Penguin SolutionsPENG
13F holders, Q3 2025 (September 30)252holders +230
79new positions
1sold out
6famous investors
$26.29avg. 13F price*
At the end of Q3 2025, 252 institutions reported holding Penguin Solutions Inc. (PENG) in their 13F filings, up 230 from Q2 2025. 79 opened new positions and 1 sold out. The largest holders were BlackRock, Inc. ($206.9M), Vanguard Group Inc. ($173.3M) and FMR LLC ($110.9M). 6 famous investors held it, including Paul Tudor Jones (0.1% of Tudor Investment Corporation's portfolio), Joel Greenblatt (0.0% of Gotham Asset Management's portfolio) and Israel Englander (0.0% of Millennium Management's portfolio).
- Company
- Penguin Solutions Inc.
- CUSIP
- 706915105
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q2 2025 → Q3 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 79 | $187.5M |
| Exits | 1 | $5K |
All 13F filers, Q2 2025 → Q3 2025: 12,473,273 shares bought and 6,060,506 shares sold, net +6,412,767 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 252 holders
| BlackRock, Inc. | 0.00% | Reduce -5.6% | 7,873,804 | $206.9M |
| Vanguard Group Inc. | 0.00% | Add +0.4% | 6,592,564 | $173.3M |
| FMR LLC | 0.01% | Reduce -8.0% | 4,220,879 | $110.9M |
| State Street Corp. | 0.00% | Add +6.5% | 2,866,133 | $75.3M |
| Dimensional Fund Advisors LP | 0.01% | New | 2,293,163 | $60.3M |
| Crosslink Capital Inc. | 3.53% | Reduce -48.4% | 1,848,074 | $48.6M |
| JPMorgan Chase & Co. | 0.00% | Add +56.5% | 1,544,500 | $40.6M |
| American Century Companies Inc. | 0.02% | Add +35.3% | 1,294,279 | $34.0M |
| Geode Capital Management, LLC | 0.00% | New | 1,237,747 | $32.5M |
| Morgan Stanley | 0.00% | Add +16.0% | 1,092,851 | $28.7M |
| Barclays PLC | 0.01% | Add +46.9% | 1,055,189 | $27.7M |
| Kennedy Capital Management LLC | 0.58% | Add +31.9% | 992,168 | $26.1M |
| Alliancebernstein L.P. | 0.01% | Reduce -24.3% | 975,239 | $25.6M |
| Deutsche Bank AG | 0.01% | Add +3.8% | 933,694 | $24.5M |
| Royce & Associates LP | 0.24% | Add +0.7% | 909,460 | $23.9M |
| Charles Schwab Investment Management Inc. | 0.00% | Reduce -0.4% | 851,053 | $22.4M |
| Paradigm Capital Management Inc. | 0.82% | Reduce -37.9% | 716,051 | $18.8M |
| UBS Group AG | 0.00% | Reduce -18.6% | 662,149 | $17.4M |
| Wellington Management Group LLP | 0.00% | Reduce -10.8% | 616,114 | $16.2M |
| ArrowMark Colorado Holdings LLC | 0.29% | New | 600,782 | $15.8M |
| Northern Trust Corp. | 0.00% | Reduce -3.6% | 592,329 | $15.6M |
| LSV Asset Management | 0.03% | Add +337.6% | 569,368 | $15.0M |
| Nuveen, LLC | 0.00% | Add +13.0% | 490,419 | $12.9M |
| Clearbridge Investments, LLC | 0.01% | Add +2.6% | 479,921 | $12.6M |
| Ameriprise Financial Inc. | 0.00% | Add +165.0% | 454,291 | $11.9M |
| Marshall Wace, LLP | 0.01% | Reduce -53.1% | 452,441 | $11.9M |
| BNP Paribas Financial Markets | 0.01% | Add +358.0% | 444,230 | $11.7M |
| CSM Advisors, LLC | 0.31% | Reduce -30.6% | 417,205 | $11.0M |
| Jane Street Group, LLC | 0.01% | Add +69.8% | 416,165 | $10.9M |
