HarmonicHLIT
13F holders, Q2 2025 (June 30)245holders −2
39new positions
41sold out
9famous investors
$9.47avg. 13F price*
At the end of Q2 2025, 245 institutions reported holding Harmonic Inc. (HLIT) in their 13F filings, down 2 from Q1 2025. 39 opened new positions and 41 sold out. The largest holders were BlackRock, Inc. ($160.8M), Vanguard Group Inc. ($112.3M) and Invesco Ltd. ($42.1M). 9 famous investors held it, including Paul Tudor Jones (0.1% of Tudor Investment Corporation's portfolio), Israel Englander (0.0% of Millennium Management's portfolio) and David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio).
- Company
- Harmonic Inc.
- CUSIP
- 413160102
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q1 2025 → Q2 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 39 | $30.2M |
| Exits | 41 | $15.1M |
All 13F filers, Q1 2025 → Q2 2025: 10,557,089 shares bought and 12,217,768 shares sold, net −1,660,679 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 245 holders
| BlackRock, Inc. | 0.00% | Reduce -3.3% | 16,975,466 | $160.8M |
| Vanguard Group Inc. | 0.00% | Add +3.4% | 11,863,274 | $112.3M |
| Invesco Ltd. | 0.01% | Reduce -45.0% | 4,444,472 | $42.1M |
| State Street Corp. | 0.00% | Reduce -4.5% | 4,312,668 | $40.8M |
| Trigran Investments, Inc. | 5.91% | Reduce -12.2% | 3,592,994 | $34.0M |
| Dimensional Fund Advisors LP | 0.01% | Add +7.3% | 3,418,763 | $32.4M |
| Scopia Capital Management LP | 3.51% | Reduce -11.7% | 3,031,755 | $28.7M |
| Millennium Management | 0.03% | Reduce -9.8% | 3,005,730 | $28.5M |
| Geode Capital Management, LLC | 0.00% | Add +0.8% | 2,779,080 | $26.3M |
| Alliancebernstein L.P. | 0.01% | Reduce -10.6% | 2,338,024 | $22.1M |
| D. E. Shaw & Co. | 0.02% | Add +34.7% | 2,206,678 | $20.9M |
| Morgan Stanley | 0.00% | Add +1.9% | 1,998,187 | $18.9M |
| Marshall Wace, LLP | 0.02% | Add +112.8% | 1,925,149 | $18.2M |
| Alyeska Investment Group, L.P. | 0.06% | Reduce -40.2% | 1,839,601 | $17.4M |
| Leeward Investments, LLC - MA | 0.85% | Reduce -3.6% | 1,688,450 | $16.0M |
| Nuveen, LLC | 0.00% | Add +54.0% | 1,384,256 | $13.1M |
| Qube Research & Technologies Ltd | 0.02% | Add +37.1% | 1,371,746 | $13.0M |
| Northern Trust Corp. | 0.00% | Add +4.1% | 1,278,973 | $12.1M |
| UBS Group AG | 0.00% | Reduce -29.3% | 1,224,198 | $11.6M |
| Toronado Partners, LLC | 8.04% | No change | 1,196,640 | $11.3M |
| Systematic Financial Management LP | 0.29% | Add +1.3% | 1,152,220 | $10.9M |
| Silverberg Bernstein Capital Management LLC | 7.28% | Add +34.5% | 1,121,298 | $10.6M |
| Charles Schwab Investment Management Inc. | 0.00% | Reduce -5.6% | 1,065,690 | $10.1M |
| Wellington Management Group LLP | 0.00% | Reduce -4.9% | 862,683 | $8.2M |
| Tudor Investment Corporation | 0.06% | Add +17.3% | 856,630 | $8.1M |
| Goldman Sachs Group Inc. | 0.00% | Add +32.4% | 826,678 | $7.8M |
| HERALD INVESTMENT MANAGEMENT Ltd | 1.10% | No change | 785,000 | $7.4M |
| Lazard Asset Management LLC | 0.01% | Add +249.1% | 718,996 | $6.8M |
