Smith & Nephew PLC -Spon ADRSNN

13F holders, Q2 2026 (June 30)
294holders +15
42new positions
25sold out
5famous investors
$28.84avg. 13F price*

At the end of Q2 2026, 294 institutions reported holding Smith & Nephew PLC -Spon ADR (SNN) in their 13F filings, up 15 from Q1 2026. 42 opened new positions and 25 sold out. The largest holders were River Road Asset Management, LLC ($92.8M), Goldman Sachs Group Inc. ($88.4M) and Brandes Investment Partners, LP ($61.9M). 5 famous investors held it, including Ray Dalio (0.0% of Bridgewater Associates's portfolio), Israel Englander (0.0% of Millennium Management's portfolio) and David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio).

Company
Smith & Nephew PLC -Spon ADR
CUSIP
83175M205
Latest filing quarter
Q2 2026

History

Number of 13F holders

0100200300 Q1 2024: 211Q1 2024Q2 2024: 208Q2 2024Q3 2024: 208Q3 2024Q4 2024: 214Q4 2024Q1 2025: 224Q1 2025Q2 2025: 233Q2 2025Q3 2025: 258Q3 2025Q4 2025: 264Q4 2025Q1 2026: 279Q1 2026Q2 2026: 294Q2 2026

Total Exit/New Position Q1 2026 → Q2 2026

InstitutionsTotal Value
New Positions42$27.1M
Exits25$9.0M

All 13F filers, Q1 2026 → Q2 2026: 8,288,489 shares bought and 3,508,651 shares sold, net +4,779,838 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.

