Hain Celestial GroupHAIN
13F holders, Q4 2024 (December 31)248holders −6
22new positions
36sold out
9famous investors
$6.15avg. 13F price*
At the end of Q4 2024, 248 institutions reported holding Hain Celestial Group Inc. (HAIN) in their 13F filings, down 6 from Q3 2024. 22 opened new positions and 36 sold out. The largest holders were BlackRock, Inc. ($93.2M), Vanguard Group Inc. ($68.3M) and Barrow Hanley Mewhinney & Strauss LLC ($38.3M). 9 famous investors held it, including Mario Gabelli (0.0% of GAMCO Investors's portfolio), Paul Tudor Jones (0.0% of Tudor Investment Corporation's portfolio) and Israel Englander (0.0% of Millennium Management's portfolio).
- Company
- Hain Celestial Group Inc.
- CUSIP
- 405217100
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q3 2024 → Q4 2024
| Institutions | Total Value | |
|---|---|---|
| New Positions | 22 | $26.3M |
| Exits | 36 | $14.0M |
All 13F filers, Q3 2024 → Q4 2024: 18,609,754 shares bought and 10,587,157 shares sold, net +8,022,597 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 248 holders
| BlackRock, Inc. | 0.00% | Add +2.2% | 15,154,499 | $93.2M |
| Vanguard Group Inc. | 0.00% | Reduce -6.6% | 11,112,530 | $68.3M |
| Barrow Hanley Mewhinney & Strauss LLC | 0.13% | Add +9.8% | 6,223,817 | $38.3M |
| Invesco Ltd. | 0.01% | Add +272.4% | 5,870,075 | $36.1M |
| UBS Group AG | 0.01% | Add +2130.1% | 4,751,474 | $29.2M |
| PGGM Investments | 0.34% | No change | 4,183,854 | $25.7M |
| State Street Corp. | 0.00% | Add +5.2% | 3,644,991 | $22.4M |
| Neuberger Berman Group LLC | 0.02% | Reduce -0.1% | 3,450,114 | $21.2M |
| Frontier Capital Management Co. LLC | 0.15% | Add +512.0% | 2,520,722 | $15.5M |
| Wellington Management Group LLP | 0.00% | New | 2,328,823 | $14.3M |
| Geode Capital Management, LLC | 0.00% | Add +0.7% | 2,243,999 | $13.8M |
| Dimensional Fund Advisors LP | 0.00% | Add +24.9% | 2,067,866 | $12.7M |
| Raiffeisen Bank International AG | 0.19% | — | 2,061,999 | $12.6M |
| Invenomic Capital Management LP | 0.70% | Reduce -13.8% | 2,018,989 | $12.4M |
| Morgan Stanley | 0.00% | Reduce -14.2% | 1,985,107 | $12.2M |
| Segall Bryant & Hamill, LLC | 0.13% | Reduce -6.7% | 1,540,536 | $9.5M |
| Hotchkis & Wiley Capital Management LLC | 0.03% | Add +7.3% | 1,314,090 | $8.1M |
| Clearbridge Investments, LLC | 0.01% | Add +16.8% | 1,283,033 | $7.9M |
| Charles Schwab Investment Management Inc. | 0.00% | Reduce -20.4% | 1,204,670 | $7.4M |
| Millennium Management | 0.01% | Reduce -41.4% | 1,196,617 | $7.4M |
| Two Sigma Investments, LP | 0.01% | Add +3.7% | 992,063 | $6.1M |
| Northern Trust Corp. | 0.00% | Add +8.7% | 972,548 | $6.0M |
| Goldman Sachs Group Inc. | 0.00% | Reduce -42.5% | 955,677 | $5.9M |
| Prudential Financial Inc. | 0.01% | Reduce -13.5% | 898,066 | $5.5M |
| Federated Hermes, Inc. | 0.01% | Add +1.4% | 873,557 | $5.4M |
| Bank of New York Mellon Corp | 0.00% | Reduce -5.8% | 636,687 | $3.9M |
| Triodos Investment Management BV | 0.31% | Add +12.7% | 620,000 | $3.8M |
| Ameriprise Financial Inc. | 0.00% | Reduce -0.9% | 604,045 | $3.7M |