| AQR Capital Management | 0.01% | Add +99.5% | 711,638 | $6.7M |
| Silverback Asset Management LLC | 26.85% | New | 710,000 | $6.7M |
| Pacer Advisors, Inc. | 0.02% | New | 697,643 | $6.6M |
| Royce & Associates LP | 0.07% | Reduce -0.1% | 690,433 | $6.5M |
| Bank of New York Mellon Corp | 0.00% | Add +1.2% | 688,676 | $6.5M |
| First Eagle Investment Management, LLC | 0.01% | Add +152.8% | 661,376 | $6.3M |
| State of Wisconsin Investment Board | 0.01% | Add +1.8% | 643,279 | $6.1M |
| Philadelphia Trust Co. | 0.45% | Add +0.1% | 612,795 | $5.8M |
| Clearline Capital LP | 0.50% | No change | 599,778 | $5.7M |
| Ameriprise Financial Inc. | 0.00% | Add +77.1% | 576,338 | $5.5M |
| Hillsdale Investment Management Inc. | 0.20% | New | 573,600 | $5.4M |
| Needham Investment Management LLC | 0.43% | No change | 565,000 | $5.4M |
| Principal Financial Group Inc. | 0.00% | Reduce -4.0% | 560,812 | $5.3M |
| Intech Investment Management LLC | 0.05% | Reduce -2.8% | 533,356 | $5.1M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Add +45.2% | 513,218 | $4.9M |
| Renaissance Technologies | 0.01% | Reduce -3.0% | 503,572 | $4.8M |
| Neuberger Berman Group LLC | 0.00% | Reduce -4.2% | 451,657 | $4.3M |
| Squarepoint Ops LLC | 0.01% | Add +9.9% | 436,527 | $4.1M |
| Cubist Systematic Strategies, LLC | 0.04% | Add +42.2% | 391,883 | $3.7M |
| Public Sector Pension Investment Board | 0.02% | Add +3.9% | 385,558 | $3.7M |
| Bank of America Corp. | 0.00% | Reduce -20.6% | 367,692 | $3.5M |
| Connor, Clark & Lunn Investment Management Ltd. | 0.01% | Add +122.4% | 347,177 | $3.3M |
| Rhumbline Advisers | 0.00% | Add +6.8% | 329,372 | $3.1M |
| Y-Intercept (Hong Kong) Ltd | 0.07% | Add +200.3% | 322,826 | $3.1M |
| JPMorgan Chase & Co. | 0.00% | Reduce -39.0% | 318,297 | $3.0M |
| Legal & General Group Plc | 0.00% | Add +1.5% | 317,650 | $3.0M |
| Assenagon Asset Management S.A. | 0.00% | Reduce -18.0% | 285,795 | $2.7M |
| Arrowstreet Capital, Limited Partnership | 0.00% | Add +1930.2% | 251,215 | $2.4M |
| Boothbay Fund Management, LLC | 0.07% | Reduce -8.8% | 233,149 | $2.2M |
| Verition Fund Management LLC | 0.01% | Add +92.1% | 227,493 | $2.2M |
| Swiss National Bank | 0.00% | Reduce -1.0% | 223,515 | $2.1M |
| Balyasny Asset Management L.P. | 0.00% | Add +73.8% | 216,686 | $2.1M |
| Barclays PLC | 0.00% | Add +43.1% | 213,803 | $2.0M |
| Dean Investment Associates, LLC | 0.30% | Add +3.1% | 212,316 | $2.0M |
| Advantage Alpha Capital Partners LP | 0.54% | Reduce -53.8% | 209,911 | $2.0M |
| Dean Capital Management | 0.67% | Add +17.9% | 171,035 | $1.6M |
| New York State Teachers Retirement System | 0.00% | Reduce -2.9% | 168,172 | $1.6M |
| Susquehanna International Group, LLP | 0.00% | Add +7.1% | 165,183 | $1.6M |
| Dark Forest Capital Management LP | 0.06% | Reduce -37.5% | 160,277 | $1.5M |
| Jane Street Group, LLC | 0.00% | Reduce -36.6% | 156,873 | $1.5M |
| Algert Global LLC | 0.03% | Reduce -39.3% | 154,560 | $1.5M |
| Norges Bank | 0.00% | No change | 150,627 | $1.4M |
