iShares Intermediate GovernmGVIETF

13F holders, Q4 2025 (December 31)
287holders +21
28new positions
15sold out
2famous investors
$107.33avg. 13F price*

At the end of Q4 2025, 287 institutions reported holding iShares Intermediate Governm (GVI) in their 13F filings, up 21 from Q3 2025. 28 opened new positions and 15 sold out. The largest holders were Eastern Bank ($265.0M), Stifel Financial Corp. ($237.2M) and Choate Investment Advisors ($225.2M). 2 famous investors held it, including Ken Griffin (0.0% of Citadel Advisors's portfolio) and Israel Englander (0.0% of Millennium Management's portfolio).

Company
iShares Intermediate Governm
CUSIP
464288612
Latest filing quarter
Q2 2026

History

Number of 13F holders

0100200300 Q1 2024: 261Q1 2024Q2 2024: 257Q2 2024Q3 2024: 269Q3 2024Q4 2024: 278Q4 2024Q1 2025: 270Q1 2025Q2 2025: 280Q2 2025Q3 2025: 266Q3 2025Q4 2025: 287Q4 2025Q1 2026: 281Q1 2026Q2 2026: 273Q2 2026

Total Exit/New Position Q3 2025 → Q4 2025

InstitutionsTotal Value
New Positions28$30.6M
Exits15$12.6M

All 13F filers, Q3 2025 → Q4 2025: 1,975,001 shares bought and 1,216,456 shares sold, net +758,545 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.