| Madison Asset Management, LLC | 0.04% | Add +38.8% | 582,645 | $3.6M |
| Madison Investment Advisors, LLC | 0.04% | — | 582,645 | $3.6M |
| Intrinsic Edge Capital Management LLC | 0.48% | New | 574,188 | $3.5M |
| Two Sigma Advisers, LP | 0.01% | Reduce -10.0% | 550,500 | $3.4M |
| GAMCO Investors | 0.03% | Reduce -0.6% | 529,234 | $3.3M |
| JPMorgan Chase & Co. | 0.00% | Add +53.5% | 491,877 | $3.0M |
| Connor, Clark & Lunn Investment Management Ltd. | 0.01% | Reduce -1.1% | 491,257 | $3.0M |
| Citadel Advisors | 0.00% | Add +32.0% | 472,855 | $2.9M |
| Principal Financial Group Inc. | 0.00% | Add +3.3% | 437,354 | $2.7M |
| Rice Hall James & Associates, LLC | 0.15% | New | 431,215 | $2.7M |
| AQR Capital Management | 0.00% | Add +11.5% | 424,481 | $2.6M |
| Leeward Investments, LLC - MA | 0.12% | Reduce -7.2% | 384,150 | $2.4M |
| D. E. Shaw & Co. | 0.00% | Reduce -56.8% | 368,415 | $2.3M |
| Trexquant Investment LP | 0.03% | Reduce -40.1% | 361,715 | $2.2M |
| Woodline Partners LP | 0.01% | Reduce -7.8% | 357,032 | $2.2M |
| Nuveen Asset Management, LLC | 0.00% | Reduce -69.8% | 349,503 | $2.1M |
| Assenagon Asset Management S.A. | 0.00% | Reduce -52.9% | 300,073 | $1.8M |
| Healthcare of Ontario Pension Plan Trust Fund | 0.00% | No change | 291,400 | $1.8M |
| Allianz Asset Management GmbH | 0.00% | Add +85.3% | 291,000 | $1.8M |
| Jane Street Group, LLC | 0.00% | Add +66.2% | 290,009 | $1.8M |
| Rhumbline Advisers | 0.00% | Add +2.6% | 289,050 | $1.8M |
| Bank of America Corp. | 0.00% | Reduce -41.0% | 277,742 | $1.7M |
| AYAL Capital Advisors Ltd | 0.79% | New | 253,838 | $1.6M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Add +13.1% | 248,318 | $1.5M |
| Legal & General Group Plc | 0.00% | Reduce -0.6% | 242,303 | $1.5M |
| State of Wisconsin Investment Board | 0.00% | Reduce -20.8% | 236,984 | $1.5M |
| Bridgeway Capital Management, LLC | 0.03% | New | 236,000 | $1.5M |
| Public Sector Pension Investment Board | 0.01% | Add +18.1% | 225,133 | $1.4M |
| Blair William & Co. | 0.00% | Reduce -26.8% | 223,958 | $1.4M |
| Renaissance Technologies | 0.00% | Reduce -47.8% | 209,322 | $1.3M |
| Nia Impact Advisors, LLC | 0.40% | Add +122.8% | 197,940 | $1.2M |
| Barclays PLC | 0.00% | Add +7.1% | 195,494 | $1.2M |
| Engineers Gate Manager LP | 0.02% | Add +56.5% | 181,970 | $1.1M |
| Swiss National Bank | 0.00% | No change | 176,314 | $1.1M |
| Expect Equity LLC | 1.11% | — | 172,434 | $1.1M |
| Sei Investments Co. | 0.00% | Reduce -9.3% | 156,583 | $963K |
| Citigroup Inc. | 0.00% | Add +24.6% | 147,222 | $905K |
| Tudor Investment Corporation | 0.01% | Reduce -52.6% | 143,699 | $884K |
| Gabelli Funds LLC | 0.01% | Add +8.7% | 138,000 | $849K |
| Perkins Capital Management Inc. | 0.74% | New | 135,213 | $832K |
| American Century Companies Inc. | 0.00% | Add +28.2% | 131,012 | $806K |
| Balyasny Asset Management L.P. | 0.00% | New | 127,062 | $781K |
| SummerHaven Investment Management, LLC | 0.42% | No change | 109,471 | $673K |