| AlphaQuest LLC | 0.13% | Add +405.2% | 139,858 | $1.3M |
| Raymond James Financial Inc. | 0.00% | Reduce -52.9% | 139,004 | $1.3M |
| BNP Paribas Financial Markets | 0.00% | Add +0.7% | 125,873 | $1.2M |
| CANADA LIFE ASSURANCE Co | 0.00% | Reduce -0.3% | 119,478 | $1.1M |
| Prudential Financial Inc. | 0.00% | Add +1.6% | 118,226 | $1.1M |
| Trexquant Investment LP | 0.01% | Reduce -71.3% | 117,227 | $1.1M |
| Gabelli Funds LLC | 0.01% | Add +485.9% | 117,179 | $1.1M |
| Alberta Investment Management Corp | 0.01% | New | 117,000 | $1.1M |
| Integrated Quantitative Investments LLC | 0.32% | No change | 116,780 | $1.1M |
| Nomura Holdings Inc. | 0.01% | New | 112,297 | $1.1M |
| American Century Companies Inc. | 0.00% | Add +239.3% | 110,892 | $1.1M |
| Manatuck Hill Partners, LLC | 0.39% | New | 108,350 | $1.0M |
| Citigroup Inc. | 0.00% | Reduce -35.8% | 107,767 | $1.0M |
| Voya Investment Management LLC | 0.00% | Add +9.2% | 107,490 | $1.0M |
| Legato Capital Management LLC | 0.12% | Add +17.1% | 107,063 | $1.0M |
| Susquehanna Portfolio Strategies, LLC | 0.02% | New | 104,492 | $990K |
| Victory Capital Management Inc. | 0.00% | Reduce -73.7% | 104,245 | $987K |
| California State Teachers Retirement System | 0.00% | Reduce -1.0% | 102,268 | $968K |
| T. Rowe Price Associates Inc. | 0.00% | Add +13.8% | 99,505 | $943K |
| VIRGINIA RETIREMENT SYSTEMS ET Al | 0.01% | Add +76.0% | 98,900 | $937K |
| Walleye Capital LLC | 0.01% | Add +74.3% | 93,467 | $885K |
| Gsa Capital Partners LLP | 0.06% | New | 91,949 | $871K |
| Deutsche Bank AG | 0.00% | Reduce -22.3% | 90,406 | $856K |
| Ieq Capital, LLC | 0.01% | Add +395.5% | 88,862 | $842K |
| Engineers Gate Manager LP | 0.01% | Add +36.3% | 88,157 | $835K |
| Jump Financial, LLC | 0.01% | New | 85,200 | $807K |
| Thrivent Financial for Lutherans | 0.00% | Reduce -3.3% | 83,162 | $788K |
| WINTON GROUP Ltd | 0.04% | Reduce -76.3% | 81,220 | $769K |
| GAMCO Investors | 0.01% | Reduce -2.1% | 74,133 | $702K |
| Teacher Retirement System of Texas | 0.00% | Reduce -1.3% | 73,838 | $699K |
| Wells Fargo & Company | 0.00% | Add +28.0% | 73,697 | $698K |
| Two Sigma Investments, LP | 0.00% | Add +114.8% | 69,604 | $659K |
| White Pine Capital LLC | 0.21% | Reduce -0.4% | 68,373 | $647K |
| Sei Investments Co. | 0.00% | Reduce -19.3% | 67,888 | $643K |
| State of Alaska, Department of Revenue | 0.01% | Add +3.8% | 67,306 | $636K |
| MetLife Investment Management, LLC | 0.00% | Add +4.2% | 66,231 | $627K |
| State of Tennessee, Department of Treasury | 0.00% | Add +30.1% | 64,827 | $614K |
| Citadel Advisors | 0.00% | Reduce -31.1% | 62,648 | $593K |
| Illinois Municipal Retirement Fund | 0.01% | Add +4.0% | 61,931 | $586K |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | Reduce -6.1% | 61,653 | $584K |
| Dynamic Technology Lab Private Ltd | 0.08% | Reduce -22.0% | 59,202 | $561K |
| Manufacturers Life Insurance Company, The | 0.00% | Add +0.1% | 56,430 | $534K |
