01% | No change | 304 | $21K |
| Prestige Wealth Management Group LLC | 0.00% | No change | 302 | $21K |
| Archer Investment Corp | 0.00% | Add +0.3% | 299 | $21K |
| WPG Advisers, LLC | 0.02% | Add +2.6% | 274 | $19K |
| Sierra Ocean, LLC | 0.01% | Add +7.0% | 259 | $18K |
| SRH Advisors, LLC | 0.01% | No change | 259 | $18K |
| Main Street Group, LTD | 0.01% | Reduce -28.9% | 256 | $18K |
| Costello Asset Management, INC | 0.01% | No change | 256 | $18K |
| Fifth Third Bancorp | 0.00% | Add +13.2% | 248 | $17K |
| Twin Peaks Wealth Advisors, LLC | 0.01% | New | 267 | $16K |
| Highline Wealth Partners LLC | 0.00% | Add +19.2% | 236 | $16K |
| HHM Wealth Advisors, LLC | 0.00% | No change | 230 | $16K |
| Tortoise Investment Management, LLC | 0.00% | No change | 225 | $15K |
| Country Trust Bank | 0.00% | New | 222 | $15K |
| Headlands Technologies LLC | 0.00% | Reduce -98.9% | 221 | $15K |
| Ransom Advisory, Ltd | 0.01% | No change | 200 | $14K |
| Kelly Lawrence W & Associates Inc. | 0.00% | No change | 200 | $14K |
| Asset Dedication, LLC | 0.00% | Add +771.4% | 183 | $13K |
| Robinswood Financial LLC | 0.00% | No change | 178 | $12K |
| Farmers & Merchants Investments Inc. | 0.00% | No change | 168 | $12K |
| Cape Investment Advisory, Inc. | 0.00% | No change | 158 | $11K |
| Winch Advisory Services, LLC | 0.00% | Add +1.3% | 154 | $11K |
| Clearstead Advisors, LLC | 0.00% | Reduce -33.9% | 146 | $10K |
| Binnacle Investments Inc | 0.01% | Add +17.1% | 137 | $9K |
| NFSG Corp | 0.00% | Add +164.0% | 132 | $9K |
| Thurston, Springer, Miller, Herd & Titak, Inc. | 0.00% | No change | 125 | $9K |
| AdvisorNet Financial, Inc | 0.00% | Add +600.0% | 119 | $8K |
| Ameriflex Group, Inc. | 0.00% | New | 117 | $8K |
| GW&K Investment Management, LLC | 0.00% | No change | 114 | $8K |
| Beacon Capital Management, LLC | 0.00% | Reduce -62.8% | 115 | $8K |
| Baillie Gifford & Co. | 0.00% | Add +13.0% | 113 | $8K |
| Bell Investment Advisors, Inc | 0.00% | No change | 106 | $7K |
| North Capital, Inc. | 0.01% | No change | 101 | $7K |
| Ridgewood Investments LLC | 0.00% | No change | 101 | $7K |
| Friedenthal Financial | 0.00% | No change | 100 | $7K |
| Carolina Wealth Advisors, LLC | 0.00% | No change | 100 | $7K |
| Burkett Financial Services, LLC | 0.00% | No change | 100 | $7K |
| SouthState Bank Corp | 0.00% | No change | 100 | $7K |
| Bare Financial Services, Inc | 0.00% | Add +607.1% | 99 | $7K |
| Murphy & Mullick Capital Management Corp | 0.01% | No change | 112 | $6K |
| Stephens Consulting, LLC | 0.00% | New | 88 | $6K |
| Ninety One UK Ltd | 0.00% | New | 85 | $6K |
| Zions Bancorporation, National Association | 0.00% | Add +6.7% | 80 | $5K |
| MTM Investment Management, LLC | 0.00% | New | 76 | $5K |
| Plante Moran Financial Advisors, LLC | 0.00% | No change | 76 | $5K |
| Salomon & Ludwin, LLC | 0.00% | Add +21.0% | 75 | $5K |
| Sunbelt Securities, Inc. | 0.00% | No change | 103 | $5K |
| Capital Advisors, Ltd. LLC | 0.00% | Add +1.5% | 69 | $5K |
| Capital Analysts, LLC | 0.00% | No change | 68 | $5K |
| Maseco LLP | 0.00% | — | 72 | $5K |
| Bruce G. Allen Investments, LLC | 0.00% | Add +47.7% | 65 | $4K |
| Physician Wealth Advisors, Inc. | 0.00% | Add +54.8% | 65 | $4K |
| Redmont Wealth Advisors LLC | 0.01% | New | 64 | $4K |