Ownership 294 holders

River Road Asset Management, LLC 1.03% Reduce -0.6% 3,221,876 $92.8M
Goldman Sachs Group Inc. 0.01% Add +24.6% 3,069,598 $88.4M
Brandes Investment Partners, LP 0.43% Add +60.1% 2,148,731 $61.9M
Dimensional Fund Advisors LP 0.01% Add +74.5% 1,837,261 $53.1M
LMR Partners LLP 0.46% No change 1,767,872 $50.9M
Causeway Capital Management LLC 0.49% Add +64.2% 1,565,167 $45.1M
Wells Fargo & Company 0.01% Add +165.7% 1,375,531 $39.6M
Todd Asset Management LLC 0.64% Reduce -10.2% 1,251,905 $36.1M
Morgan Stanley 0.00% Reduce -13.1% 1,204,463 $34.7M
Bank of Montreal 0.01% Reduce -48.9% 1,145,234 $33.0M
Northern Trust Corp. 0.00% Add +22.0% 993,928 $28.6M
Raymond James Financial Inc. 0.01% Add +3.6% 920,154 $26.5M
Teachers Retirement System of the State of Kentucky 0.16% Reduce -10.1% 813,500 $23.4M
Bank of America Corp. 0.00% Reduce -47.3% 653,939 $18.8M
BlackRock, Inc. 0.00% Add +9.8% 623,933 $18.0M
Millennium Management 0.01% Add +2891.9% 620,524 $17.9M
Envestnet Asset Management Inc. 0.00% Add +30.1% 603,230 $17.4M
FMR LLC 0.00% Reduce -1.1% 598,892 $17.3M
D. E. Shaw & Co. 0.01% Reduce -40.5% 542,865 $15.6M
Connor, Clark & Lunn Investment Management Ltd. 0.03% New 487,774 $14.1M
BNP Paribas Financial Markets 0.01% Reduce -38.4% 455,186 $13.1M
Royal Bank of Canada 0.00% Add +34.6% 453,760 $13.1M
JPMorgan Chase & Co. 0.00% Add +188.3% 428,494 $13.0M
Allspring Global Investments Holdings, LLC 0.02% Add +3382.9% 389,213 $11.2M
Abc Arbitrage SA 1.17% Add +29.2% 375,682 $10.8M
Deprince Race & Zollo Inc. 0.16% Reduce -10.3% 323,145 $9.3M
Arrowstreet Capital, Limited Partnership 0.00% Reduce -7.7% 316,909 $9.1M
Tower Research Capital LLC (TRC) 0.21% Add +222.6% 301,051 $8.7M
Jane Street Group, LLC 0.01% Add +292.5% 295,875 $8.5M
American Century Companies Inc. 0.00% Add +41.2% 288,901 $8.3M
HRT Financial LP 0.01% Add +374.7% 281,007 $8.1M
Lorne Steinberg Wealth Management Inc. 1.62% Add +2.9% 274,176 $7.9M
Tidal Investments LLC 0.02% Add +60.2% 267,513 $7.7M
Pathstone Holdings, LLC 0.02% Add +33.1% 266,969 $7.7M
Quantinno Capital Management LP 0.01% Reduce -4.2% 266,500 $7.7M
Bridgewater Associates 0.03% Reduce -4.2% 263,854 $7.6M
Old Mission Capital LLC 0.18% New 248,742 $7.2M
South Street Advisors LLC 0.86% Add +6.8% 230,079 $6.6M
UBS Group AG 0.00% Reduce -30.7% 226,086 $6.5M
Tocqueville Asset Management L.P. 0.08% Reduce -2.8% 203,174 $5.9M
Moran Wealth Management, LLC 0.15% Add +8.8% 188,590 $5.4M
Sei Investments Co. 0.00% Add +38.3% 176,642 $5.1M
XTX Topco Ltd 0.06% Add +486.5% 157,155 $4.5M
Kornitzer Capital Management Inc. 0.09% No change 154,254 $4.4M
New York State Common Retirement Fund 0.01% Reduce -0.5% 152,723 $4.4M
Henry James International Management Inc. 1.29% Reduce 0.0% 149,903 $4.3M
Russell Investments Group, Ltd. 0.00% Reduce -24.4% 145,877 $4.2M
Clark Estates Inc. 0.95% Reduce -34.8% 143,500 $4.1M
Creative Planning 0.00% Add +23.8% 123,986 $3.6M
Citadel Advisors 0.00% Add +35.6% 109,333 $3.1M
LPL Financial LLC 0.00% Add +36.5% 104,461 $3.0M
Oppenheimer Asset Management Inc. 0.03% Add +56.3% 102,430 $3.0M
Crossmark Global Holdings, Inc. 0.04% Reduce -0.1% 93,850 $2.7M
State Street Corp. 0.00% Reduce -11.5% 88,467 $2.5M
QRG Capital Management, Inc. 0.02% Add +5.7% 84,896 $2.4M
