Syndax PharmaceuticalsSNDX
13F holders, Q2 2026 (June 30)242holders −5
34new positions
39sold out
5famous investors
$21.86avg. 13F price*
At the end of Q2 2026, 242 institutions reported holding Syndax Pharmaceuticals Inc. (SNDX) in their 13F filings, down 5 from Q1 2026. 34 opened new positions and 39 sold out. The largest holders were BlackRock, Inc. ($197.2M), Kynam Capital Management, LP ($176.0M) and Goldman Sachs Group Inc. ($128.1M). 5 famous investors held it, including Israel Englander (0.0% of Millennium Management's portfolio), David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio) and Jim Simons / Peter Brown (0.0% of Renaissance Technologies's portfolio).
- Company
- Syndax Pharmaceuticals Inc.
- CUSIP
- 87164F105
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q1 2026 → Q2 2026
| Institutions | Total Value | |
|---|---|---|
| New Positions | 34 | $90.3M |
| Exits | 39 | $120.3M |
All 13F filers, Q1 2026 → Q2 2026: 17,711,500 shares bought and 8,999,569 shares sold, net +8,711,931 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 242 holders
| BlackRock, Inc. | 0.00% | Add +9.3% | 9,020,006 | $197.2M |
| Kynam Capital Management, LP | 9.73% | No change | 8,050,959 | $176.0M |
| Goldman Sachs Group Inc. | 0.01% | Add +17.3% | 5,861,265 | $128.1M |
| State Street Corp. | 0.00% | Add +27.7% | 5,658,424 | $123.7M |
| Bank of America Corp. | 0.01% | Reduce -4.8% | 4,045,094 | $88.4M |
| Vanguard Capital Management LLC | 0.00% | Add +2.8% | 3,927,892 | $85.9M |
| Deerfield Management Company, L.P. | 1.03% | No change | 3,779,900 | $82.6M |
| Eversept Partners, LP | 3.33% | Reduce -3.0% | 2,798,210 | $61.2M |
| Geode Capital Management, LLC | 0.00% | Add +19.8% | 2,584,136 | $56.5M |
| Hood River Capital Management LLC | 0.41% | Add +8.9% | 2,564,279 | $56.1M |
| Kingdon Capital Management, L.L.C. | 7.37% | No change | 2,500,000 | $54.6M |
| Franklin Resources Inc. | 0.01% | Add +6.3% | 2,286,499 | $50.0M |
| Millennium Management | 0.03% | Add +929.4% | 2,053,960 | $44.9M |
| Vanguard Portfolio Management LLC | 0.00% | Add +10.6% | 1,921,796 | $42.0M |
| UBS Group AG | 0.01% | Add +64.2% | 1,893,750 | $41.4M |
| Elmind Capital, LP | 10.19% | No change | 1,855,000 | $40.6M |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 0.04% | Add +3.3% | 1,790,173 | $39.1M |
| Candriam S.C.A. | 0.17% | Add +83.3% | 1,696,040 | $37.0M |
| Soleus Capital Management, L.P. | 1.23% | Reduce -5.7% | 1,628,039 | $35.6M |
| Two Sigma Investments, LP | 0.03% | Reduce -0.1% | 1,578,125 | $34.5M |
| Orbimed Advisors LLC | 0.64% | Add +60.2% | 1,542,000 | $33.7M |
| Nuveen, LLC | 0.01% | Reduce -8.7% | 1,364,575 | $29.8M |
| MPM Bioimpact LLC | 1.78% | Reduce -0.5% | 1,333,523 | $29.2M |
| Aisling Capital Management LP | 6.10% | No change | 1,316,806 | $28.8M |
| Woodline Partners LP | 0.08% | No change | 1,250,760 | $27.3M |
| D. E. Shaw & Co. | 0.02% | Reduce -22.6% | 1,239,954 | $27.1M |
| Catalio Capital Management, LP | 4.99% | Add +16.5% | 1,215,698 | $26.6M |
