The Chefs' WarehouseCHEF

13F holders, Q2 2026 (June 30)
287holders +37
67new positions
28sold out
6famous investors
$95.08avg. 13F price*

At the end of Q2 2026, 287 institutions reported holding The Chefs' Warehouse Inc. (CHEF) in their 13F filings, up 37 from Q1 2026. 67 opened new positions and 28 sold out. The largest holders were BlackRock, Inc. ($580.4M), Wellington Management Group LLP ($229.8M) and Vanguard Capital Management LLC ($155.8M). 6 famous investors held it, including David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio), Paul Tudor Jones (0.0% of Tudor Investment Corporation's portfolio) and Israel Englander (0.0% of Millennium Management's portfolio).

Company
The Chefs' Warehouse Inc.
CUSIP
163086101
Latest filing quarter
Q2 2026

History

Number of 13F holders

0100200300 Q1 2024: 170Q1 2024Q2 2024: 179Q2 2024Q3 2024: 195Q3 2024Q4 2024: 185Q4 2024Q1 2025: 221Q1 2025Q2 2025: 227Q2 2025Q3 2025: 252Q3 2025Q4 2025: 245Q4 2025Q1 2026: 250Q1 2026Q2 2026: 287Q2 2026

Total Exit/New Position Q1 2026 → Q2 2026

InstitutionsTotal Value
New Positions67$155.4M
Exits28$41.2M

All 13F filers, Q1 2026 → Q2 2026: 5,528,743 shares bought and 5,638,717 shares sold, net −109,974 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.