| New York State Teachers Retirement System | 0.00% | Reduce -0.3% | 109,194 | $672K |
| Arrowstreet Capital, Limited Partnership | 0.00% | Reduce -90.7% | 107,875 | $663K |
| Alliancebernstein L.P. | 0.00% | Reduce -0.5% | 105,624 | $650K |
| Gsa Capital Partners LLP | 0.05% | Reduce -21.8% | 103,992 | $640K |
| Nebula Research & Development LLC | 0.07% | Reduce -11.1% | 102,630 | $631K |
| Russell Investments Group, Ltd. | 0.00% | Add +4317.4% | 94,488 | $581K |
| Verition Fund Management LLC | 0.00% | Reduce -80.3% | 87,927 | $541K |
| CANADA LIFE ASSURANCE Co | 0.00% | Add +9.0% | 87,558 | $538K |
| Deutsche Bank AG | 0.00% | Add +54.4% | 84,044 | $517K |
| California State Teachers Retirement System | 0.00% | Reduce -1.2% | 83,904 | $516K |
| Thrivent Financial for Lutherans | 0.00% | Reduce -1.0% | 80,387 | $506K |
| T. Rowe Price Associates Inc. | 0.00% | Add +16.5% | 80,598 | $496K |
| Janney Montgomery Scott LLC | 0.00% | Reduce -31.5% | 72,468 | $446K |
| LPL Financial LLC | 0.00% | Reduce -12.8% | 71,253 | $438K |
| First Hawaiian Bank | 0.01% | Add +15.0% | 65,504 | $403K |
| Inspire Investing, LLC | 0.04% | Add +38.1% | 65,271 | $401K |
| Wells Fargo & Company | 0.00% | Add +29.1% | 65,227 | $401K |
| Moody National Bank Trust Division | 0.04% | Reduce 0.0% | 64,290 | $395K |
| Comerica Bank | 0.00% | Add +77.9% | 62,299 | $383K |
| Ensign Peak Advisors, Inc | 0.00% | Add +8.5% | 59,208 | $364K |
| Franklin Resources Inc. | 0.00% | Add +7.1% | 56,239 | $346K |
| Susquehanna International Group, LLP | 0.00% | Add +10.0% | 54,834 | $337K |
| MetLife Investment Management, LLC | 0.00% | Add +6.3% | 54,389 | $334K |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | Add +3.3% | 53,694 | $330K |
| Voya Investment Management LLC | 0.00% | Reduce -23.8% | 51,591 | $317K |
| State of Alaska, Department of Revenue | 0.00% | Reduce -0.0% | 51,259 | $315K |
| Illinois Municipal Retirement Fund | 0.00% | Add +4.5% | 49,113 | $302K |
| Corebridge Financial, Inc. | 0.00% | Reduce -7.2% | 47,774 | $294K |
| Y-Intercept (Hong Kong) Ltd | 0.02% | New | 46,990 | $289K |
| Teza Capital Management LLC | 0.04% | Reduce -44.0% | 46,075 | $283K |
| Osaic Holdings, Inc. | 0.00% | Reduce -18.8% | 44,549 | $274K |
| Louisiana State Employees Retirement System | 0.01% | Add +0.5% | 43,600 | $268K |
| Amundi | 0.00% | Add +151.0% | 49,454 | $266K |
| Bank of Montreal | 0.00% | Reduce -26.4% | 43,010 | $265K |
| Central Pacific Bank - Trust Division | 0.04% | Add +14.9% | 42,512 | $261K |
| Sageworth Trust Co | 0.01% | New | 38,088 | $234K |
| Janus Henderson Group PLC | 0.00% | No change | 38,075 | $234K |
| Cubist Systematic Strategies, LLC | 0.00% | Reduce -91.8% | 35,676 | $219K |
| Ethic Inc. | 0.00% | Add +133.4% | 35,378 | $218K |
| Los Angeles Capital Management LLC | 0.00% | Reduce -15.0% | 35,200 | $216K |
| Yousif Capital Management, LLC | 0.00% | Reduce -4.3% | 34,610 | $213K |
| Intech Investment Management LLC | 0.00% | Add +49.7% | 34,361 | $211K |
| Manufacturers Life Insurance Company, The | 0.00% | Reduce -4.0% | 32,767 | $202K |