| Silverarc Capital Management, LLC | 2.95% | Add +36.6% | 1,214,390 | $26.5M |
| Prosight Management, LP | 4.52% | Add +55.8% | 1,200,000 | $26.2M |
| Trails Edge Capital Partners, LP | 3.85% | Add +58.2% | 1,110,000 | $24.3M |
| Algert Global LLC | 0.27% | Add +13.2% | 1,051,465 | $23.0M |
| Bank of New York Mellon Corp | 0.00% | Add +3.5% | 1,040,079 | $22.7M |
| Sphera Funds Management LTD. | 3.17% | Add +40.0% | 1,014,606 | $22.2M |
| Loomis Sayles & Co. L P | 0.03% | New | 923,624 | $20.2M |
| Parkman Healthcare Partners LLC | 1.97% | Reduce -2.7% | 877,256 | $19.2M |
| Ensign Peak Advisors, Inc | 0.03% | Reduce -12.4% | 867,831 | $19.0M |
| Palo Alto Investors LP | 2.61% | No change | 864,986 | $18.9M |
| AQR Capital Management | 0.01% | Reduce -13.0% | 853,304 | $18.7M |
| Northern Trust Corp. | 0.00% | Add +11.9% | 845,537 | $18.5M |
| Charles Schwab Investment Management Inc. | 0.00% | Add +13.9% | 814,303 | $17.8M |
| Vanguard Fiduciary Trust Co. | 0.00% | Add +5.5% | 633,509 | $13.8M |
| Morgan Stanley | 0.00% | Reduce -34.1% | 588,979 | $12.9M |
| Rhenman & Partners Asset Management AB | 1.16% | Add +47.7% | 560,250 | $12.2M |
| Apis Capital Advisors, LLC | 1.18% | Add +1.1% | 556,000 | $12.2M |
| Panagora Asset Management Inc. | 0.04% | Add +119.1% | 546,517 | $11.9M |
| Qube Research & Technologies Ltd | 0.01% | Add +1223.8% | 477,182 | $10.4M |
| First Trust Advisors LP | 0.01% | New | 456,700 | $10.0M |
| Susquehanna International Group, LLP | 0.01% | Add +130.9% | 454,101 | $9.9M |
| Granahan Investment Management, LLC | 0.35% | Add +45.9% | 446,988 | $9.8M |
| Knott David M Jr | 5.05% | Add +3.6% | 437,245 | $9.6M |
| Jump Financial, LLC | 0.09% | New | 402,846 | $8.8M |
| Aberdeen Group plc | 0.01% | Add +29.9% | 372,766 | $8.1M |
| Squarepoint Ops LLC | 0.02% | Add +104.0% | 370,317 | $8.1M |
| Jupiter Asset Management Ltd. | 0.04% | New | 366,568 | $8.0M |
| HRT Financial LP | 0.01% | Add +308.5% | 363,147 | $7.9M |
| Ameriprise Financial Inc. | 0.00% | Add +22.0% | 346,852 | $7.6M |
| Hennion & Walsh Asset Management, Inc. | 0.21% | Add +59.6% | 342,883 | $7.5M |
| Jones Hill Capital LP | 1.58% | New | 340,000 | $7.4M |
| DAFNA Capital Management LLC | 1.40% | Add +54.2% | 335,255 | $7.3M |
| Envestnet Asset Management Inc. | 0.00% | Add +682.4% | 327,617 | $7.2M |
| Renaissance Technologies | 0.01% | Reduce -35.5% | 321,600 | $7.0M |
| Brevan Howard Capital Management LP | 0.10% | Add +50.9% | 309,065 | $6.8M |
| Alyeska Investment Group, L.P. | 0.02% | New | 308,507 | $6.7M |
| Verition Fund Management LLC | 0.05% | New | 304,939 | $6.7M |
| Mackenzie Financial Corp. | 0.01% | New | 280,079 | $6.1M |
| Citadel Advisors | 0.00% | Reduce -59.1% | 258,278 | $5.6M |
| Trexquant Investment LP | 0.03% | Add +26.9% | 255,949 | $5.6M |
| Sector Gamma As | 1.15% | Reduce -15.5% | 241,739 | $5.3M |
| Schonfeld Strategic Advisors LLC | 0.03% | Reduce -9.2% | 236,717 | $5.2M |
