The RealrealREAL
13F holders, Q1 2026 (March 31)248holders +12
51new positions
39sold out
8famous investors
$9.08avg. 13F price*
At the end of Q1 2026, 248 institutions reported holding The Realreal Inc. (REAL) in their 13F filings, up 12 from Q4 2025. 51 opened new positions and 39 sold out. The largest holders were FMR LLC ($99.1M), BlackRock, Inc. ($82.7M) and Vanguard Capital Management LLC ($41.2M). 8 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 Steve Cohen (0.0% of Point72 Asset Management's portfolio).
- Company
- The Realreal Inc.
- Filed as
- THE REALREAL INC (Q1 2026)
- CUSIP
- 88339P101
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q4 2025 → Q1 2026
| Institutions | Total Value | |
|---|---|---|
| New Positions | 51 | $32.7M |
| Exits | 39 | $61.8M |
All 13F filers, Q4 2025 → Q1 2026: 22,728,690 shares bought and 20,432,060 shares sold, net +2,296,630 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 248 holders
| FMR LLC | 0.01% | Reduce -12.4% | 10,917,753 | $99.1M |
| BlackRock, Inc. | 0.00% | Add +3.9% | 9,111,258 | $82.7M |
| Vanguard Capital Management LLC | 0.00% | — | 4,542,550 | $41.2M |
| Two Sigma Investments, LP | 0.03% | Add +64.4% | 4,469,347 | $40.6M |
| D. E. Shaw & Co. | 0.03% | Reduce -2.4% | 4,383,797 | $39.8M |
| Divisadero Street Capital Management, LP | 1.85% | Add +37.9% | 4,342,757 | $39.4M |
| Arrowstreet Capital, Limited Partnership | 0.02% | Add +58.2% | 4,049,042 | $36.8M |
| Qube Research & Technologies Ltd | 0.04% | Add +158.3% | 3,195,482 | $29.0M |
| American Century Companies Inc. | 0.01% | Add +5.5% | 2,994,474 | $27.2M |
| Geode Capital Management, LLC | 0.00% | Add +16.5% | 2,852,047 | $25.9M |
| State Street Corp. | 0.00% | Add +1.5% | 2,787,409 | $25.3M |
| Woodson Capital Management, LP | 3.92% | Add +6.8% | 2,669,420 | $24.2M |
| Jane Street Group, LLC | 0.02% | Add +454.5% | 2,490,483 | $22.6M |
| Driehaus Capital Management LLC | 0.16% | Reduce -50.8% | 2,340,520 | $21.3M |
| BNP Paribas Financial Markets | 0.01% | Reduce -22.6% | 2,316,611 | $21.0M |
| Nuveen, LLC | 0.01% | Add +0.9% | 2,229,222 | $20.2M |
| Goldman Sachs Group Inc. | 0.00% | Add +1.3% | 2,206,339 | $20.0M |
| Masters Capital Management LLC | 2.68% | No change | 2,000,000 | $18.2M |
| Point72 Asset Management | 0.03% | Add +220.8% | 1,876,363 | $17.0M |
| Citadel Advisors | 0.01% | Add +3.2% | 1,827,713 | $16.6M |
| Squarepoint Ops LLC | 0.04% | Add +27.1% | 1,783,371 | $16.2M |
| Renaissance Technologies | 0.02% | Add +117.9% | 1,646,200 | $14.9M |
| Bank of America Corp. | 0.00% | Add +22.7% | 1,556,314 | $14.1M |
| AWM Investment Company, Inc. | 1.49% | Add +4.2% | 1,483,847 | $13.5M |
| Marshall Wace, LLP | 0.01% | Reduce -34.1% | 1,458,040 | $13.2M |
| Crestwood Capital Management, L.P. | 8.85% | Add +5.6% | 1,418,081 | $12.9M |
| UBS Group AG | 0.00% | Reduce -50.0% | 1,407,075 | $12.8M |
| Kanen Wealth Management LLC | 4.55% | Reduce -25.1% | 1,391,907 | $12.6M |
| AQR Capital Management | 0.01% | Add +647.9% | 1,370,627 | $12.4M |