Ownership 287 holders

Eastern Bank 4.57% Add +3.1% 2,468,804 $265.0M
Stifel Financial Corp. 0.21% Reduce -14.8% 2,209,506 $237.2M
Choate Investment Advisors 4.42% Add +11.4% 2,097,512 $225.2M
Bank of America Corp. 0.01% Reduce -13.3% 1,293,124 $138.8M
CIBC Private Wealth Group LLC 0.23% Add +7.3% 1,263,682 $135.7M
Midwest Trust Co 1.58% Add +12.6% 1,180,198 $126.7M
Envestnet Asset Management Inc. 0.03% Add +1.2% 1,094,762 $117.5M
Keybank National Association 0.39% Add +1.0% 1,005,322 $107.9M
Fifth Third Bancorp 0.34% Add +2.6% 986,626 $105.9M
German American Bancorp, Inc. 7.81% Add +1.3% 854,539 $91.7M
PNC Financial Services Group, Inc. 0.04% Add +18.1% 728,134 $78.2M
UMB Bank, n.a. 0.96% Reduce -14.0% 670,953 $72.0M
John S. & James L. Knight Foundation, Inc. 53.42% — 652,458 $70.0M
Bank of New York Mellon Corp 0.01% Add +4.8% 621,855 $66.8M
Pinnacle Financial Partners, Inc. 0.47% — 580,970 $62.4M
JPMorgan Chase & Co. 0.00% Reduce -1.1% 489,667 $52.6M
D L Carlson Investment Group Inc. 8.45% Add +3.6% 466,705 $50.1M
TCV Trust & Wealth Management, Inc. 3.87% Add +6.5% 446,728 $48.0M
Morgan Stanley 0.00% Reduce -10.6% 435,555 $46.8M
BlackRock, Inc. 0.00% Add +31.8% 418,128 $44.9M
DT Investment Partners, LLC 3.48% Add +8.3% 391,709 $42.0M
Howe & Rusling Inc. 2.65% Add +3.7% 373,765 $40.1M
US Bancorp \de 0.04% Reduce -3.9% 339,817 $36.5M
Wells Fargo & Company 0.01% Add +9.7% 337,669 $36.2M
New York Life Investment Management LLC 0.27% No change 286,461 $30.8M
Horizon Bancorp Inc. 14.77% Reduce -1.3% 282,625 $30.3M
Assetmark, Inc. 0.06% Reduce -2.4% 280,039 $30.1M
Strategic Financial Services, Inc. 1.36% Reduce -1.6% 273,978 $29.4M
Koss-Olinger Consulting, LLC 2.24% Add +19.4% 269,270 $28.9M
Allianz Asset Management GmbH 0.03% Add +1.5% 254,978 $27.4M
Royal Bank of Canada 0.00% Add +5.2% 249,617 $26.8M
Alaska Permanent Capital Management, LLC 2.02% Add +1.0% 249,057 $26.7M
Oarsman Capital, Inc. 3.26% Add +6.4% 233,532 $25.1M
DAVENPORT & Co LLC 0.13% Add +5.6% 231,582 $24.9M
Meridian Management Co. 6.01% Add +16.9% 226,003 $24.3M
First National Bank of Omaha 0.69% Add +625.3% 217,375 $23.4M
LPL Financial LLC 0.01% Add +0.7% 213,481 $22.9M
Cetera Investment Advisers 0.02% Reduce -1.1% 208,368 $22.4M
Commerce Bank 0.10% Add +308.5% 168,601 $18.1M
Bessemer Group Inc. 0.03% Reduce -0.4% 164,600 $17.7M
Flputnam Investment Management Co. 0.26% Reduce -27.8% 163,464 $17.5M
First Citizens Bank & Trust Co. 0.37% Reduce -0.4% 163,027 $17.5M
M&T Bank Corp 0.06% Add +7.1% 162,906 $17.5M
WASHINGTON TRUST Co 0.57% Add +4.5% 161,515 $17.3M
Captrust Financial Advisors 0.03% Reduce -17.9% 160,799 $17.3M
Envestnet Portfolio Solutions, Inc. 0.06% Reduce -0.1% 155,636 $16.7M
Webster Bank, N. A. 1.54% Add +5.8% 152,495 $16.4M
Bokf, NA 0.23% Add +17.0% 139,273 $15.0M
Composition Wealth, LLC 0.21% Add +6.4% 138,867 $14.9M
Greenwood Capital Associates LLC 1.60% Reduce -0.2% 136,885 $14.7M
Greenleaf Trust 0.13% Reduce -9.9% 131,804 $14.1M
Community Trust & Investment Co. 0.65% Add +0.5% 114,419 $12.3M
Lowe Brockenbrough & Co. Inc. 0.60% Reduce -1.1% 113,482 $12.2M
Badgley Phelps Wealth Managers, LLC 0.22% Add +3.0% 110,120 $11.8M
Community Financial Services Group, LLC 2.12% Add +1.1% 107,790 $11.6M
