Leonardo DRSDRS
13F holders, Q4 2024 (December 31)248holders +36
43new positions
18sold out
6famous investors
$32.30avg. 13F price*
At the end of Q4 2024, 248 institutions reported holding Leonardo DRS Inc. (DRS) in their 13F filings, up 36 from Q3 2024. 43 opened new positions and 18 sold out. The largest holders were Vanguard Group Inc. ($256.4M), BlackRock, Inc. ($215.1M) and T. Rowe Price Investment Management, Inc. ($163.0M). 6 famous investors held it, including Israel Englander (0.0% of Millennium Management's portfolio), Jim Simons / Peter Brown (0.0% of Renaissance Technologies's portfolio) and Cliff Asness (0.0% of AQR Capital Management's portfolio).
- Company
- Leonardo DRS Inc.
- CUSIP
- 52661A108
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q3 2024 → Q4 2024
| Institutions | Total Value | |
|---|---|---|
| New Positions | 43 | $20.4M |
| Exits | 18 | $5.8M |
All 13F filers, Q3 2024 → Q4 2024: 7,857,949 shares bought and 7,955,788 shares sold, net −97,839 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 248 holders
| Vanguard Group Inc. | 0.00% | Add +3.4% | 7,934,919 | $256.4M |
| BlackRock, Inc. | 0.00% | Add +20.8% | 6,657,700 | $215.1M |
| T. Rowe Price Investment Management, Inc. | 0.10% | Reduce -18.2% | 5,043,535 | $163.0M |
| FMR LLC | 0.01% | Add +183.2% | 3,457,612 | $111.7M |
| Alliancebernstein L.P. | 0.04% | Reduce -7.6% | 3,297,998 | $106.6M |
| Invesco Ltd. | 0.02% | Reduce -7.5% | 3,070,306 | $99.2M |
| Macquarie Group Ltd. | 0.11% | Reduce -8.6% | 2,850,609 | $92.1M |
| State Street Corp. | 0.00% | Reduce -4.9% | 2,811,283 | $90.8M |
| Driehaus Capital Management LLC | 0.51% | Reduce -10.9% | 1,920,298 | $62.0M |
| Geode Capital Management, LLC | 0.00% | Reduce -0.2% | 1,911,858 | $61.8M |
| First Trust Advisors LP | 0.05% | Add +21.2% | 1,594,092 | $51.5M |
| Dimensional Fund Advisors LP | 0.01% | Add +13.2% | 1,432,110 | $46.3M |
| Franklin Resources Inc. | 0.01% | Add +5.0% | 1,301,964 | $42.1M |
| Silvercrest Asset Management Group LLC | 0.27% | Reduce -45.1% | 1,252,850 | $40.5M |
| Wellington Management Group LLP | 0.01% | Reduce -10.4% | 1,246,525 | $40.3M |
| Charles Schwab Investment Management Inc. | 0.01% | Add +7.5% | 1,088,369 | $35.2M |
| Teacher Retirement System of Texas | 0.12% | Add +87.8% | 1,067,630 | $34.5M |
| Royce & Associates LP | 0.29% | Reduce -32.4% | 968,180 | $31.3M |
| Nuveen Asset Management, LLC | 0.01% | Add +0.2% | 908,257 | $29.3M |
| Jacobs Levy Equity Management, Inc. | 0.10% | Reduce -4.4% | 880,211 | $28.4M |
| T. Rowe Price Associates Inc. | 0.00% | Reduce -57.3% | 836,293 | $27.0M |
| Stephens Investment Management Group LLC | 0.35% | Reduce -15.9% | 802,920 | $25.9M |
| Northern Trust Corp. | 0.00% | Add +6.0% | 776,263 | $25.1M |
| Norges Bank | 0.00% | Add +4.6% | 771,267 | $24.9M |
| Van Eck Associates Corp. | 0.03% | Add +32.1% | 736,896 | $23.8M |
| Voya Investment Management LLC | 0.03% | Add +5.6% | 680,418 | $22.0M |