| Vanguard Portfolio Management LLC | 0.00% | — | 1,032,454 | $9.4M |
| Jupiter Asset Management Ltd. | 0.05% | Reduce -46.9% | 963,524 | $8.7M |
| Tudor Investment Corporation | 0.05% | Add +26.3% | 952,439 | $8.6M |
| Interval Partners, LP | 0.29% | Add +90.1% | 918,033 | $8.3M |
| Northern Trust Corp. | 0.00% | Add +8.0% | 861,310 | $7.8M |
| Charles Schwab Investment Management Inc. | 0.00% | Add +1.5% | 836,608 | $7.6M |
| Engineers Gate Manager LP | 0.09% | Add +112.8% | 796,676 | $7.2M |
| Wells Fargo & Company | 0.00% | Add +199.3% | 768,996 | $7.0M |
| Morgan Stanley | 0.00% | Reduce -38.6% | 691,647 | $6.3M |
| Vanguard Fiduciary Trust Co. | 0.00% | — | 662,373 | $6.0M |
| JPMorgan Chase & Co. | 0.00% | Add +32.4% | 706,257 | $5.7M |
| HRT Financial LP | 0.01% | Add +223.7% | 595,551 | $5.4M |
| Royce & Associates LP | 0.05% | Reduce -24.6% | 570,686 | $5.2M |
| Capricorn Fund Managers Ltd | 0.78% | Add +39.7% | 548,730 | $5.0M |
| Hudson Bay Capital Management LP | 0.03% | No change | 539,300 | $4.9M |
| Counterpoint Mutual Funds LLC | 0.67% | New | 492,806 | $4.5M |
| Susquehanna International Group, LLP | 0.01% | Add +1857.9% | 480,195 | $4.4M |
| Federated Hermes, Inc. | 0.01% | Reduce -0.1% | 451,606 | $4.1M |
| Atika Capital Management LLC | 0.65% | Reduce -20.2% | 451,055 | $4.1M |
| Hillsdale Investment Management Inc. | 0.11% | New | 435,600 | $4.0M |
| Millennium Management | 0.00% | Reduce -59.3% | 422,023 | $3.8M |
| XTX Topco Ltd | 0.07% | Add +3416.1% | 413,386 | $3.8M |
| Jump Financial, LLC | 0.06% | Reduce -41.9% | 405,291 | $3.7M |
| Kingdon Capital Management, L.L.C. | 0.61% | New | 400,000 | $3.6M |
| Trexquant Investment LP | 0.03% | Reduce -39.5% | 384,146 | $3.5M |
| Deutsche Bank AG | 0.00% | Add +181.7% | 368,845 | $3.3M |
| G2 Investment Partners Management LLC | 0.81% | New | 362,525 | $3.3M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Add +28.0% | 348,722 | $3.2M |
| Bank of New York Mellon Corp | 0.00% | Add +0.7% | 341,277 | $3.1M |
| MYDA Advisors LLC | 0.73% | Add +3.0% | 340,000 | $3.1M |
| Panagora Asset Management Inc. | 0.01% | Reduce -15.3% | 338,070 | $3.1M |
| Voloridge Investment Management, LLC | 0.01% | Reduce -64.1% | 330,345 | $3.0M |
| Archon Capital Management LLC | 1.69% | Reduce -32.0% | 329,075 | $3.0M |
| Connor, Clark & Lunn Investment Management Ltd. | 0.01% | Reduce -60.6% | 309,620 | $2.8M |
| Barclays PLC | 0.00% | Add +25.2% | 300,963 | $2.7M |
| Boothbay Fund Management, LLC | 0.06% | Add +473.5% | 284,190 | $2.6M |
| Y-Intercept (Hong Kong) Ltd | 0.05% | Add +1239.3% | 273,999 | $2.5M |
| RBF Capital, LLC | 0.12% | Reduce -19.9% | 270,000 | $2.5M |
| Shay Capital LLC | 0.35% | Add +934.3% | 268,911 | $2.4M |
| Manatuck Hill Partners, LLC | 0.75% | Reduce -70.5% | 252,769 | $2.3M |
| Man Group plc | 0.00% | Add +301.4% | 252,424 | $2.3M |
| Fifth Third Bancorp | 0.00% | New | 250,033 | $2.3M |
| Raymond James Financial Inc. | 0.00% | Reduce -25.9% | 244,636 | $2.2M |
