Turning Point BrandsTPB
13F holders, Q4 2025 (December 31)248holders +22
43new positions
24sold out
6famous investors
$108.36avg. 13F price*
At the end of Q4 2025, 248 institutions reported holding Turning Point Brands Inc. (TPB) in their 13F filings, up 22 from Q3 2025. 43 opened new positions and 24 sold out. The largest holders were Vanguard Group Inc. ($157.3M), BlackRock, Inc. ($156.7M) and ArrowMark Colorado Holdings LLC ($94.3M). 6 famous investors held it, including Lee Ainslie (0.0% of Maverick Capital's portfolio), David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio) and Ken Griffin (0.0% of Citadel Advisors's portfolio).
- Company
- Turning Point Brands Inc.
- CUSIP
- 90041L105
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q3 2025 → Q4 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 43 | $77.1M |
| Exits | 24 | $46.2M |
All 13F filers, Q3 2025 → Q4 2025: 2,897,170 shares bought and 3,027,590 shares sold, net −130,420 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 248 holders
| Vanguard Group Inc. | 0.00% | Add +4.4% | 1,451,394 | $157.3M |
| BlackRock, Inc. | 0.00% | Add +4.1% | 1,445,443 | $156.7M |
| ArrowMark Colorado Holdings LLC | 2.07% | Add +28.9% | 869,747 | $94.3M |
| Thrivent Financial for Lutherans | 0.17% | Add +4.8% | 847,050 | $91.8M |
| Geode Capital Management, LLC | 0.00% | Add +5.5% | 541,667 | $58.7M |
| FMR LLC | 0.00% | Reduce -17.9% | 536,942 | $58.2M |
| Divisadero Street Capital Management, LP | 3.28% | Reduce -45.5% | 531,214 | $57.6M |
| First Trust Advisors LP | 0.04% | Add +72.4% | 494,262 | $53.6M |
| T. Rowe Price Investment Management, Inc. | 0.03% | Add +43.0% | 488,833 | $53.0M |
| Driehaus Capital Management LLC | 0.35% | Add +19.0% | 481,834 | $52.2M |
| Dimensional Fund Advisors LP | 0.01% | Reduce -0.1% | 462,970 | $50.2M |
| First Sabrepoint Capital Management LP | 17.83% | No change | 400,000 | $43.4M |
| Maple Rock Capital Partners Inc. | 1.43% | Add +74.1% | 399,300 | $43.3M |
| Morgan Stanley | 0.00% | Reduce -57.5% | 385,138 | $41.7M |
| Arrowstreet Capital, Limited Partnership | 0.02% | Reduce -14.5% | 377,611 | $40.9M |
| State Street Corp. | 0.00% | Add +1.4% | 370,281 | $40.2M |
| Two Sigma Investments, LP | 0.05% | Reduce -7.6% | 288,180 | $31.2M |
| American Century Companies Inc. | 0.02% | Reduce -10.5% | 287,540 | $31.2M |
| Mangrove Partners Im, LLC | 2.34% | Add +1.6% | 265,205 | $28.7M |
| Lord, Abbett & Co. LLC | 0.09% | New | 262,489 | $28.5M |
| Madison Avenue Partners, LP | 1.15% | New | 247,723 | $26.9M |
| Wellington Management Group LLP | 0.00% | Add +12.3% | 236,032 | $25.6M |
| D. E. Shaw & Co. | 0.02% | Add +4.3% | 212,792 | $23.1M |
| T. Rowe Price Associates Inc. | 0.00% | Add +0.3% | 208,397 | $22.6M |
| Copeland Capital Management, LLC | 0.49% | Add +29795.8% | 204,188 | $22.1M |
| Harspring Capital Management, LLC | 7.30% | No change | 181,500 | $19.7M |
| Bank of America Corp. | 0.00% | Add +133.3% | 174,270 | $18.9M |
| Citadel Advisors | 0.01% | Add +219.3% | 169,219 | $18.3M |
| Northern Trust Corp. | 0.00% | Add +14.7% | 168,464 | $18.3M |
| Apis Capital Advisors, LLC | 3.10% | Add +186.2% | 164,377 | $17.8M |
| Pillsbury Lake Capital LLC | 7.08% | — | 160,241 | $17.4M |