| JPMorgan Chase & Co. | 0.00% | Add +261.6% | 621,506 | $20.1M |
| Philadelphia Trust Co. | 1.24% | Reduce -1.6% | 522,894 | $16.9M |
| Bank of America Corp. | 0.00% | Add +142.1% | 522,888 | $16.9M |
| Goldman Sachs Group Inc. | 0.00% | Reduce -43.6% | 500,566 | $16.2M |
| Morgan Stanley | 0.00% | Add +1.3% | 498,125 | $16.1M |
| Qube Research & Technologies Ltd | 0.03% | Add +25.1% | 490,341 | $15.8M |
| Kennedy Capital Management LLC | 0.35% | Reduce -18.5% | 484,606 | $15.7M |
| Lord, Abbett & Co. LLC | 0.04% | Reduce -17.0% | 369,739 | $11.9M |
| HERALD INVESTMENT MANAGEMENT Ltd | 1.69% | Reduce -4.5% | 320,000 | $10.3M |
| First Eagle Investment Management, LLC | 0.02% | Reduce -20.5% | 300,885 | $9.7M |
| Y.D. More Investments Ltd | 0.87% | No change | 298,000 | $9.6M |
| Millennium Management | 0.01% | Add +7.7% | 286,672 | $9.3M |
| Moody Aldrich Partners LLC | 1.56% | Reduce -3.0% | 259,820 | $8.4M |
| Russell Investments Group, Ltd. | 0.01% | Reduce -17.5% | 257,910 | $8.3M |
| Essex Investment Management Co. LLC | 1.50% | Reduce -31.3% | 257,807 | $8.3M |
| UBS Group AG | 0.00% | Add +299.7% | 256,878 | $8.3M |
| Algert Global LLC | 0.19% | Add +580.0% | 252,965 | $8.2M |
| Bank of New York Mellon Corp | 0.00% | Reduce -1.6% | 250,783 | $8.1M |
| Stifel Financial Corp. | 0.01% | Reduce -0.2% | 224,444 | $7.3M |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 0.01% | — | 168,801 | $5.5M |
| Citigroup Inc. | 0.00% | Reduce -19.0% | 158,860 | $5.1M |
| Swiss National Bank | 0.00% | Add +0.9% | 155,600 | $5.0M |
| AQR Capital Management | 0.01% | Add +3.5% | 150,652 | $4.9M |
| Barclays PLC | 0.00% | Reduce -17.0% | 147,954 | $4.8M |
| Susquehanna International Group, LLP | 0.01% | Add +224.8% | 143,709 | $4.6M |
| Renaissance Technologies | 0.01% | Add +214.8% | 137,900 | $4.5M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Add +29.8% | 135,762 | $4.4M |
| Baird Financial Group, Inc. | 0.01% | Add +47.9% | 134,385 | $4.3M |
| Raymond James Financial Inc. | 0.00% | — | 133,220 | $4.3M |
| Legal & General Group Plc | 0.00% | Add +14.2% | 118,777 | $3.8M |
| Citadel Advisors | 0.00% | Add +2511.6% | 118,203 | $3.8M |
| Madison Asset Management, LLC | 0.04% | Reduce -22.7% | 117,318 | $3.8M |
| Madison Investment Advisors, LLC | 0.04% | — | 117,318 | $3.8M |
| State of Wisconsin Investment Board | 0.01% | Add +28.9% | 116,752 | $3.8M |
| Global IMC LLC | 0.63% | New | 109,140 | $3.5M |
| Tower View Wealth Management LLC | 1.73% | Add +0.0% | 101,099 | $3.3M |
| Rhumbline Advisers | 0.00% | Add +1.9% | 96,918 | $3.1M |
| BNP Paribas Financial Markets | 0.00% | New | 96,903 | $3.1M |
| Wells Fargo & Company | 0.00% | Reduce -5.8% | 96,499 | $3.1M |
| Deutsche Bank AG | 0.00% | Add +114.6% | 93,773 | $3.0M |
| Eagle Global Advisors LLC | 0.12% | Reduce -2.1% | 92,000 | $3.0M |
| Motley Fool Asset Management LLC | 0.15% | Reduce -24.3% | 89,606 | $2.9M |
| LPL Financial LLC | 0.00% | Add +10.3% | 85,423 | $2.8M |
