Ezcorp Inc. Class AEZPW
13F holders, Q3 2025 (September 30)At the end of Q3 2025, 245 institutions reported holding Ezcorp Inc. Class A (EZPW) in their 13F filings, up 5 from Q2 2025. 37 opened new positions and 31 sold out. The largest holders were BlackRock, Inc. ($152.2M), Vanguard Group Inc. ($68.7M) and Dimensional Fund Advisors LP ($66.2M). 7 famous investors held it, including Jim Simons / Peter Brown (0.1% of Renaissance Technologies's portfolio), Paul Tudor Jones (0.0% of Tudor Investment Corporation's portfolio) and Israel Englander (0.0% of Millennium Management's portfolio).
- Company
- Ezcorp Inc. Class A
- CUSIP
- 302301106
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q2 2025 → Q3 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 37 | $14.3M |
| Exits | 31 | $15.1M |
All 13F filers, Q2 2025 → Q3 2025: 6,982,750 shares bought and 6,487,540 shares sold, net +495,210 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 245 holders
| BlackRock, Inc. | 0.00% | Add +1.0% | 7,992,270 | $152.2M |
| Vanguard Group Inc. | 0.00% | Add +11.4% | 3,610,029 | $68.7M |
| Dimensional Fund Advisors LP | 0.01% | Reduce -0.5% | 3,479,158 | $66.2M |
| Renaissance Technologies | 0.06% | Add +10.0% | 2,472,566 | $47.1M |
| First Wilshire Securities Management Inc. | 11.08% | Reduce -3.1% | 2,187,734 | $41.7M |
| Capital Research Global Investors | 0.01% | Add +27.7% | 2,148,126 | $40.9M |
| Millennium Management | 0.03% | Add +28.5% | 1,975,421 | $37.6M |
| FMR LLC | 0.00% | Add +341.2% | 1,952,840 | $37.2M |
| Wasatch Advisors LP | 0.20% | Reduce -17.6% | 1,912,788 | $36.4M |
| Stephens Investment Management Group LLC | 0.40% | Reduce -2.3% | 1,634,267 | $31.1M |
| Invesco Ltd. | 0.00% | Add +8.6% | 1,246,427 | $23.7M |
| Qube Research & Technologies Ltd | 0.03% | Add +16.9% | 1,243,576 | $23.7M |
| State Street Corp. | 0.00% | Add +9.5% | 1,211,795 | $23.1M |
| Two Sigma Advisers, LP | 0.05% | Add +10.0% | 1,201,470 | $22.9M |
| Silvercrest Asset Management Group LLC | 0.15% | Reduce -0.6% | 1,196,817 | $22.8M |
| Fourth Sail Capital LP | 5.42% | Reduce -5.9% | 1,177,997 | $22.4M |
| Two Sigma Investments, LP | 0.04% | Add +10.1% | 1,144,852 | $21.8M |
| Morgan Stanley | 0.00% | Add +61.3% | 929,567 | $17.7M |
| Wellington Management Group LLP | 0.00% | Reduce -0.5% | 894,014 | $17.0M |
| Geode Capital Management, LLC | 0.00% | Add +30.0% | 809,987 | $15.4M |
| Heartland Advisors Inc. | 0.71% | No change | 705,906 | $13.4M |
| Oberweis Asset Management Inc./ | 0.50% | No change | 685,500 | $13.1M |
| Bridgeway Capital Management, LLC | 0.26% | Reduce -5.8% | 645,797 | $12.3M |
| Charles Schwab Investment Management Inc. | 0.00% | Add +23.7% | 629,931 | $12.0M |
| D. E. Shaw & Co. | 0.01% | Reduce -35.0% | 619,937 | $11.8M |
| Marshall Wace, LLP | 0.01% | Add +24.2% | 609,652 | $11.6M |
| Royce & Associates LP | 0.11% | Add +2.4% | 600,131 | $11.4M |
| Goldman Sachs Group Inc. | 0.00% | Reduce -3.0% | 597,589 | $11.4M |