| JPMorgan Chase & Co. | 0.00% | Reduce -10.5% | 231,446 | $5.1M |
| Pinnacle Financial Partners, Inc. | 0.03% | Add +7.4% | 217,173 | $4.7M |
| Man Group plc | 0.01% | Add +17.4% | 213,703 | $4.7M |
| Y-Intercept (Hong Kong) Ltd | 0.09% | New | 212,713 | $4.6M |
| Healthcare of Ontario Pension Plan Trust Fund | 0.01% | Reduce -37.5% | 207,250 | $4.5M |
| Pictet Asset Management Holding SA | 0.00% | Add +1582.9% | 207,936 | $4.5M |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | 1.15% | No change | 200,000 | $4.4M |
| Citigroup Inc. | 0.00% | Add +862.5% | 195,703 | $4.3M |
| Sei Investments Co. | 0.00% | Reduce -11.2% | 193,134 | $4.2M |
| Nomura Asset Management International Inc. | 0.01% | No change | 180,000 | $3.9M |
| Swiss National Bank | 0.00% | Add +4.2% | 168,100 | $3.7M |
| Atom Investors LP | 0.32% | Add +4.2% | 162,524 | $3.6M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Add +7.7% | 161,323 | $3.5M |
| SummitTX Capital, L.P. | 0.08% | Add +112.2% | 140,797 | $3.1M |
| Invesco Ltd. | 0.00% | Reduce -45.4% | 138,060 | $3.0M |
| Russell Investments Group, Ltd. | 0.00% | Add +33.0% | 135,012 | $3.0M |
| Torray Investment Partners LLC | 0.43% | Add +27.6% | 133,835 | $2.9M |
| Rhumbline Advisers | 0.00% | Add +15.3% | 132,358 | $2.9M |
| Wells Fargo & Company | 0.00% | Add +61.8% | 130,054 | $2.8M |
| T. Rowe Price Associates Inc. | 0.00% | Add +19.7% | 128,199 | $2.8M |
| Pale Fire Capital SE | 0.20% | Reduce -55.9% | 125,550 | $2.7M |
| Capital Fund Management S.A. | 0.02% | Reduce -14.1% | 125,091 | $2.7M |
| Wellington Management Group LLP | 0.00% | Add +0.5% | 124,241 | $2.7M |
| PFM Health Sciences, LP | 0.22% | Reduce -51.7% | 118,422 | $2.6M |
| Schroder Investment Management Group | 0.00% | New | 115,208 | $2.5M |
| Alliancebernstein L.P. | 0.00% | Reduce -63.3% | 106,040 | $2.5M |
| Rafferty Asset Management, LLC | 0.00% | Reduce -21.6% | 97,787 | $2.1M |
| Deutsche Bank AG | 0.00% | Add +27.1% | 95,315 | $2.1M |
| California State Teachers Retirement System | 0.00% | Reduce -9.3% | 93,481 | $2.0M |
| Hussman Strategic Advisors, Inc. | 0.42% | New | 84,000 | $1.8M |
| Aquatic Capital Management LLC | 0.06% | Add +14.2% | 78,922 | $1.7M |
| WINTON GROUP Ltd | 0.05% | Add +642.7% | 76,500 | $1.7M |
| Seven Fleet Capital Management LP | 0.27% | New | 77,930 | $1.6M |
| Tema ETFs LLC | 0.05% | Add +23.8% | 72,212 | $1.6M |
| Tidal Investments LLC | 0.00% | Add +10.5% | 72,212 | $1.6M |
| 1492 Capital Management LLC | 0.43% | New | 66,997 | $1.5M |
| Legal & General Group Plc | 0.00% | Add +10.9% | 65,483 | $1.4M |
| Virtus Investment Advisers, LLC | 0.32% | Add +53.8% | 63,720 | $1.4M |
| Gsa Capital Partners LLP | 0.09% | Add +29.3% | 62,775 | $1.4M |
| Pavaki Capital Management LLC | 0.75% | No change | 60,000 | $1.3M |
| XTX Topco Ltd | 0.02% | Reduce -25.1% | 59,164 | $1.3M |
| VANGUARD ASSET MANAGEMENT, Ltd | 0.00% | Add +12.1% | 58,406 | $1.3M |
| Headlands Technologies LLC | 0.13% | Add +121.4% | 56,227 | $1.2M |
