Ormat TechnologiesORA

13F holders, Q1 2024 (March 31)
287holders
8famous investors
$66.16avg. 13F price*

At the end of Q1 2024, 287 institutions reported holding Ormat Technologies Inc. (ORA) in their 13F filings. The largest holders were BlackRock Inc. ($587.3M), ORIX Corp ($441.9M) and Vanguard Group Inc. ($356.7M). 8 famous investors held it, including Mario Gabelli (0.1% of GAMCO Investors's portfolio), Jim Simons / Peter Brown (0.0% of Renaissance Technologies's portfolio) and Joel Greenblatt (0.0% of Gotham Asset Management's portfolio).

Company
Ormat Technologies Inc.
CUSIP
686688102
Latest filing quarter
Q2 2026

History

Number of 13F holders

0100200300400500 Q1 2024: 287Q1 2024Q2 2024: 280Q2 2024Q3 2024: 282Q3 2024Q4 2024: 315Q4 2024Q1 2025: 328Q1 2025Q2 2025: 325Q2 2025Q3 2025: 347Q3 2025Q4 2025: 399Q4 2025Q1 2026: 416Q1 2026Q2 2026: 436Q2 2026

Total Exit/New Position Q1 2024

InstitutionsTotal Value
New Positions39$23.0M
Exits32$157.3M

Ownership 287 holders

BlackRock Inc. 0.01% Reduce -5.5% 8,873,292 $587.3M
ORIX Corp 100.00% No change 6,676,077 $441.9M
Vanguard Group Inc. 0.01% Add +1.2% 5,388,571 $356.7M
Impax Asset Management Group plc 0.69% Add +3.0% 2,718,302 $179.0M
Global Alpha Capital Management Ltd. 11.27% Reduce -0.8% 2,296,140 $151.6M
Clal Insurance Enterprises Holdings Ltd 1.71% Add +15.9% 2,291,514 $151.4M
Amundi 0.06% Add +1.1% 2,191,077 $143.5M
State Street Corp. 0.01% Add +1.7% 2,047,230 $135.5M
Neuberger Berman Group LLC 0.08% Add +40.7% 1,451,958 $96.1M
Dimensional Fund Advisors LP 0.02% Add +8.6% 1,364,506 $90.3M
Van Berkom & Associates Inc. 2.44% Add +13.1% 1,297,137 $85.9M
Geode Capital Management, LLC 0.01% Add +3.8% 1,215,230 $80.4M
Northern Trust Corp. 0.01% Reduce -6.6% 760,345 $50.3M
Migdal Insurance & Financial Holdings Ltd. 0.80% Reduce -27.4% 758,526 $50.2M
Charles Schwab Investment Management Inc. 0.01% Add +3.0% 571,004 $37.8M
UBS Group AG 0.01% Add +6250.5% 569,387 $37.7M
Morgan Stanley 0.00% Reduce -3.3% 567,268 $37.5M
Bank of New York Mellon Corp 0.01% Add +1.1% 545,025 $36.1M
Invesco Ltd. 0.01% Add +1.1% 540,877 $35.8M
Goldman Sachs Group Inc. 0.01% Add +6.5% 515,409 $34.1M
Legal & General Group Plc 0.01% Add +17.9% 484,844 $32.1M
Guinness Asset Management LTD 0.61% Reduce -17.7% 442,261 $29.3M
Van Eck Associates Corp. 0.04% Reduce -3.2% 422,885 $28.0M
Handelsbanken Fonder AB 0.12% Reduce -8.7% 414,660 $27.4M
Norges Bank 0.00% Add +19.2% 404,461 $26.8M
JPMorgan Chase & Co. 0.00% Reduce -17.4% 394,608 $26.1M
T. Rowe Price Associates Inc. 0.00% Reduce -4.1% 385,912 $25.5M
Storebrand Asset Management As 0.08% Reduce -0.3% 359,740 $23.8M
Trillium Asset Management, LLC 0.55% Add +1.0% 324,406 $21.5M
LGT Capital Partners LTD. 0.64% Reduce -41.3% 307,910 $20.4M
BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.04% Reduce -0.1% 243,552 $16.1M
First Trust Advisors LP 0.02% Reduce -20.0% 242,473 $16.0M