First American Trust, FSB 0.75% Reduce -12.9% 102,275 $11.0M
Hantz Financial Services, Inc. 0.16% Reduce -3.7% 98,784 $10.6M
Bank of New Hampshire 2.33% Add +7.3% 96,589 $10.4M
Johnson Financial Group, Inc. 0.39% Reduce -10.5% 96,559 $10.4M
Independent Solutions Wealth Management, LLC 1.75% Reduce -4.7% 88,573 $9.5M
United Capital Financial Advisors, LLC 0.05% Add +8.2% 84,332 $9.1M
Wealth Enhancement Advisory Services, LLC 0.01% Add +1.4% 84,106 $9.0M
UBS Group AG 0.00% Add +6.3% 81,144 $8.7M
Sepio Capital, LP 0.48% Reduce -0.7% 80,937 $8.7M
Cambridge Investment Research Advisors, Inc. 0.02% Add +2.6% 80,360 $8.6M
Bank of Montreal 0.00% Add +0.8% 77,110 $8.3M
SVB Wealth LLC 0.46% Add +11.0% 72,509 $7.8M
C M Bidwell & Associates Ltd. 3.53% Add +4.1% 69,723 $7.5M
Osaic Holdings, Inc. 0.01% Reduce -42.0% 68,549 $7.4M
AMG National Trust Bank 0.17% Reduce -8.6% 65,558 $7.0M
Ameriprise Financial Inc. 0.00% Add +90.1% 65,135 $7.0M
Bryn Mawr Trust Advisors, LLC 0.33% Add +6.4% 63,578 $6.8M
Choreo, LLC 0.08% Reduce -1.2% 61,460 $6.6M
First National Trust Co 0.21% Reduce -3.2% 57,663 $6.2M
Argent Trust Co 0.21% Add +74.4% 56,802 $6.1M
Atria Investments, Inc 0.07% Add +15.0% 56,461 $6.1M
Sequoia Financial Advisors, LLC 0.03% Reduce -2.4% 56,131 $6.0M
Raffa Wealth Management, LLC 0.89% Reduce -3.6% 53,812 $5.8M
NewEdge Advisors, LLC 0.02% Add +0.6% 50,772 $5.5M
Truist Financial Corp. 0.01% Reduce -1.1% 50,206 $5.4M
Whittier Trust Co. 0.06% Reduce -0.7% 48,357 $5.2M
Trail Ridge Investment Advisors, LLC 2.20% Add +6.3% 47,750 $5.1M
1ST Source Bank 0.26% Reduce -0.3% 46,679 $5.0M
Meritage Portfolio Management 0.33% Add +0.5% 46,408 $5.0M
HSBC Holdings PLC 0.00% New 46,192 $5.0M
Connecticut Wealth Management, LLC 0.20% New 43,309 $4.6M
Patriot Financial Group Insurance Agency, LLC 0.55% Reduce -4.9% 43,196 $4.6M
MassMutual Private Wealth & Trust, FSB 0.12% Reduce -0.9% 42,511 $4.6M
Private Advisor Group, LLC 0.02% Add +2.0% 42,285 $4.5M
Severin Investments, LLC 3.95% Add +5.9% 41,623 $4.5M
Gilbert Capital Group, Inc. 3.29% Add +14.8% 40,754 $4.4M
Raymond James Financial Inc. 0.00% Add +326.0% 39,473 $4.2M
Haverford Trust Co 0.04% Reduce -2.6% 38,662 $4.2M
New Hampshire Trust 0.81% Add +93.1% 38,560 $4.1M
Union Savings Bank 1.77% — 38,115 $4.1M
Baird Financial Group, Inc. 0.01% Add +0.1% 37,899 $4.1M
HighTower Advisors, LLC 0.00% Reduce -0.2% 37,877 $4.1M
Maimon Wealth Management LTD. 3.78% — 37,860 $4.1M
Citadel Advisors 0.00% New 37,762 $4.1M
Patten Group, Inc. 0.70% Add +63.6% 35,285 $3.8M
Cerity Partners LLC 0.00% New 31,293 $3.4M
Courier Capital LLC 0.19% Reduce -61.7% 31,099 $3.3M
Tucker Asset Management LLC 0.94% Reduce -17.2% 30,181 $3.2M
Jane Street Group, LLC 0.00% New 30,162 $3.2M
Montag A & Associates Inc. 0.15% Add +41.1% 29,616 $3.2M
Whittier Trust Co. of Nevada Inc. 0.06% Reduce -1.9% 29,057 $3.1M
Advocacy Wealth Management, LLC 0.13% Reduce -0.9% 28,844 $3.1M
Wealthstar Advisors, LLC 1.67% Reduce -9.7% 28,604 $3.1M
Global Retirement Partners, LLC 0.05% Reduce -10.1% 28,432 $3.1M
Jim Saulnier & Associates, LLC 1.56% Reduce -0.7% 28,067 $3.0M
Legacy Private Trust Co. 0.17% Add +3.7% 26,213 $2.8M
Goldman Sachs Group Inc. 0.00% Add +17.2% 25,053 $2.7M