| Ieq Capital, LLC | 0.01% | Reduce -50.0% | 54,835 | $1.2M |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | Add +6.4% | 52,360 | $1.1M |
| MetLife Investment Management, LLC | 0.01% | Add +10.9% | 51,930 | $1.1M |
| Profund Advisors LLC | 0.03% | Reduce -11.6% | 49,412 | $1.1M |
| Barclays PLC | 0.00% | Reduce -3.2% | 48,695 | $1.1M |
| State of Wisconsin Investment Board | 0.00% | Reduce -1.4% | 45,209 | $988K |
| Manufacturers Life Insurance Company, The | 0.00% | Add +11.0% | 44,305 | $969K |
| Stifel Financial Corp. | 0.00% | Add +4.8% | 43,714 | $956K |
| Assenagon Asset Management S.A. | 0.00% | No change | 41,737 | $912K |
| Connor, Clark & Lunn Investment Management Ltd. | 0.00% | New | 40,891 | $894K |
| HighTower Advisors, LLC | 0.00% | Add +6.3% | 39,355 | $860K |
| Jupiter Topco LLC | 0.00% | — | 39,335 | $860K |
| Mariner, LLC | 0.00% | Reduce -47.9% | 38,128 | $833K |
| Victory Capital Management Inc. | 0.00% | Reduce -1.1% | 37,928 | $829K |
| Palumbo Wealth Management LLC | 0.17% | Add +1.2% | 37,631 | $823K |
| Wesbanco Bank Inc. | 0.02% | No change | 37,000 | $809K |
| Voya Investment Management LLC | 0.00% | Reduce -30.5% | 36,874 | $806K |
| Cetera Investment Advisers | 0.00% | Add +60.1% | 36,443 | $797K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | Add +46.1% | 36,151 | $790K |
| Lion Point Capital, LP | 3.76% | No change | 36,000 | $787K |
| Vanguard Global Advisers, LLC | 0.00% | Reduce -8.1% | 34,371 | $751K |
| BNP Paribas Financial Markets | 0.00% | Reduce -19.3% | 32,601 | $713K |
| Diversified Trust Co. | 0.01% | Add +137.3% | 32,420 | $709K |
| New York State Common Retirement Fund | 0.00% | Add +23.2% | 31,284 | $684K |
| SG Americas Securities, LLC | 0.00% | Reduce -18.9% | 31,254 | $683K |
| Inspire Investing, LLC | 0.03% | Add +40.5% | 30,965 | $677K |
| Royal Bank of Canada | 0.00% | Add +30.7% | 30,555 | $667K |
| Quantinno Capital Management LP | 0.00% | Add +34.8% | 30,440 | $665K |
| Twinbeech Capital LP | 0.11% | Reduce -68.8% | 28,077 | $614K |
| State of New Jersey Common Pension Fund D | 0.00% | Reduce -3.1% | 27,093 | $592K |
| Entropy Technologies, LP | 0.02% | New | 26,453 | $578K |
| Police & Firemen's Retirement System of New Jersey | 0.00% | Add +12.4% | 26,262 | $574K |
| Marex Group Ltd | 0.00% | Add +25.9% | 25,260 | $552K |
| Magnetar Financial LLC | 0.01% | Add +130.7% | 24,891 | $544K |
| Intech Investment Management LLC | 0.01% | Reduce -18.3% | 24,760 | $541K |
| Los Angeles Capital Management LLC | 0.00% | Reduce -16.4% | 23,850 | $521K |
| Creative Planning | 0.00% | Reduce -26.6% | 23,415 | $512K |
| Arizona State Retirement System | 0.00% | Add +2.9% | 23,120 | $505K |
| Inceptionr LLC | 0.12% | New | 22,691 | $496K |
| DNB Asset Management AS | 0.00% | Add +35.2% | 22,514 | $492K |
| Harbour Capital Advisors, LLC | 0.09% | Add +51.3% | 20,650 | $488K |
| Wealth Enhancement Advisory Services, LLC | 0.00% | Reduce -11.5% | 19,950 | $471K |