Stifel Financial Corp. 0.00% Add +66.3% 83,964 $2.4M
Charles Schwab Investment Management Inc. 0.00% Reduce -20.5% 83,910 $2.4M
Hantz Financial Services, Inc. 0.03% Add +60.1% 80,900 $2.3M
Vestmark Advisory Solutions, Inc. 0.02% Add +50.7% 79,552 $2.3M
Capital Fund Management S.A. 0.02% Add +319.9% 77,389 $2.2M
Mariner, LLC 0.00% Reduce -16.2% 63,317 $1.8M
Strategic Global Advisors, LLC 0.26% Add +202.8% 59,273 $1.8M
Boston Partners 0.00% Add +6.1% 62,943 $1.8M
Quantbot Technologies LP 0.07% Add +241.3% 58,208 $1.7M
&partners 0.01% Reduce -3.8% 56,661 $1.6M
Eagle Global Advisors LLC 0.05% No change 55,400 $1.6M
Earnest Partners LLC 0.01% Reduce -0.9% 55,344 $1.6M
Sivik Global Healthcare LLC 1.21% No change 50,000 $1.6M
Perpetual Ltd 0.02% No change 54,590 $1.6M
Callan Family Office, LLC 0.03% Add +31.1% 54,424 $1.6M
Natixis Advisors, LLC 0.00% Add +17.7% 49,408 $1.4M
Bank of New York Mellon Corp 0.00% Add +18.7% 47,832 $1.4M
Beutel, Goodman & Co Ltd. 0.01% Add +1.8% 44,537 $1.3M
AQR Capital Management 0.00% Add +159.4% 43,255 $1.2M
Mercer Global Advisors Inc. 0.00% Reduce -8.4% 41,958 $1.2M
Quadrant Capital Group LLC 0.03% Add +206.9% 41,174 $1.2M
Focus Partners Wealth 0.00% Add +31.8% 40,677 $1.2M
Factory Mutual Insurance Co. 0.01% No change 39,977 $1.2M
Parvin Asset Management, LLC 0.84% Reduce -1.4% 36,444 $1.0M
Entropy Technologies, LP 0.04% New 35,880 $1.0M
Nuveen, LLC 0.00% New 35,758 $1.0M
Bleakley Financial Group, LLC 0.01% Add +38.4% 35,579 $1.0M
O'shaughnessy Asset Management, LLC 0.00% Add +5.1% 34,388 $991K
Jones Financial Companies LLLP 0.00% Add +27.9% 32,914 $989K
Cetera Investment Advisers 0.00% Add +37.3% 33,305 $960K
Vanguard Personalized Indexing Management, LLC 0.01% Add +18.3% 32,274 $930K
Vident Advisory, LLC 0.01% Reduce -3.4% 29,899 $861K
GeoWealth Management, LLC 0.03% Add +110.1% 29,875 $861K
GC Wealth Management RIA, LLC 0.05% Add +111.3% 29,660 $855K
Cerity Partners LLC 0.00% Add +7.5% 29,293 $844K
MML Investors Services, LLC 0.00% Add +53.3% 28,200 $812K
NewEdge Wealth, LLC 0.01% Add +52.1% 27,541 $793K
SummitTX Capital, L.P. 0.02% Add +16.1% 26,515 $764K
Ethic Inc. 0.01% Reduce -14.0% 26,406 $761K
Corient Private Wealth LP 0.00% Add +3.7% 26,018 $750K
Wealth Enhancement Advisory Services, LLC 0.00% Add +31.9% 23,670 $727K
Alps Advisors Inc. 0.00% Add +16.1% 24,736 $713K
Cary Street Partners Financial LLC 0.01% Add +7.7% 23,125 $666K
Mitsubishi UFJ Asset Management Co., Ltd. 0.00% Add +26.8% 21,894 $631K
Two Sigma Investments, LP 0.00% New 21,562 $621K
BKM Wealth Management, LLC 0.21% Add +13.5% 20,959 $604K
PCM Encore, LLC 0.10% Add +0.3% 20,672 $596K
Fifth Third Bancorp 0.00% Add +7.7% 20,488 $590K
Atria Investments, Inc 0.01% Add +55.9% 20,185 $582K
Orion Porfolio Solutions, LLC 0.00% Add +5.0% 20,151 $581K
EntryPoint Capital, LLC 0.14% Add +163.9% 20,109 $579K
Lanark Financial, Inc. 0.04% Add +76.8% 19,577 $564K
Sanctuary Advisors, LLC 0.00% Add +37.6% 19,470 $561K
Inspire Advisors, LLC 0.04% Add +11.7% 19,122 $551K
Highland Capital Management, LLC 0.03% No change 18,935 $546K
Steward Partners Investment Advisory, LLC 0.00% Add +6441.2% 18,904 $545K
Legacy Wealth Asset Management, LLC 0.12% Add +0.9% 18,646 $537K
Sterling Capital Management LLC 0.01% Add +51.3% 18,611 $536K