| Silvercrest Asset Management Group LLC | 0.07% | Add +10.4% | 394,231 | $10.4M |
| Millennium Management | 0.01% | New | 385,695 | $10.1M |
| Goldman Sachs Group Inc. | 0.00% | Add +82.7% | 378,327 | $9.9M |
| Royal Bank of Canada | 0.00% | Reduce -25.3% | 365,378 | $9.6M |
| Ophir Asset Management Pty Ltd | 1.18% | Reduce -49.4% | 362,434 | $9.5M |
| Lazard Asset Management LLC | 0.01% | Add +571.1% | 355,233 | $9.3M |
| Two Sigma Investments, LP | 0.01% | Add +14.7% | 323,157 | $8.5M |
| Bank of New York Mellon Corp | 0.00% | Reduce -6.5% | 319,139 | $8.4M |
| First Eagle Investment Management, LLC | 0.02% | Add +2.0% | 314,944 | $8.3M |
| Tudor Investment Corporation | 0.06% | Add +32.3% | 314,721 | $8.3M |
| P.A.W. Capital Corp. | 14.28% | Reduce -36.2% | 300,000 | $7.9M |
| Phocas Financial Corp. | 1.01% | New | 296,312 | $7.8M |
| Bank of Montreal | 0.00% | Reduce -3.0% | 293,426 | $7.7M |
| Invesco Ltd. | 0.00% | Reduce -7.3% | 285,933 | $7.5M |
| Trexquant Investment LP | 0.07% | Add +30.5% | 269,821 | $7.1M |
| Pacer Advisors, Inc. | 0.02% | Reduce -32.0% | 264,261 | $6.9M |
| Peregrine Capital Management LLC | 0.20% | Reduce -0.3% | 256,401 | $6.7M |
| Arrowstreet Capital, Limited Partnership | 0.00% | New | 242,160 | $6.4M |
| HRT Financial LP | 0.02% | Add +634.7% | 241,787 | $6.4M |
| Amundi | 0.00% | New | 212,920 | $6.2M |
| Nordea Investment Management AB | 0.01% | Add +67.3% | 234,984 | $6.1M |
| Public Sector Pension Investment Board | 0.02% | Add +29.5% | 232,924 | $6.1M |
| Principal Financial Group Inc. | 0.00% | Reduce -11.9% | 230,559 | $6.1M |
| AQR Capital Management | 0.00% | Add +70.8% | 213,659 | $5.6M |
| Nomura Holdings Inc. | 0.03% | Add +663.5% | 208,677 | $5.5M |
| Wells Fargo & Company | 0.00% | Reduce -15.2% | 204,478 | $5.4M |
| Segall Bryant & Hamill, LLC | 0.07% | Add +60.1% | 196,515 | $5.2M |
| HSBC Holdings PLC | 0.00% | Reduce -12.6% | 195,806 | $5.1M |
| Cubist Systematic Strategies, LLC | 0.07% | Reduce -53.7% | 178,980 | $4.7M |
| Bank of America Corp. | 0.00% | Reduce -5.5% | 176,444 | $4.6M |
| Essex Investment Management Co. LLC | 0.68% | Add +3.5% | 168,126 | $4.4M |
| State of Wisconsin Investment Board | 0.01% | Add +0.8% | 166,609 | $4.4M |
| Natixis | 0.02% | Add +37.7% | 160,450 | $4.2M |
| Qube Research & Technologies Ltd | 0.01% | New | 158,931 | $4.2M |
| Rhumbline Advisers | 0.00% | Reduce -6.2% | 156,563 | $4.1M |
| SG Americas Securities, LLC | 0.01% | New | 149,173 | $3.9M |
| T. Rowe Price Associates Inc. | 0.00% | Add +28.0% | 145,106 | $3.8M |
| Citadel Advisors | 0.00% | Add +65.1% | 141,990 | $3.7M |
| Two Sigma Advisers, LP | 0.01% | Reduce -26.6% | 140,500 | $3.7M |
| Engineers Gate Manager LP | 0.04% | Reduce -6.0% | 131,275 | $3.4M |
| Legal & General Group Plc | 0.00% | Reduce -10.0% | 126,370 | $3.3M |
| Sei Investments Co. | 0.00% | New | 126,205 | $3.3M |
| ExodusPoint Capital Management, LP | 0.04% | Add +329.1% | 118,956 | $3.1M |
| Quantbot Technologies LP | 0.08% | New | 117,069 | $3.1M |