| Bank of Montreal | 0.01% | No change | 156,637 | $17.0M |
| Charles Schwab Investment Management Inc. | 0.00% | Add +4.4% | 154,900 | $16.8M |
| Susquehanna International Group, LLP | 0.02% | Add +220.2% | 130,806 | $14.2M |
| Findell Capital Management LLC | 4.57% | Add +41.1% | 127,000 | $13.8M |
| Prospect Capital Advisors, LLC | 6.69% | Add +27.9% | 119,730 | $13.0M |
| Goldman Sachs Group Inc. | 0.00% | Reduce -17.6% | 119,226 | $12.9M |
| 4D Advisors, LLC | 6.83% | Add +15.0% | 115,000 | $12.5M |
| Two Sigma Advisers, LP | 0.02% | Reduce -10.1% | 115,000 | $12.5M |
| Qube Research & Technologies Ltd | 0.02% | Reduce -25.8% | 114,622 | $12.4M |
| Potrero Capital Research LLC | 3.90% | Reduce -19.0% | 106,751 | $11.6M |
| Oberweis Asset Management Inc./ | 0.41% | Add +2.5% | 103,500 | $11.2M |
| Crawford Investment Counsel Inc. | 0.18% | Reduce -14.0% | 102,107 | $11.1M |
| Jane Street Group, LLC | 0.01% | Reduce -41.8% | 100,746 | $10.9M |
| Riposte Capital LLC | 4.50% | Add +33.3% | 100,000 | $10.8M |
| State of Wisconsin Investment Board | 0.02% | Reduce -7.7% | 95,646 | $10.4M |
| Algert Global LLC | 0.15% | Reduce -24.8% | 90,210 | $9.8M |
| King Luther Capital Management Corp. | 0.04% | No change | 87,049 | $9.4M |
| Aristides Capital LLC | 3.24% | Reduce -3.8% | 86,010 | $9.3M |
| Osterweis Capital Management Inc. | 0.53% | Add +1.2% | 84,555 | $9.2M |
| Bank of New York Mellon Corp | 0.00% | Reduce -13.8% | 79,578 | $8.6M |
| Trexquant Investment LP | 0.07% | Add +54.9% | 75,079 | $8.1M |
| Invesco Ltd. | 0.00% | Reduce -4.1% | 74,559 | $8.1M |
| Federated Hermes, Inc. | 0.01% | Reduce -31.5% | 72,393 | $7.8M |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 0.01% | Add +22.6% | 71,587 | $7.8M |
| Squarepoint Ops LLC | 0.02% | Add +1547.7% | 69,748 | $7.6M |
| AWH Capital, L.P. | 6.95% | Add +45.1% | 69,450 | $7.5M |
| Barclays PLC | 0.00% | Add +159.3% | 68,357 | $7.4M |
| AQR Capital Management | 0.00% | Add +4.5% | 67,526 | $7.3M |
| Access Investment Management LLC | 1.95% | No change | 73,590 | $7.3M |
| Ballast Asset Management, LP | 3.34% | Reduce -3.4% | 65,242 | $7.1M |
| Caption Management, LLC | 0.32% | Reduce -14.1% | 64,952 | $7.0M |
| Informed Momentum Co LLC | 0.78% | Reduce -18.3% | 64,226 | $7.0M |
| Veradace Capital Management LLC | 4.68% | — | 62,661 | $6.8M |
| Castleark Management LLC | 0.20% | Reduce -20.5% | 61,944 | $6.7M |
| Guardian Point Capital, LP | 1.95% | Add +16.5% | 58,239 | $6.3M |
| JPMorgan Chase & Co. | 0.00% | Add +5.3% | 52,610 | $5.7M |
| Cannell Capital LLC | 3.59% | Reduce -71.2% | 51,876 | $5.6M |
| Franklin Resources Inc. | 0.00% | Reduce -35.1% | 50,515 | $5.5M |
| Prelude Capital Management, LLC | 0.40% | Reduce -15.8% | 50,183 | $5.4M |
| Crown Advisors Management, Inc. | 3.57% | Add +25.0% | 50,000 | $5.4M |
| Norris Financial Group, LLC | 1.83% | Add +45.2% | 49,579 | $5.4M |
| Teacher Retirement System of Texas | 0.02% | Reduce -40.2% | 48,675 | $5.3M |
| Sei Investments Co. | 0.01% | Add +1073.0% | 46,871 | $5.1M |
| Thompson Siegel & Walmsley LLC | 0.08% | Reduce -7.4% | 46,362 | $5.0M |
| HighTower Advisors, LLC | 0.00% | Add +10.2% | 41,634 | $4.5M |
| Stifel Financial Corp. | 0.00% | Add +49.6% | 38,254 | $4.1M |