Ieq Capital, LLC 0.00% Add +37.1% 18,276 $527K
Qtron Investments LLC 0.07% Add +97.5% 18,252 $526K
WINTON GROUP Ltd 0.02% New 17,700 $510K
Sequoia Financial Advisors, LLC 0.00% Add +31.4% 17,466 $503K
Public Employees Retirement System of Ohio 0.00% New 17,018 $490K
Signaturefd, LLC 0.01% Add +12.2% 16,914 $487K
US Bancorp \de 0.00% Add +5.5% 16,476 $475K
Vise Technologies, Inc. 0.01% Add +20.8% 16,438 $474K
Savant Capital, LLC 0.00% Add +91.2% 15,578 $473K
Syon Capital LLC 0.02% Reduce -9.9% 16,168 $466K
Virtu Financial LLC 0.01% New 16,081 $463K
Ameriprise Financial Inc. 0.00% Reduce -26.6% 15,956 $460K
Evergreen Capital Management LLC 0.01% Reduce -10.3% 14,981 $432K
Van Eck Associates Corp. 0.00% Add +1.5% 14,723 $424K
Bridgefront Capital, LLC 0.11% New 13,846 $399K
Laird Norton Wetherby Trust Company, LLC 0.01% Add +14.1% 13,785 $397K
First Trust Advisors LP 0.00% Reduce -9.2% 13,402 $386K
Heritage Investment Group, Inc. 0.05% No change 13,146 $379K
PNC Financial Services Group, Inc. 0.00% Reduce -1.5% 13,097 $377K
Scharf Investments, LLC 0.01% Reduce -25.9% 13,064 $376K
Engineers Gate Manager LP 0.00% Add +26.4% 13,002 $375K
Rhumbline Advisers 0.00% Add +56.8% 12,869 $371K
Glenmede Trust Co. NA 0.00% Add +23.8% 12,745 $367K
Park Avenue Securities LLC 0.00% Add +13.3% 12,529 $361K
Atom Investors LP 0.03% No change 12,339 $355K
HighTower Advisors, LLC 0.00% Add +15.6% 11,964 $345K
Pinnacle West Asset Management, Inc. 0.22% Reduce -0.2% 11,065 $319K
Concurrent Investment Advisors, LLC 0.00% New 10,873 $313K
Truist Financial Corp. 0.00% Add +11.0% 10,868 $313K
Ritholtz Wealth Management 0.00% Reduce -2.7% 10,853 $313K
Gallacher Capital Management LLC 0.17% Reduce -9.2% 10,770 $310K
Quadrature Capital Ltd 0.00% Reduce -76.4% 10,542 $304K
OpenArc Corporate Advisory, LLC 0.00% New 10,417 $300K
Miller Global Investments, LLC 0.24% No change 10,242 $295K
Inspire Investing, LLC 0.01% Add +15.4% 10,025 $289K
Merit Financial Group, LLC 0.00% Add +14.5% 9,919 $286K
Advisors Asset Management, Inc. 0.00% Add +80.8% 9,747 $281K
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% No change 9,508 $274K
Ashton Thomas Private Wealth, LLC 0.01% New 9,249 $266K
Marotta Asset Management 0.04% Reduce -2.1% 9,230 $265K
Pinnacle Wealth Planning Services, Inc. 0.02% Add +40.6% 8,893 $256K
1832 Asset Management L.P. 0.00% Add +6.0% 8,850 $255K
Plan A Wealth LLC 0.11% Add +16.5% 8,607 $248K
Trek Financial, LLC 0.01% Add +6.0% 8,480 $244K
Diversified Management Inc. 0.05% No change 8,285 $239K
Versant Capital Management, Inc 0.02% Reduce -8.6% 8,205 $236K
Neuberger Berman Group LLC 0.00% Reduce -27.1% 8,127 $234K
Commonwealth Equity Services, LLC 0.00% Add +0.3% 7,883 $227K
Phillips Wealth Planners LLC 0.16% Reduce -0.4% 7,305 $223K
United Capital Financial Advisors, LLC 0.00% Add +11.2% 7,577 $218K
Seed Wealth Management, Inc. 0.14% No change 7,570 $218K
Citigroup Inc. 0.00% Add +26.6% 7,378 $213K
Equity Investment Corp. 0.00% No change 7,242 $209K
Aaron Wealth Advisors LLC 0.01% Reduce -4.9% 7,176 $207K
Ballentine Partners, LLC 0.00% New 7,144 $206K
National Bank of Canada 0.00% Add +134.0% 6,119 $176K
Caitong International Asset Management Co., Ltd 0.02% Add +398.0% 6,056 $174K