| Engineers Gate Manager LP | 0.01% | Reduce -44.3% | 21,401 | $468K |
| VIRGINIA RETIREMENT SYSTEMS ET Al | 0.00% | New | 21,000 | $459K |
| HSBC Holdings PLC | 0.00% | Reduce -12.4% | 20,539 | $457K |
| PSP Research LLC | 0.23% | No change | 20,000 | $437K |
| Graham Capital Management, L.P. | 0.02% | New | 19,615 | $429K |
| Vanguard Investments Australia, Ltd. | 0.00% | No change | 19,585 | $428K |
| Allspring Global Investments Holdings, LLC | 0.00% | Add +3.1% | 20,166 | $421K |
| State Board of Administration of Florida Retirement System | 0.00% | No change | 18,968 | $415K |
| Mercer Global Advisors Inc. | 0.00% | Reduce -21.8% | 18,490 | $404K |
| Cerity Partners LLC | 0.00% | Reduce -54.9% | 17,623 | $385K |
| KLP Kapitalforvaltning As | 0.00% | No change | 17,600 | $385K |
| Guggenheim Capital LLC | 0.00% | Reduce -1.7% | 15,785 | $345K |
| Sectoral Asset Management Inc. | 0.24% | Reduce -50.5% | 15,680 | $343K |
| Prudential Financial Inc. | 0.00% | Add +9.5% | 14,680 | $321K |
| ProShare Advisors LLC | 0.00% | Reduce -11.3% | 14,564 | $318K |
| China Universal Asset Management Co., Ltd. | 0.02% | Reduce -9.9% | 14,102 | $308K |
| E Fund Management Co., Ltd. | 0.01% | Reduce -12.1% | 13,788 | $301K |
| Public Employees Retirement Association of Colorado | 0.00% | No change | 13,746 | $300K |
| VARCOV Co. | 0.11% | New | 12,972 | $284K |
| Arrowpoint Investment Partners (Singapore) Pte. Ltd. | 0.08% | New | 12,755 | $279K |
| Wedbush Securities Inc. | 0.01% | Add +40.3% | 12,705 | $278K |
| Post Resch Tallon Group Inc. | 0.19% | No change | 12,500 | $273K |
| Letko, Brosseau & Associates Inc. | 0.00% | New | 12,450 | $272K |
| Bank of Montreal | 0.00% | Reduce -20.4% | 12,138 | $265K |
| Velan Capital Investment Management LP | 0.13% | No change | 10,000 | $219K |
| Teacher Retirement System of Texas | 0.00% | Reduce -7.6% | 9,743 | $213K |
| Pallas Capital Advisors LLC | 0.01% | Reduce -2.6% | 9,460 | $207K |
| Bridgefront Capital, LLC | 0.05% | Reduce -69.8% | 9,386 | $205K |
| Allianz Asset Management GmbH | 0.00% | New | 9,300 | $203K |
| Ameritas Investment Partners, Inc. | 0.00% | Add +13.5% | 8,081 | $177K |
| CANADA LIFE ASSURANCE Co | 0.00% | No change | 7,182 | $157K |
| Arax Advisory Partners | 0.00% | Add +1064.4% | 6,812 | $149K |
| Tower Research Capital LLC (TRC) | 0.00% | Reduce -60.2% | 5,743 | $126K |
| Walleye Capital LLC | 0.00% | Reduce -98.5% | 5,636 | $123K |
| FMR LLC | 0.00% | Reduce -96.8% | 5,574 | $122K |
| Group One Trading LLC | 0.00% | New | 4,861 | $106K |
| US Bancorp \de | 0.00% | Reduce -0.6% | 4,544 | $99K |
| Mirae Asset Global Investments Co., Ltd. | 0.00% | Reduce -13.8% | 3,963 | $87K |
| Cape Investment Advisory, Inc. | 0.02% | New | 3,709 | $81K |
| Nykredit A/S | 0.00% | — | 3,279 | $72K |
| Rockefeller Capital Management L.P. | 0.00% | No change | 3,209 | $70K |
| Bayforest Capital Ltd | 0.06% | New | 3,153 | $69K |
| KBC Group NV | 0.00% | No change | 3,062 | $67K |