| Louisiana State Employees Retirement System | 0.01% | Reduce -4.2% | 52,800 | $500K |
| Horizon Investments, LLC | 0.01% | New | 50,866 | $482K |
| Wealth Enhancement Advisory Services, LLC | 0.00% | Add +51.5% | 49,030 | $481K |
| Ensign Peak Advisors, Inc | 0.00% | Reduce -3.4% | 50,561 | $479K |
| Schonfeld Strategic Advisors LLC | 0.00% | Reduce -63.5% | 50,375 | $477K |
| FMR LLC | 0.00% | Reduce -17.8% | 48,919 | $463K |
| Brevan Howard Capital Management LP | 0.01% | Reduce -29.7% | 48,911 | $463K |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | 0.00% | New | 48,756 | $462K |
| Point72 Asset Management | 0.00% | New | 48,257 | $457K |
| Gotham Asset Management | 0.00% | New | 44,484 | $421K |
| Janus Henderson Group PLC | 0.00% | No change | 44,438 | $421K |
| Bailard, Inc. | 0.01% | Add +64.1% | 44,300 | $420K |
| Janney Montgomery Scott LLC | 0.00% | New | 43,802 | $415K |
| Campbell & CO Investment Adviser LLC | 0.03% | New | 43,485 | $412K |
| Handelsbanken Fonder AB | 0.00% | Reduce -17.9% | 42,800 | $405K |
| Yousif Capital Management, LLC | 0.00% | Reduce -1.4% | 42,350 | $401K |
| Inspire Investing, LLC | 0.04% | Reduce -51.9% | 40,877 | $387K |
| Man Group plc | 0.00% | New | 40,864 | $387K |
| State of Wyoming | 0.05% | Reduce -30.8% | 40,207 | $381K |
| Graham Capital Management, L.P. | 0.01% | Reduce -62.1% | 39,868 | $378K |
| Comerica Bank | 0.00% | Reduce -2.0% | 38,646 | $366K |
| Arizona State Retirement System | 0.00% | Add +2.3% | 34,143 | $323K |
| Teachers Retirement System of the State of Kentucky | 0.00% | No change | 34,135 | $323K |
| Maryland State Retirement & Pension System | 0.01% | Reduce -2.7% | 33,237 | $315K |
| Amalgamated Bank | 0.00% | Reduce -3.3% | 32,070 | $304K |
| Game Plan Financial Advisors, LLC | 0.13% | Reduce -4.0% | 32,004 | $303K |
| Amundi | 0.00% | Reduce -47.9% | 30,637 | $299K |
| State Board of Administration of Florida Retirement System | 0.00% | No change | 31,439 | $298K |
| Petrus Trust Company, LTA | 0.03% | No change | 31,320 | $297K |
| Ledgewood Wealth Advisors, LLC | 0.18% | No change | 30,350 | $287K |
| Axq Capital, LP | 0.09% | New | 30,185 | $286K |
| Cerity Partners LLC | 0.00% | New | 29,546 | $280K |
| LPL Financial LLC | 0.00% | Reduce -2.9% | 29,445 | $279K |
| Commonwealth of Pennsylvania Public School Empls Retrmt SYS | 0.00% | Add +3.7% | 29,037 | $275K |
| Stoneridge Investment Partners LLC | 0.19% | New | 27,124 | $257K |
| Cwm, LLC | 0.00% | Add +277.7% | 26,886 | $255K |
| Caxton Associates LLP | 0.01% | Reduce -41.8% | 26,485 | $251K |
| New Vernon Capital Holdings II LLC | 0.12% | New | 26,405 | $250K |
| New York State Common Retirement Fund | 0.00% | No change | 26,229 | $248K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | Add +58.0% | 26,163 | $248K |
| Royal Bank of Canada | 0.00% | Add +72.8% | 26,090 | $246K |
| Oregon Public Employees Retirement Fund | 0.00% | Reduce -3.4% | 25,869 | $245K |
| Aristides Capital LLC | 0.08% | New | 25,602 | $242K |