Ownership 287 holders

BlackRock, Inc. 0.01% Add +4.3% 6,039,964 $580.4M
Wellington Management Group LLP 0.04% Reduce -29.0% 2,390,951 $229.8M
Vanguard Capital Management LLC 0.00% Add +0.2% 1,621,521 $155.8M
JPMorgan Chase & Co. 0.01% Reduce -17.3% 1,557,862 $148.6M
State Street Corp. 0.00% Add +6.8% 1,507,277 $144.8M
Victory Capital Management Inc. 0.07% Reduce -20.9% 1,354,101 $130.1M
Vanguard Portfolio Management LLC 0.00% Add +5.6% 1,000,925 $96.2M
Dimensional Fund Advisors LP 0.02% Add +1.6% 992,743 $95.4M
Geode Capital Management, LLC 0.00% Add +6.3% 963,665 $92.6M
FMR LLC 0.00% Add +11.3% 948,054 $91.1M
Massachusetts Financial Services Co. 0.03% Reduce -19.9% 943,154 $90.6M
Nomura Asset Management International Inc. 0.13% Reduce -30.2% 898,627 $86.4M
Invesco Ltd. 0.01% Reduce -21.2% 815,554 $78.4M
Select Equity Group, L.P. 0.39% Add +38.7% 765,435 $73.6M
Alliancebernstein L.P. 0.02% Reduce -12.6% 1,075,880 $64.0M
D. E. Shaw & Co. 0.04% Add +117.9% 664,493 $63.9M
Kennedy Capital Management LLC 1.11% Reduce -3.8% 652,042 $62.7M
Jennison Associates LLC 0.03% Reduce -5.8% 577,047 $55.5M
Thrivent Financial for Lutherans 0.09% Add +235.8% 531,461 $51.1M
Federated Hermes, Inc. 0.07% Add +0.0% 508,907 $48.9M
Northern Trust Corp. 0.01% Add +8.1% 493,545 $47.4M
Charles Schwab Investment Management Inc. 0.01% Add +2.0% 443,298 $42.6M
Ameriprise Financial Inc. 0.01% Add +194.2% 440,161 $42.3M
Voya Investment Management LLC 0.04% Add +2050.2% 421,969 $40.6M
Goldman Sachs Group Inc. 0.00% Reduce -33.0% 416,839 $40.1M
Morgan Stanley 0.00% Reduce -49.1% 402,233 $38.7M
TimesSquare Capital Management, LLC 0.55% Reduce -7.1% 391,460 $37.6M
Capital Research Global Investors 0.00% New 347,104 $33.4M
Artisan Partners Limited Partnership 0.05% New 334,734 $32.2M
Nuveen, LLC 0.01% Reduce -3.8% 328,043 $31.5M
Woodline Partners LP 0.09% Reduce -45.1% 304,909 $29.3M
Bank of Montreal 0.01% Add +71.1% 292,488 $28.1M
Manufacturers Life Insurance Company, The 0.02% Add +1594.0% 291,465 $28.0M
Royal Bank of Canada 0.00% Reduce -15.1% 282,188 $27.1M
Jane Street Group, LLC 0.02% Add +386.4% 272,189 $26.2M
Vanguard Fiduciary Trust Co. 0.01% Add +3.3% 260,865 $25.1M
Schroder Investment Management Group 0.02% Add +5.5% 249,726 $23.8M
BNP Paribas Financial Markets 0.01% Add +86.4% 244,697 $23.5M
Bank of America Corp. 0.00% Reduce -39.2% 234,486 $22.5M
WCM Investment Management, LLC 0.04% Reduce -29.7% 235,895 $22.5M
Bank of New York Mellon Corp 0.00% Add +2.4% 230,130 $22.1M
New York State Common Retirement Fund 0.03% Add +13.4% 226,253 $21.7M
Principal Financial Group Inc. 0.01% Reduce -0.6% 225,452 $21.7M
UBS Group AG 0.00% Reduce -26.3% 222,914 $21.4M
American Century Companies Inc. 0.01% Add +78.0% 216,917 $20.8M
Barclays PLC 0.01% Reduce -5.6% 212,927 $20.5M
Aberdeen Group plc 0.03% Reduce -7.7% 197,101 $18.9M
Neuberger Berman Group LLC 0.01% Add +19.7% 196,882 $18.9M
William Blair Investment Management, LLC 0.06% New 194,636 $18.7M
Pictet Asset Management Holding SA 0.02% Reduce -18.1% 186,851 $18.0M
First Eagle Investment Management, LLC 0.03% Add +8.4% 181,519 $17.4M
Silvercrest Asset Management Group LLC 0.11% Reduce -34.4% 173,610 $16.7M
Bessemer Group Inc. 0.02% Reduce -26.6% 169,700 $16.3M
Prudential Financial Inc. 0.02% Add +358.4% 169,651 $16.3M
