Pebblebrook Hotel TrustPEB
13F holders, Q2 2024 (June 30)244holders +4
33new positions
29sold out
6famous investors
$13.75avg. 13F price*
At the end of Q2 2024, 244 institutions reported holding Pebblebrook Hotel Trust (PEB) in their 13F filings, up 4 from Q1 2024. 33 opened new positions and 29 sold out. The largest holders were BlackRock Inc. ($312.1M), Vanguard Group Inc. ($258.6M) and Fuller & Thaler Asset Management, Inc. ($138.2M). 6 famous investors held it, including Paul Tudor Jones (0.0% of Tudor Investment Corporation's portfolio), David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio) and Israel Englander (0.0% of Millennium Management's portfolio).
- Company
- Pebblebrook Hotel Trust
- CUSIP
- 70509V100
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q1 2024 → Q2 2024
| Institutions | Total Value | |
|---|---|---|
| New Positions | 33 | $22.7M |
| Exits | 29 | $22.8M |
All 13F filers, Q1 2024 → Q2 2024: 9,163,713 shares bought and 10,264,506 shares sold, net −1,100,793 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 244 holders
| BlackRock Inc. | 0.01% | Add +2.7% | 22,697,557 | $312.1M |
| Vanguard Group Inc. | 0.01% | Reduce -2.9% | 18,810,294 | $258.6M |
| Fuller & Thaler Asset Management, Inc. | 0.59% | Reduce -0.8% | 10,054,253 | $138.2M |
| State Street Corp. | 0.00% | Reduce -2.0% | 7,356,429 | $101.2M |
| Principal Financial Group Inc. | 0.05% | Reduce -4.1% | 6,520,752 | $89.7M |
| T. Rowe Price Investment Management, Inc. | 0.05% | Add +1.4% | 6,050,567 | $83.2M |
| Wellington Management Group LLP | 0.01% | Reduce -14.3% | 5,498,565 | $75.6M |
| Earnest Partners LLC | 0.32% | Add +1.0% | 5,036,155 | $69.2M |
| Bank of America Corp. | 0.01% | Add +9.8% | 3,769,353 | $51.8M |
| Balyasny Asset Management L.P. | 0.13% | Add +44.3% | 3,575,270 | $49.2M |
| PGGM Investments | 0.64% | Reduce -14.6% | 3,240,516 | $44.6M |
| Geode Capital Management, LLC | 0.00% | Add +4.1% | 3,014,602 | $41.5M |
| T. Rowe Price Associates Inc. | 0.00% | Reduce -3.0% | 2,840,080 | $39.1M |
| Charles Schwab Investment Management Inc. | 0.01% | Add +0.8% | 2,287,894 | $31.5M |
| William Blair Investment Management, LLC | 0.08% | Reduce -35.3% | 2,174,815 | $29.9M |
| Morgan Stanley | 0.00% | Reduce -30.2% | 2,113,066 | $29.1M |
| Goldman Sachs Group Inc. | 0.01% | Add +7.5% | 2,084,138 | $28.7M |
| Legal & General Group Plc | 0.01% | Reduce -0.9% | 1,976,108 | $27.2M |
| D. E. Shaw & Co. | 0.04% | Add +38.1% | 1,963,388 | $27.0M |
| Alyeska Investment Group, L.P. | 0.15% | Add +188.8% | 1,901,967 | $26.2M |
| Bank of Montreal | 0.01% | Add +68.1% | 1,875,288 | $25.8M |
| Dimensional Fund Advisors LP | 0.01% | Add +2.4% | 1,747,195 | $24.0M |
| Silvercrest Asset Management Group LLC | 0.14% | Add +6.9% | 1,505,475 | $20.7M |
| Northern Trust Corp. | 0.00% | Reduce -2.9% | 1,323,306 | $18.2M |
| Bank of New York Mellon Corp | 0.00% | Add +2.5% | 1,290,140 | $17.7M |
| Franklin Resources Inc. | 0.01% | Reduce -1.7% | 1,288,845 | $17.7M |