| Police & Firemen's Retirement System of New Jersey | 0.00% | Add +12.1% | 25,349 | $240K |
| Tidal Investments LLC | 0.00% | Add +25.6% | 25,146 | $238K |
| ProShare Advisors LLC | 0.00% | Reduce -3.9% | 25,122 | $238K |
| Systematic Alpha Investments, LLC | 0.01% | No change | 25,100 | $238K |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 0.00% | No change | 24,270 | $230K |
| SG Americas Securities, LLC | 0.00% | Add +24.2% | 23,491 | $222K |
| KLP Kapitalforvaltning As | 0.00% | No change | 23,200 | $220K |
| Sherbrooke Park Advisers LLC | 0.10% | Add +84.2% | 23,177 | $219K |
| EP Wealth Advisors, LLC | 0.00% | Reduce -0.7% | 23,107 | $219K |
| Waterfront Wealth Inc. | 0.05% | Reduce -40.8% | 22,208 | $210K |
| EntryPoint Capital, LLC | 0.10% | New | 21,935 | $208K |
| Two Sigma Advisers, LP | 0.00% | New | 21,737 | $206K |
| 111 Capital | 0.03% | Add +73.5% | 20,575 | $195K |
| MQS Management LLC | 0.11% | New | 20,429 | $193K |
| First Trust Advisors LP | 0.00% | Reduce -80.4% | 20,011 | $190K |
| Bank of Montreal | 0.00% | Reduce -13.2% | 18,765 | $178K |
| DRW Securities, LLC | 0.01% | New | 17,943 | $170K |
| ExodusPoint Capital Management, LP | 0.00% | Reduce -31.9% | 15,844 | $150K |
| Pictet Asset Management Holding SA | 0.00% | Add +40.8% | 15,767 | $149K |
| PNC Financial Services Group, Inc. | 0.00% | Reduce -7.2% | 15,764 | $149K |
| Orion Porfolio Solutions, LLC | 0.00% | Reduce -13.7% | 15,552 | $147K |
| HSBC Holdings PLC | 0.00% | Reduce -10.5% | 14,967 | $142K |
| Seizert Capital Partners, LLC | 0.01% | New | 14,543 | $138K |
| Mutual of America Capital Management LLC | 0.00% | Reduce -94.7% | 14,528 | $138K |
| Cibc World Markets Corp. | 0.00% | Reduce -43.4% | 13,863 | $131K |
| Mackenzie Financial Corp. | 0.00% | No change | 13,795 | $131K |
| Tower Research Capital LLC (TRC) | 0.00% | Add +421.0% | 12,905 | $122K |
| Guggenheim Capital LLC | 0.00% | Reduce -43.9% | 12,563 | $119K |
| Kestra Advisory Services, LLC | 0.00% | No change | 12,530 | $119K |
| Pallas Capital Advisors LLC | 0.00% | New | 12,262 | $116K |
| Significant Wealth Partners LLC | 0.06% | New | 11,871 | $112K |
| Heritage Investors Management Corp. | 0.00% | No change | 11,786 | $112K |
| Shell Asset Management Co. | 0.00% | Reduce -9.9% | 10,975 | $104K |
| Ameritas Investment Partners, Inc. | 0.00% | No change | 10,947 | $104K |
| Ancora Advisors LLC | 0.00% | Reduce -6.1% | 9,209 | $87K |
| Group One Trading LLC | 0.00% | Reduce -33.5% | 7,390 | $70K |
| Summit Securities Group LLC | 0.02% | New | 5,251 | $50K |
| Northwestern Mutual Wealth Management Co. | 0.00% | Add +4.4% | 4,708 | $45K |
| Point72 Asia (Singapore) Pte. Ltd. | 0.01% | New | 3,684 | $35K |
| Essential Partners LLC | 0.01% | — | 3,301 | $31K |
| KBC Group NV | 0.00% | Reduce -48.5% | 3,240 | $31K |
| Sterling Capital Management LLC | 0.00% | Add +1973.5% | 2,343 | $22K |
| Osaic Holdings, Inc. | 0.00% | Add +195.0% | 1,994 | $19K |
| Quarry LP | 0.00% | Add +204.5% | 1,745 | $17K |
