Hub Group Inc. Class AHUBG

13F holders, Q3 2025 (September 30)
283holders +6
35new positions
28sold out
6famous investors
$34.44avg. 13F price*

At the end of Q3 2025, 283 institutions reported holding Hub Group Inc. Class A (HUBG) in their 13F filings, up 6 from Q2 2025. 35 opened new positions and 28 sold out. The largest holders were BlackRock, Inc. ($307.9M), Vanguard Group Inc. ($221.7M) and Dimensional Fund Advisors LP ($139.9M). 6 famous investors held it, including Israel Englander (0.0% of Millennium Management's portfolio), Ken Griffin (0.0% of Citadel Advisors's portfolio) and Ken Fisher (0.0% of Fisher Asset Management's portfolio).

Company
Hub Group Inc. Class A
CUSIP
443320106
Latest filing quarter
Q2 2026

History

Number of 13F holders

0100200300 Q1 2024: 252Q1 2024Q2 2024: 260Q2 2024Q3 2024: 276Q3 2024Q4 2024: 272Q4 2024Q1 2025: 269Q1 2025Q2 2025: 277Q2 2025Q3 2025: 283Q3 2025Q4 2025: 286Q4 2025Q1 2026: 281Q1 2026Q2 2026: 286Q2 2026

Total Exit/New Position Q2 2025 → Q3 2025

InstitutionsTotal Value
New Positions35$21.5M
Exits28$24.5M

All 13F filers, Q2 2025 → Q3 2025: 5,386,685 shares bought and 5,287,632 shares sold, net +99,053 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.