| CastleKnight Management LP | 0.16% | No change | 112,600 | $3.0M |
| Needham Investment Management LLC | 0.21% | Add +7.1% | 112,500 | $3.0M |
| Raymond James Financial Inc. | 0.00% | Add +5868.5% | 111,073 | $2.9M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Reduce -38.6% | 110,743 | $2.9M |
| Victory Capital Management Inc. | 0.00% | Add +34.9% | 97,901 | $2.6M |
| Swiss National Bank | 0.00% | Reduce -1.6% | 96,500 | $2.5M |
| Jackson Creek Investment Advisors LLC | 0.69% | No change | 90,916 | $2.4M |
| XTX Topco Ltd | 0.12% | New | 89,752 | $2.4M |
| LPL Financial LLC | 0.00% | Reduce -71.7% | 89,592 | $2.4M |
| CWA Asset Management Group, LLC | 0.08% | New | 86,703 | $2.3M |
| Gotham Asset Management | 0.01% | Add +219.1% | 83,195 | $2.2M |
| AlphaQuest LLC | 0.14% | New | 80,936 | $2.1M |
| Numerai GP LLC | 0.30% | Add +253.2% | 80,831 | $2.1M |
| Castlekeep Investment Advisors LLC | 0.99% | New | 80,635 | $2.1M |
| North Star Investment Management Corp. | 0.13% | No change | 78,219 | $2.1M |
| Connor, Clark & Lunn Investment Management Ltd. | 0.01% | Add +22.4% | 73,970 | $1.9M |
| Robeco Institutional Asset Management B.V. | 0.00% | Add +22.7% | 69,477 | $1.8M |
| Mackenzie Financial Corp. | 0.00% | Reduce -8.0% | 66,809 | $1.8M |
| Verition Fund Management LLC | 0.01% | Add +61.7% | 66,746 | $1.8M |
| Virtus Advisers, LLC | 0.97% | New | 65,596 | $1.7M |
| Schonfeld Strategic Advisors LLC | 0.01% | New | 65,361 | $1.7M |
| New York State Common Retirement Fund | 0.00% | Add +303.8% | 59,102 | $1.6M |
| Optimize Financial Inc. | 0.76% | Reduce -44.7% | 55,546 | $1.5M |
| Jump Financial, LLC | 0.02% | New | 52,946 | $1.4M |
| Prudential Financial Inc. | 0.00% | Add +370.8% | 50,926 | $1.3M |
| Pinnacle Associates Ltd. | 0.02% | Reduce -0.4% | 49,853 | $1.3M |
| Y-Intercept (Hong Kong) Ltd | 0.03% | Add +244.8% | 49,729 | $1.3M |
| Brevan Howard Capital Management LP | 0.02% | New | 49,627 | $1.3M |
| California State Teachers Retirement System | 0.00% | No change | 48,941 | $1.3M |
| Franklin Resources Inc. | 0.00% | New | 48,740 | $1.3M |
| Legato Capital Management LLC | 0.14% | No change | 48,553 | $1.3M |
| Capital Fund Management S.A. | 0.01% | New | 45,304 | $1.2M |
| Creative Planning | 0.00% | Add +11.1% | 44,650 | $1.2M |
| Allspring Global Investments Holdings, LLC | 0.00% | New | 42,212 | $1.1M |
| Voya Investment Management LLC | 0.00% | Reduce -14.9% | 41,457 | $1.1M |
| Jain Global LLC | 0.01% | Add +14.5% | 40,094 | $1.1M |
| Stifel Financial Corp. | 0.00% | Reduce -31.7% | 39,140 | $1.0M |
| Cookson Peirce & Co. Inc. | 0.04% | New | 37,466 | $985K |
| Globeflex Capital L P | 0.14% | Add +565.4% | 35,201 | $925K |
| Picton Mahoney Asset Management | 0.01% | New | 35,088 | $922K |
| Thrivent Financial for Lutherans | 0.00% | New | 34,401 | $904K |
| MetLife Investment Management, LLC | 0.00% | Add +66.9% | 31,284 | $822K |
| Balyasny Asset Management L.P. | 0.00% | New | 30,213 | $794K |
| Pathstone Holdings, LLC | 0.00% | Reduce -4.1% | 26,649 | $700K |