| Trexquant Investment LP | 0.03% | Add +86.6% | 85,369 | $2.8M |
| TD Asset Management Inc | 0.00% | Reduce -23.3% | 83,222 | $2.7M |
| Principal Financial Group Inc. | 0.00% | Reduce -1.3% | 80,483 | $2.6M |
| Engineers Gate Manager LP | 0.05% | Add +643.2% | 80,192 | $2.6M |
| State Board of Administration of Florida Retirement System | 0.00% | No change | 78,858 | $2.5M |
| Martingale Asset Management L P | 0.06% | Add +9.0% | 76,815 | $2.5M |
| Legato Capital Management LLC | 0.32% | Reduce -39.8% | 76,419 | $2.5M |
| Oliver Luxxe Assets LLC | 0.43% | No change | 85,244 | $2.4M |
| California State Teachers Retirement System | 0.00% | Reduce -0.9% | 73,586 | $2.4M |
| Two Sigma Investments, LP | 0.01% | Add +62.7% | 73,431 | $2.4M |
| Huntleigh Advisors, Inc. | 0.49% | — | 69,954 | $2.3M |
| American Century Companies Inc. | 0.00% | Add +35.6% | 63,271 | $2.0M |
| Sei Investments Co. | 0.00% | Reduce -8.2% | 62,012 | $2.0M |
| Zacks Investment Management | 0.02% | Add +26.7% | 61,974 | $2.0M |
| Victory Capital Management Inc. | 0.00% | Reduce -49.3% | 59,068 | $1.9M |
| Jane Street Group, LLC | 0.00% | Reduce -73.5% | 58,274 | $1.9M |
| Cubist Systematic Strategies, LLC | 0.03% | Add +23.5% | 55,926 | $1.8M |
| Illumine Investment Management, LLC | 1.47% | — | 55,209 | $1.8M |
| Equitable Holdings, Inc. | 0.02% | Add +7.4% | 54,755 | $1.8M |
| Marshall Wace, LLP | 0.00% | Add +340.2% | 54,046 | $1.7M |
| FIL Ltd | 0.00% | New | 53,610 | $1.7M |
| Quantbot Technologies LP | 0.06% | Add +23.6% | 49,823 | $1.6M |
| Jackson Creek Investment Advisors LLC | 0.48% | New | 49,158 | $1.6M |
| Vident Advisory, LLC | 0.03% | Add +34.5% | 47,363 | $1.5M |
| Manufacturers Life Insurance Company, The | 0.00% | Reduce -1.8% | 47,345 | $1.5M |
| MetLife Investment Management, LLC | 0.01% | Add +5.7% | 45,160 | $1.5M |
| MRP Capital Investments, LLC | 1.32% | Reduce -0.1% | 44,785 | $1.4M |
| Squarepoint Ops LLC | 0.00% | Reduce -36.5% | 44,019 | $1.4M |
| Balyasny Asset Management L.P. | 0.00% | New | 42,720 | $1.4M |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | Add +4.0% | 41,895 | $1.4M |
| Versor Investments LP | 0.23% | Add +195.0% | 41,600 | $1.3M |
| Intech Investment Management LLC | 0.01% | Add +183.5% | 40,935 | $1.3M |
| Cetera Investment Advisers | 0.00% | Reduce -5.6% | 39,922 | $1.3M |
| Ledgewood Wealth Advisors, LLC | 0.82% | No change | 39,150 | $1.3M |
| Boston Partners | 0.00% | Reduce -41.6% | 37,586 | $1.2M |
| Janus Henderson Group PLC | 0.00% | Reduce -87.1% | 37,529 | $1.2M |
| Corebridge Financial, Inc. | 0.01% | Reduce -7.0% | 36,603 | $1.2M |
| Envestnet Asset Management Inc. | 0.00% | Add +14.8% | 33,266 | $1.1M |
| Jennison Associates LLC | 0.00% | Add +31.0% | 32,647 | $1.1M |
| Glenmede Trust Co. NA | 0.01% | Reduce -4.8% | 32,331 | $1.0M |
| Brown Advisory Inc. | 0.00% | Reduce -95.1% | 31,742 | $1.0M |
| Natixis Advisors, LLC | 0.00% | Reduce -21.8% | 31,144 | $1.0M |