Ownership 283 holders

BlackRock, Inc. 0.01% Add +0.4% 8,939,884 $307.9M
Vanguard Group Inc. 0.00% Reduce -1.0% 6,438,106 $221.7M
Dimensional Fund Advisors LP 0.03% Reduce -0.8% 4,062,294 $139.9M
Victory Capital Management Inc. 0.07% Reduce -0.3% 3,333,962 $114.8M
Capital International Investors 0.02% Reduce -9.2% 2,963,733 $102.1M
State Street Corp. 0.00% Reduce -0.9% 2,441,718 $84.1M
Invesco Ltd. 0.01% Add +4.1% 1,958,934 $67.5M
Geode Capital Management, LLC 0.00% Reduce -2.0% 1,490,231 $51.3M
River Road Asset Management, LLC 0.48% Add +12.3% 1,239,020 $42.7M
Fuller & Thaler Asset Management, Inc. 0.14% Add +3.5% 1,223,353 $42.1M
Millennium Management 0.03% Add +138.4% 1,138,461 $39.2M
Deprince Race & Zollo Inc. 0.69% Add +44.8% 996,567 $34.3M
Macquarie Group Ltd. 0.04% Reduce -8.7% 876,572 $30.2M
Cramer Rosenthal McGlynn LLC 1.90% Add +14.8% 860,682 $29.6M
Morgan Stanley 0.00% Reduce -10.2% 845,022 $29.1M
American Century Companies Inc. 0.01% Reduce -18.5% 838,326 $28.9M
HighTower Advisors, LLC 0.03% Reduce -3.6% 829,400 $28.6M
UBS Group AG 0.01% Add +5.1% 804,847 $27.7M
Charles Schwab Investment Management Inc. 0.00% Add +4.7% 737,394 $25.4M
Fisher Asset Management 0.01% Reduce -55.0% 725,270 $25.0M
Bank of America Corp. 0.00% Add +37.2% 725,062 $25.0M
William Blair Investment Management, LLC 0.06% Reduce -5.7% 690,978 $23.8M
Citadel Advisors 0.02% Add +826.7% 626,651 $21.6M
Northern Trust Corp. 0.00% Add +1.6% 591,627 $20.4M
Segall Bryant & Hamill, LLC 0.27% Add +6.1% 584,626 $20.1M
Bank of New York Mellon Corp 0.00% Reduce -2.1% 540,955 $18.6M
Qube Research & Technologies Ltd 0.03% Reduce -6.5% 523,906 $18.0M
Balyasny Asset Management L.P. 0.04% Reduce -5.1% 490,425 $16.9M
Interval Partners, LP 0.35% Add +8.1% 471,766 $16.2M
First Trust Advisors LP 0.01% Reduce -76.0% 461,881 $15.9M
Two Sigma Investments, LP 0.02% Add +969.5% 436,144 $15.0M
Nuveen, LLC 0.00% Reduce -21.8% 433,432 $14.9M
Royce & Associates LP 0.14% Add +1.4% 412,878 $14.2M
Schonfeld Strategic Advisors LLC 0.10% Add +24.9% 411,498 $14.2M
FMR LLC 0.00% Add +368.5% 403,005 $13.9M
Royal Bank of Canada 0.00% Add +2607.0% 368,040 $12.7M
VELA Investment Management, LLC 3.13% Add +1.9% 315,183 $10.9M
Stephens Investment Management Group LLC 0.14% Reduce -0.9% 311,088 $10.7M
Principal Financial Group Inc. 0.01% Reduce -2.6% 292,771 $10.1M
Voloridge Investment Management, LLC 0.03% Add +15.8% 286,209 $9.9M
Walleye Capital LLC 0.08% Add +792.4% 258,834 $8.9M
Mairs & Power Inc. 0.08% Reduce -7.6% 256,091 $8.8M
Two Sigma Advisers, LP 0.02% Add +209.7% 240,600 $8.3M
Public Sector Pension Investment Board 0.03% Add +2.4% 236,551 $8.1M
Goldman Sachs Group Inc. 0.00% Reduce -8.6% 228,553 $7.9M
Russell Investments Group, Ltd. 0.01% Add +139.2% 214,583 $7.4M
Jane Street Group, LLC 0.01% Add +211.3% 211,825 $7.3M
Davidson Kempner Capital Management LP 0.15% New 200,000 $6.9M
Rhumbline Advisers 0.01% Add +1.1% 186,294 $6.4M
AQR Capital Management 0.00% Add +37.6% 185,171 $6.4M
Raymond James Financial Inc. 0.00% Add +26.2% 178,960 $6.2M
Ameriprise Financial Inc. 0.00% Reduce -5.5% 176,723 $6.1M
OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.19% New 172,000 $5.9M
JPMorgan Chase & Co. 0.00% Reduce -17.3% 166,683 $5.7M
Jacobs Levy Equity Management, Inc. 0.02% Add +12.3% 162,569 $5.6M