Bank of Montreal 0.01% Add +14.1% 238,842 $15.9M
Principal Financial Group Inc. 0.01% Add +2.2% 204,655 $13.5M
Rhumbline Advisers 0.01% Reduce -0.5% 193,453 $12.8M
Jupiter Asset Management Ltd. 0.12% Add +0.1% 185,124 $12.3M
Empower Advisory Group, LLC 0.05% Add +3.7% 184,044 $12.2M
Beck Bode, LLC 2.36% Add +34.1% 174,882 $11.6M
UniSuper Management Pty Ltd 0.11% No change 168,533 $11.2M
Jane Street Group, LLC 0.01% Reduce -0.3% 144,928 $9.6M
Healthcare of Ontario Pension Plan Trust Fund 0.03% Add +15.8% 144,778 $9.6M
Nuveen Asset Management, LLC 0.00% Reduce -27.7% 143,366 $9.5M
Mivtachim The Workers Social Insurance Fund Ltd. (Under Special Management) 0.91% No change 142,390 $9.4M
Yelin Lapidot Holdings Management Ltd. 1.94% Add +246.7% 142,220 $9.4M
Credit Suisse AG/ 0.01% Reduce -60.5% 141,752 $9.4M
Mizuho Markets Americas LLC 0.24% Add +23.6% 133,198 $8.8M
Alps Advisors Inc. 0.06% Reduce -24.9% 131,833 $8.7M
Bank of America Corp. 0.00% Reduce -12.8% 127,213 $8.4M
Erste Asset Management GmbH 0.11% Reduce -1.0% 122,169 $8.1M
Alliancebernstein L.P. 0.00% Reduce -6.5% 119,580 $7.9M
Swedbank AB 0.01% Add +1.5% 119,454 $7.9M
Swiss National Bank 0.01% Add +0.4% 107,234 $7.1M
Voya Investment Management LLC 0.01% Add +30.2% 101,709 $6.7M
American International Group, Inc. 0.02% Reduce -1.4% 97,327 $6.4M
Gabelli Funds LLC 0.05% No change 96,000 $6.4M
California Public Employees Retirement System 0.00% Add +2.0% 91,522 $6.1M
Agur Provident & Training Funds Management Ltd. 1.84% No change 94,500 $6.0M
Deutsche Bank AG 0.00% Add +6.4% 90,900 $6.0M
Barclays PLC 0.00% Reduce -39.1% 89,666 $5.9M
KBC Group NV 0.02% Reduce -29.7% 88,965 $5.9M
GAMCO Investors 0.06% No change 83,850 $5.6M
Mirae Asset Global Investments Co., Ltd. 0.01% Add +48.0% 69,104 $5.4M
Susquehanna International Group, LLP 0.01% Add +38.1% 80,130 $5.3M
Millennium Management 0.00% Add +485.4% 77,839 $5.2M
ExodusPoint Capital Management, LP 0.06% Add +1116.0% 77,547 $5.1M
Renaissance Technologies 0.01% New 77,257 $5.1M
Shelton Capital Management 0.14% Reduce -11.6% 74,617 $4.9M
BNP Paribas Financial Markets 0.01% Add +2.3% 72,776 $4.8M
FMR LLC 0.00% Add +0.2% 70,071 $4.6M
Leonteq Securities AG 0.61% Reduce -2.7% 68,207 $4.5M
Retirement Systems of Alabama 0.02% Add +0.3% 67,453 $4.5M
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% Reduce -7.6% 66,289 $4.4M
Manufacturers Life Insurance Company, The 0.00% Add +3.0% 65,953 $4.4M
Voloridge Investment Management, LLC 0.01% Add +1297.8% 57,182 $3.8M
Edgestream Partners, L.P. 0.19% Add +178.2% 56,835 $3.8M
Ameriprise Financial Inc. 0.00% Reduce -3.4% 56,248 $3.7M
MetLife Investment Management, LLC 0.02% Reduce -2.4% 56,039 $3.7M
CANADA LIFE ASSURANCE Co 0.01% Add +1.9% 55,555 $3.7M
D. E. Shaw & Co. 0.01% Reduce -10.3% 54,482 $3.6M
California State Teachers Retirement System 0.00% Reduce -5.0% 54,282 $3.6M