| Millennium Management | 0.01% | Add +36.9% | 1,129,300 | $15.5M |
| Hotchkis & Wiley Capital Management LLC | 0.04% | Add +11.9% | 914,205 | $12.6M |
| Nuveen Asset Management, LLC | 0.00% | Add +127.6% | 876,710 | $12.1M |
| New York State Common Retirement Fund | 0.01% | Reduce -0.8% | 808,158 | $11.1M |
| Invesco Ltd. | 0.00% | Add +2.7% | 765,156 | $10.5M |
| Deutsche Bank AG | 0.00% | Reduce -17.2% | 761,318 | $10.5M |
| ExodusPoint Capital Management, LP | 0.10% | New | 694,469 | $9.5M |
| Wells Fargo & Company | 0.00% | Reduce -1.1% | 689,943 | $9.5M |
| JPMorgan Chase & Co. | 0.00% | Add +36.1% | 681,377 | $9.4M |
| UBS Group AG | 0.00% | Reduce -16.0% | 673,374 | $9.3M |
| Barclays PLC | 0.00% | Reduce -39.4% | 648,072 | $8.9M |
| Ameriprise Financial Inc. | 0.00% | Reduce -4.6% | 647,874 | $8.9M |
| Royal Bank of Canada | 0.00% | Add +0.7% | 624,402 | $8.6M |
| Nomura Holdings Inc. | 0.05% | Add +125.6% | 585,214 | $8.0M |
| Envestnet Asset Management Inc. | 0.00% | Add +2.1% | 580,423 | $8.0M |
| Two Sigma Advisers, LP | 0.02% | Reduce -11.1% | 557,975 | $7.7M |
| Fisher Asset Management | 0.00% | Reduce -0.1% | 542,285 | $7.5M |
| Rhumbline Advisers | 0.01% | Reduce -7.0% | 432,767 | $6.0M |
| Nordea Investment Management AB | 0.01% | Add +31.9% | 415,282 | $5.6M |
| Sei Investments Co. | 0.01% | Add +0.2% | 407,946 | $5.6M |
| Hudson Bay Capital Management LP | 0.05% | Reduce -0.1% | 406,350 | $5.6M |
| Two Sigma Investments, LP | 0.01% | Reduce -35.1% | 355,176 | $4.9M |
| Thrivent Financial for Lutherans | 0.01% | Add +24.8% | 338,578 | $4.7M |
| Citadel Advisors | 0.00% | Add +20.6% | 330,186 | $4.5M |
| State of New Jersey Common Pension Fund D | 0.02% | Reduce -28.6% | 288,883 | $4.0M |
| Chartwell Investment Partners, LLC | 0.14% | Reduce -11.9% | 286,956 | $3.9M |
| Tudor Investment Corporation | 0.04% | New | 280,141 | $3.9M |
| CANADA LIFE ASSURANCE Co | 0.01% | Add +8.9% | 271,611 | $3.7M |
| Public Sector Pension Investment Board | 0.02% | Add +7.3% | 265,153 | $3.6M |
| Renaissance Technologies | 0.01% | Reduce -31.6% | 249,795 | $3.4M |
| Swiss National Bank | 0.00% | No change | 237,512 | $3.3M |
| Verition Fund Management LLC | 0.03% | Add +305.1% | 224,664 | $3.1M |
| Norges Bank | 0.00% | Reduce -52.8% | 211,637 | $2.9M |
| Prudential Financial Inc. | 0.00% | Reduce -1.3% | 193,714 | $2.7M |
| New York State Teachers Retirement System | 0.01% | Reduce -0.7% | 192,916 | $2.7M |
| Public Employees Retirement System of Ohio | 0.01% | Reduce -1.3% | 189,607 | $2.6M |
| Phocas Financial Corp. | 0.29% | Reduce -4.5% | 185,971 | $2.6M |
| Schonfeld Strategic Advisors LLC | 0.02% | Add +11.9% | 175,632 | $2.4M |
| Asset Management One Co., Ltd. | 0.01% | Reduce -3.1% | 173,975 | $2.4M |
| Raymond James & Associates | 0.00% | Reduce -1.1% | 168,367 | $2.3M |
| HRT Financial LP | 0.01% | Add +194.3% | 163,444 | $2.2M |
| Alliancebernstein L.P. | 0.00% | Reduce -0.2% | 160,620 | $2.2M |
| Palogic Value Management, L.P. | 0.90% | Add +34.8% | 155,000 | $2.1M |