| Wells Fargo & Company | 0.00% | Reduce -10.9% | 596,716 | $11.4M |
| Bank of America Corp. | 0.00% | Add +42.4% | 554,536 | $10.6M |
| Citadel Advisors | 0.01% | Reduce -41.7% | 552,773 | $10.5M |
| Cerity Partners LLC | 0.02% | Reduce -19.1% | 549,882 | $10.5M |
| Western Standard LLC | 5.40% | No change | 530,000 | $10.1M |
| JPMorgan Chase & Co. | 0.00% | Add +163.6% | 483,211 | $9.2M |
| Hennessy Advisors Inc. | 0.31% | Reduce -7.3% | 474,200 | $9.0M |
| Archon Capital Management LLC | 5.02% | Add +2.3% | 442,433 | $8.4M |
| BNP Paribas Financial Markets | 0.01% | Reduce -37.1% | 415,028 | $7.9M |
| UBS Group AG | 0.00% | Reduce -56.0% | 398,402 | $7.6M |
| Russell Investments Group, Ltd. | 0.01% | Add +55.4% | 378,560 | $7.2M |
| Kanen Wealth Management LLC | 2.27% | Reduce -56.8% | 363,299 | $6.8M |
| Trexquant Investment LP | 0.07% | Reduce -38.1% | 355,668 | $6.8M |
| Voloridge Investment Management, LLC | 0.02% | Reduce -28.0% | 355,388 | $6.8M |
| Empowered Funds, LLC | 0.07% | Reduce -1.7% | 338,330 | $6.4M |
| Tudor Investment Corporation | 0.04% | Reduce -2.8% | 319,113 | $6.1M |
| Intrinsic Edge Capital Management LLC | 0.90% | Reduce -27.6% | 309,689 | $5.9M |
| HRT Financial LP | 0.02% | Reduce -25.4% | 301,463 | $5.7M |
| Northern Trust Corp. | 0.00% | Add +3.7% | 298,434 | $5.7M |
| Bank of New York Mellon Corp | 0.00% | Add +0.6% | 294,540 | $5.6M |
| Assenagon Asset Management S.A. | 0.01% | Add +113.2% | 290,793 | $5.5M |
| Amitell Capital Pte Ltd | 4.01% | Add +7.7% | 284,699 | $5.4M |
| Principal Financial Group Inc. | 0.00% | Add +8.3% | 275,660 | $5.2M |
| Prescott Group Capital Management, L.L.C. | 0.54% | No change | 271,393 | $5.2M |
| Ancora Advisors LLC | 0.10% | Reduce -0.2% | 264,370 | $5.0M |
| ExodusPoint Capital Management, LP | 0.07% | Add +3.4% | 254,179 | $4.8M |
| IronBridge Private Wealth, LLC | 1.45% | No change | 242,222 | $4.6M |
| Cubist Systematic Strategies, LLC | 0.06% | Reduce -31.8% | 233,909 | $4.5M |
| Manatuck Hill Partners, LLC | 1.49% | No change | 230,000 | $4.4M |
| Public Sector Pension Investment Board | 0.02% | Reduce -0.9% | 225,980 | $4.3M |
| Point72 Asset Management | 0.01% | Add +43.2% | 225,371 | $4.3M |
| American Century Companies Inc. | 0.00% | Reduce -43.1% | 223,939 | $4.3M |
| Uniplan Investment Counsel, Inc. | 0.43% | Add +11.9% | 220,393 | $4.2M |
| Connor, Clark & Lunn Investment Management Ltd. | 0.01% | Add +37.6% | 211,082 | $4.0M |
| Informed Momentum Co LLC | 0.42% | New | 195,588 | $3.7M |
| Exchange Traded Concepts, LLC | 0.03% | Reduce -14.7% | 191,349 | $3.6M |
| O'shaughnessy Asset Management, LLC | 0.02% | Add +1.3% | 183,073 | $3.5M |
| Gilder Gagnon Howe & Co. LLC | 0.04% | Add +71.5% | 181,695 | $3.5M |
| Janney Montgomery Scott LLC | 0.01% | Add +13.4% | 174,602 | $3.3M |
| Legal & General Group Plc | 0.00% | Add +3.2% | 173,023 | $3.3M |
| Requisite Capital Management, LLC | 0.55% | Reduce -0.8% | 172,195 | $3.3M |
| Triasima Portfolio Management inc. | 0.49% | Add +80.7% | 171,985 | $3.3M |