Allspring Global Investments Holdings, LLC 0.02% Add +38.8% 150,827 $14.4M
Millennium Management 0.01% Add +236.6% 146,697 $14.1M
Penn Capital Management Company, LLC 0.84% Reduce -48.8% 137,839 $13.3M
Wasatch Advisors LP 0.08% Reduce -53.2% 127,951 $12.3M
Lighthouse Investment Partners, LLC 0.37% New 124,727 $12.0M
Public Sector Pension Investment Board 0.03% Reduce -3.8% 124,636 $12.0M
Citigroup Inc. 0.01% Add +452.2% 124,204 $11.9M
Russell Investments Group, Ltd. 0.01% Reduce -4.0% 123,728 $11.9M
Lord, Abbett & Co. LLC 0.03% Add +8.4% 117,812 $11.3M
State of Wisconsin Investment Board 0.02% Reduce -17.6% 111,155 $10.7M
First Trust Advisors LP 0.01% Reduce -11.5% 106,870 $10.3M
Nicholas Investment Partners, LP 0.65% Add +14.9% 104,457 $10.0M
Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% Reduce -20.3% 98,817 $9.5M
Healthcare of Ontario Pension Plan Trust Fund 0.01% Add +147.9% 96,443 $9.3M
Granahan Investment Management, LLC 0.32% Reduce -18.7% 93,187 $9.0M
Rhumbline Advisers 0.01% Reduce -9.5% 87,008 $8.4M
Legal & General Group Plc 0.00% Add +1.9% 84,564 $8.1M
Summit Creek Advisors LLC 2.65% Reduce -47.3% 80,970 $7.8M
Sei Investments Co. 0.01% Reduce -36.5% 77,466 $7.4M
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% Reduce -4.0% 76,846 $7.4M
Granite Investment Partners, LLC 0.38% Reduce -0.1% 76,389 $7.3M
Swiss National Bank 0.00% Add +1.8% 73,700 $7.1M
Informed Momentum Co LLC 0.61% New 70,932 $6.8M
Wells Fargo & Company 0.00% Add +118.4% 70,562 $6.8M
Deutsche Bank AG 0.00% Add +12.6% 67,659 $6.5M
Welch & Forbes LLC 0.08% Add +1.6% 65,255 $6.3M
Renaissance Technologies 0.01% New 63,749 $6.1M
T. Rowe Price Associates Inc. 0.00% Add +16.7% 59,488 $5.7M
Oberweis Asset Management Inc./ 0.11% New 57,544 $5.5M
Numerai GP LLC 0.44% Add +801.8% 55,847 $5.4M
Aristotle Capital Boston, LLC 0.36% Reduce -14.9% 55,295 $5.3M
Lazard Asset Management LLC 0.01% Reduce -22.2% 52,096 $5.0M
Stifel Financial Corp. 0.00% Reduce -2.1% 49,625 $4.8M
Citadel Advisors 0.00% New 46,330 $4.5M
B. Metzler seel. Sohn & Co. AG 0.04% Reduce -27.6% 44,597 $4.3M
California State Teachers Retirement System 0.00% Reduce -2.6% 43,264 $4.2M
New York State Teachers Retirement System 0.01% Reduce -0.8% 42,578 $4.1M
Quantbot Technologies LP 0.15% Add +847.5% 38,695 $3.7M
Holocene Advisors, LP 0.01% New 38,072 $3.7M
Algert Global LLC 0.04% Reduce -17.9% 37,777 $3.6M
Teachers Retirement System of the State of Kentucky 0.02% Reduce -7.2% 37,083 $3.6M
Susquehanna Portfolio Strategies, LLC 0.06% Add +19.5% 35,990 $3.5M
Raymond James Financial Inc. 0.00% Add +41.5% 34,485 $3.3M
PDT Partners, LLC 0.17% No change 34,082 $3.3M
Odyssean, LLC 0.51% Add +38.3% 32,758 $3.1M
Aquatic Capital Management LLC 0.10% New 29,197 $2.8M
CANADA LIFE ASSURANCE Co 0.00% Reduce -2.1% 28,648 $2.8M
NFJ Investment Group, LLC 0.09% Reduce -32.3% 28,559 $2.7M
ExodusPoint Capital Management, LP 0.02% New 28,033 $2.7M
Quantinno Capital Management LP 0.00% Add +20.8% 27,894 $2.7M
VANGUARD ASSET MANAGEMENT, Ltd 0.00% Add +8.5% 26,259 $2.5M
Tudor Investment Corporation 0.01% New 25,337 $2.4M
Dana Investment Advisors, Inc. 0.06% New 25,086 $2.4M
Teacher Retirement System of Texas 0.01% Add +131.2% 23,869 $2.3M
Zacks Investment Management 0.02% New 23,045 $2.2M