Nordea Investment Management AB 0.00% Reduce -1.2% 51,696 $3.5M
Texas Permanent School Fund Corp. 0.02% Add +1.3% 46,945 $3.1M
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% No change 46,925 $3.1M
Nicola Wealth Management LTD. 0.30% Add +4.5% 46,000 $3.0M
Y.D. More Investments Ltd 0.52% Reduce -13.9% 44,410 $2.9M
State of New Jersey Common Pension Fund D 0.01% Add +17.5% 43,680 $2.9M
IQ EQ FUND MANAGEMENT (IRELAND) Ltd 0.31% Add +18.0% 41,498 $2.7M
State of Wisconsin Investment Board 0.01% Add +683.8% 40,310 $2.7M
Phoenix Financial Ltd. 0.04% New 39,506 $2.6M
Federation des caisses Desjardins du Quebec 0.02% Reduce -8.6% 32,663 $2.5M
Bridge Creek Capital Management LLC 0.78% Add +2.8% 36,831 $2.4M
Balyasny Asset Management L.P. 0.01% Add +185.4% 36,780 $2.4M
Wolverine Trading, LLC 0.02% Add +68.1% 36,441 $2.4M
Dudley & Shanley, Inc. 0.41% Add +300.0% 36,400 $2.4M
Connor, Clark & Lunn Investment Management Ltd. 0.01% Add +3.8% 35,301 $2.3M
Mutual of America Capital Management LLC 0.02% Reduce -3.5% 32,005 $2.1M
New York State Teachers Retirement System 0.00% Add +0.6% 31,880 $2.1M
Quantbot Technologies LP 0.12% Add +23.2% 31,538 $2.1M
Citigroup Inc. 0.00% Reduce -38.8% 31,483 $2.1M
Susquehanna Fundamental Investments, LLC 0.10% New 31,354 $2.1M
Wells Fargo & Company 0.00% Add +6.7% 29,596 $2.0M
Graham Capital Management, L.P. 0.10% New 28,771 $1.9M
Envestnet Asset Management Inc. 0.00% Reduce -2.3% 28,756 $1.9M
Amalgamated Bank 0.02% Reduce -13.6% 28,174 $1.9M
State of Tennessee, Department of Treasury 0.01% New 27,728 $1.8M
Eagle Global Advisors LLC 0.10% Reduce -20.2% 27,700 $1.8M
Rockefeller Capital Management L.P. 0.01% Reduce -1.3% 26,599 $1.8M
Citadel Advisors 0.00% Reduce -38.2% 26,134 $1.7M
Janus Henderson Group PLC 0.00% Reduce -0.1% 25,610 $1.7M
Yousif Capital Management, LLC 0.02% Reduce -2.0% 24,393 $1.6M
HRT Financial LP 0.01% Reduce -19.0% 23,826 $1.6M
Jump Financial, LLC 0.04% Add +32.9% 23,160 $1.5M
Comerica Bank 0.01% Reduce -2.7% 22,147 $1.5M
New York State Common Retirement Fund 0.00% Reduce -0.1% 21,944 $1.5M
Group One Trading LLC 0.05% Reduce -22.8% 20,758 $1.4M
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 0.11% No change 20,000 $1.3M
LPL Financial LLC 0.00% Reduce -7.4% 19,109 $1.3M
AXS Investments LLC 0.30% Add +2.1% 18,949 $1.3M
Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% Reduce -6.1% 18,619 $1.2M
State Board of Administration of Florida Retirement System 0.00% Reduce -5.9% 14,374 $1.2M
Ameritas Investment Partners, Inc. 0.04% No change 17,568 $1.2M
Sei Investments Co. 0.00% Add +10.4% 17,197 $1.1M
Bailard, Inc. 0.03% Reduce -7.2% 16,889 $1.1M
Ensign Peak Advisors, Inc 0.00% Reduce -4.8% 16,869 $1.1M
Teachers Retirement System of the State of Kentucky 0.01% No change 16,566 $1.1M
Mirova 0.18% Add +0.1% 15,583 $1.0M
Louisiana State Employees Retirement System 0.02% Add +2.6% 15,500 $1.0M
Tidal Investments LLC 0.02% Add +433.4% 15,075 $998K