| Lazard Asset Management LLC | 0.00% | Add +89.5% | 170,941 | $3.3M |
| Ameriprise Financial Inc. | 0.00% | Add +2.3% | 170,436 | $3.2M |
| Intech Investment Management LLC | 0.03% | Add +1.3% | 162,734 | $3.1M |
| Balyasny Asset Management L.P. | 0.01% | Reduce -3.1% | 157,588 | $3.0M |
| Vestcor Inc | 0.09% | Add +6.5% | 150,375 | $2.9M |
| Penn Capital Management Company, LLC | 0.22% | Reduce -31.1% | 148,941 | $2.8M |
| Brandywine Global Investment Management, LLC | 0.02% | Add +26.6% | 147,086 | $2.8M |
| Raymond James Financial Inc. | 0.00% | Reduce -49.8% | 140,956 | $2.7M |
| Divisadero Street Capital Management, LP | 0.12% | Add +39.5% | 138,505 | $2.6M |
| Royal Bank of Canada | 0.00% | Reduce -18.4% | 129,489 | $2.5M |
| Fortress Private Ledger, LLC | 0.84% | Reduce -2.0% | 120,954 | $2.3M |
| AQR Capital Management | 0.00% | Add +62.0% | 105,403 | $2.0M |
| New Age Alpha Advisors, LLC | 0.08% | Reduce -2.4% | 103,523 | $2.0M |
| Cresset Asset Management, LLC | 0.01% | Add +5.3% | 100,848 | $1.9M |
| Swiss National Bank | 0.00% | No change | 99,800 | $1.9M |
| Verition Fund Management LLC | 0.01% | Add +156.4% | 96,554 | $1.8M |
| Quantbot Technologies LP | 0.05% | Reduce -43.3% | 95,603 | $1.8M |
| Jackson Creek Investment Advisors LLC | 0.52% | New | 93,500 | $1.8M |
| Schonfeld Strategic Advisors LLC | 0.01% | Reduce -33.0% | 89,815 | $1.7M |
| Sterling Capital Management LLC | 0.02% | Add +39.1% | 89,166 | $1.7M |
| Rhumbline Advisers | 0.00% | Add +12.1% | 81,873 | $1.6M |
| New York State Teachers Retirement System | 0.00% | Add +1.1% | 80,959 | $1.5M |
| Perritt Capital Management Inc | 0.73% | Reduce -1.1% | 80,400 | $1.5M |
| Voya Investment Management LLC | 0.00% | Reduce -6.7% | 78,141 | $1.5M |
| Teacher Retirement System of Texas | 0.01% | Reduce -4.6% | 78,093 | $1.5M |
| Squarepoint Ops LLC | 0.00% | Add +5.3% | 75,719 | $1.4M |
| Ritholtz Wealth Management | 0.03% | Add +9.0% | 72,111 | $1.4M |
| Barclays PLC | 0.00% | Reduce -38.9% | 71,305 | $1.4M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Reduce -44.6% | 70,826 | $1.3M |
| Sei Investments Co. | 0.00% | Add +31.6% | 69,904 | $1.3M |
| Engineers Gate Manager LP | 0.02% | Add +187.8% | 69,694 | $1.3M |
| Citigroup Inc. | 0.00% | Add +81.4% | 66,630 | $1.3M |
| Centiva Capital, LP | 0.12% | New | 64,808 | $1.2M |
| Gsa Capital Partners LLP | 0.10% | Add +71.6% | 60,748 | $1.2M |
| Inspire Investing, LLC | 0.11% | New | 59,580 | $1.1M |
| Victory Capital Management Inc. | 0.00% | Reduce -1.4% | 58,310 | $1.1M |
| Integrated Quantitative Investments LLC | 0.31% | No change | 57,700 | $1.1M |
| Sanctuary Advisors, LLC | 0.01% | Add +32.5% | 54,961 | $1.0M |
| Redmont Wealth Advisors LLC | 1.39% | Add +1.4% | 52,437 | $998K |
| Aquatic Capital Management LLC | 0.02% | Reduce -72.2% | 52,427 | $998K |
| James Investment Research, Inc. | 0.11% | Add +18.6% | 52,313 | $996K |
| Aigen Investment Management, LP | 0.15% | Reduce -14.6% | 52,054 | $991K |