Legal & General Group Plc 0.00% Reduce -5.2% 160,757 $5.5M
Hudson Bay Capital Management LP 0.03% Reduce -72.2% 140,469 $4.8M
Teacher Retirement System of Texas 0.02% Reduce -10.9% 139,491 $4.8M
Edgestream Partners, L.P. 0.13% Reduce -46.1% 129,611 $4.5M
Arrowstreet Capital, Limited Partnership 0.00% Add +8.8% 121,374 $4.2M
Swiss National Bank 0.00% Add +1.5% 117,600 $4.1M
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% Reduce -42.9% 116,571 $4.0M
Barclays PLC 0.00% Reduce -17.1% 116,392 $4.0M
AXA Investment Managers S.A. 0.01% — 113,319 $3.9M
Boothbay Fund Management, LLC 0.10% Add +6.0% 108,293 $3.7M
Envestnet Asset Management Inc. 0.00% Add +6.8% 105,928 $3.6M
Verition Fund Management LLC 0.02% Add +66.2% 105,888 $3.6M
HRT Financial LP 0.01% Add +173.0% 97,426 $3.4M
Baird Financial Group, Inc. 0.00% Reduce -1.6% 88,902 $3.1M
New York State Common Retirement Fund 0.00% Add +353.0% 87,559 $3.0M
Y-Intercept (Hong Kong) Ltd 0.06% Add +12.6% 73,078 $2.5M
Allianz Asset Management GmbH 0.00% Add +43.9% 69,374 $2.4M
Citigroup Inc. 0.00% Reduce -25.8% 67,835 $2.3M
New York State Teachers Retirement System 0.00% Reduce -1.8% 65,161 $2.2M
Deutsche Bank AG 0.00% Add +9.3% 62,320 $2.1M
Alliancebernstein L.P. 0.00% Reduce -13.2% 61,939 $2.1M
Prudential Financial Inc. 0.00% Reduce -2.7% 61,357 $2.1M
State of New Jersey Common Pension Fund D 0.01% Add +9.2% 60,376 $2.1M
Wells Fargo & Company 0.00% Add +12.2% 58,950 $2.0M
T. Rowe Price Associates Inc. 0.00% Add +4.6% 58,902 $2.0M
California State Teachers Retirement System 0.00% Add +0.0% 56,815 $2.0M
Franklin Resources Inc. 0.00% Add +8.1% 54,493 $1.9M
Comerica Bank 0.01% Add +55.9% 53,961 $1.9M
CANADA LIFE ASSURANCE Co 0.00% Add +2.8% 53,215 $1.8M
Susquehanna International Group, LLP 0.00% Reduce -41.2% 52,808 $1.8M
Federated Hermes, Inc. 0.00% Add +105.7% 52,756 $1.8M
Cardinal Capital Management 0.25% Add +4.9% 51,916 $1.8M
Twinbeech Capital LP 0.07% New 50,973 $1.8M
VIRGINIA RETIREMENT SYSTEMS ET Al 0.01% Add +78.0% 50,414 $1.7M
Engineers Gate Manager LP 0.02% Add +242.4% 49,039 $1.7M
Sei Investments Co. 0.00% Add +8.6% 48,694 $1.7M
Cambiar Investors LLC 0.07% Add +14.1% 44,815 $1.5M
State Board of Administration of Florida Retirement System 0.00% No change 44,191 $1.5M
Thrivent Financial for Lutherans 0.00% Reduce -1.9% 43,751 $1.5M
Squarepoint Ops LLC 0.00% Add +552.5% 42,199 $1.5M
Capital Fund Management S.A. 0.01% Reduce -41.0% 39,787 $1.4M
PDT Partners, LLC 0.09% No change 39,580 $1.4M
Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% Add +10.0% 37,398 $1.3M
MetLife Investment Management, LLC 0.01% No change 35,617 $1.2M
State of Alaska, Department of Revenue 0.01% Reduce -6.2% 33,896 $1.2M
Creative Planning 0.00% Add +108.0% 33,671 $1.2M
Illinois Municipal Retirement Fund 0.01% Reduce -0.4% 32,690 $1.1M
BNP Paribas Financial Markets 0.00% Add +69.3% 31,473 $1.1M
SG Americas Securities, LLC 0.00% Reduce -48.5% 30,604 $1.1M
Forest Hill Capital, LLC 0.61% New 30,000 $1.0M
Entropy Technologies, LP 0.08% Add +52.7% 29,845 $1.0M
Renaissance Technologies 0.00% Reduce -52.5% 29,172 $1.0M
Manufacturers Life Insurance Company, The 0.00% Reduce -4.8% 29,067 $1.0M
Rockefeller Capital Management L.P. 0.00% Reduce -1.4% 29,057 $1.0M