| Cerity Partners LLC | 0.00% | Add +1.1% | 34,410 | $979K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | Add +23.7% | 29,287 | $946K |
| STRS Ohio | 0.00% | Add +69.8% | 28,700 | $927K |
| Royal Bank of Canada | 0.00% | Add +3.5% | 27,641 | $893K |
| New York State Common Retirement Fund | 0.00% | Add +5.4% | 26,335 | $851K |
| US Bancorp \de | 0.00% | Reduce -32.3% | 25,602 | $827K |
| Blair William & Co. | 0.00% | Reduce -1.6% | 25,450 | $822K |
| JT Stratford LLC | 0.13% | Add +0.9% | 25,273 | $817K |
| Dynamic Technology Lab Private Ltd | 0.12% | Add +68.7% | 23,248 | $751K |
| Arizona State Retirement System | 0.00% | Add +1.0% | 22,966 | $742K |
| SG Americas Securities, LLC | 0.00% | Reduce -58.4% | 22,397 | $724K |
| Counterpoint Mutual Funds LLC | 0.09% | Add +148.1% | 22,404 | $724K |
| Verition Fund Management LLC | 0.00% | New | 21,979 | $710K |
| Two Sigma Advisers, LP | 0.00% | Add +51.8% | 21,700 | $701K |
| ProShare Advisors LLC | 0.00% | Add +49.0% | 20,733 | $670K |
| Walleye Capital LLC | 0.01% | Add +302.9% | 20,062 | $648K |
| Harel Insurance Investments & Financial Services Ltd. | 0.01% | Add +52.3% | 19,962 | $645K |
| Point72 Asset Management | 0.00% | Reduce -66.0% | 19,900 | $643K |
| Fox Run Management, L.L.C. | 0.11% | Reduce -26.4% | 19,416 | $627K |
| Rafferty Asset Management, LLC | 0.00% | Add +5.0% | 18,952 | $612K |
| Tidal Investments LLC | 0.00% | Add +22.7% | 18,485 | $597K |
| Bank of Montreal | 0.00% | Add +2.1% | 18,380 | $594K |
| Virtus Investment Advisers, LLC | 0.46% | New | 17,710 | $572K |
| Mackenzie Financial Corp. | 0.00% | New | 17,649 | $570K |
| Petrus Trust Company, LTA | 0.06% | New | 17,581 | $568K |
| Schonfeld Strategic Advisors LLC | 0.00% | New | 16,649 | $538K |
| Caisse Des Depots Et Consignations | 0.03% | — | 16,382 | $529K |
| Penn Capital Management Company, LLC | 0.05% | Reduce -71.8% | 16,163 | $522K |
| Police & Firemen's Retirement System of New Jersey | 0.00% | — | 15,734 | $508K |
| Brevan Howard Capital Management LP | 0.01% | New | 15,573 | $503K |
| Symmetry Investments LP | 0.03% | New | 15,200 | $491K |
| Resona Asset Management Co.,Ltd. | 0.00% | No change | 14,362 | $464K |
| Wolverine Trading, LLC | 0.01% | New | 14,245 | $463K |
| HRT Financial LP | 0.00% | New | 14,230 | $459K |
| PEAK6 LLC | 0.02% | — | 13,695 | $442K |
| D. E. Shaw & Co. | 0.00% | New | 13,618 | $440K |
| Stephens Inc. | 0.01% | Add +5.2% | 13,308 | $430K |
| Meitav Investment House Ltd. | 0.01% | Add +19.0% | 12,940 | $418K |
| Hennion & Walsh Asset Management, Inc. | 0.02% | New | 12,841 | $415K |
| XTX Topco Ltd | 0.03% | New | 11,896 | $384K |
| Scientech Research LLC | 0.11% | New | 11,636 | $376K |
| Point72 (DIFC) Ltd | 0.03% | Add +5.2% | 11,609 | $375K |
| Orion Porfolio Solutions, LLC | 0.00% | Reduce -18.7% | 11,502 | $372K |
| Orion Portfolio Solutions, LLC | 0.00% | Reduce -18.7% | 11,502 | $372K |
| Cibc World Market Inc. | 0.00% | Add +46.7% | 11,221 | $363K |
| Oppenheimer Asset Management Inc. | 0.00% | Reduce -1.8% | 11,026 | $356K |