Arizona State Retirement System 0.01% Reduce -1.5% 14,928 $988K
Reynders McVeigh Capital Management, LLC 0.06% Reduce -23.4% 14,686 $973K
ProShare Advisors LLC 0.00% Add +4.7% 14,657 $970K
Guinness Atkinson Asset Management Inc 0.45% Reduce -2.5% 14,612 $967K
Victory Capital Management Inc. 0.00% Add +19.4% 14,389 $952K
Capstone Investment Advisors, LLC 0.03% Reduce -0.6% 14,202 $940K
Trexquant Investment LP 0.02% New 13,978 $925K
Perpetual Ltd 0.01% No change 13,865 $919K
Thrivent Financial for Lutherans 0.00% Add +0.3% 13,560 $898K
Holocene Advisors, LP 0.00% Reduce -71.9% 13,493 $893K
Oregon Public Employees Retirement Fund 0.02% Reduce -12.5% 13,280 $879K
Schonfeld Strategic Advisors LLC 0.01% New 13,247 $877K
State of Michigan Retirement System 0.00% Add +2.3% 13,200 $874K
Pathstone Holdings, LLC 0.00% Add +21.3% 12,690 $840K
Teza Capital Management LLC 0.11% New 12,450 $824K
American Century Companies Inc. 0.00% Add +0.4% 12,374 $819K
Mission Wealth Management, LP 0.02% Add +5.4% 11,995 $794K
Northwestern Mutual Investment Management Company, LLC 0.02% Add +0.3% 11,981 $793K
Commonwealth of Pennsylvania Public School Empls Retrmt SYS 0.01% Add +0.2% 11,882 $786K
HSBC Holdings PLC 0.00% Add +129.4% 11,701 $774K
Creative Planning 0.00% Add +10.4% 11,172 $740K
New Mexico Educational Retirement Board 0.03% No change 10,700 $708K
Royal Bank of Canada 0.00% Reduce -44.0% 10,553 $697K
Advisors Asset Management, Inc. 0.01% Reduce -3.7% 10,302 $682K
Aigen Investment Management, LP 0.15% New 10,254 $679K
Laird Norton Wetherby Wealth Management, LLC 0.03% Add +35.1% 9,842 $651K
Meeder Asset Management Inc. 0.04% New 9,531 $631K
Pictet Asset Management Holding SA 0.00% Add +8.7% 9,521 $630K
FORA Capital, LLC 0.05% New 9,069 $600K
DekaBank Deutsche Girozentrale 0.00% Add +81.8% 9,049 $597K
Cresset Asset Management, LLC 0.00% Add +9.8% 8,462 $560K
Green Alpha Advisors, LLC 0.39% Reduce -0.1% 8,121 $538K
Pacer Advisors, Inc. 0.00% Reduce -0.9% 8,002 $530K
Harrington Investments, INC 0.29% Add +18.6% 7,720 $511K
Xponance LLC 0.01% Reduce -1.3% 7,718 $511K
Mitsubishi UFJ Asset Management Co., Ltd. 0.00% Reduce -1.0% 7,580 $502K
US Bancorp \de 0.00% Add +96.6% 7,539 $499K
Ballentine Partners, LLC 0.01% Add +54.6% 7,182 $475K
Dynamic Technology Lab Private Ltd 0.05% New 6,931 $459K
Gotham Asset Management 0.01% New 6,758 $447K
Public Employees Retirement Association of Colorado 0.00% No change 6,609 $437K
Harvest Portfolios Group Inc. 0.02% Reduce -16.9% 6,456 $427K
GeoWealth Management, LLC 0.02% New 6,442 $426K
Caprock Group, LLC 0.02% Add +20.4% 6,344 $420K
Evexia Wealth LLC 0.17% Add +6.7% 6,505 $418K
Ethic Inc. 0.01% Add +10.9% 6,302 $417K
Walleye Capital LLC 0.00% New 5,875 $389K
State of Alaska, Department of Revenue 0.00% No change 5,801 $383K
Nia Impact Advisors, LLC 0.15% — 5,737 $380K
Vident Advisory, LLC 0.01% Reduce -17.4% 5,624 $372K