| Prudential Financial Inc. | 0.00% | Add +6.6% | 51,952 | $989K |
| Caption Management, LLC | 0.06% | Add +83.5% | 50,000 | $952K |
| Hancock Whitney Corp. | 0.02% | Reduce -0.7% | 49,382 | $940K |
| Dark Forest Capital Management LP | 0.04% | New | 48,998 | $933K |
| CANADA LIFE ASSURANCE Co | 0.00% | No change | 47,482 | $909K |
| Cambridge Investment Research Advisors, Inc. | 0.00% | Add +9.4% | 44,819 | $853K |
| California State Teachers Retirement System | 0.00% | No change | 44,554 | $848K |
| Ellsworth Advisors, LLC | 0.18% | Add +16.0% | 43,821 | $833K |
| Thrivent Financial for Lutherans | 0.00% | Add +9.2% | 41,790 | $796K |
| RBF Capital, LLC | 0.04% | No change | 40,000 | $762K |
| Ridgewood Investments LLC | 0.31% | No change | 39,100 | $744K |
| LPL Financial LLC | 0.00% | Add +92.8% | 38,768 | $738K |
| Brevan Howard Capital Management LP | 0.01% | Reduce -73.7% | 38,134 | $726K |
| R Squared Ltd | 0.31% | Add +21.8% | 37,828 | $720K |
| Acadian Asset Management LLC | 0.00% | New | 35,403 | $672K |
| Fidelis Capital Partners, LLC | 0.05% | No change | 35,000 | $666K |
| Horizon Investments, LLC | 0.01% | Add +14.4% | 33,903 | $646K |
| HSBC Holdings PLC | 0.00% | Reduce -20.5% | 32,183 | $615K |
| Wedbush Securities Inc. | 0.02% | No change | 31,882 | $607K |
| Boston Partners | 0.00% | Reduce -13.0% | 31,714 | $604K |
| Trek Financial, LLC | 0.04% | New | 31,078 | $592K |
| Salem Investment Counselors Inc. | 0.02% | Reduce -17.0% | 30,890 | $588K |
| HighTower Advisors, LLC | 0.00% | Reduce -14.4% | 30,669 | $584K |
| JB Capital Partners LP | 0.10% | No change | 30,000 | $571K |
| Carnegie Investment Counsel | 0.01% | Add +142.0% | 29,825 | $568K |
| DRW Securities, LLC | 0.03% | Reduce -45.3% | 29,428 | $563K |
| State of Alaska, Department of Revenue | 0.01% | Reduce -6.0% | 29,146 | $554K |
| Fuller & Thaler Asset Management, Inc. | 0.00% | New | 28,180 | $537K |
| ARS Investment Partners, LLC | 0.03% | Add +129.2% | 27,463 | $523K |
| Oppenheimer Asset Management Inc. | 0.01% | Add +0.6% | 27,440 | $522K |
| Illinois Municipal Retirement Fund | 0.01% | Reduce -1.5% | 27,211 | $518K |
| Triumph Capital Management | 0.14% | Reduce -7.1% | 26,634 | $507K |
| Louisiana State Employees Retirement System | 0.01% | Add +9.5% | 26,600 | $506K |
| Janus Henderson Group PLC | 0.00% | No change | 23,374 | $444K |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 0.00% | Add +4.7% | 22,484 | $428K |
| Counterpoint Mutual Funds LLC | 0.03% | New | 22,351 | $426K |
| Entropy Technologies, LP | 0.03% | New | 22,109 | $421K |
| Kestra Private Wealth Services, LLC | 0.01% | New | 21,309 | $406K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | Add +37.8% | 20,519 | $391K |
| Jump Financial, LLC | 0.00% | Reduce -91.9% | 19,100 | $364K |
| Independent Advisor Alliance | 0.01% | New | 18,700 | $356K |
| Oppenheimer & Co. Inc. | 0.00% | Reduce -29.2% | 17,770 | $338K |
| T. Rowe Price Associates Inc. | 0.00% | No change | 17,751 | $338K |