Oliver Luxxe Assets LLC 0.32% Reduce -44.9% 22,466 $2.2M
Vestmark Advisory Solutions, Inc. 0.02% Reduce -5.3% 22,379 $2.2M
Envestnet Asset Management Inc. 0.00% Add +357.8% 22,050 $2.1M
MetLife Investment Management, LLC 0.01% Add +8.0% 21,640 $2.1M
Jackson Creek Investment Advisors LLC 0.67% Reduce -28.0% 17,653 $2.0M
Expect Equity LLC 1.30% Reduce -18.5% 21,048 $2.0M
Boothbay Fund Management, LLC 0.04% New 20,329 $2.0M
Ancora Advisors LLC 0.03% No change 17,917 $1.7M
Great Lakes Advisors, LLC 0.01% Reduce -40.5% 17,762 $1.7M
AQR Capital Management 0.00% Add +21.8% 17,687 $1.7M
Intech Investment Management LLC 0.02% Add +95.7% 17,252 $1.7M
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% Add +0.3% 17,154 $1.6M
Legato Capital Management LLC 0.14% Add +11.7% 17,111 $1.6M
Illinois Municipal Retirement Fund 0.02% Reduce -15.7% 17,097 $1.6M
Creative Planning 0.00% Add +44.7% 16,814 $1.6M
Keybank National Association 0.01% Reduce -7.8% 15,967 $1.5M
Louisiana State Employees Retirement System 0.02% Reduce -1.2% 15,900 $1.5M
FORA Capital, LLC 0.10% New 15,800 $1.5M
Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% Add +54.0% 15,798 $1.5M
State of New Jersey Common Pension Fund D 0.00% New 14,970 $1.4M
Jupiter Topco LLC 0.00% — 14,800 $1.4M
Cookson Peirce & Co. Inc. 0.05% New 14,619 $1.4M
HSBC Holdings PLC 0.00% Reduce -52.6% 14,327 $1.4M
Handelsbanken Fonder AB 0.00% No change 14,400 $1.4M
Vanguard Global Advisers, LLC 0.00% Reduce -3.1% 13,861 $1.3M
Polymer Capital Management (HK) LTD 0.13% New 13,400 $1.3M
Natixis Advisors, LLC 0.00% New 13,243 $1.3M
Guggenheim Capital LLC 0.01% Add +150.9% 13,182 $1.3M
Exchange Traded Concepts, LLC 0.01% Reduce -1.5% 12,712 $1.2M
VIRGINIA RETIREMENT SYSTEMS ET Al 0.01% Add +53.0% 12,700 $1.2M
Marshall Wace, LLP 0.00% Reduce -6.3% 12,453 $1.2M
Corient Private Wealth LP 0.00% Reduce -4.5% 12,090 $1.2M
Argent Capital Management LLC 0.04% Add +31.3% 12,066 $1.2M
State of Alaska, Department of Revenue 0.01% Reduce -33.1% 11,952 $1.1M
Police & Firemen's Retirement System of New Jersey 0.01% Add +13.6% 10,986 $1.1M
Fifth Third Bancorp 0.00% Reduce -5.9% 10,656 $1.0M
Tidal Investments LLC 0.00% New 10,330 $993K
Sterling Capital Management LLC 0.02% Reduce -28.8% 10,320 $992K
Fox Run Management, L.L.C. 0.16% New 10,169 $977K
Park Avenue Securities LLC 0.01% New 10,169 $977K
Arizona State Retirement System 0.00% Add +0.7% 10,127 $973K
State Board of Administration of Florida Retirement System 0.00% No change 10,027 $964K
State of Tennessee, Department of Treasury 0.00% Add +26.1% 9,822 $944K
Amalgamated Bank 0.01% Reduce -6.3% 9,775 $939K
Janney Montgomery Scott LLC 0.00% Add +146.9% 9,714 $934K
Squarepoint Ops LLC 0.00% Add +4.2% 9,697 $932K
Yousif Capital Management, LLC 0.01% Add +0.6% 9,674 $930K
HighTower Advisors, LLC 0.00% Reduce -8.8% 9,641 $926K
KLP Kapitalforvaltning As 0.00% Add +16.3% 9,300 $894K
Vanguard Investments Australia, Ltd. 0.00% No change 9,139 $878K
Empowered Funds, LLC 0.00% Add +90.5% 8,816 $847K
Commonwealth of Pennsylvania Public School Empls Retrmt SYS 0.00% Reduce -3.9% 8,606 $827K
Oregon Public Employees Retirement Fund 0.01% Add +0.9% 8,316 $799K
Zions Bancorporation, National Association 0.04% Reduce -47.5% 7,242 $696K