| Nomura Asset Management Co. Ltd. | 0.01% | Add +8.4% | 152,300 | $2.1M |
| Gsa Capital Partners LLP | 0.15% | New | 151,734 | $2.1M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Reduce -75.2% | 149,081 | $2.0M |
| Jane Street Group, LLC | 0.00% | Add +47.2% | 141,744 | $1.9M |
| First Trust Advisors LP | 0.00% | Reduce -11.8% | 139,897 | $1.9M |
| Sumitomo Mitsui Trust Group, Inc. | 0.00% | Add +0.7% | 135,174 | $1.9M |
| Citigroup Inc. | 0.00% | Reduce -4.2% | 133,206 | $1.8M |
| Teachers Retirement System of the State of Kentucky | 0.02% | No change | 130,305 | $1.8M |
| State of Alaska, Department of Revenue | 0.02% | Reduce -1.2% | 128,052 | $1.8M |
| HSBC Holdings PLC | 0.00% | Add +19.4% | 124,515 | $1.7M |
| Oppenheimer Asset Management Inc. | 0.02% | Add +28.3% | 123,331 | $1.7M |
| California State Teachers Retirement System | 0.00% | Reduce -2.5% | 117,281 | $1.6M |
| State of Wisconsin Investment Board | 0.00% | Reduce -31.9% | 113,561 | $1.6M |
| Martingale Asset Management L P | 0.03% | Add +20.3% | 95,264 | $1.3M |
| Raymond James Financial Services Advisors, Inc. | 0.00% | New | 91,690 | $1.3M |
| Quantbot Technologies LP | 0.06% | Reduce -22.2% | 90,946 | $1.3M |
| Heitman Real Estate Securities LLC | 0.07% | Add +11.2% | 85,494 | $1.2M |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | Reduce -0.1% | 82,729 | $1.1M |
| Amundi | 0.00% | Reduce -9.7% | 85,006 | $1.1M |
| Victory Capital Management Inc. | 0.00% | Add +166.1% | 80,444 | $1.1M |
| Mitsubishi UFJ Asset Management Co., Ltd. | 0.00% | No change | 76,603 | $1.1M |
| Avantax Advisory Services, Inc. | 0.01% | New | 75,666 | $1.0M |
| Marshall Wace, LLP | 0.00% | Reduce -45.5% | 74,873 | $1.0M |
| Susquehanna International Group, LLP | 0.00% | Add +19.5% | 74,244 | $1.0M |
| Perry Creek Capital LP | 0.48% | No change | 73,120 | $1.0M |
| MetLife Investment Management, LLC | 0.01% | Add +19.9% | 72,390 | $995K |
| Engineers Gate Manager LP | 0.02% | Add +111.1% | 70,121 | $964K |
| Corebridge Financial, Inc. | 0.01% | — | 69,317 | $953K |
| Illinois Municipal Retirement Fund | 0.01% | Reduce -0.8% | 66,826 | $919K |
| Manufacturers Life Insurance Company, The | 0.00% | Add +3.8% | 65,587 | $902K |
| Janus Henderson Group PLC | 0.00% | Reduce -0.9% | 64,212 | $882K |
| Ensign Peak Advisors, Inc | 0.00% | No change | 63,421 | $872K |
| BNP Paribas Financial Markets | 0.00% | Reduce -13.9% | 61,754 | $849K |
| Louisiana State Employees Retirement System | 0.02% | Add +1.5% | 60,600 | $833K |
| Arrowstreet Capital, Limited Partnership | 0.00% | Reduce -96.3% | 60,312 | $829K |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | — | 60,199 | $828K |
| State of Tennessee, Department of Treasury | 0.00% | Reduce -1.1% | 60,116 | $827K |
| Walleye Trading LLC | 0.02% | New | 59,592 | $819K |
| SG Americas Securities, LLC | 0.00% | Reduce -9.9% | 51,300 | $705K |
| Nisa Investment Advisors, LLC | 0.00% | Add +0.1% | 50,453 | $694K |
| Resona Asset Management Co.,Ltd. | 0.00% | Add +6.3% | 50,061 | $678K |