| Byrne Asset Management LLC | 0.00% | New | 64 | $4K |
| Transce3nd, LLC | 0.00% | No change | 64 | $4K |
| McIlrath & Eck, LLC | 0.00% | No change | 63 | $4K |
| IFS Advisors, LLC | 0.00% | No change | 61 | $4K |
| Fortitude Family Office, LLC | 0.00% | No change | 58 | $4K |
| HighMark Wealth Management LLC | 0.00% | Add +170.0% | 54 | $4K |
| Clark Wealth Partners | 0.00% | No change | 50 | $3K |
| CarsonAllaria Wealth Management, Ltd. | 0.00% | Reduce -83.5% | 50 | $3K |
| TD Capital Management LLC | 0.00% | No change | 50 | $3K |
| Vermillion Wealth Management, Inc. | 0.00% | No change | 47 | $3K |
| Atlantic Union Bankshares Corp | 0.00% | New | 46 | $3K |
| Federated Hermes, Inc. | 0.00% | No change | 43 | $3K |
| Cornerstone Planning Group LLC | 0.00% | No change | 49 | $3K |
| Salem Investment Counselors Inc. | 0.00% | Reduce -43.8% | 41 | $3K |
| TD Private Client Wealth LLC | 0.00% | Reduce -40.9% | 39 | $3K |
| Morton Brown Family Wealth, LLC | 0.00% | No change | 38 | $3K |
| Financial Network Wealth Advisors LLC | 0.00% | No change | 37 | $3K |
| Wolff Wiese Magana LLC | 0.00% | No change | 37 | $3K |
| SWAN Capital LLC | 0.00% | Reduce -23.8% | 32 | $2K |
| Key Financial Inc | 0.00% | No change | 32 | $2K |
| Hughes Financial Services, LLC | 0.00% | No change | 35 | $2K |
| CX Institutional | 0.00% | No change | 30 | $2K |
| Kilter Group LLC | 0.00% | New | 26 | $2K |
| St. Johns Investment Management Company, LLC | 0.00% | No change | 25 | $2K |
| City State Bank | 0.00% | No change | 25 | $2K |
| Darwin Wealth Management, LLC | 0.00% | No change | 23 | $2K |
| Nemes Rush Group LLC | 0.00% | New | 23 | $2K |
| Creative Financial Designs Inc. | 0.00% | No change | 22 | $2K |
| Rakuten Securities, Inc. | 0.00% | No change | 21 | $1K |
| Principia Wealth Advisory, LLC | 0.00% | New | 20 | $1K |
| Bartlett & Co. Wealth Management LLC | 0.00% | New | 19 | $1K |
| 1620 Investment Advisors, Inc. | 0.00% | No change | 15 | $1K |
| Proathlete Wealth Management LLC | 0.00% | New | 14 | $962 |
| Paladin Advisory Group, LLC | 0.00% | New | 13 | $893 |
| Raffa Wealth Management, LLC | 0.00% | Reduce -72.1% | 12 | $825 |
| Iron Horse Wealth Management, LLC | 0.00% | No change | 12 | $825 |
| Private Wealth Asset Management, LLC | 0.00% | No change | 11 | $756 |
| Bogart Wealth, LLC | 0.00% | No change | 10 | $687 |
| Evolution Wealth Management Inc. | 0.00% | — | 9 | $618 |
| American National Bank & Trust | 0.00% | New | 8 | $550 |
| Riggs Asset Managment Co. Inc. | 0.00% | No change | 6 | $413 |
| Pension & Wealth Management Advisors, Inc. | 0.00% | No change | 5 | $350 |
| MJT & Associates Financial Advisory Group, Inc. | 0.00% | No change | 5 | $344 |
| Park Square Financial Group, LLC | 0.00% | No change | 5 | $344 |
| Pineridge Advisors LLC | 0.00% | No change | 5 | $344 |
| High Note Wealth, LLC | 0.00% | No change | 4 | $275 |
| Activest Wealth Management | 0.00% | No change | 4 | $275 |
| Blume Capital Management, Inc. | 0.00% | New | 3 | $207 |
| Millstone Evans Group, LLC | 0.00% | No change | 3 | $206 |
| Coston, McIsaac & Partners | 0.00% | New | 11 | $0 |
"% of holder's portfolio" is BUD's weight in each manager's 13F, not the share of Anheuser-Busch Inbev-SPN ADR the manager owns.