| Victory Capital Management Inc. | 0.00% | Add +15.4% | 37,717 | $4.1M |
| Envestnet Asset Management Inc. | 0.00% | New | 37,200 | $4.0M |
| Swiss National Bank | 0.00% | Add +2.3% | 35,500 | $3.8M |
| Nuveen, LLC | 0.00% | No change | 34,441 | $3.7M |
| Connor, Clark & Lunn Investment Management Ltd. | 0.01% | Reduce -16.7% | 32,983 | $3.6M |
| O'shaughnessy Asset Management, LLC | 0.02% | Reduce -4.5% | 31,917 | $3.5M |
| Y-Intercept (Hong Kong) Ltd | 0.08% | Add +122.2% | 31,496 | $3.4M |
| Vest Financial, LLC | 0.04% | Add +118.8% | 31,398 | $3.4M |
| Balyasny Asset Management L.P. | 0.01% | Add +75.4% | 31,390 | $3.4M |
| Wells Fargo & Company | 0.00% | Add +62.5% | 31,300 | $3.4M |
| Pekin Hardy Strauss, Inc. | 0.31% | Add +3.1% | 31,165 | $3.4M |
| Parthenon LLC | 0.36% | No change | 30,770 | $3.3M |
| RBF Capital, LLC | 0.15% | No change | 30,000 | $3.3M |
| Boothbay Fund Management, LLC | 0.08% | Reduce -56.5% | 26,452 | $2.9M |
| Ritholtz Wealth Management | 0.05% | Reduce -1.5% | 24,953 | $2.7M |
| Bronte Capital Management Pty Ltd. | 0.28% | New | 24,372 | $2.6M |
| Corsair Capital Management, L.P. | 0.42% | Reduce -5.0% | 23,274 | $2.5M |
| Principal Financial Group Inc. | 0.00% | Add +45.9% | 23,273 | $2.5M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Add +1.1% | 23,082 | $2.5M |
| Militia Capital Partners, LP | 0.90% | Add +29.4% | 22,000 | $2.4M |
| UBS Group AG | 0.00% | Reduce -81.6% | 21,711 | $2.4M |
| Maverick Capital | 0.03% | Reduce -31.8% | 21,675 | $2.3M |
| Rhumbline Advisers | 0.00% | Reduce -13.8% | 21,669 | $2.3M |
| Martingale Asset Management L P | 0.06% | Reduce -5.2% | 21,626 | $2.3M |
| Man Group plc | 0.00% | Add +28.2% | 21,348 | $2.3M |
| Teachers Retirement System of the State of Kentucky | 0.02% | Reduce -9.2% | 20,476 | $2.2M |
| SG Capital Management LLC | 0.24% | New | 20,281 | $2.2M |
| GatePass Capital, LLC | 1.14% | Add +76.6% | 20,000 | $2.2M |
| Capelight Capital Asset Management LP | 2.01% | — | 18,000 | $2.0M |
| Marathon Partners Equity Management, LLC | 1.89% | Reduce -30.0% | 17,500 | $1.9M |
| Prudential Financial Inc. | 0.00% | Add +59.0% | 17,040 | $1.8M |
| Legal & General Group Plc | 0.00% | Reduce -13.4% | 16,131 | $1.7M |
| Alliancebernstein L.P. | 0.00% | Reduce -15.8% | 15,910 | $1.7M |
| PEAK6 LLC | 0.05% | Reduce -17.0% | 15,631 | $1.7M |
| Quantinno Capital Management LP | 0.00% | Add +3.4% | 13,944 | $1.5M |
| Deutsche Bank AG | 0.00% | Reduce -52.4% | 13,894 | $1.5M |
| Royal Bank of Canada | 0.00% | Add +5984.3% | 13,568 | $1.5M |
| Capitolis Liquid Global Markets LLC | 0.01% | Reduce -95.8% | 13,111 | $1.4M |
| Beacon Pointe Advisors, LLC | 0.01% | Add +4.0% | 12,640 | $1.4M |
| Capital Fund Management S.A. | 0.01% | New | 12,637 | $1.4M |
| State Board of Administration of Florida Retirement System | 0.00% | No change | 12,009 | $1.3M |
| Linden Thomas Advisory Services, LLC | 0.13% | Add +4.3% | 12,001 | $1.3M |
| Group One Trading LLC | 0.04% | Reduce -32.6% | 11,885 | $1.3M |
| Aquatic Capital Management LLC | 0.04% | Reduce -68.5% | 11,581 | $1.3M |
| Russell Investments Group, Ltd. | 0.00% | Reduce -62.4% | 11,559 | $1.3M |
| CenterBook Partners LP | 0.06% | New | 11,371 | $1.2M |
| SG Americas Securities, LLC | 0.00% | Reduce -63.6% | 11,210 | $1.2M |