Dana Investment Advisors, Inc. 0.03% Add +22.6% 27,919 $962K
Louisiana State Employees Retirement System 0.02% Reduce -1.4% 27,900 $961K
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% Reduce -15.2% 27,773 $957K
RBF Capital, LLC 0.04% No change 27,382 $943K
HSBC Holdings PLC 0.00% Reduce -23.8% 26,254 $899K
Vest Financial, LLC 0.01% Reduce -40.4% 25,749 $887K
Janus Henderson Group PLC 0.00% No change 25,450 $877K
Intech Investment Management LLC 0.01% Reduce -5.7% 23,670 $815K
Synovus Financial Corp. 0.01% Reduce -0.6% 23,223 $800K
O'shaughnessy Asset Management, LLC 0.00% Add +7.9% 23,124 $796K
Quantinno Capital Management LP 0.00% Add +63.0% 22,910 $789K
D. E. Shaw & Co. 0.00% Reduce -31.5% 22,029 $759K
Capstone Investment Advisors, LLC 0.01% New 22,017 $758K
US Bancorp \de 0.00% Add +6.9% 21,542 $742K
Yousif Capital Management, LLC 0.01% Reduce -15.3% 20,827 $717K
KLP Kapitalforvaltning As 0.00% No change 20,700 $713K
Vestmark Advisory Solutions, Inc. 0.01% Reduce -15.7% 20,091 $692K
iSAM Funds (UK) Ltd 0.14% New 19,484 $671K
Amica Mutual Insurance Co. 0.06% No change 18,312 $631K
Connor, Clark & Lunn Investment Management Ltd. 0.00% Add +13.5% 18,249 $628K
Vident Advisory, LLC 0.01% Add +20.9% 18,045 $621K
Arizona State Retirement System 0.00% Add +1.4% 17,938 $618K
Amalgamated Bank 0.00% Add +1.8% 17,597 $606K
Teachers Retirement System of the State of Kentucky 0.00% Reduce -14.7% 17,465 $601K
Holocene Advisors, LP 0.00% New 17,051 $587K
Dynamic Technology Lab Private Ltd 0.10% Reduce -66.9% 16,891 $582K
Police & Firemen's Retirement System of New Jersey 0.00% Add +20.2% 16,551 $570K
Illumine Investment Management, LLC 0.40% Add +3.3% 16,424 $566K
Keybank National Association 0.00% Add +7.1% 15,719 $541K
AlphaQuest LLC 0.04% Reduce -76.6% 15,628 $538K
Occudo Quantitative Strategies LP 0.07% Add +73.3% 15,572 $536K
Horizon Investments, LLC 0.01% Add +9.8% 15,451 $532K
Commonwealth of Pennsylvania Public School Empls Retrmt SYS 0.00% Reduce -0.8% 15,445 $532K
Handelsbanken Fonder AB 0.00% No change 15,388 $530K
State of Tennessee, Department of Treasury 0.00% No change 14,957 $515K
Ensign Peak Advisors, Inc 0.00% Reduce -34.2% 14,331 $494K
Blair William & Co. 0.00% Reduce -4.9% 13,998 $482K
Oregon Public Employees Retirement Fund 0.01% Reduce -1.4% 13,678 $471K
Cerity Partners LLC 0.00% New 13,416 $462K
Nomura Holdings Inc. 0.00% New 13,292 $458K
Inspire Investing, LLC 0.04% Add +13.9% 13,190 $454K
Hennion & Walsh Asset Management, Inc. 0.02% Add +6.4% 13,128 $452K
Amundi 0.00% Reduce -10.3% 12,289 $427K
STRS Ohio 0.00% Reduce -31.8% 11,800 $406K
Oppenheimer Asset Management Inc. 0.00% Add +23.4% 11,791 $406K
Tidal Investments LLC 0.00% Reduce -57.7% 11,668 $402K
ProShare Advisors LLC 0.00% Reduce -15.6% 11,276 $388K
Envestnet Portfolio Solutions, Inc. 0.00% Reduce -4.8% 11,254 $388K
Banque Pictet & Cie SA 0.00% Reduce -0.6% 10,942 $377K
Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% No change 10,777 $371K
First Citizens Bank & Trust Co. 0.01% Reduce -5.4% 10,771 $371K
Voya Investment Management LLC 0.00% Reduce -33.8% 10,744 $370K
Arax Advisory Partners 0.01% Add +16725.8% 10,432 $359K
NewEdge Wealth, LLC 0.01% Add +20.7% 9,905 $354K
Cwm, LLC 0.00% Add +19.4% 10,082 $347K