| Los Angeles Capital Management LLC | 0.00% | New | 26,589 | $699K |
| Illinois Municipal Retirement Fund | 0.01% | Add +4.0% | 25,912 | $681K |
| Martingale Asset Management L P | 0.02% | New | 25,220 | $663K |
| Hennion & Walsh Asset Management, Inc. | 0.02% | Reduce -0.3% | 24,646 | $648K |
| Citigroup Inc. | 0.00% | Reduce -66.1% | 24,461 | $643K |
| Janus Henderson Group PLC | 0.00% | New | 24,238 | $637K |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | Reduce -17.2% | 24,190 | $636K |
| State of Alaska, Department of Revenue | 0.01% | Reduce -23.5% | 23,994 | $630K |
| Quantinno Capital Management LP | 0.00% | Add +14.1% | 23,047 | $606K |
| Manufacturers Life Insurance Company, The | 0.00% | Reduce -11.6% | 22,851 | $601K |
| State of Tennessee, Department of Treasury | 0.00% | Add +85.3% | 22,837 | $600K |
| Danske Bank A/S | 0.00% | New | 22,150 | $582K |
| Inspire Investing, LLC | 0.06% | Reduce -9.6% | 21,953 | $577K |
| Tidal Investments LLC | 0.00% | Add +114.4% | 21,947 | $577K |
| Louisiana State Employees Retirement System | 0.01% | Reduce -11.0% | 21,900 | $576K |
| Janney Montgomery Scott LLC | 0.00% | New | 20,097 | $528K |
| Headlands Technologies LLC | 0.04% | New | 19,488 | $512K |
| Sterling Capital Management LLC | 0.01% | Add +1205.2% | 19,016 | $500K |
| Intech Investment Management LLC | 0.00% | New | 18,949 | $498K |
| Truvestments Capital LLC | 0.09% | Reduce -11.5% | 18,870 | $496K |
| State of Wyoming | 0.06% | New | 18,773 | $493K |
| Man Group plc | 0.00% | Add +75.3% | 18,019 | $474K |
| Susquehanna International Group, LLP | 0.00% | Reduce -73.8% | 17,665 | $464K |
| Hancock Whitney Corp. | 0.01% | New | 17,366 | $456K |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 0.00% | Add +33.5% | 16,904 | $444K |
| Entropy Technologies, LP | 0.03% | Reduce -10.7% | 16,683 | $438K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | No change | 15,671 | $412K |
| Teachers Retirement System of the State of Kentucky | 0.00% | Reduce -8.0% | 14,926 | $392K |
| Counterpoint Mutual Funds LLC | 0.03% | New | 14,908 | $392K |
| Covestor Ltd | 0.21% | No change | 14,840 | $390K |
| Yousif Capital Management, LLC | 0.00% | Reduce -24.6% | 14,760 | $388K |
| Police & Firemen's Retirement System of New Jersey | 0.00% | New | 14,752 | $388K |
| Arizona State Retirement System | 0.00% | Reduce -1.0% | 14,712 | $387K |
| Comerica Bank | 0.00% | New | 14,575 | $383K |
| Vontobel Holding Ltd. | 0.00% | New | 14,548 | $382K |
| Aigen Investment Management, LP | 0.06% | New | 14,143 | $372K |
| Amalgamated Bank | 0.00% | Reduce -6.8% | 14,001 | $368K |
| Commonwealth Equity Services, LLC | 0.00% | Add +0.9% | 13,939 | $366K |
| Bailard, Inc. | 0.01% | No change | 13,900 | $365K |
| Guggenheim Capital LLC | 0.00% | New | 13,849 | $364K |
| State Board of Administration of Florida Retirement System | 0.00% | No change | 13,792 | $362K |
| Envestnet Asset Management Inc. | 0.00% | New | 13,679 | $359K |