Federation des caisses Desjardins du Quebec 0.00% Reduce -9.3% 5,474 $158K
Advisors Preferred, LLC 0.02% New 4,327 $131K
EverSource Wealth Advisors, LLC 0.00% Reduce -31.2% 4,420 $127K
Rockefeller Capital Management L.P. 0.00% Reduce -19.2% 4,137 $119K
GAMMA Investing LLC 0.00% Reduce -14.0% 4,104 $118K
Bessemer Group Inc. 0.00% Reduce -0.4% 3,971 $114K
Smartleaf Asset Management LLC 0.00% No change 3,013 $91K
Parallel Advisors, LLC 0.00% Add +34.3% 3,119 $90K
Allworth Financial LP 0.00% Add +94.8% 2,965 $85K
Huntington National Bank 0.00% Reduce -4.4% 2,287 $66K
Osaic Holdings, Inc. 0.00% Add +34.7% 2,188 $63K
Farther Finance Advisors, LLC 0.00% Reduce -5.0% 2,011 $58K
Blue Trust, Inc. 0.00% Add +4.0% 1,991 $57K
Hara Capital LLC 0.03% No change 1,957 $56K
Global Retirement Partners, LLC 0.00% — 1,926 $55K
Geneos Wealth Management Inc. 0.00% Reduce -41.1% 1,861 $54K
Arax Advisory Partners 0.00% Reduce -28.4% 1,624 $47K
TD Waterhouse Canada Inc. 0.00% Add +17.3% 1,561 $45K
Basecamp Wealth Advisors LLC 0.01% Reduce -38.1% 1,513 $44K
Clearstead Advisors, LLC 0.00% New 1,417 $41K
Grove Bank & Trust 0.00% Reduce -2.9% 1,359 $39K
Frazier Financial Advisors, LLC 0.02% Add +11.2% 1,356 $39K
Assetmark, Inc. 0.00% Add +219.3% 1,172 $34K
Brown Brothers Harriman & Co. 0.00% Add +9.4% 1,082 $31K
WealthCollab, LLC 0.01% No change 942 $27K
IFP Advisors, Inc 0.00% Add +11.4% 822 $24K
NFSG Corp 0.00% No change 800 $23K
Delta Asset Management LLC 0.00% No change 750 $22K
Brentview Investment Management LLC 0.01% No change 700 $20K
Northwestern Mutual Wealth Management Co. 0.00% Reduce -11.2% 625 $18K
Silver Grove Financial Group, Inc. 0.01% New 569 $16K
Pinnacle Bancorp, Inc. 0.00% Add +71.8% 505 $15K
Simplex Trading, LLC 0.00% Add +9.7% 499 $14K
Spire Wealth Management 0.00% No change 472 $14K
Montag A & Associates Inc. 0.00% Add +80.0% 459 $13K
Larson Financial Group LLC 0.00% Reduce -26.2% 443 $13K
Rothschild Investment LLC 0.00% Reduce -9.5% 402 $12K
Parkside Financial Bank & Trust 0.00% Add +15.6% 363 $10K
Synergy Investment Management, LLC 0.00% New 320 $10K
Ares Financial Consulting, LLC 0.01% No change 312 $9K
Cary Street Partners Investment Advisory LLC 0.00% Add +4.7% 312 $9K
Deutsche Bank AG 0.00% New 300 $9K
Ancora Advisors LLC 0.00% Reduce -51.8% 289 $8K
TD Private Client Wealth LLC 0.00% Reduce -6.0% 267 $8K
Bare Financial Services, Inc 0.00% Add +65.3% 248 $7K
UMB Bank, n.a. 0.00% No change 247 $7K
Salomon & Ludwin, LLC 0.00% Reduce -73.7% 233 $7K
Physician Wealth Advisors, Inc. 0.00% Reduce -13.8% 224 $6K
WPG Advisers, LLC 0.00% Add +51.8% 214 $6K
Continuum Advisory, LLC 0.00% New 212 $6K
Owl Creek Wealth Partners LLC 0.00% Reduce -57.4% 211 $6K
Altrinsic Global Advisors LLC 0.00% New 159 $5K
Kilter Group LLC 0.00% Add +528.0% 157 $5K
Elevation Wealth Partners, LLC 0.00% New 155 $4K
Harbor Asset Planning, Inc. 0.00% No change 151 $4K
NewEdge Advisors, LLC 0.00% Reduce -98.1% 137 $4K
Financial Consulate, Inc. 0.00% Reduce -25.0% 117 $3K
Manning & Napier Advisors LLC 0.00% Reduce -7.8% 107 $3K
Ameriflex Group, Inc. 0.00% New 110 $3K
Kozak & Associates, Inc. 0.00% No change 100 $3K
Transamerica Financial Advisors, LLC 0.00% Add +345.4% 98 $3K
CVA Family Office, LLC 0.00% No change 96 $3K
SBI Securities Co., Ltd. 0.00% No change 92 $3K