| Tower Research Capital LLC (TRC) | 0.01% | Add +99.0% | 10,851 | $351K |
| Ameriprise Financial Inc. | 0.00% | New | 10,642 | $344K |
| Chesapeake Capital Corp. | 0.34% | Reduce -0.4% | 10,425 | $337K |
| Silverberg Bernstein Capital Management LLC | 0.29% | Reduce -41.0% | 10,200 | $330K |
| HSBC Holdings PLC | 0.00% | Reduce -28.4% | 8,834 | $286K |
| Verdence Capital Advisors LLC | 0.02% | Reduce -3.8% | 8,605 | $278K |
| McAdam, LLC | 0.02% | New | 8,568 | $277K |
| CIBC Asset Management Inc | 0.00% | Add +5.3% | 8,060 | $260K |
| Pictet Asset Management Holding SA | 0.00% | No change | 8,015 | $259K |
| Arrowstreet Capital, Limited Partnership | 0.00% | New | 7,727 | $250K |
| Ameritas Investment Partners, Inc. | 0.01% | Add +6.8% | 7,702 | $249K |
| Lazard Asset Management LLC | 0.00% | Reduce -2.2% | 7,655 | $246K |
| Leavell Investment Management, Inc. | 0.01% | Reduce -25.0% | 7,500 | $242K |
| Cibc World Markets Corp. | 0.00% | New | 6,889 | $223K |
| Mariner, LLC | 0.00% | New | 6,865 | $222K |
| Sequoia Financial Advisors, LLC | 0.00% | New | 6,787 | $219K |
| Quadrature Capital Ltd | 0.00% | New | 6,757 | $218K |
| New York State Teachers Retirement System | 0.00% | No change | 6,722 | $217K |
| Total Clarity Wealth Management, Inc. | 0.07% | New | 6,655 | $215K |
| Robeco Institutional Asset Management B.V. | 0.00% | New | 6,590 | $213K |
| Longboard Asset Management, LP | 0.56% | — | 6,548 | $212K |
| Group One Trading LLC | 0.01% | New | 4,555 | $147K |
| KBC Group NV | 0.00% | Add +42.0% | 3,671 | $119K |
| Virtus Fund Advisers, LLC | 0.36% | New | 3,601 | $116K |
| Gen-Wealth Partners Inc | 0.04% | No change | 2,555 | $83K |
| Amalgamated Bank | 0.00% | No change | 2,433 | $79K |
| Osaic Holdings, Inc. | 0.00% | Reduce -95.9% | 2,388 | $77K |
| Cwm, LLC | 0.00% | Add +41.0% | 2,233 | $72K |
| Federation des caisses Desjardins du Quebec | 0.00% | No change | 2,196 | $71K |
| IFP Advisors, Inc | 0.00% | Add +37.0% | 1,944 | $63K |
| Covestor Ltd | 0.04% | Reduce -2.8% | 1,764 | $57K |
| Leonteq Securities AG | 0.01% | New | 1,679 | $54K |
| Sandy Spring Bank | 0.00% | No change | 1,500 | $48K |
| Comerica Bank | 0.00% | Reduce -16.9% | 1,454 | $47K |
| AlphaQuest LLC | 0.01% | Reduce -91.1% | 1,419 | $46K |
| Loomis Sayles & Co. L P | 0.00% | Reduce -96.8% | 1,145 | $37K |
| Caitong International Asset Management Co., Ltd | 0.04% | — | 1,142 | $37K |
| Steward Partners Investment Advisory, LLC | 0.00% | Add +233.3% | 1,000 | $32K |
| Point72 Asia (Singapore) Pte. Ltd. | 0.01% | Reduce -75.6% | 980 | $32K |
| Public Employees Retirement System of Ohio | 0.00% | Add +28.7% | 902 | $29K |
| Aster Capital Management (DIFC) Ltd | 0.01% | Reduce -57.0% | 881 | $28K |
| Edmond DE Rothschild Holding S.A. | 0.00% | No change | 750 | $24K |
| Tortoise Investment Management, LLC | 0.00% | No change | 700 | $23K |
| Nisa Investment Advisors, LLC | 0.00% | Add +3.6% | 662 | $21K |
| Quarry LP | 0.00% | New | 616 | $20K |