| Commonwealth of Pennsylvania Public School Empls Retrmt SYS | 0.00% | Reduce -1.1% | 46,942 | $645K |
| Guggenheim Capital LLC | 0.00% | Reduce -1.8% | 46,788 | $643K |
| Jump Financial, LLC | 0.01% | Add +40.7% | 45,030 | $619K |
| Macquarie Group Ltd. | 0.00% | Reduce -0.5% | 44,544 | $612K |
| Choreo, LLC | 0.01% | New | 45,701 | $603K |
| Natixis Advisors, LLC | 0.00% | Reduce -0.1% | 43,585 | $599K |
| Performance Wealth Partners, LLC | 0.02% | No change | 43,082 | $592K |
| Maryland State Retirement & Pension System | 0.01% | Reduce -4.1% | 42,015 | $578K |
| Atria Investments, Inc | 0.01% | New | 40,008 | $550K |
| Man Group plc | 0.00% | Add +11.4% | 40,000 | $550K |
| Voya Investment Management LLC | 0.00% | Add +0.1% | 39,282 | $540K |
| Daiwa Securities Group Inc. | 0.00% | Reduce -2.8% | 38,050 | $523K |
| Amalgamated Bank | 0.00% | Reduce -1.5% | 36,764 | $506K |
| Pictet Asset Management Holding SA | 0.00% | Add +8.2% | 36,274 | $499K |
| White Pine Capital LLC | 0.19% | Reduce -18.1% | 36,197 | $498K |
| Yousif Capital Management, LLC | 0.01% | Reduce -15.1% | 34,748 | $478K |
| State Board of Administration of Florida Retirement System | 0.00% | Reduce -18.8% | 34,697 | $477K |
| DekaBank Deutsche Girozentrale | 0.00% | Add +22.1% | 35,379 | $470K |
| UniSuper Management Pty Ltd | 0.00% | No change | 33,768 | $464K |
| Arizona State Retirement System | 0.00% | Add +1.7% | 33,677 | $463K |
| Graham Capital Management, L.P. | 0.03% | New | 32,436 | $446K |
| Centersquare Investment Management LLC | 0.00% | No change | 30,630 | $421K |
| Oregon Public Employees Retirement Fund | 0.01% | Reduce -9.3% | 29,278 | $403K |
| Squarepoint Ops LLC | 0.00% | New | 29,019 | $399K |
| Jacobs Levy Equity Management, Inc. | 0.00% | Reduce -29.6% | 28,370 | $390K |
| Connable Office Inc. | 0.04% | Reduce -4.6% | 27,741 | $381K |
| IFM Investors Pty Ltd | 0.00% | New | 27,434 | $377K |
| Cerity Partners LLC | 0.00% | Reduce -23.2% | 25,761 | $354K |
| Stifel Financial Corp. | 0.00% | Reduce -2.5% | 22,727 | $313K |
| Corient Private Wealth LP | 0.00% | Add +35.9% | 22,713 | $312K |
| STRS Ohio | 0.00% | Add +4.7% | 22,300 | $307K |
| Aberdeen Group plc | 0.00% | Reduce -1.1% | 22,298 | $307K |
| NJ State Employees Deferred Compensation Plan | 0.04% | No change | 21,800 | $300K |
| Bridgefront Capital, LLC | 0.12% | New | 21,028 | $289K |
| Cambria Investment Management, L.P. | 0.02% | Add +10.5% | 20,888 | $287K |
| Captrust Financial Advisors | 0.00% | Reduce -2.2% | 20,607 | $283K |
| Sumitomo Mitsui DS Asset Management Company, Ltd | 0.00% | No change | 20,329 | $280K |
| Mutual of America Capital Management LLC | 0.00% | Reduce -4.6% | 19,807 | $272K |
| Assetmark, Inc. | 0.00% | Add +0.7% | 19,503 | $268K |
| Tower Research Capital LLC (TRC) | 0.00% | Add +711.5% | 18,551 | $255K |
| Dynamic Technology Lab Private Ltd | 0.03% | Add +2.9% | 18,381 | $253K |
| ProShare Advisors LLC | 0.00% | Reduce -23.6% | 18,343 | $252K |