| Stratos Wealth Partners, LTD. | 0.00% | New | 17,488 | $333K |
| State of Wyoming | 0.04% | Add +48.5% | 16,437 | $313K |
| Oxford Asset Management LLP | 0.10% | New | 16,181 | $308K |
| Arizona State Retirement System | 0.00% | Add +1.5% | 15,391 | $293K |
| Natixis Advisors, LLC | 0.00% | Reduce -19.9% | 15,262 | $291K |
| Los Angeles Capital Management LLC | 0.00% | New | 15,144 | $288K |
| Teachers Retirement System of the State of Kentucky | 0.00% | Reduce -14.5% | 14,870 | $283K |
| Amalgamated Bank | 0.00% | Add +13.0% | 14,799 | $282K |
| Aviance Capital Partners, LLC | 0.03% | No change | 14,756 | $281K |
| Commonwealth of Pennsylvania Public School Empls Retrmt SYS | 0.00% | Add +10.4% | 14,752 | $281K |
| Nomura Holdings Inc. | 0.00% | New | 14,500 | $276K |
| Ingalls & Snyder LLC | 0.01% | Reduce -14.8% | 14,208 | $271K |
| OP Asset Management Ltd | 0.00% | Reduce -52.0% | 14,001 | $267K |
| First Trust Advisors LP | 0.00% | Reduce -92.4% | 13,922 | $265K |
| Arkadios Wealth Advisors | 0.01% | No change | 13,750 | $262K |
| State of Tennessee, Department of Treasury | 0.00% | No change | 13,245 | $252K |
| Sigma Planning Corp | 0.01% | Add +2.1% | 13,206 | $251K |
| Oregon Public Employees Retirement Fund | 0.00% | Add +9.2% | 13,013 | $248K |
| Bosman Wealth Management, LLC | 0.19% | Reduce -1.9% | 12,843 | $245K |
| Metis Global Partners, LLC | 0.01% | No change | 12,575 | $239K |
| SG Americas Securities, LLC | 0.00% | New | 12,557 | $239K |
| Creative Planning | 0.00% | Add +19.8% | 12,472 | $237K |
| Vontobel Holding Ltd. | 0.00% | No change | 12,121 | $231K |
| Y-Intercept (Hong Kong) Ltd | 0.01% | Reduce -82.4% | 12,045 | $229K |
| AXA Investment Managers S.A. | 0.00% | — | 12,032 | $229K |
| Jane Street Group, LLC | 0.00% | Reduce -77.8% | 11,461 | $218K |
| DekaBank Deutsche Girozentrale | 0.00% | No change | 11,318 | $215K |
| Yousif Capital Management, LLC | 0.00% | Reduce -17.2% | 11,112 | $212K |
| Tidal Investments LLC | 0.00% | New | 10,651 | $203K |
| Comerica Bank | 0.00% | Reduce -16.9% | 10,647 | $203K |
| Wolverine Trading, LLC | 0.00% | New | 10,502 | $201K |
| Brown Advisory Inc. | 0.00% | No change | 10,500 | $200K |
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Management | 0.00% | No change | 10,000 | $190K |
| KLP Kapitalforvaltning As | 0.00% | No change | 10,000 | $190K |
| Saxon Interests, Inc. | 0.07% | New | 10,471 | $175K |
| CoreCap Advisors, LLC | 0.01% | Reduce -81.7% | 9,114 | $174K |
| AlphaQuest LLC | 0.01% | Reduce -90.3% | 8,577 | $163K |
| Group One Trading LLC | 0.00% | Add +46.6% | 6,426 | $122K |
| iSAM Funds (UK) Ltd | 0.02% | Reduce -75.6% | 6,251 | $119K |
| GAMMA Investing LLC | 0.01% | Add +10.5% | 5,738 | $109K |
| Osaic Holdings, Inc. | 0.00% | Reduce -8.6% | 4,962 | $88K |
| Jones Financial Companies LLLP | 0.00% | Add +913.5% | 4,216 | $79K |
| Cwm, LLC | 0.00% | Add +126.3% | 3,422 | $65K |
| Farther Finance Advisors, LLC | 0.00% | Add +15019.0% | 3,175 | $60K |
| Covestor Ltd | 0.03% | Add +239.3% | 2,728 | $52K |