| Allspring Global Investments Holdings, LLC | 0.00% | Reduce -44.6% | 235,568 | $2.2M |
| State of Wisconsin Investment Board | 0.00% | New | 234,868 | $2.1M |
| Polen Capital Management LLC | 0.01% | Add +26.7% | 221,865 | $2.0M |
| Healthcare of Ontario Pension Plan Trust Fund | 0.00% | Reduce -10.0% | 206,804 | $1.9M |
| Penn Capital Management Company, LLC | 0.15% | Reduce -84.6% | 206,440 | $1.9M |
| Swiss National Bank | 0.00% | No change | 193,100 | $1.8M |
| Los Angeles Capital Management LLC | 0.01% | Add +573.1% | 182,043 | $1.7M |
| ExodusPoint Capital Management, LP | 0.02% | New | 181,509 | $1.6M |
| Alliancebernstein L.P. | 0.00% | Reduce -0.2% | 100,982 | $1.6M |
| Canada Pension Plan Investment Board | 0.00% | Add +62.9% | 173,500 | $1.6M |
| Russell Investments Group, Ltd. | 0.00% | Reduce -26.3% | 173,349 | $1.6M |
| Zazove Associates LLC | 2.64% | Add +68.4% | 160,000 | $1.5M |
| Castleark Management LLC | 0.05% | New | 156,760 | $1.4M |
| SG Americas Securities, LLC | 0.00% | Reduce -61.2% | 144,038 | $1.3M |
| California State Teachers Retirement System | 0.00% | Add +48.6% | 136,422 | $1.2M |
| Algert Global LLC | 0.02% | Add +38.2% | 135,300 | $1.2M |
| Quantum Private Wealth, LLC | 0.37% | Reduce -0.4% | 133,506 | $1.2M |
| PDT Partners, LLC | 0.07% | No change | 133,473 | $1.2M |
| Citigroup Inc. | 0.00% | Add +16.1% | 128,244 | $1.2M |
| Rhumbline Advisers | 0.00% | Add +3.3% | 126,351 | $1.1M |
| T. Rowe Price Associates Inc. | 0.00% | Add +12.9% | 121,952 | $1.1M |
| Gsa Capital Partners LLP | 0.07% | Add +10.8% | 117,877 | $1.1M |
| Mackenzie Financial Corp. | 0.00% | Reduce -14.5% | 106,034 | $963K |
| Sei Investments Co. | 0.00% | Reduce -36.4% | 102,943 | $935K |
| Independent Financial Group, LLC | 0.02% | Reduce -31.2% | 97,500 | $885K |
| Cambridge Investment Research Advisors, Inc. | 0.00% | Reduce -0.5% | 95,182 | $864K |
| Walleye Capital LLC | 0.01% | Reduce -89.1% | 90,849 | $825K |
| Ieq Capital, LLC | 0.00% | New | 83,208 | $756K |
| Franklin Resources Inc. | 0.00% | Add +1.3% | 80,896 | $735K |
| Entropy Technologies, LP | 0.03% | Add +104.4% | 79,400 | $721K |
| Invesco Ltd. | 0.00% | Reduce -73.1% | 77,113 | $700K |
| Freestone Grove Partners LP | 0.00% | New | 74,512 | $677K |
| Legal & General Group Plc | 0.00% | Reduce -13.0% | 74,309 | $675K |
| Occudo Quantitative Strategies LP | 0.04% | Add +218.7% | 54,898 | $653K |
| Jacobs Levy Equity Management, Inc. | 0.00% | New | 67,563 | $613K |
| Schonfeld Strategic Advisors LLC | 0.00% | Add +39.6% | 65,847 | $598K |
| VANGUARD ASSET MANAGEMENT, Ltd | 0.00% | — | 65,110 | $591K |
| Mariner, LLC | 0.00% | New | 61,611 | $559K |
| Susquehanna Portfolio Strategies, LLC | 0.01% | No change | 61,009 | $554K |
| Fox Run Management, L.L.C. | 0.09% | New | 64,621 | $525K |
| Royal Bank of Canada | 0.00% | Add +30.1% | 57,716 | $524K |
| CenterBook Partners LP | 0.03% | New | 57,685 | $524K |
| OP Asset Management Ltd | 0.01% | New | 57,076 | $518K |