Prudential Financial Inc. 0.00% Reduce -6.1% 5,619 $372K
GTS Securities LLC 0.01% Add +57.5% 5,536 $366K
Man Group plc 0.00% Add +6.0% 5,428 $359K
Vanguard Personalized Indexing Management, LLC 0.01% Add +8.1% 5,422 $359K
Inspire Investing, LLC 0.04% Add +7.0% 5,373 $356K
Jefferies Financial Group Inc. 0.01% Reduce -56.9% 5,338 $353K
Walleye Trading LLC 0.01% New 5,097 $337K
Nisa Investment Advisors, LLC 0.00% Add +2.5% 4,858 $322K
Quadrature Capital Ltd 0.01% New 4,665 $309K
Aquatic Capital Management LLC 0.01% Reduce -67.6% 4,600 $304K
Cerity Partners LLC 0.00% New 4,527 $300K
Securian Asset Management, Inc. 0.01% Reduce -2.3% 4,342 $287K
Allianz Asset Management GmbH 0.00% Reduce -85.7% 4,324 $286K
Harel Insurance Investments & Financial Services Ltd. 0.01% Reduce -99.5% 4,309 $285K
Armistice Capital, LLC 0.01% New 4,234 $280K
Qsemble Capital Management, LP 0.06% New 4,185 $277K
Gsa Capital Partners LLP 0.02% New 4,179 $277K
Crossmark Global Holdings, Inc. 0.01% Add +6.5% 4,021 $266K
Corient Private Wealth LP 0.00% No change 4,015 $266K
AQR Capital Management 0.00% Add +25.2% 3,998 $265K
Virtu Financial LLC 0.02% New 3,720 $246K
Federated Hermes, Inc. 0.00% Reduce -15.8% 3,676 $243K
Prime Capital Investment Advisors, LLC 0.00% Add +7.7% 3,652 $242K
Marshall Wace, LLP 0.00% Reduce -57.4% 3,600 $238K
Glenmede Trust Co. NA 0.00% Reduce -9.1% 3,514 $233K
Guggenheim Capital LLC 0.00% Reduce -15.2% 3,508 $232K
Kepos Capital LP 0.06% Reduce -3.0% 3,366 $223K
Bridgewater Associates 0.00% Reduce -83.8% 3,326 $220K
Point72 (DIFC) Ltd 0.02% — 3,291 $218K
Buckingham Strategic Wealth, LLC 0.00% New 3,211 $213K
Occudo Quantitative Strategies LP 0.04% Add +1.4% 3,144 $208K
Hancock Whitney Corp. 0.01% Reduce -7.8% 3,108 $206K
Mackenzie Financial Corp. 0.00% No change 3,097 $205K
CoreCommodity Management, LLC 0.07% New 3,088 $204K
Simplex Trading, LLC 0.01% New 3,066 $202K
PFG Investments, LLC 0.01% New 3,045 $202K
Metropolitan Life Insurance Co 0.01% Reduce -2.2% 2,918 $193K
Union Investments & Development Ltd. 0.89% No change 2,900 $192K
Osaic Holdings, Inc. 0.00% Reduce -32.4% 2,815 $186K
Parallel Advisors, LLC 0.00% Add +152.2% 2,751 $182K
STRS Ohio 0.00% Reduce -35.9% 2,500 $165K
State of Wyoming 0.03% Add +5.3% 2,288 $151K
SG Americas Securities, LLC 0.00% Reduce -76.7% 2,107 $139K
Tower Research Capital LLC (TRC) 0.00% Reduce -79.4% 2,057 $136K
Banque Cantonale Vaudoise 0.00% Reduce -33.7% 1,571 $104K
Smithfield Trust Co 0.01% No change 1,484 $98K
Point72 Asia (Singapore) Pte. Ltd. 0.02% New 1,406 $93K
PNC Financial Services Group, Inc. 0.00% Reduce -9.7% 1,390 $92K
Towarzystwo Funduszy Inwestycyjnych Pzu SA 0.03% Add +46.3% 1,170 $77K
Point72 Hong Kong Ltd 0.00% New 1,054 $70K
Allianz SE 0.00% — 950 $63K
nVerses Capital, LLC 0.14% New 900 $60K
EntryPoint Capital, LLC 0.04% New 748 $50K
Signaturefd, LLC 0.00% Add +49.3% 663 $44K