| Van Eck Associates Corp. | 0.00% | Add +7.1% | 18,270 | $251K |
| US Bancorp \de | 0.00% | Reduce -7.1% | 17,994 | $247K |
| Corton Capital Inc. | 0.13% | New | 17,911 | $246K |
| Praxis Investment Management Inc. | 0.02% | No change | 16,060 | $233K |
| Inceptionr LLC | 0.06% | New | 16,579 | $228K |
| Public Employees Retirement Association of Colorado | 0.00% | Reduce -0.5% | 16,217 | $223K |
| Nissay Asset Management Corp. /Japan | 0.00% | Reduce -0.3% | 15,915 | $219K |
| Quantum Portfolio Management LLC | 0.12% | Add +3.4% | 14,961 | $206K |
| Integrated Investment Consultants, LLC | 0.06% | No change | 12,985 | $200K |
| MML Investors Services, LLC | 0.00% | Reduce -8.9% | 13,520 | $186K |
| Entropy Technologies, LP | 0.02% | New | 13,493 | $186K |
| Cim Investment Management Inc. | 0.06% | Reduce -19.2% | 13,017 | $179K |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 0.00% | Reduce -12.2% | 12,920 | $178K |
| Blue Trust, Inc. | 0.00% | Add +707.9% | 11,116 | $171K |
| Journey Strategic Wealth LLC | 0.01% | New | 12,408 | $171K |
| Mariner, LLC | 0.00% | Reduce -5.0% | 12,260 | $169K |
| Algert Global LLC | 0.01% | New | 12,111 | $167K |
| Ameritas Investment Partners, Inc. | 0.01% | No change | 12,078 | $166K |
| CIBC Asset Management Inc | 0.00% | Reduce -6.8% | 11,774 | $162K |
| M&T Bank Corp | 0.00% | Reduce -0.2% | 11,365 | $156K |
| Federated Hermes, Inc. | 0.00% | No change | 11,000 | $151K |
| Bayesian Capital Management, LP | 0.02% | New | 10,581 | $145K |
| Crossmark Global Holdings, Inc. | 0.00% | Reduce -6.6% | 10,059 | $138K |
| Pensionfund PDN | 0.07% | No change | 8,911 | $123K |
| Penserra Capital Management LLC | 0.00% | Reduce -10.8% | 8,388 | $115K |
| FMR LLC | 0.00% | Reduce -28.3% | 8,185 | $113K |
| PNC Financial Services Group, Inc. | 0.00% | Add +0.8% | 6,721 | $92K |
| Pensionfund Sabic | 0.03% | No change | 6,355 | $87K |
| Lazard Asset Management LLC | 0.00% | New | 6,393 | $87K |
| Clearstead Advisors, LLC | 0.00% | New | 6,180 | $85K |
| Signaturefd, LLC | 0.00% | Add +1.7% | 5,980 | $82K |
| Spirit of America Management Corp. | 0.01% | Reduce -88.7% | 4,781 | $66K |
| Quarry LP | 0.03% | Add +2376.9% | 4,508 | $62K |
| Osaic Holdings, Inc. | 0.00% | Add +237.3% | 4,145 | $57K |
| KBC Group NV | 0.00% | No change | 3,914 | $54K |
| Quadrant Capital Group LLC | 0.00% | Add +57.9% | 3,735 | $51K |
| Hilltop National Bank | 0.02% | Add +9.0% | 3,598 | $49K |
| Principal Securities, Inc. | 0.00% | Add +3.1% | 3,510 | $48K |
| Mirae Asset Global Investments Co., Ltd. | 0.00% | Reduce -94.3% | 3,465 | $47K |
| Covestor Ltd | 0.02% | Reduce -36.3% | 2,482 | $34K |
| Parallel Advisors, LLC | 0.00% | No change | 2,026 | $28K |
| Catalyst Funds Management Pty Ltd | 0.01% | Add +125.0% | 1,800 | $25K |
| Salem Investment Counselors Inc. | 0.00% | No change | 1,460 | $20K |
| Geneos Wealth Management Inc. | 0.00% | Reduce -3.5% | 1,316 | $18K |
| LRI Investments, LLC | 0.00% | New | 1,299 | $18K |