Raffa Wealth Management, LLC 0.00% No change 88 $3K
IMA Advisory Services, Inc. 0.00% Add +51.8% 85 $2K
Signature Equity Partners, LLC 0.00% Add +27.7% 83 $2K
Financial Network Wealth Advisors LLC 0.00% No change 78 $2K
Cornerstone Financial Management LLC 0.00% Add +79.1% 77 $2K
GW&K Investment Management, LLC 0.00% Reduce -9.6% 66 $2K
First Command Advisory Services, Inc. 0.00% New 69 $2K
Essential Partners LLC 0.00% New 67 $2K
Zions Bancorporation, National Association 0.00% No change 66 $2K
Bartlett & Co. Wealth Management LLC 0.00% No change 63 $2K
Ramirez Asset Management, Inc. 0.00% No change 60 $2K
Rossby Financial, LCC 0.00% Add +61.1% 58 $2K
Nisa Investment Advisors, LLC 0.00% Add +9.4% 58 $2K
Whipplewood Advisors, LLC 0.00% Reduce -55.9% 52 $1K
True Wealth Design, LLC 0.00% Reduce -47.4% 50 $1K
CoreCap Advisors, LLC 0.00% New 50 $1K
Cornerstone Planning Group LLC 0.00% Reduce -2.0% 48 $1K
JNBA Financial Advisors 0.00% No change 45 $1K
TD Capital Management LLC 0.00% Add +2.6% 40 $1K
Bell Investment Advisors, Inc 0.00% Reduce -39.1% 39 $1K
JPL Wealth Management, LLC 0.00% New 39 $1K
BOK Financial Private Wealth, Inc. 0.00% New 38 $1K
JFS Wealth Advisors, LLC 0.00% No change 38 $1K
MV Capital Management, Inc. 0.00% Add +81.0% 38 $1K
Harbour Investments, Inc. 0.00% No change 37 $1K
Smithfield Trust Co 0.00% No change 48 $1K
American Capital Advisory, LLC 0.00% Reduce -19.5% 33 $951
Keating Financial Advisory Services, Inc. 0.00% New 30 $864
Plante Moran Financial Advisors, LLC 0.00% New 27 $778
Ameritas Advisory Services, LLC 0.00% New 25 $720
Principia Wealth Advisory, LLC 0.00% Reduce -61.0% 23 $663
Cedar Mountain Advisors, LLC 0.00% No change 23 $663
Breakwater Investment Management 0.00% New 21 $606
Manchester Capital Management LLC 0.00% No change 21 $606
Key Financial Inc 0.00% No change 21 $605
Burk Holdings LLC 0.00% No change 20 $576
SHP Wealth Management 0.00% Add +81.8% 20 $576
Fiduciary Financial Advisors 0.00% New 19 $519
Quent Capital, LLC 0.00% New 18 $519
North Star Investment Management Corp. 0.00% Add +30.8% 17 $490
Arlington Trust Co LLC 0.00% No change 17 $490
Trifecta Capital Advisors, LLC 0.00% New 14 $404
Motco 0.00% New 14 $403
CENTRAL TRUST Co 0.00% No change 13 $375
LRI Investments, LLC 0.00% New 12 $346
Halbert Hargrove Global Advisors, LLC 0.00% New 11 $307
Horizon Investments, LLC 0.00% Reduce -55.0% 9 $259
MidFirst Bank 0.00% No change 9 $259
Glen Eagle Advisors, LLC 0.00% Reduce -11.1% 8 $233
Kayne Anderson Rudnick Investment Management LLC 0.00% No change 8 $230
Highline Wealth Partners LLC 0.00% No change 8 $230
Retirement Wealth Solutions LLC 0.00% Reduce -90.7% 7 $202
Creative Financial Designs Inc. 0.00% Reduce -75.0% 7 $202
IFG Advisory, LLC 0.00% New 7 $202
SJS Investment Consulting Inc. 0.00% Reduce -71.4% 6 $173
Triumph Capital Management 0.00% No change 5 $144
Mosley Wealth Management 0.00% New 4 $115
Cassaday & Co Wealth Management LLC 0.00% Reduce -40.0% 3 $87
Monetary Solutions, Ltd 0.00% New 3 $86
Institute for Wealth Management, LLC. 0.00% New 1 $30
Clear Street Group Inc. 0.00% New 2,560 $0

"% of holder's portfolio" is SNN's weight in each manager's 13F, not the share of Smith & Nephew PLC -Spon ADR the manager owns.