Altshuler Shaham Ltd 0.00% Reduce -79.2% 626 $41K
Catalyst Funds Management Pty Ltd 0.01% — 600 $40K
CI Investments Inc. 0.00% Add +18.2% 565 $37K
Fifth Third Bancorp 0.00% Add +21.6% 500 $33K
WealthCollab, LLC 0.02% No change 497 $33K
Public Employees Retirement System of Ohio 0.00% Add +8.2% 477 $32K
Manchester Capital Management LLC 0.00% Reduce -51.4% 387 $26K
Quadrant Capital Group LLC 0.00% Reduce -29.8% 372 $25K
Rosenberg Matthew Hamilton 0.01% No change 376 $24K
GAMMA Investing LLC 0.00% Reduce -19.1% 339 $22K
Birchbrook, Inc. 0.01% No change 300 $20K
Glen Eagle Advisors, LLC 0.00% No change 300 $20K
UMB Bank, n.a. 0.00% Add +3.4% 278 $18K
Nomura Asset Management Co. Ltd. 0.00% New 270 $18K
Global Retirement Partners, LLC 0.00% Reduce -12.9% 250 $17K
Trust Co. of Vermont 0.00% New 241 $16K
Huntington National Bank 0.00% Add +22700.0% 228 $15K
Atticus Wealth Management, LLC 0.00% No change 225 $15K
National Bank of Canada 0.00% No change 200 $14K
Cwm, LLC 0.00% Add +278.2% 208 $14K
IAG Wealth Partners, LLC 0.00% No change 200 $13K
HM Payson & Co. 0.00% No change 200 $13K
Dixon Mitchell Investment Counsel Inc. 0.00% New 135 $9K
Elequin Capital, LP 0.01% New 124 $8K
Covestor Ltd 0.01% Add +0.8% 125 $8K
Clean Yield Group 0.00% No change 115 $8K
Benjamin F. Edwards & Company, Inc. 0.00% No change 100 $7K
Harbour Investments, Inc. 0.00% No change 102 $7K
USCF Advisers LLC 0.63% No change 100 $7K
Prestige Wealth Management Group LLC 0.00% No change 78 $5K
Householder Group Estate & Retirement Specialist, LLC 0.00% No change 71 $5K
IFP Advisors, Inc 0.00% Reduce -34.0% 70 $5K
Allworth Financial LP 0.00% Add +44.4% 65 $4K
EverSource Wealth Advisors, LLC 0.00% Add +18.8% 57 $4K
Russell Investments Group, Ltd. 0.00% Add +40.0% 49 $3K
Bell Investment Advisors, Inc 0.00% Reduce -40.3% 46 $3K
Principal Securities, Inc. 0.00% Reduce -16.7% 45 $3K
Whittier Trust Co. of Nevada Inc. 0.00% No change 45 $3K
Versant Capital Management, Inc 0.00% New 43 $3K
Cape Investment Advisory, Inc. 0.00% No change 42 $3K
Hexagon Capital Partners LLC 0.00% New 30 $2K
AdvisorNet Financial, Inc 0.00% Add +262.5% 29 $2K
First Horizon Advisors, Inc. 0.00% Reduce -38.6% 27 $2K
Blue Trust, Inc. 0.00% New 27 $2K
JFS Wealth Advisors, LLC 0.00% No change 25 $2K
Tyler-Stone Wealth Management 0.00% No change 22 $1K
Farmers & Merchants Investments Inc. 0.00% No change 21 $1K
MassMutual Private Wealth & Trust, FSB 0.00% No change 12 $794
Avior Wealth Management, LLC 0.00% New 10 $661
SJS Investment Consulting Inc. 0.00% Reduce -11.1% 8 $530
Lindbrook Capital, LLC 0.00% No change 6 $397
Rothschild Investment LLC 0.00% New 5 $331
DiNuzzo Private Wealth, Inc. 0.00% Reduce -37.5% 5 $331
TFO Wealth Partners, LLC 0.00% No change 3 $199
AlphaQuest LLC 0.00% Reduce -97.5% 1 $66

"% of holder's portfolio" is ORA's weight in each manager's 13F, not the share of Ormat Technologies Inc. the manager owns.