| Point72 Asset Management | 0.00% | Reduce -80.3% | 32,606 | $201K |
| Yarbrough Capital, LLC | 0.01% | No change | 32,451 | $200K |
| GAMMA Investing LLC | 0.02% | Add +20.7% | 30,650 | $188K |
| Maryland State Retirement & Pension System | 0.00% | No change | 30,339 | $187K |
| Teachers Retirement System of the State of Kentucky | 0.00% | No change | 30,050 | $185K |
| Gotham Asset Management | 0.00% | Reduce -57.5% | 29,869 | $184K |
| Creative Planning | 0.00% | Reduce -21.8% | 28,378 | $175K |
| South Dakota Investment Council | 0.00% | No change | 27,900 | $172K |
| Inceptionr LLC | 0.04% | New | 27,115 | $167K |
| ProShare Advisors LLC | 0.00% | Add +44.5% | 27,039 | $166K |
| Supplemental Annuity Collective Trust of NJ | 0.05% | No change | 27,000 | $166K |
| NJ State Employees Deferred Compensation Plan | 0.02% | No change | 27,000 | $166K |
| Amalgamated Bank | 0.00% | Reduce -0.9% | 26,334 | $162K |
| BNP Paribas Financial Markets | 0.00% | Reduce -84.7% | 26,086 | $160K |
| Arizona State Retirement System | 0.00% | Add +0.7% | 26,060 | $160K |
| Aigen Investment Management, LP | 0.03% | Add +32.0% | 25,600 | $157K |
| State Board of Administration of Florida Retirement System | 0.00% | No change | 25,537 | $157K |
| Ieq Capital, LLC | 0.00% | Reduce -10.6% | 25,109 | $154K |
| Swedbank AB | 0.00% | No change | 25,000 | $154K |
| Graham Capital Management, L.P. | 0.01% | Add +2.6% | 24,226 | $149K |
| HSBC Holdings PLC | 0.00% | Reduce -3.6% | 22,996 | $142K |
| Independent Financial Group, LLC | 0.00% | Reduce -19.1% | 22,100 | $136K |
| Guggenheim Capital LLC | 0.00% | New | 22,089 | $136K |
| State of Tennessee, Department of Treasury | 0.00% | Reduce -4.2% | 22,034 | $136K |
| Envestnet Asset Management Inc. | 0.00% | Add +6.3% | 21,841 | $134K |
| Oregon Public Employees Retirement Fund | 0.00% | Add +0.5% | 21,267 | $131K |
| Centiva Capital, LP | 0.00% | Add +27.1% | 20,048 | $123K |
| SG Americas Securities, LLC | 0.00% | Reduce -33.6% | 20,046 | $123K |
| Savant Capital, LLC | 0.00% | Reduce -0.0% | 19,963 | $123K |
| Mariner, LLC | 0.00% | Reduce -23.4% | 19,877 | $122K |
| Tower Research Capital LLC (TRC) | 0.00% | Add +43.5% | 19,266 | $118K |
| Commonwealth of Pennsylvania Public School Empls Retrmt SYS | 0.00% | Add +0.3% | 19,255 | $118K |
| Two Sigma Securities, LLC | 0.02% | New | 19,135 | $118K |
| Quantinno Capital Management LP | 0.00% | Add +51.1% | 18,949 | $117K |
| KLP Kapitalforvaltning As | 0.00% | — | 18,900 | $116K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | Reduce -32.7% | 18,561 | $114K |
| US Bancorp \de | 0.00% | Reduce -5.3% | 18,481 | $114K |
| Police & Firemen's Retirement System of New Jersey | 0.00% | — | 18,476 | $114K |
| Mackenzie Financial Corp. | 0.00% | Reduce -9.8% | 18,129 | $111K |
| Corton Capital Inc. | 0.06% | Reduce -64.7% | 17,130 | $105K |
| New York State Common Retirement Fund | 0.00% | No change | 16,954 | $104K |
| Victory Capital Management Inc. | 0.00% | Reduce -1.0% | 16,869 | $104K |