First Merchants Corp. 0.10% Reduce -7.7% 23,961 $2.6M
Trajan Wealth LLC 0.10% Reduce -5.0% 23,408 $2.5M
Wesbanco Bank Inc. 0.07% Add +36.3% 22,995 $2.5M
Proffitt & Goodson Inc. 0.34% Add +14.4% 22,833 $2.5M
Transamerica Financial Advisors, LLC 0.19% Reduce -4.3% 20,830 $2.2M
Flow Traders U.S. LLC 0.07% New 20,576 $2.2M
Commonwealth Equity Services, LLC 0.00% Add +18.7% 20,533 $2.2M
Regions Financial Corp. 0.01% Reduce -1.6% 20,256 $2.2M
Alesco Advisors, LLC, An ESL Co 0.05% Add +3.1% 19,500 $2.1M
Opal Wealth Advisors, LLC 0.55% Reduce -1.0% 19,478 $2.1M
Hancock Whitney Corp. 0.04% Add +5.2% 19,453 $2.1M
Unified Investment Management 2.08% Add +0.2% 19,148 $2.1M
Comerica Bank 0.01% No change 18,978 $2.0M
Centennial Bank 0.80% Add +64.9% 18,751 $2.0M
Wilmington Savings Fund Society, FSB 0.04% Add +6.3% 17,614 $1.9M
Brown Advisory Inc. 0.00% Add +20.7% 17,216 $1.8M
Focus Partners Wealth 0.00% Add +48.1% 16,964 $1.8M
Heritage Trust Co 0.18% Reduce -0.5% 16,896 $1.8M
Dana Investment Advisors, Inc. 0.05% Add +63.8% 16,770 $1.8M
Capital Investment Services of America, Inc. 0.16% Reduce -15.1% 15,475 $1.7M
Bigelow Investment Advisors, LLC 0.64% Add +5.5% 15,167 $1.6M
Wbi Investments, LLC 0.42% Reduce -11.9% 14,974 $1.6M
Old National Bancorp 0.03% Reduce -7.3% 14,859 $1.6M
Vantage Investment Partners, LLC 0.10% Add +5.8% 14,593 $1.6M
Advisory Services Network, LLC 0.02% Add +0.1% 14,473 $1.6M
First Financial Bank - Trust Division 0.13% Add +2.3% 14,354 $1.5M
Kayne Anderson Rudnick Investment Management LLC 0.00% Add +10.5% 14,288 $1.5M
Betterment LLC 0.00% Reduce -25.1% 13,747 $1.5M
Legacy Wealth Partners, LLC 0.37% — 13,393 $1.4M
Citigroup Inc. 0.00% No change 11,953 $1.3M
MML Investors Services, LLC 0.00% Add +50.5% 11,904 $1.3M
Mitchell Sinkler & Starr 0.55% No change 11,425 $1.2M
First County Bank 0.63% Add +7.8% 11,207 $1.2M
Koshinski Asset Management, Inc. 0.07% Add +12.6% 10,644 $1.1M
Simmons Bank 0.07% Reduce -15.2% 10,431 $1.1M
Azimuth Capital Investment Management LLC 0.04% Add +3.9% 10,125 $1.1M
Bangor Savings Bank 0.08% Add +0.0% 9,651 $1.0M
James Investment Research, Inc. 0.11% Add +154.3% 9,579 $1.0M
Integrated Wealth Concepts LLC 0.01% Add +10.3% 9,422 $1.0M
Wedbush Securities Inc. 0.03% Add +0.7% 9,159 $983K
Ssa Swiss Advisors AG 0.45% No change 8,911 $957K
Ancora Advisors LLC 0.02% Reduce -5.4% 8,477 $910K
GTS Securities LLC 0.03% New 8,178 $878K
Balefire, LLC 0.17% Add +0.7% 8,116 $871K
Prospera Financial Services Inc 0.01% Reduce -15.0% 8,055 $865K
Aviance Capital Partners, LLC 0.10% Add +11.6% 8,041 $863K
Darwin Wealth Management, LLC 0.27% Add +3.4% 7,954 $854K
Northwest Bancshares, Inc. 0.16% New 7,818 $839K
OneDigital Investment Advisors LLC 0.01% Add +1.4% 7,746 $832K
McLaughlin Asset Management, Inc. 0.74% — 7,716 $828K
Axxcess Wealth Management, LLC 0.01% New 7,563 $812K
Renasant Bank 0.55% No change 7,500 $805K
Park Place Capital Corp 0.17% No change 7,500 $805K
One Wealth Advisors, LLC 0.10% No change 7,488 $804K
&partners 0.00% Add +7.3% 7,430 $798K
Oppenheimer & Co. Inc. 0.01% Reduce -6.0% 7,332 $787K
Ascent Group, LLC 0.03% Add +0.9% 7,018 $753K
Principal Securities, Inc. 0.01% Add +48.0% 6,789 $729K