| New York State Teachers Retirement System | 0.00% | Reduce -6.8% | 12,262 | $322K |
| Commonwealth of Pennsylvania Public School Empls Retrmt SYS | 0.00% | Reduce -10.3% | 12,144 | $319K |
| Beacon Pointe Advisors, LLC | 0.00% | New | 12,110 | $318K |
| Ethic Inc. | 0.01% | Reduce -48.3% | 12,103 | $318K |
| Sciencast Management LP | 0.06% | New | 11,802 | $310K |
| Lido Advisors, LLC | 0.00% | Add +1.0% | 11,748 | $309K |
| Oregon Public Employees Retirement Fund | 0.00% | Reduce -11.6% | 10,725 | $282K |
| Point72 (DIFC) Ltd | 0.02% | Add +205.1% | 10,264 | $270K |
| Versor Investments LP | 0.05% | Reduce -71.2% | 10,223 | $269K |
| D. E. Shaw & Co. | 0.00% | Reduce -60.3% | 10,218 | $269K |
| Twinbeech Capital LP | 0.01% | New | 10,177 | $267K |
| M&T Bank Corp | 0.00% | New | 10,145 | $266K |
| Mariner, LLC | 0.00% | New | 10,080 | $265K |
| ProShare Advisors LLC | 0.00% | Reduce -18.2% | 9,737 | $256K |
| KLP Kapitalforvaltning As | 0.00% | No change | 9,600 | $252K |
| Inspire Advisors, LLC | 0.02% | Reduce -8.2% | 9,463 | $249K |
| Ellevest, Inc. | 0.04% | New | 9,382 | $247K |
| Verdence Capital Advisors LLC | 0.01% | New | 10,362 | $236K |
| Optivise Advisory Services LLC | 0.14% | New | 8,786 | $231K |
| Lingohr Asset Management GmbH | 0.39% | Reduce -22.8% | 8,492 | $223K |
| CSS LLC | 0.04% | New | 8,365 | $220K |
| GAMMA Investing LLC | 0.01% | Add +2.7% | 8,172 | $215K |
| Ashton Thomas Private Wealth, LLC | 0.01% | New | 7,996 | $210K |
| Pictet Asset Management Holding SA | 0.00% | New | 7,990 | $210K |
| Financiere des Professionnels - Fonds d'investissement inc. | 0.01% | New | 7,186 | $189K |
| Point72 Asia (Singapore) Pte. Ltd. | 0.03% | Add +1156.0% | 7,084 | $186K |
| Point72 Hong Kong Ltd | 0.01% | New | 6,467 | $170K |
| Aquatic Capital Management LLC | 0.00% | Add +0.2% | 6,400 | $168K |
| Cwm, LLC | 0.00% | New | 5,958 | $157K |
| Russell Investments Group, Ltd. | 0.00% | Add +507.0% | 5,554 | $146K |
| Global Retirement Partners, LLC | 0.00% | New | 5,142 | $135K |
| Aster Capital Management (DIFC) Ltd | 0.06% | New | 4,700 | $124K |
| Ameritas Investment Partners, Inc. | 0.00% | Reduce -20.1% | 4,350 | $114K |
| PNC Financial Services Group, Inc. | 0.00% | Add +5.7% | 3,531 | $93K |
| Tower Research Capital LLC (TRC) | 0.00% | Reduce -45.5% | 3,410 | $90K |
| Shell Asset Management Co. | 0.01% | Reduce -61.1% | 2,798 | $74K |
| Versant Capital Management, Inc | 0.01% | No change | 2,603 | $68K |
| Osaic Holdings, Inc. | 0.00% | New | 2,540 | $62K |
| IFP Advisors, Inc | 0.00% | Add +7.9% | 2,227 | $59K |
| Advisory Services Network, LLC | 0.00% | New | 1,889 | $50K |
| Federated Hermes, Inc. | 0.00% | Add +803.9% | 1,862 | $49K |
| Allworth Financial LP | 0.00% | Add +41.4% | 1,792 | $47K |
| Jones Financial Companies LLLP | 0.00% | Add +4131.7% | 1,735 | $45K |
| Quadrant Capital Group LLC | 0.00% | New | 1,677 | $44K |
| Arax Advisory Partners | 0.00% | Add +273.2% | 1,646 | $43K |
| Crews Bank & Trust | 0.01% | No change | 1,600 | $42K |
| STRS Ohio | 0.00% | New | 1,600 | $42K |