| Vanguard Global Advisers, LLC | 0.00% | — | 56,250 | $511K |
| MetLife Investment Management, LLC | 0.00% | Reduce -0.9% | 56,095 | $509K |
| State of Wyoming | 0.06% | Add +22.4% | 51,286 | $466K |
| Gilder Gagnon Howe & Co. LLC | 0.01% | New | 51,228 | $465K |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | Add +7.1% | 49,990 | $454K |
| Park Avenue Securities LLC | 0.00% | Add +8.2% | 48,994 | $445K |
| Diametric Capital, LP | 0.12% | New | 48,905 | $444K |
| Manufacturers Life Insurance Company, The | 0.00% | Add +57.3% | 47,608 | $432K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | Reduce -11.6% | 46,988 | $427K |
| Cwm, LLC | 0.00% | Add +714.2% | 46,954 | $426K |
| Maven Securities LTD | 0.02% | Reduce -63.6% | 46,000 | $418K |
| Evoke Wealth, LLC | 0.01% | Add +2.8% | 45,072 | $409K |
| VIRGINIA RETIREMENT SYSTEMS ET Al | 0.00% | Reduce -6.9% | 43,300 | $393K |
| Vinva Investment Management Ltd | 0.00% | New | 32,410 | $384K |
| Neuberger Berman Group LLC | 0.00% | Reduce -0.5% | 41,860 | $380K |
| Graham Capital Management, L.P. | 0.02% | Add +59.7% | 40,960 | $372K |
| Capital Financial Group Inc\co\ | 0.20% | Add +0.8% | 39,663 | $360K |
| PEAK6 LLC | 0.01% | New | 38,518 | $350K |
| Nomura Holdings Inc. | 0.00% | New | 36,669 | $333K |
| Militia Capital Management LLC | 0.07% | — | 36,620 | $333K |
| HSBC Holdings PLC | 0.00% | New | 37,779 | $332K |
| Creative Planning | 0.00% | Add +63.9% | 36,522 | $332K |
| IMC-Chicago, LLC | 0.00% | New | 35,045 | $318K |
| Janus Henderson Group PLC | 0.00% | No change | 35,100 | $318K |
| Amundi | 0.00% | Reduce -12.5% | 34,205 | $311K |
| AlphaGrep UK Ltd | 0.09% | New | 33,682 | $306K |
| U S Global Investors Inc. | 0.03% | New | 32,000 | $291K |
| Intech Investment Management LLC | 0.00% | Reduce -20.2% | 31,240 | $284K |
| New York State Common Retirement Fund | 0.00% | Reduce -96.2% | 30,300 | $275K |
| Round Rock Advisors LLC | 0.04% | No change | 29,616 | $269K |
| Quantinno Capital Management LP | 0.00% | Add +38.1% | 29,366 | $267K |
| Cornerstone Investment Partners, LLC | 0.01% | New | 29,010 | $263K |
| Police & Firemen's Retirement System of New Jersey | 0.00% | Add +9.4% | 27,676 | $251K |
| Am Investment Strategies LLC | 0.05% | No change | 27,572 | $250K |
| Cannell Capital LLC | 0.16% | Add +70.5% | 27,504 | $250K |
| Mirabella Financial Services LLP | 0.03% | New | 27,481 | $250K |
| Vanguard Investments Australia, Ltd. | 0.00% | — | 27,169 | $247K |
| Wealth Enhancement Advisory Services, LLC | 0.00% | New | 27,034 | $247K |
| Arizona State Retirement System | 0.00% | Reduce -1.2% | 26,905 | $244K |
| Rafferty Asset Management, LLC | 0.00% | Add +0.6% | 25,066 | $228K |
| Teacher Retirement System of Texas | 0.00% | Reduce -24.4% | 24,089 | $219K |
| Mercer Global Advisors Inc. | 0.00% | New | 23,732 | $215K |
| Headlands Technologies LLC | 0.02% | Reduce -79.8% | 23,594 | $214K |
| DRW Securities, LLC | 0.01% | Add +31.1% | 23,233 | $211K |
| nVerses Capital, LLC | 0.18% | New | 21,538 | $196K |