| Headlands Technologies LLC | 0.00% | New | 1,180 | $16K |
| Danske Bank A/S | 0.00% | New | 1,100 | $15K |
| Russell Investments Group, Ltd. | 0.00% | Reduce -22.3% | 1,012 | $14K |
| Rise Advisors, LLC | 0.01% | No change | 710 | $10K |
| Lindbrook Capital, LLC | 0.00% | No change | 706 | $10K |
| Thurston, Springer, Miller, Herd & Titak, Inc. | 0.00% | New | 667 | $9K |
| Private Wealth Management Group, LLC | 0.00% | Reduce -13.9% | 634 | $9K |
| True Wealth Design, LLC | 0.00% | No change | 615 | $8K |
| Optiver Holding B.V. | 0.00% | New | 610 | $8K |
| Smartleaf Asset Management LLC | 0.00% | Add +120.3% | 586 | $8K |
| Fifth Third Bancorp | 0.00% | No change | 566 | $8K |
| CENTRAL TRUST Co | 0.00% | No change | 520 | $7K |
| Concourse Financial Group Securities, Inc. | 0.00% | Reduce -32.5% | 508 | $7K |
| GAMMA Investing LLC | 0.00% | Add +4.1% | 384 | $5K |
| Migdal Insurance & Financial Holdings Ltd. | 0.00% | New | 366 | $5K |
| Whittier Trust Co. | 0.00% | No change | 340 | $5K |
| MCF Advisors LLC | 0.00% | No change | 256 | $4K |
| Arax Advisory Partners | 0.00% | New | 250 | $3K |
| Washington Trust Advisors, Inc. | 0.00% | No change | 223 | $3K |
| Bessemer Group Inc. | 0.00% | No change | 235 | $3K |
| Farther Finance Advisors, LLC | 0.00% | Add +140.4% | 214 | $3K |
| Huntington National Bank | 0.00% | Reduce -26.5% | 161 | $2K |
| Versant Capital Management, Inc | 0.00% | Reduce -77.3% | 149 | $2K |
| Cwm, LLC | 0.00% | Reduce -11.7% | 181 | $2K |
| Sachetta, LLC | 0.00% | No change | 127 | $2K |
| Private Trust Co. NA | 0.00% | No change | 120 | $2K |
| Cullen/Frost Bankers, Inc. | 0.00% | New | 112 | $2K |
| Coppell Advisory Solutions LLC | 0.00% | — | 100 | $1K |
| IFP Advisors, Inc | 0.00% | No change | 95 | $1K |
| Sound Income Strategies, LLC | 0.00% | No change | 95 | $1K |
| Farmers & Merchants Investments Inc. | 0.00% | No change | 90 | $1K |
| Carolinas Wealth Consulting LLC | 0.00% | Reduce -7.5% | 87 | $1K |
| CoreCap Advisors, LLC | 0.00% | New | 85 | $1K |
| Bellevue Asset Management, LLC | 0.00% | No change | 85 | $1K |
| UMB Bank, n.a. | 0.00% | Add +53.9% | 80 | $1K |
| Valley National Advisers Inc. | 0.00% | Add +46.1% | 95 | $1K |
| Allworth Financial LP | 0.00% | New | 72 | $993 |
| Northwestern Mutual Wealth Management Co. | 0.00% | No change | 72 | $990 |
| MassMutual Private Wealth & Trust, FSB | 0.00% | Add +173.9% | 63 | $866 |
| Parkside Financial Bank & Trust | 0.00% | No change | 29 | $399 |
| C M Bidwell & Associates Ltd. | 0.00% | No change | 27 | $371 |
| HighMark Wealth Management LLC | 0.00% | No change | 24 | $332 |
| Abound Wealth Management | 0.00% | Reduce -15.4% | 22 | $303 |
| Rothschild Investment LLC | 0.00% | Add +100.0% | 20 | $275 |
| Opal Wealth Advisors, LLC | 0.00% | New | 12 | $165 |
| Larson Financial Group LLC | 0.00% | New | 11 | $151 |
| Concord Wealth Partners | 0.00% | New | 6 | $88 |
"% of holder's portfolio" is PEB's weight in each manager's 13F, not the share of Pebblebrook Hotel Trust the manager owns.