Neuberger Berman Group LLC 0.00% Add +5.2% 10,034 $346K
Shay Capital LLC 0.06% Reduce -33.3% 10,000 $344K
Marshall Wace, LLP 0.00% New 9,537 $328K
Tower Research Capital LLC (TRC) 0.01% Reduce -15.3% 9,105 $314K
Moody National Bank Trust Division 0.03% Add +0.4% 8,981 $309K
Greenwood Capital Associates LLC 0.04% New 8,888 $306K
Maryland State Retirement & Pension System 0.01% Reduce -50.6% 8,718 $300K
New Age Alpha Advisors, LLC 0.01% Reduce -2.1% 8,497 $293K
Wealth Enhancement Advisory Services, LLC 0.00% New 8,515 $292K
Glenmede Investment Management, LP 0.00% New 8,407 $290K
Vanguard Personalized Indexing Management, LLC 0.00% Add +32.9% 8,396 $289K
Pictet Asset Management Holding SA 0.00% No change 8,318 $286K
Pathstone Holdings, LLC 0.00% New 8,044 $277K
Ashton Thomas Private Wealth, LLC 0.01% New 8,005 $276K
Donald L. Hagan, LLC 0.14% No change 8,000 $276K
Cherokee Insurance Co 0.12% No change 8,000 $276K
State of Wisconsin Investment Board 0.00% Reduce -51.2% 7,672 $264K
PNC Financial Services Group, Inc. 0.00% Add +1.6% 7,594 $262K
Brevan Howard Capital Management LP 0.00% Reduce -63.2% 7,041 $242K
Corient Private Wealth LP 0.00% Reduce -0.9% 6,993 $241K
Praxis Investment Management Inc. 0.01% No change 6,960 $240K
Mutual of America Capital Management LLC 0.00% Reduce -12.8% 6,793 $234K
Catalyst Funds Management Pty Ltd 0.04% New 6,750 $232K
Highland Capital Management, LLC 0.01% Reduce -1.1% 6,684 $230K
Syntegra Private Wealth Group, LLC 0.02% Reduce -4.1% 6,618 $228K
Henshaw Capital LLC 0.01% Reduce -26.6% 6,462 $223K
CIBC Bancorp USA Inc. 0.00% — 6,372 $219K
Baron Wealth Management LLC 0.07% New 6,337 $218K
Quadrant Capital Group LLC 0.01% Add +0.8% 6,081 $209K
PharVision Advisers, LLC 0.12% New 5,987 $206K
CIBC Asset Management Inc 0.00% New 5,814 $200K
Ameritas Investment Partners, Inc. 0.01% Reduce -17.6% 5,168 $178K
Mitsubishi UFJ Trust & Banking Corp 0.00% New 5,140 $177K
Sterling Capital Management LLC 0.00% Add +152.8% 4,139 $143K
Public Employees Retirement Association of Colorado 0.00% No change 4,092 $141K
Simplex Trading, LLC 0.00% Reduce -49.3% 4,018 $138K
CIBC Private Wealth Group LLC 0.00% Add +111.8% 3,755 $129K
Public Employees Retirement System of Ohio 0.00% No change 3,560 $123K
Nisa Investment Advisors, LLC 0.00% Add +42.3% 2,789 $96K
Covestor Ltd 0.05% Add +22.4% 2,686 $93K
Vestcor Inc 0.00% Reduce -61.5% 2,713 $93K
Blue Trust, Inc. 0.00% Reduce -1.4% 2,606 $90K
Versant Capital Management, Inc 0.01% Add +0.3% 1,951 $67K
Amica Retiree Medical Trust 0.09% No change 1,833 $63K
KBC Group NV 0.00% No change 1,830 $63K
Shell Asset Management Co. 0.01% Reduce -60.4% 1,536 $53K
Smartleaf Asset Management LLC 0.00% Add +18.2% 1,515 $52K
Caitong International Asset Management Co., Ltd 0.04% Add +884.1% 1,486 $51K
NewEdge Advisors, LLC 0.00% Reduce -5.3% 1,409 $49K
GAMMA Investing LLC 0.00% Add +2.3% 1,406 $48K
Quarry LP 0.01% Add +271.5% 1,107 $38K
Frazier Financial Advisors, LLC 0.02% New 1,015 $35K
Adirondack Trust Co. 0.01% No change 1,000 $34K
Nomura Asset Management Co. Ltd. 0.00% No change 950 $33K
TD Private Client Wealth LLC 0.00% Reduce -60.0% 818 $28K
Parallel Advisors, LLC 0.00% Reduce -3.5% 628 $22K
Farther Finance Advisors, LLC 0.00% Add +2.6% 586 $20K
Neo Ivy Capital Management 0.00% New 582 $20K