| Axq Capital, LP | 0.03% | New | 21,516 | $195K |
| Acadian Asset Management LLC | 0.00% | Add +103.4% | 21,265 | $191K |
| KLP Kapitalforvaltning As | 0.00% | No change | 20,900 | $190K |
| Hilltop Holdings Inc. | 0.02% | Add +1.7% | 20,400 | $185K |
| Kestra Private Wealth Services, LLC | 0.00% | No change | 19,000 | $173K |
| Banco Santander, S.A. | 0.00% | Reduce -7.2% | 18,335 | $166K |
| Chicago Partners Investment Group LLC | 0.00% | New | 13,468 | $165K |
| Tower Research Capital LLC (TRC) | 0.00% | Add +639.4% | 17,545 | $159K |
| Voya Investment Management LLC | 0.00% | Reduce -1.2% | 17,444 | $158K |
| Net Worth Advisory Group | 0.03% | New | 16,801 | $153K |
| First Trust Advisors LP | 0.00% | Reduce -12.5% | 16,690 | $152K |
| Prudential Financial Inc. | 0.00% | New | 16,640 | $151K |
| Prelude Capital Management, LLC | 0.01% | New | 16,320 | $148K |
| Oxford Asset Management LLP | 0.06% | New | 15,563 | $141K |
| Pictet Asset Management Holding SA | 0.00% | Reduce -23.7% | 15,561 | $141K |
| ProShare Advisors LLC | 0.00% | Reduce -16.0% | 15,456 | $140K |
| Steward Partners Investment Advisory, LLC | 0.00% | Reduce -14.1% | 15,353 | $139K |
| Brevan Howard Capital Management LP | 0.00% | Reduce -84.0% | 14,922 | $135K |
| CANADA LIFE ASSURANCE Co | 0.00% | No change | 13,802 | $126K |
| Mach-1 Financial Group, LLC | 0.04% | Add +20.6% | 13,606 | $124K |
| Victory Capital Management Inc. | 0.00% | Add +3.1% | 12,223 | $111K |
| Caxton Associates LLP | 0.00% | Reduce -89.9% | 11,923 | $108K |
| Cerity Partners LLC | 0.00% | New | 11,749 | $107K |
| Verition Fund Management LLC | 0.00% | Reduce -94.9% | 11,716 | $106K |
| Gotham Asset Management | 0.00% | Reduce -87.9% | 11,547 | $105K |
| Accuvest Global Advisors | 0.09% | Reduce -11.1% | 11,018 | $100K |
| Insight Advisors, LLC/ PA | 0.02% | No change | 11,000 | $100K |
| Aigen Investment Management, LP | 0.02% | Reduce -24.4% | 10,603 | $96K |
| Park Edge Advisors, LLC | 0.02% | Reduce -1.8% | 10,031 | $91K |
| Arnhold LLC | 0.01% | No change | 10,000 | $91K |
| Caption Management, LLC | 0.00% | New | 10,000 | $91K |
| Lanark Financial, Inc. | 0.01% | Reduce -24.7% | 8,877 | $81K |
| Hollencrest Capital Management | 0.00% | Reduce -9.3% | 8,684 | $79K |
| Farther Finance Advisors, LLC | 0.00% | Add +13.3% | 8,328 | $77K |
| Ameritas Investment Partners, Inc. | 0.00% | No change | 7,960 | $72K |
| Osaic Holdings, Inc. | 0.00% | Reduce -94.9% | 7,797 | $71K |
| Caitong International Asset Management Co., Ltd | 0.01% | New | 6,922 | $63K |
| Game Plan Financial Advisors, LLC | 0.03% | Add +350.0% | 6,300 | $57K |
| EverSource Wealth Advisors, LLC | 0.00% | Add +25.1% | 6,253 | $57K |
| Federation des caisses Desjardins du Quebec | 0.00% | No change | 6,000 | $54K |
| State of Alaska, Department of Revenue | 0.00% | No change | 5,612 | $50K |
| Nisa Investment Advisors, LLC | 0.00% | Add +394.7% | 5,264 | $48K |
| Gables Capital Management Inc. | 0.01% | New | 3,800 | $35K |