| Royal Bank of Canada | 0.00% | Add +3.2% | 16,731 | $103K |
| Wealth Enhancement Advisory Services, LLC | 0.00% | Add +6.1% | 16,203 | $100K |
| Union Bancaire Privee, UBP SA | 0.00% | — | 14,849 | $97K |
| FMR LLC | 0.00% | Reduce -12.0% | 15,474 | $95K |
| Picton Mahoney Asset Management | 0.00% | Add +11.2% | 14,900 | $92K |
| Cim Investment Management Inc. | 0.03% | No change | 14,685 | $90K |
| Polymer Capital Management (US) LLC | 0.03% | — | 14,563 | $90K |
| M&T Bank Corp | 0.00% | Reduce -2.0% | 14,426 | $89K |
| Cerity Partners LLC | 0.00% | Reduce -35.5% | 11,083 | $88K |
| Grace & White Inc. | 0.02% | New | 14,000 | $86K |
| Mutual of America Capital Management LLC | 0.00% | Add +1.1% | 13,663 | $84K |
| Public Employees Retirement Association of Colorado | 0.00% | No change | 13,111 | $81K |
| Headlands Technologies LLC | 0.01% | Reduce -30.4% | 12,703 | $78K |
| Quadrature Capital Ltd | 0.00% | New | 12,217 | $75K |
| Virtu Financial LLC | 0.00% | New | 11,932 | $73K |
| Addison Capital Co | 0.03% | Reduce -2.8% | 11,756 | $72K |
| Pictet Asset Management Holding SA | 0.00% | No change | 11,310 | $70K |
| Van Eck Associates Corp. | 0.00% | Add +49.0% | 10,805 | $66K |
| PNC Financial Services Group, Inc. | 0.00% | Add +8.6% | 10,663 | $66K |
| CWA Asset Management Group, LLC | 0.00% | No change | 10,050 | $62K |
| Quadrant Capital Group LLC | 0.00% | Reduce -19.5% | 9,517 | $59K |
| Mirova | 0.01% | No change | 9,366 | $58K |
| Ameritas Investment Partners, Inc. | 0.00% | No change | 8,890 | $55K |
| Sanctuary Advisors, LLC | 0.00% | Reduce -4.5% | 10,771 | $55K |
| Public Employees Retirement System of Ohio | 0.00% | Add +9.7% | 8,456 | $52K |
| Cwm, LLC | 0.00% | Reduce -25.8% | 7,493 | $46K |
| Leonteq Securities AG | 0.00% | Add +30.8% | 4,154 | $27K |
| Byrne Asset Management LLC | 0.02% | Add +53.9% | 4,000 | $25K |
| Canada Pension Plan Investment Board | 0.00% | Reduce -67.2% | 3,900 | $24K |
| Arax Advisory Partners | 0.00% | No change | 2,968 | $18K |
| Sterling Capital Management LLC | 0.00% | Add +815.0% | 2,873 | $18K |
| Signaturefd, LLC | 0.00% | Reduce -19.6% | 2,498 | $15K |
| Nisa Investment Advisors, LLC | 0.00% | No change | 2,343 | $14K |
| Smartleaf Asset Management LLC | 0.00% | Add +40.8% | 2,242 | $14K |
| Assetmark, Inc. | 0.00% | No change | 2,200 | $14K |
| Allworth Financial LP | 0.00% | Reduce -12.2% | 2,619 | $13K |
| WealthCollab, LLC | 0.01% | Reduce -16.7% | 2,000 | $12K |
| Nomura Asset Management Co. Ltd. | 0.00% | No change | 2,000 | $12K |
| MAI Capital Management | 0.00% | New | 1,903 | $12K |
| Lindbrook Capital, LLC | 0.00% | Add +1.3% | 1,742 | $11K |
| Versant Capital Management, Inc | 0.00% | Reduce -43.4% | 1,558 | $10K |
| Steward Partners Investment Advisory, LLC | 0.00% | No change | 1,350 | $8K |
| Simplex Trading, LLC | 0.00% | Reduce -58.4% | 1,439 | $8K |
| Access Investment Management LLC | 0.00% | Add +48.7% | 1,175 | $7K |
| Bessemer Group Inc. | 0.00% | Reduce -66.4% | 1,136 | $7K |
| Fifth Third Bancorp | 0.00% | Reduce -62.8% | 951 | $6K |