| Wealthspire Advisors, LLC | 0.00% | New | 1,500 | $39K |
| Public Employees Retirement System of Ohio | 0.00% | Reduce -1.3% | 1,038 | $27K |
| Signaturefd, LLC | 0.00% | New | 1,006 | $26K |
| Mitsubishi UFJ Asset Management Co., Ltd. | 0.00% | No change | 1,003 | $26K |
| Rockefeller Capital Management L.P. | 0.00% | New | 948 | $25K |
| Nisa Investment Advisors, LLC | 0.00% | New | 815 | $21K |
| Caitong International Asset Management Co., Ltd | 0.01% | New | 773 | $20K |
| Smartleaf Asset Management LLC | 0.00% | Add +19.6% | 744 | $19K |
| US Bancorp \de | 0.00% | No change | 582 | $15K |
| EverSource Wealth Advisors, LLC | 0.00% | Add +8.1% | 532 | $14K |
| Quarry LP | 0.00% | New | 522 | $14K |
| Farther Finance Advisors, LLC | 0.00% | Add +17.7% | 506 | $13K |
| Ramirez Asset Management, Inc. | 0.00% | New | 500 | $13K |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 0.00% | New | 495 | $13K |
| Private Trust Co. NA | 0.00% | Add +20.4% | 343 | $9K |
| Salomon & Ludwin, LLC | 0.00% | New | 312 | $9K |
| Optiver Holding B.V. | 0.00% | New | 312 | $8K |
| Fifth Third Bancorp | 0.00% | Add +25.1% | 234 | $6K |
| Steigerwald, Gordon & Koch Inc. | 0.00% | New | 200 | $5K |
| Hazlett, Burt & Watson, Inc. | 0.00% | No change | 200 | $5K |
| Parallel Advisors, LLC | 0.00% | No change | 182 | $5K |
| WPG Advisers, LLC | 0.00% | New | 181 | $5K |
| True Wealth Design, LLC | 0.00% | No change | 155 | $4K |
| Brown Brothers Harriman & Co. | 0.00% | No change | 138 | $4K |
| Kilter Group LLC | 0.00% | Add +166.7% | 112 | $3K |
| SBI Securities Co., Ltd. | 0.00% | Reduce -82.6% | 111 | $3K |
| Rise Advisors, LLC | 0.00% | No change | 93 | $2K |
| Sunbelt Securities, Inc. | 0.00% | New | 68 | $2K |
| J.Safra Asset Management Corp | 0.00% | Reduce -82.5% | 65 | $2K |
| Clearstead Advisors, LLC | 0.00% | New | 62 | $2K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | No change | 56 | $1K |
| Essential Partners LLC | 0.00% | Add +104.5% | 45 | $1K |
| Larson Financial Group LLC | 0.00% | No change | 40 | $1K |
| Huntington National Bank | 0.00% | No change | 32 | $841 |
| Farmers & Merchants Investments Inc. | 0.00% | No change | 32 | $841 |
| Rialto Wealth Management, LLC | 0.00% | No change | 29 | $763 |
| Bare Financial Services, Inc | 0.00% | No change | 27 | $710 |
| Annis Gardner Whiting Capital Advisors, LLC | 0.00% | No change | 27 | $710 |
| Private Wealth Management Group, LLC | 0.00% | No change | 25 | $657 |
| Rothschild Investment LLC | 0.00% | Reduce -50.0% | 25 | $657 |
| Toth Financial Advisory Corp. | 0.00% | New | 20 | $526 |
| Cedar Mountain Advisors, LLC | 0.00% | New | 10 | $263 |
| Parkside Financial Bank & Trust | 0.00% | No change | 8 | $211 |
| Principal Securities, Inc. | 0.00% | No change | 7 | $184 |
| CIBC Private Wealth Group LLC | 0.00% | No change | 7 | $184 |
| Bessemer Group Inc. | 0.00% | New | 8 | $0 |
"% of holder's portfolio" is PENG's weight in each manager's 13F, not the share of Penguin Solutions Inc. the manager owns.