| Osaic Holdings, Inc. | 0.00% | Add +32.4% | 2,992 | $65K |
| Simplex Trading, LLC | 0.00% | Reduce -85.6% | 2,991 | $65K |
| Smartleaf Asset Management LLC | 0.00% | No change | 2,579 | $56K |
| Larson Financial Group LLC | 0.00% | Reduce -10.8% | 2,313 | $51K |
| Jones Financial Companies LLLP | 0.00% | Add +290.5% | 2,300 | $49K |
| PNC Financial Services Group, Inc. | 0.00% | Reduce -0.1% | 2,085 | $46K |
| GF Fund Management Co. LTD. | 0.00% | Reduce -4.3% | 1,868 | $41K |
| Pacer Advisors, Inc. | 0.00% | New | 1,633 | $36K |
| Allworth Financial LP | 0.00% | Reduce -30.7% | 1,169 | $26K |
| Steward Partners Investment Advisory, LLC | 0.00% | Add +181.3% | 931 | $20K |
| EverSource Wealth Advisors, LLC | 0.00% | Reduce -14.0% | 873 | $19K |
| Versant Capital Management, Inc | 0.00% | No change | 844 | $18K |
| Kemnay Advisory Services Inc. | 0.00% | Add +9.8% | 787 | $17K |
| Hickory Point Bank & Trust | 0.01% | No change | 750 | $16K |
| Fifth Third Bancorp | 0.00% | Reduce -31.2% | 687 | $15K |
| IFP Advisors, Inc | 0.00% | Reduce -15.4% | 669 | $15K |
| Nisa Investment Advisors, LLC | 0.00% | Reduce -47.0% | 600 | $13K |
| Essential Partners LLC | 0.01% | Reduce -58.7% | 598 | $13K |
| Harbour Investments, Inc. | 0.00% | New | 474 | $10K |
| Farther Finance Advisors, LLC | 0.00% | Reduce -26.3% | 426 | $9K |
| GAMMA Investing LLC | 0.00% | Add +6.4% | 417 | $9K |
| State of Wyoming | 0.00% | New | 340 | $7K |
| Sterling Capital Management LLC | 0.00% | Reduce -55.9% | 313 | $7K |
| Optiver Holding B.V. | 0.00% | Reduce -32.9% | 230 | $5K |
| True Wealth Design, LLC | 0.00% | Reduce -12.6% | 228 | $5K |
| Silver Grove Financial Group, Inc. | 0.00% | New | 196 | $4K |
| Global Retirement Partners, LLC | 0.00% | — | 158 | $3K |
| Brown Brothers Harriman & Co. | 0.00% | No change | 128 | $3K |
| SJS Investment Consulting Inc. | 0.00% | Add +45.1% | 119 | $3K |
| Rothschild Investment LLC | 0.00% | Reduce -61.7% | 113 | $2K |
| Avion Wealth | 0.00% | No change | 100 | $2K |
| Northwestern Mutual Wealth Management Co. | 0.00% | No change | 74 | $2K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | No change | 71 | $2K |
| Caitong International Asset Management Co., Ltd | 0.00% | Reduce -99.9% | 48 | $1K |
| Covestor Ltd | 0.00% | Add +262.5% | 29 | $1K |
| Assetmark, Inc. | 0.00% | No change | 40 | $874 |
| TD Private Client Wealth LLC | 0.00% | New | 37 | $809 |
| Financial Consulate, Inc. | 0.00% | No change | 15 | $328 |
| Clearstead Advisors, LLC | 0.00% | New | 10 | $219 |
| Signaturefd, LLC | 0.00% | New | 10 | $219 |
| Ameritas Advisory Services, LLC | 0.00% | New | 4 | $87 |
| Hughes Financial Services, LLC | 0.00% | Add +50.0% | 3 | $66 |
| Stone House Investment Management, LLC | 0.00% | Reduce -97.4% | 2 | $44 |
| SBI Securities Co., Ltd. | 0.00% | No change | 2 | $44 |
| Quarry LP | 0.00% | New | 1 | $22 |
"% of holder's portfolio" is SNDX's weight in each manager's 13F, not the share of Syndax Pharmaceuticals Inc. the manager owns.