| Pathway Financial Advisers, LLC | 0.01% | No change | 600 | $19K |
| Venturi Wealth Management, LLC | 0.00% | No change | 586 | $19K |
| Natixis | 0.00% | New | 548 | $18K |
| WR Wealth Planners, LLC | 0.01% | Reduce -50.0% | 500 | $16K |
| Bessemer Group Inc. | 0.00% | Add +862.0% | 481 | $16K |
| Mather Group, Llc. | 0.00% | Add +416.3% | 475 | $15K |
| Harbor Capital Advisors, Inc. | 0.00% | Add +12.1% | 464 | $15K |
| IAG Wealth Partners, LLC | 0.00% | No change | 400 | $13K |
| Northwestern Mutual Wealth Management Co. | 0.00% | New | 400 | $13K |
| VSM Wealth Advisory, LLC | 0.00% | — | 350 | $11K |
| Summit Securities Group LLC | 0.00% | New | 346 | $11K |
| Empowered Funds, LLC | 0.00% | New | 297 | $10K |
| Bellwether Advisors, LLC | 0.00% | New | 267 | $9K |
| CI Investments Inc. | 0.00% | Reduce -5.1% | 243 | $8K |
| R Squared Ltd | 0.01% | — | 230 | $7K |
| Wilmington Savings Fund Society, FSB | 0.00% | No change | 208 | $7K |
| CIBC Private Wealth Group LLC | 0.00% | No change | 200 | $7K |
| Cullen/Frost Bankers, Inc. | 0.00% | Add +13.9% | 205 | $7K |
| Morse Asset Management, Inc | 0.00% | New | 200 | $6K |
| Jones Financial Companies LLLP | 0.00% | New | 200 | $6K |
| GAMMA Investing LLC | 0.00% | Add +22.2% | 198 | $6K |
| Mitsubishi UFJ Asset Management Co., Ltd. | 0.00% | No change | 167 | $5K |
| Avior Wealth Management, LLC | 0.00% | No change | 168 | $5K |
| Clearstead Advisors, LLC | 0.00% | No change | 120 | $4K |
| Farther Finance Advisors, LLC | 0.00% | Add +2.6% | 118 | $4K |
| SBI Securities Co., Ltd. | 0.00% | — | 96 | $3K |
| Hemington Wealth Management | 0.00% | Add +106.7% | 93 | $3K |
| Clal Insurance Enterprises Holdings Ltd | 0.00% | No change | 90 | $3K |
| Rothschild Investment LLC | 0.00% | Add +13.3% | 85 | $3K |
| Continuum Advisory, LLC | 0.00% | No change | 76 | $2K |
| Sterling Capital Management LLC | 0.00% | No change | 76 | $2K |
| EverSource Wealth Advisors, LLC | 0.00% | New | 73 | $2K |
| True Wealth Design, LLC | 0.00% | Add +5.9% | 54 | $2K |
| Principal Securities, Inc. | 0.00% | No change | 46 | $1K |
| Allworth Financial LP | 0.00% | No change | 39 | $1K |
| Huntington National Bank | 0.00% | Add +4000.0% | 41 | $1K |
| AdvisorNet Financial, Inc | 0.00% | No change | 33 | $1K |
| Parallel Advisors, LLC | 0.00% | No change | 29 | $937 |
| Bell Investment Advisors, Inc | 0.00% | New | 18 | $582 |
| SJS Investment Consulting Inc. | 0.00% | New | 15 | $485 |
| DiNuzzo Private Wealth, Inc. | 0.00% | Add +500.0% | 12 | $388 |
| Smartleaf Asset Management LLC | 0.00% | No change | 11 | $357 |
| PNC Financial Services Group, Inc. | 0.00% | Add +166.7% | 8 | $258 |
| Global Financial Private Client, LLC | 0.00% | New | 7 | $226 |
| Concourse Financial Group Securities, Inc. | 0.00% | Reduce -25.0% | 3 | $111 |
| TD Waterhouse Canada Inc. | 0.00% | New | 1 | $32 |
"% of holder's portfolio" is DRS's weight in each manager's 13F, not the share of Leonardo DRS Inc. the manager owns.