| Sunbelt Securities, Inc. | 0.00% | No change | 3,681 | $33K |
| Stance Capital LLC | 0.02% | New | 3,426 | $31K |
| MAI Capital Management | 0.00% | Add +2848.1% | 3,125 | $28K |
| Jones Financial Companies LLLP | 0.00% | Add +38.7% | 3,059 | $26K |
| KBC Group NV | 0.00% | New | 2,814 | $26K |
| Sterling Capital Management LLC | 0.00% | Reduce -37.3% | 2,806 | $25K |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 0.00% | Add +48.9% | 2,392 | $22K |
| North Star Investment Management Corp. | 0.00% | No change | 2,020 | $18K |
| Group One Trading LLC | 0.00% | New | 2,014 | $18K |
| Clearstead Advisors, LLC | 0.00% | No change | 1,730 | $16K |
| Advisory Services Network, LLC | 0.00% | New | 1,517 | $14K |
| Rockefeller Capital Management L.P. | 0.00% | Reduce -76.3% | 1,480 | $13K |
| Allworth Financial LP | 0.00% | Add +2914.6% | 1,447 | $13K |
| Loring Wolcott & Coolidge Fiduciary Advisors LLP | 0.00% | No change | 1,202 | $12K |
| IFP Advisors, Inc | 0.00% | Add +179.6% | 1,057 | $10K |
| N.E.W. Advisory Services LLC | 0.00% | No change | 1,000 | $9K |
| Wiser Advisor Group LLC | 0.01% | No change | 800 | $7K |
| PNC Financial Services Group, Inc. | 0.00% | Reduce -4.4% | 711 | $6K |
| Kemnay Advisory Services Inc. | 0.00% | Reduce -89.3% | 702 | $6K |
| GAMMA Investing LLC | 0.00% | Reduce -14.1% | 688 | $6K |
| Essential Partners LLC | 0.00% | Add +1068.1% | 549 | $5K |
| Rothschild Investment LLC | 0.00% | Add +1004.3% | 519 | $5K |
| Parallel Advisors, LLC | 0.00% | New | 406 | $4K |
| US Bancorp \de | 0.00% | Add +13.3% | 376 | $3K |
| National Bank of Canada | 0.00% | Reduce -21.8% | 330 | $3K |
| Wealth Preservation Advisors, LLC | 0.00% | New | 276 | $3K |
| Signaturefd, LLC | 0.00% | Reduce -51.5% | 237 | $2K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | No change | 195 | $2K |
| Basecamp Wealth Advisors LLC | 0.00% | New | 170 | $2K |
| Huntington National Bank | 0.00% | No change | 137 | $1K |
| Larson Financial Group LLC | 0.00% | Reduce -96.9% | 128 | $1K |
| Arax Advisory Partners | 0.00% | Add +6150.0% | 125 | $1K |
| International Assets Investment Management, LLC | 0.00% | No change | 100 | $928 |
| NewEdge Advisors, LLC | 0.00% | No change | 100 | $908 |
| SJS Investment Consulting Inc. | 0.00% | New | 93 | $845 |
| SBI Securities Co., Ltd. | 0.00% | Reduce -10.8% | 83 | $754 |
| Financial Freedom, LLC | 0.00% | No change | 55 | $499 |
| True Wealth Design, LLC | 0.00% | New | 45 | $409 |
| Rachor Investment Advisory Services, LLC | 0.00% | New | 36 | $327 |
| Financial Consulate, Inc. | 0.00% | Reduce -22.2% | 35 | $318 |
| JDM Financial Group LLC | 0.00% | No change | 29 | $263 |
| JPL Wealth Management, LLC | 0.00% | New | 28 | $255 |
| Smartleaf Asset Management LLC | 0.00% | No change | 9 | $73 |
| GHP Investment Advisors, Inc. | 0.00% | New | 2 | $19 |
| Covestor Ltd | 0.00% | No change | 11 | $0 |
"% of holder's portfolio" is REAL's weight in each manager's 13F, not the share of The Realreal Inc. the manager owns.