| Huntington National Bank | 0.00% | No change | 877 | $5K |
| Blue Trust, Inc. | 0.00% | Reduce -35.8% | 867 | $5K |
| Walleye Capital LLC | 0.00% | Reduce -97.7% | 855 | $5K |
| UMB Bank, n.a. | 0.00% | Reduce -32.4% | 829 | $5K |
| AlphaQuest LLC | 0.00% | Reduce -99.7% | 644 | $4K |
| Jones Financial Companies LLLP | 0.00% | Add +200.0% | 600 | $4K |
| IFP Advisors, Inc | 0.00% | New | 588 | $4K |
| Private Trust Co. NA | 0.00% | Add +32.2% | 562 | $3K |
| GHP Investment Advisors, Inc. | 0.00% | No change | 514 | $3K |
| Manchester Capital Management LLC | 0.00% | Reduce -6.1% | 508 | $3K |
| Cape Investment Advisory, Inc. | 0.00% | New | 500 | $3K |
| Hantz Financial Services, Inc. | 0.00% | No change | 468 | $3K |
| TD Waterhouse Canada Inc. | 0.00% | No change | 480 | $3K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | No change | 408 | $3K |
| CIBC Private Wealth Group LLC | 0.00% | Add +71.1% | 402 | $2K |
| Parallel Advisors, LLC | 0.00% | No change | 349 | $2K |
| Albion Financial Group | 0.00% | No change | 300 | $2K |
| Wilmington Savings Fund Society, FSB | 0.00% | No change | 300 | $2K |
| Whittier Trust Co. of Nevada Inc. | 0.00% | No change | 300 | $2K |
| National Bank of Canada | 0.00% | Reduce -12.9% | 289 | $2K |
| WPG Advisers, LLC | 0.00% | — | 267 | $2K |
| Red Tortoise LLC | 0.00% | No change | 263 | $2K |
| Financial Gravity Companies, Inc. | 0.00% | New | 252 | $2K |
| EverSource Wealth Advisors, LLC | 0.00% | Reduce -14.2% | 230 | $1K |
| Geneos Wealth Management Inc. | 0.00% | Add +0.5% | 217 | $1K |
| Brooklyn Investment Group | 0.00% | New | 199 | $1K |
| Global Retirement Partners, LLC | 0.00% | No change | 126 | $775 |
| Hexagon Capital Partners LLC | 0.00% | No change | 100 | $615 |
| Whipplewood Advisors, LLC | 0.00% | — | 95 | $584 |
| Private Wealth Management Group, LLC | 0.00% | Reduce -48.7% | 80 | $492 |
| Farmers & Merchants Investments Inc. | 0.00% | No change | 65 | $400 |
| Caitong International Asset Management Co., Ltd | 0.00% | — | 64 | $394 |
| Farther Finance Advisors, LLC | 0.00% | No change | 62 | $381 |
| Cranbrook Wealth Management, LLC | 0.00% | No change | 52 | $320 |
| Compass Wealth Management LLC | 0.00% | Reduce -90.9% | 50 | $308 |
| Rothschild Investment LLC | 0.00% | Add +16.7% | 35 | $215 |
| Avior Wealth Management, LLC | 0.00% | Reduce -26.7% | 33 | $202 |
| Bell Investment Advisors, Inc | 0.00% | No change | 31 | $191 |
| Cullen/Frost Bankers, Inc. | 0.00% | New | 30 | $185 |
| Abound Wealth Management | 0.00% | New | 22 | $136 |
| Parkside Financial Bank & Trust | 0.00% | No change | 19 | $117 |
| Raffa Wealth Management, LLC | 0.00% | No change | 14 | $86 |
| Larson Financial Group LLC | 0.00% | No change | 14 | $86 |
| SBI Securities Co., Ltd. | 0.00% | — | 5 | $31 |
| Covestor Ltd | 0.00% | Add +10.0% | 11 | $0 |
| Coston, McIsaac & Partners | 0.00% | No change | 15 | $0 |
"% of holder's portfolio" is HAIN's weight in each manager's 13F, not the share of Hain Celestial Group Inc. the manager owns.