Citizens Financial Group Inc. 0.01% Reduce -18.5% 6,732 $723K
Maridea Wealth Management LLC 0.11% Reduce -11.5% 6,568 $705K
Retireful, LLC 0.88% New 6,499 $699K
Algorithmic Investment Models, LLC 0.85% Reduce -6.7% 6,389 $686K
First Commonwealth Financial Corp 0.11% New 6,377 $685K
Private Trust Co. NA 0.06% No change 6,309 $677K
Lawood & Co. 0.63% — 6,218 $668K
Ballentine Capital Advisors, Inc 0.27% Add +78.1% 6,054 $650K
Advisor OS, LLC 0.05% Add +5.3% 5,907 $634K
Global Endowment Management, LP 0.08% Add +2.5% 5,868 $630K
Waverly Advisors, LLC 0.01% Add +36.8% 5,824 $625K
J.W. Cole Advisors, Inc. 0.01% Reduce -1.3% 5,794 $614K
Integrated Advisors Network LLC 0.03% Add +9.6% 5,675 $609K
World Investment Advisors 0.01% Reduce -32.2% 5,665 $608K
Stock Yards Bank & Trust Co. 0.02% Add +97.5% 5,464 $587K
Adelphi Trust Co 0.48% — 5,449 $585K
BTC Capital Management, Inc. 0.04% New 5,297 $569K
Compass Ion Advisors, LLC 0.05% Reduce -6.0% 5,237 $562K
Curbstone Financial Management Corp 0.10% Add +2.0% 5,050 $542K
Mariner, LLC 0.00% Add +36.2% 5,013 $538K
Midland Wealth Advisors, LLC 0.03% No change 4,990 $536K
Advisory Alpha, LLC 0.01% Reduce -21.1% 4,819 $517K
High Probability Advisors, LLC 0.07% No change 4,797 $515K
GM Advisory Group, LLC 0.02% No change 4,771 $512K
Clearstead Advisors, LLC 0.01% Add +0.8% 4,658 $500K
Indiana Trust & Investment Management Co 0.15% No change 4,652 $499K
Janney Montgomery Scott LLC 0.00% New 4,606 $494K
Northwestern Mutual Wealth Management Co. 0.00% Add +553.0% 4,571 $491K
Jones Financial Companies LLLP 0.00% Add +15.9% 4,470 $480K
Pettyjohn, Wood & White, Inc. 0.07% Add +9.5% 4,359 $468K
Trivium Point Advisory, LLC 0.05% Reduce -4.5% 4,184 $449K
Rockefeller Capital Management L.P. 0.00% Add +106.6% 4,175 $448K
FC Advisory LLC 0.13% Reduce -3.8% 4,175 $448K
VestGen Investment Management 0.25% Add +11.6% 4,124 $443K
GAMMA Investing LLC 0.02% Add +16.5% 4,045 $434K
NBT Bank, N.A. 0.03% Reduce -17.6% 3,899 $419K
Sowell Financial Services LLC 0.02% Reduce -34.0% 3,859 $414K
Tactive Advisors, LLC 0.12% Reduce -14.2% 3,769 $405K
Hilltop Holdings Inc. 0.02% Reduce -48.7% 3,629 $389K
Engineers Gate Manager LP 0.00% New 3,590 $385K
Corient Private Wealth LP 0.00% Add +18.2% 3,576 $384K
Mercer Global Advisors Inc. 0.00% Add +39.7% 3,540 $380K
Wealthspire Advisors, LLC 0.00% No change 3,291 $353K
Curi Capital, LLC 0.01% New 3,284 $353K
Charles Schwab Investment Management Inc. 0.00% New 3,143 $337K
Ameritas Advisory Services, LLC 0.01% Add +644.9% 3,039 $326K
Cassia Capital Partners, LLC 0.17% New 2,991 $322K
Stonebridge Financial Group, LLC 0.03% Reduce -26.7% 2,968 $319K
Stewardship Advisors, LLC 0.07% No change 2,860 $307K
Cape Ann Savings Bank 0.15% Reduce -13.7% 2,801 $301K
SageView Advisory Group, LLC 0.01% No change 2,761 $296K
ZWJ Investment Counsel Inc. 0.01% Add +0.1% 2,754 $296K
Creative Planning 0.00% Add +16.9% 2,746 $295K
Lazard Asset Management LLC 0.00% No change 2,675 $287K
BBR Partners, LLC 0.01% No change 2,506 $269K
Atwater Malick LLC 0.07% New 2,431 $261K
Guidance Capital, Inc. 0.06% Add +4.2% 2,354 $252K
Orleans Capital Management Corp. 0.15% No change 2,300 $247K
Hoge Financial Services, LLC 0.13% New 2,210 $237K