Yorktown Management & Research Co Inc 0.41% No change 7,050 $678K
Jones Financial Companies LLLP 0.00% Add +199.4% 6,104 $585K
Steward Partners Investment Advisory, LLC 0.00% Reduce -0.4% 6,068 $583K
XTX Topco Ltd 0.01% Reduce -67.0% 6,046 $581K
Amundi 0.00% Reduce -13.2% 5,619 $540K
Evergreen Capital Management LLC 0.01% New 5,468 $525K
Maryland State Retirement & Pension System 0.01% Add +0.8% 5,309 $510K
ProShare Advisors LLC 0.00% Reduce -6.5% 5,304 $510K
EntryPoint Capital, LLC 0.12% New 5,194 $499K
Premier Fund Managers Ltd 0.04% Reduce -14.8% 4,988 $476K
Vontobel Holding Ltd. 0.00% No change 4,808 $462K
Verdence Capital Advisors LLC 0.02% Reduce -2.4% 4,713 $453K
Captrust Financial Advisors 0.00% Add +25.4% 4,286 $412K
Mirabella Financial Services LLP 0.04% New 4,189 $403K
Mutual of America Capital Management LLC 0.00% Add +0.3% 4,156 $399K
CIBC Bancorp USA Inc. 0.00% New 4,119 $396K
Ethic Inc. 0.00% New 4,040 $388K
Globeflex Capital L P 0.05% No change 3,901 $375K
Contravisory Investment Management, Inc. 0.07% Add +2.2% 3,831 $368K
Franklin Resources Inc. 0.00% Add +33.5% 3,813 $366K
Xponance LLC 0.00% Add +8.1% 3,765 $362K
Jefferies Financial Group Inc. 0.00% New 3,748 $360K
Crestwood Advisors Group, LLC 0.01% Add +0.6% 3,672 $353K
Ensign Peak Advisors, Inc 0.00% Reduce -18.9% 3,658 $352K
LPL Financial LLC 0.00% Reduce -78.4% 3,646 $350K
Mercer Global Advisors Inc. 0.00% New 3,594 $345K
Cetera Investment Advisers 0.00% New 3,592 $345K
Storgate, LLC 0.07% New 3,466 $333K
Jump Financial, LLC 0.00% New 3,395 $326K
Ameritas Investment Partners, Inc. 0.01% Add +10.9% 3,380 $325K
Harbour Capital Advisors, LLC 0.06% New 3,375 $323K
Entropy Technologies, LP 0.01% New 3,173 $305K
Voleon Capital Management LP 0.01% New 3,133 $301K
Ascentis Wealth Management, LLC 0.05% No change 3,104 $298K
Park Capital Management, LLC / WI 0.17% New 3,072 $295K
Vista Finance, LLC 0.15% New 2,802 $269K
Crossmark Global Holdings, Inc. 0.00% New 2,767 $266K
Atria Investments, Inc 0.00% New 2,762 $265K
Susquehanna International Group, LLP 0.00% Reduce -89.1% 2,694 $259K
Tower Research Capital LLC (TRC) 0.01% Reduce -55.5% 2,626 $252K
Sanctuary Advisors, LLC 0.00% New 2,626 $252K
Net Worth Advisory Group 0.06% New 2,555 $246K
Susquehanna Fundamental Investments, LLC 0.00% New 2,530 $243K
Penserra Capital Management LLC 0.00% New 2,485 $238K
Swiss Life Asset Management Ltd 0.00% New 2,466 $237K
GAMMA Investing LLC 0.01% Reduce -1.1% 2,444 $235K
DNB Asset Management AS 0.00% New 2,438 $234K
PNC Financial Services Group, Inc. 0.00% Add +12.2% 2,415 $232K
Vanguard Personalized Indexing Management, LLC 0.00% New 2,404 $231K
HB Wealth Management, LLC 0.00% New 2,310 $222K
Oppenheimer Asset Management Inc. 0.00% New 2,165 $208K
Pinnacle Wealth Planning Services, Inc. 0.02% Reduce -2.7% 2,110 $203K
State of Wyoming 0.02% Reduce -37.3% 2,042 $196K
US Bancorp \de 0.00% Add +2.1% 1,916 $184K
SG Americas Securities, LLC 0.00% Reduce -92.4% 1,496 $144K
KBC Group NV 0.00% No change 1,433 $138K
Nykredit A/S 0.00% — 1,245 $120K
Simplex Trading, LLC 0.00% Add +866.4% 1,237 $119K
Covestor Ltd 0.06% Add +25.1% 1,161 $112K
Rockefeller Capital Management L.P. 0.00% Add +21.0% 956 $92K
STRS Ohio 0.00% New 900 $86K
Nisa Investment Advisors, LLC 0.00% Add +30.0% 840 $81K