Osaic Holdings, Inc. 0.00% Reduce -20.2% 570 $20K
Measured Wealth Private Client Group, LLC 0.01% New 572 $20K
Westside Investment Management, Inc. 0.00% No change 509 $18K
EverSource Wealth Advisors, LLC 0.00% Reduce -17.0% 499 $17K
Huntington National Bank 0.00% Add +18.6% 491 $17K
State of Wyoming 0.00% Reduce -2.7% 476 $16K
MassMutual Private Wealth & Trust, FSB 0.00% Reduce -24.5% 426 $15K
Barrow Hanley Mewhinney & Strauss LLC 0.00% Add +26.3% 413 $14K
Matrix Trust Co 0.00% Reduce -17.0% 377 $13K
Harbor Capital Advisors, Inc. 0.00% Add +2.8% 372 $13K
Fifth Third Bancorp 0.00% Add +12.9% 367 $13K
First Horizon Corp. 0.00% — 363 $13K
UMB Bank, n.a. 0.00% Add +12.4% 327 $11K
Optiver Holding B.V. 0.00% Add +89.0% 293 $10K
Bessemer Group Inc. 0.00% Add +159.3% 280 $10K
Mitsubishi UFJ Asset Management Co., Ltd. 0.00% No change 268 $9K
WealthCollab, LLC 0.00% No change 252 $9K
Steward Partners Investment Advisory, LLC 0.00% No change 243 $8K
Allworth Financial LP 0.00% Add +8.7% 238 $8K
BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% Reduce -63.5% 232 $8K
Group One Trading LLC 0.00% New 227 $8K
Wealthspire Advisors, LLC 0.00% New 219 $8K
Rothschild Investment LLC 0.00% Add +18.9% 208 $7K
Canada Pension Plan Investment Board 0.00% New 200 $7K
Salomon & Ludwin, LLC 0.00% New 201 $7K
Root Financial Partners, LLC 0.00% New 192 $7K
Signaturefd, LLC 0.00% Reduce -28.2% 176 $6K
Northwestern Mutual Wealth Management Co. 0.00% Reduce -38.9% 176 $6K
Hemington Wealth Management 0.00% Add +26.0% 189 $6K
Hantz Financial Services, Inc. 0.00% Add +149.2% 162 $6K
Private Wealth Management Group, LLC 0.00% Reduce -8.7% 168 $6K
Key Financial Inc 0.00% No change 172 $6K
Parkside Financial Bank & Trust 0.00% No change 148 $5K
Essential Partners LLC 0.00% No change 137 $5K
Leonteq Securities AG 0.00% Add +13.4% 127 $4K
T. Rowe Price Investment Management, Inc. 0.00% New 89 $4K
MAI Capital Management 0.00% Reduce -25.2% 116 $4K
Jones Financial Companies LLLP 0.00% No change 109 $4K
Clearstead Advisors, LLC 0.00% New 109 $4K
Bare Financial Services, Inc 0.00% Reduce -17.1% 107 $4K
Colonial Trust Co / SC 0.00% New 79 $3K
High Note Wealth, LLC 0.00% New 64 $2K
Principal Securities, Inc. 0.00% Add +6.8% 47 $2K
Farmers & Merchants Investments Inc. 0.00% No change 42 $1K
CVA Family Office, LLC 0.00% No change 40 $1K
Clearstead Trust, LLC 0.00% No change 35 $1K
Physician Wealth Advisors, Inc. 0.00% No change 34 $1K
Montag A & Associates Inc. 0.00% Add +18.5% 32 $1K
JFS Wealth Advisors, LLC 0.00% Add +115.4% 28 $965
Fortitude Family Office, LLC 0.00% No change 22 $758
JPL Wealth Management, LLC 0.00% New 20 $689
IFP Advisors, Inc 0.00% Add +0.0% 14 $482
DiNuzzo Private Wealth, Inc. 0.00% Reduce -14.3% 12 $450
True Wealth Design, LLC 0.00% No change 10 $345
SJS Investment Consulting Inc. 0.00% Add +100.0% 8 $276
HFM Investment Advisors, LLC 0.00% Add +75.0% 7 $241
Rialto Wealth Management, LLC 0.00% Add +100.0% 6 $207
Bruce G. Allen Investments, LLC 0.00% No change 5 $172
Bay Harbor Wealth Management, LLC 0.00% Add +150.0% 5 $172
Advisory Services Network, LLC 0.00% New 3 $103
Cloud Capital Management, LLC 0.00% New 20 $0

"% of holder's portfolio" is HUBG's weight in each manager's 13F, not the share of Hub Group Inc. Class A the manager owns.