| Simplex Trading, LLC | 0.00% | Reduce -61.4% | 1,661 | $15K |
| Bessemer Group Inc. | 0.00% | Reduce -28.1% | 1,487 | $14K |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 0.00% | New | 1,473 | $14K |
| GAMMA Investing LLC | 0.00% | Add +39.5% | 1,253 | $12K |
| TD Waterhouse Canada Inc. | 0.00% | Add +60000.0% | 1,202 | $12K |
| Signaturefd, LLC | 0.00% | Reduce -11.0% | 1,048 | $10K |
| Nisa Investment Advisors, LLC | 0.00% | Add +12.3% | 910 | $9K |
| EverSource Wealth Advisors, LLC | 0.00% | Add +364.6% | 892 | $8K |
| Geneos Wealth Management Inc. | 0.00% | Reduce -12.3% | 786 | $7K |
| Spire Wealth Management | 0.00% | New | 768 | $7K |
| Clearstead Advisors, LLC | 0.00% | New | 745 | $7K |
| Oliver Lagore Vanvalin Investment Group | 0.00% | — | 700 | $7K |
| US Bancorp \de | 0.00% | Reduce -51.1% | 678 | $6K |
| IFP Advisors, Inc | 0.00% | Add +2366.7% | 370 | $5K |
| UMB Bank, n.a. | 0.00% | Add +26.9% | 458 | $4K |
| Caitong International Asset Management Co., Ltd | 0.00% | Add +520.3% | 428 | $4K |
| CoreCap Advisors, LLC | 0.00% | No change | 400 | $4K |
| Smartleaf Asset Management LLC | 0.00% | Reduce -67.8% | 355 | $3K |
| Fifth Third Bancorp | 0.00% | Reduce -55.0% | 277 | $3K |
| WPG Advisers, LLC | 0.00% | No change | 266 | $3K |
| First Horizon Advisors, Inc. | 0.00% | Reduce -18.0% | 260 | $2K |
| Brooklyn Investment Group | 0.00% | Add +177.3% | 244 | $2K |
| MAI Capital Management | 0.00% | Add +67.7% | 228 | $2K |
| Concord Wealth Partners | 0.00% | No change | 160 | $2K |
| Barrow Hanley Mewhinney & Strauss LLC | 0.00% | New | 153 | $1K |
| Rothschild Investment LLC | 0.00% | No change | 140 | $1K |
| Parkside Financial Bank & Trust | 0.00% | Add +312.5% | 132 | $1K |
| Private Trust Co. NA | 0.00% | No change | 126 | $1K |
| Principal Securities, Inc. | 0.00% | No change | 114 | $1K |
| Clearstead Trust, LLC | 0.00% | New | 86 | $815 |
| Farmers & Merchants Investments Inc. | 0.00% | No change | 76 | $720 |
| CIBC Private Wealth Group LLC | 0.00% | No change | 75 | $710 |
| True Wealth Design, LLC | 0.00% | Reduce -70.8% | 69 | $654 |
| Farther Finance Advisors, LLC | 0.00% | Reduce -13.7% | 63 | $597 |
| Annis Gardner Whiting Capital Advisors, LLC | 0.00% | New | 62 | $588 |
| Twin Peaks Wealth Advisors, LLC | 0.00% | New | 63 | $574 |
| Allworth Financial LP | 0.00% | Add +90.0% | 57 | $540 |
| Private Wealth Management Group, LLC | 0.00% | No change | 42 | $398 |
| Russell Investments Group, Ltd. | 0.00% | Reduce -45.2% | 40 | $379 |
| Bell Investment Advisors, Inc | 0.00% | No change | 33 | $313 |
| Jones Financial Companies LLLP | 0.00% | New | 31 | $294 |
| Global Retirement Partners, LLC | 0.00% | — | 31 | $294 |
| SBI Securities Co., Ltd. | 0.00% | No change | 21 | $199 |
| Abound Wealth Management | 0.00% | No change | 13 | $124 |
| Hantz Financial Services, Inc. | 0.00% | New | 33 | $0 |
| Covestor Ltd | 0.00% | No change | 7 | $0 |
"% of holder's portfolio" is HLIT's weight in each manager's 13F, not the share of Harmonic Inc. the manager owns.