| Arax Advisory Partners | 0.00% | New | 1,993 | $38K |
| Versant Capital Management, Inc | 0.00% | No change | 1,760 | $34K |
| Quadrant Capital Group LLC | 0.00% | New | 1,752 | $33K |
| PNC Financial Services Group, Inc. | 0.00% | Add +16.8% | 1,645 | $31K |
| Aster Capital Management (DIFC) Ltd | 0.01% | New | 1,522 | $29K |
| Pinnacle Holdings, LLC | 0.01% | New | 1,000 | $19K |
| US Bancorp \de | 0.00% | No change | 1,000 | $19K |
| Tower Research Capital LLC (TRC) | 0.00% | Reduce -22.8% | 870 | $17K |
| Smartleaf Asset Management LLC | 0.00% | Add +47.1% | 765 | $15K |
| Nisa Investment Advisors, LLC | 0.00% | Add +28.9% | 732 | $14K |
| Wealthspire Advisors, LLC | 0.00% | New | 714 | $14K |
| Signaturefd, LLC | 0.00% | Add +38.5% | 489 | $9K |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 0.00% | No change | 474 | $9K |
| Deutsche Bank AG | 0.00% | Reduce -99.8% | 421 | $8K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | No change | 351 | $7K |
| Wilmington Savings Fund Society, FSB | 0.00% | New | 301 | $6K |
| Bessemer Group Inc. | 0.00% | New | 242 | $5K |
| Rockefeller Capital Management L.P. | 0.00% | New | 255 | $5K |
| EverSource Wealth Advisors, LLC | 0.00% | Reduce -2.0% | 250 | $5K |
| Salomon & Ludwin, LLC | 0.00% | New | 242 | $4K |
| UMB Bank, n.a. | 0.00% | Add +35.9% | 212 | $4K |
| Prestige Wealth Management Group LLC | 0.00% | No change | 170 | $3K |
| IFP Advisors, Inc | 0.00% | Add +2200.0% | 115 | $2K |
| Spire Wealth Management | 0.00% | No change | 115 | $2K |
| Principal Securities, Inc. | 0.00% | New | 111 | $2K |
| Hantz Financial Services, Inc. | 0.00% | New | 118 | $2K |
| GPS Wealth Strategies Group, LLC | 0.00% | No change | 100 | $2K |
| Allworth Financial LP | 0.00% | Add +41.0% | 86 | $2K |
| Vermillion Wealth Management, Inc. | 0.00% | New | 76 | $1K |
| Clearstead Advisors, LLC | 0.00% | New | 68 | $1K |
| Golden State Wealth Management, LLC | 0.00% | No change | 62 | $1K |
| Caitong International Asset Management Co., Ltd | 0.00% | Reduce -95.3% | 60 | $1K |
| Parallel Advisors, LLC | 0.00% | Add +4.3% | 48 | $914 |
| Physician Wealth Advisors, Inc. | 0.00% | New | 45 | $857 |
| SBI Securities Co., Ltd. | 0.00% | Add +760.0% | 43 | $819 |
| Rialto Wealth Management, LLC | 0.00% | New | 37 | $705 |
| Fortitude Family Office, LLC | 0.00% | New | 36 | $685 |
| Clearstead Trust, LLC | 0.00% | No change | 35 | $667 |
| Farmers & Merchants Investments Inc. | 0.00% | No change | 35 | $666 |
| Fifth Third Bancorp | 0.00% | Add +72.2% | 31 | $590 |
| Parkside Financial Bank & Trust | 0.00% | No change | 12 | $229 |
| Essential Partners LLC | 0.00% | Add +450.0% | 11 | $209 |
| True Wealth Design, LLC | 0.00% | Reduce -64.0% | 9 | $172 |
| Annis Gardner Whiting Capital Advisors, LLC | 0.00% | No change | 8 | $153 |
| Sunbelt Securities, Inc. | 0.00% | New | 4 | $76 |
"% of holder's portfolio" is EZPW's weight in each manager's 13F, not the share of Ezcorp Inc. Class A the manager owns.