Parallel Advisors, LLC 0.00% Reduce -13.3% 803 $77K
Arax Advisory Partners 0.00% Add +274.0% 778 $75K
Hantz Financial Services, Inc. 0.00% Add +5.3% 757 $73K
Bayforest Capital Ltd 0.06% Add +170.2% 716 $69K
Osaic Holdings, Inc. 0.00% Reduce -54.0% 714 $69K
Harvest Fund Management Co., Ltd 0.00% Reduce -77.6% 635 $61K
Signaturefd, LLC 0.00% Add +7.2% 613 $59K
Center for Financial Planning, Inc. 0.00% No change 550 $53K
Global Retirement Partners, LLC 0.00% — 502 $48K
UMB Bank, n.a. 0.00% Add +158.0% 498 $48K
Versant Capital Management, Inc 0.00% Add +3.4% 484 $47K
CoreCap Advisors, LLC 0.00% Add +0.4% 482 $46K
BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% Reduce -28.6% 472 $45K
Farther Finance Advisors, LLC 0.00% Add +2.6% 428 $41K
Lanark Financial, Inc. 0.00% New 399 $38K
Public Employees Retirement System of Ohio 0.00% Add +9.3% 353 $34K
Huntington National Bank 0.00% Add +147.9% 347 $33K
Kemnay Advisory Services Inc. 0.00% Reduce -84.1% 327 $31K
Optiver Holding B.V. 0.00% Add +366.7% 322 $31K
Cullen/Frost Bankers, Inc. 0.00% New 303 $29K
Salomon & Ludwin, LLC 0.00% No change 298 $28K
Fortitude Family Office, LLC 0.00% No change 256 $25K
Harbor Capital Advisors, Inc. 0.00% No change 201 $19K
Smartleaf Asset Management LLC 0.00% No change 183 $17K
EverSource Wealth Advisors, LLC 0.00% Add +21.8% 179 $17K
Bare Financial Services, Inc 0.00% Add +74.4% 136 $13K
Parkside Financial Bank & Trust 0.00% Add +0.8% 129 $12K
Los Angeles Capital Management LLC 0.00% No change 129 $12K
SBI Securities Co., Ltd. 0.00% No change 108 $10K
IFP Advisors, Inc 0.00% Add +77.8% 96 $9K
Allworth Financial LP 0.00% Reduce -44.6% 93 $9K
Quarry LP 0.00% New 72 $7K
Rothschild Investment LLC 0.00% Reduce -4.0% 72 $7K
MassMutual Private Wealth & Trust, FSB 0.00% Reduce -11.4% 70 $7K
Larson Financial Group LLC 0.00% Add +17.2% 68 $7K
Keating Financial Advisory Services, Inc. 0.00% Add +81.8% 60 $6K
Elequin Capital, LP 0.00% Add +62.1% 47 $5K
Johnson Financial Group, Inc. 0.00% No change 39 $4K
SJS Investment Consulting Inc. 0.00% New 34 $3K
WPG Advisers, LLC 0.00% Add +55.0% 31 $3K
Game Plan Financial Advisors, LLC 0.00% New 25 $2K
Continuum Advisory, LLC 0.00% New 23 $2K
Farmers & Merchants Investments Inc. 0.00% No change 22 $2K
Physician Wealth Advisors, Inc. 0.00% New 11 $1K
Ameriflex Group, Inc. 0.00% New 11 $1K
Ankerstar Wealth, LLC 0.00% No change 9 $865
Rossby Financial, LCC 0.00% No change 9 $865
Plante Moran Financial Advisors, LLC 0.00% New 9 $865
Essential Partners LLC 0.00% No change 8 $769
Raffa Wealth Management, LLC 0.00% New 7 $673
Cedar Mountain Advisors, LLC 0.00% No change 7 $673
Rialto Wealth Management, LLC 0.00% New 6 $577
Transamerica Financial Advisors, LLC 0.00% New 6 $576
Gilpin Wealth Management, LLC 0.00% Add +66.7% 5 $481
JFS Wealth Advisors, LLC 0.00% New 5 $481
Abound Wealth Management 0.00% No change 2 $193
Davis Capital Management 0.00% New 2 $192
Private Trust Co. NA 0.00% No change 2 $192
Hughes Financial Services, LLC 0.00% Reduce -33.3% 2 $192
Silver Grove Financial Group, Inc. 0.00% New 1 $96
Avion Wealth 0.00% No change 9 $0
Evolution Advisers, Inc. 0.00% New 3 $0

"% of holder's portfolio" is CHEF's weight in each manager's 13F, not the share of The Chefs' Warehouse Inc. the manager owns.