Millennium Management 0.00% New 2,201 $236K
U.S. Capital Wealth Advisors, LLC 0.01% No change 2,096 $225K
Common Fund for Nonprofit Organizations 0.02% Add +7.5% 2,087 $224K
Donor Advised Charitable Giving, Inc. 0.01% No change 2,073 $223K
D.A. Davidson & Co. 0.00% No change 2,022 $217K
STAR Financial Bank 0.11% New 2,000 $215K
Farther Finance Advisors, LLC 0.00% Add +455.6% 2,000 $215K
Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 0.00% Add +0.4% 1,914 $205K
Mendota Financial Group, LLC 0.15% No change 1,904 $204K
Continuum Advisory, LLC 0.02% New 1,885 $202K
Diversified Enterprises, LLC 0.01% New 1,885 $202K
Franklin Resources Inc. 0.00% New 1,550 $166K
Cwm, LLC 0.00% No change 1,450 $156K
CNB Bank 0.06% No change 1,347 $145K
Kestra Advisory Services, LLC 0.00% New 1,343 $144K
FMR LLC 0.00% Add +185.8% 1,329 $143K
Qube Research & Technologies Ltd 0.00% Reduce -9.6% 1,294 $139K
Kennebec Savings Bank 0.12% Reduce -3.2% 1,288 $138K
Steward Partners Investment Advisory, LLC 0.00% Add +436.4% 1,207 $130K
TFC Financial Management, Inc. 0.02% Add +0.1% 1,199 $129K
Bartlett & Co. Wealth Management LLC 0.00% Reduce -1.5% 1,173 $126K
Nalls Sherbakoff Group, LLC 0.07% No change 900 $97K
Steigerwald, Gordon & Koch Inc. 0.01% No change 877 $94K
Phillips Financial Management, LLC 0.01% Reduce -34.5% 862 $93K
Aventura Private Wealth, LLC 0.03% No change 786 $84K
JFS Wealth Advisors, LLC 0.00% No change 730 $78K
TD Private Client Wealth LLC 0.00% No change 711 $76K
FAS Wealth Partners, Inc. 0.00% No change 626 $67K
Rothschild Investment LLC 0.00% Reduce -19.4% 625 $67K
Arax Advisory Partners 0.00% New 598 $64K
Colonial Trust Advisors 0.00% Add +1.3% 397 $43K
Parallel Advisors, LLC 0.00% No change 375 $40K
Armstrong Advisory Group, Inc. 0.00% No change 314 $34K
CoreCap Advisors, LLC 0.00% No change 270 $29K
Glassman Wealth Services 0.00% No change 254 $27K
Sound Income Strategies, LLC 0.00% No change 234 $25K
CVA Family Office, LLC 0.00% No change 205 $22K
Measured Wealth Private Client Group, LLC 0.01% No change 191 $21K
Caldwell Sutter Capital, Inc. 0.01% No change 170 $18K
Godfrey Financial Associates, Inc. 0.02% — 163 $17K
AE Wealth Management LLC 0.00% Reduce -44.8% 142 $15K
Delta Asset Management LLC 0.00% No change 130 $14K
Richardson Financial Services Inc. 0.00% No change 110 $12K
N.E.W. Advisory Services LLC 0.00% No change 106 $11K
Heritage Wealth Advisors 0.00% Add +1.1% 95 $10K
AdvisorNet Financial, Inc 0.00% Reduce -3.3% 89 $10K
Capital Investment Advisory Services, LLC 0.00% Add +3.0% 68 $7K
Align Financial, LLC 0.00% — 6,656 $7K
Blair William & Co. 0.00% Reduce -48.8% 44 $5K
Caldwell Trust Co 0.00% No change 40 $4K
Trust Co. of Vermont 0.00% No change 38 $4K
BNP Paribas Financial Markets 0.00% Reduce -68.5% 29 $3K
Fort Vancouver Investment Management, LLC 0.00% No change 24 $3K
Laurel Wealth Advisors LLC 0.00% New 20 $2K
Legacy Wealth Managment, LLC 0.00% No change 17 $2K
Garton & Associates Financial Advisors LLC 0.00% — 15 $2K
Cape Investment Advisory, Inc. 0.00% Reduce -33.3% 2 $267
Capital Advisors, Ltd. LLC 0.00% Reduce -97.2% 3 $0

"% of holder's portfolio" is GVI's weight in each manager's 13F, not the share of iShares Intermediate Governm the manager owns.