| Cambria Investment Management, L.P. | 0.07% | Add +23.1% | 10,624 | $1.2M |
| Intech Investment Management LLC | 0.01% | No change | 10,139 | $1.1M |
| Baader Bank Aktiengesellschaft | 0.09% | Reduce -0.3% | 10,006 | $1.1M |
| Verition Fund Management LLC | 0.01% | Reduce -12.6% | 10,000 | $1.1M |
| MetLife Investment Management, LLC | 0.01% | Reduce -4.7% | 9,510 | $1.0M |
| Anderson Hoagland & Co. | 0.09% | New | 9,300 | $1.0M |
| Sierra Summit Advisors LLC | 0.15% | New | 9,053 | $981K |
| Standard General L.P. | 0.17% | No change | 8,796 | $953K |
| Boston Partners | 0.00% | Reduce -36.6% | 8,693 | $942K |
| Manufacturers Life Insurance Company, The | 0.00% | Add +0.1% | 8,502 | $922K |
| Brevan Howard Capital Management LP | 0.02% | Reduce -45.6% | 8,396 | $910K |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | Add +1.3% | 8,050 | $873K |
| Janus Henderson Group PLC | 0.00% | No change | 7,872 | $854K |
| Graham Capital Management, L.P. | 0.04% | Add +45.4% | 7,501 | $813K |
| DCF Advisers, LLC | 0.25% | No change | 7,000 | $759K |
| MacKay Shields LLC | 0.23% | No change | 6,802 | $737K |
| State of Alaska, Department of Revenue | 0.01% | Add +804.4% | 6,792 | $736K |
| US Bancorp \de | 0.00% | Add +12452.8% | 6,653 | $721K |
| Picton Mahoney Asset Management | 0.01% | New | 6,310 | $684K |
| IFP Advisors, Inc | 0.01% | Add +0.0% | 5,989 | $649K |
| Stratos Wealth Partners, LTD. | 0.01% | Add +94.3% | 5,894 | $639K |
| Ameriprise Financial Inc. | 0.00% | New | 5,775 | $626K |
| New York State Common Retirement Fund | 0.00% | Reduce -15.6% | 5,400 | $585K |
| Marshall Wace, LLP | 0.00% | Reduce -32.0% | 5,222 | $566K |
| Arizona State Retirement System | 0.00% | Reduce -4.8% | 5,043 | $547K |
| Keystone Financial Group | 0.04% | Add +4.1% | 4,948 | $536K |
| Police & Firemen's Retirement System of New Jersey | 0.00% | No change | 4,740 | $514K |
| Quadrature Capital Ltd | 0.01% | New | 4,577 | $496K |
| TD Asset Management Inc | 0.00% | New | 4,498 | $488K |
| PNC Financial Services Group, Inc. | 0.00% | Add +12.1% | 4,493 | $487K |
| Lighthouse Investment Partners, LLC | 0.01% | New | 4,070 | $441K |
| BNP Paribas Financial Markets | 0.00% | Reduce -39.0% | 3,913 | $424K |
| Walleye Trading LLC | 0.01% | Reduce -52.6% | 3,843 | $417K |
| Millennium Management | 0.00% | Reduce -98.3% | 3,749 | $406K |
| Jefferies Financial Group Inc. | 0.00% | New | 3,662 | $397K |
| Prescott General Partners LLC | 0.03% | No change | 3,500 | $379K |
| Ieq Capital, LLC | 0.00% | New | 3,429 | $372K |
| Baird Financial Group, Inc. | 0.00% | Add +35.1% | 3,342 | $362K |
| Aristeia Capital, L.L.C. | 0.02% | New | 3,255 | $353K |
| Cetera Investment Advisers | 0.00% | New | 3,221 | $349K |
| AdvisorShares Investments LLC | 0.06% | New | 3,200 | $347K |
| Canada Pension Plan Investment Board | 0.00% | New | 3,200 | $347K |
| ProShare Advisors LLC | 0.00% | Add +8.6% | 3,180 | $345K |
| Voya Investment Management LLC | 0.00% | Reduce -49.4% | 3,131 | $339K |
| State of Wyoming | 0.04% | Add +269.8% | 3,125 | $339K |
| Allspring Global Investments Holdings, LLC | 0.00% | Reduce -71.2% | 3,028 | $334K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | No change | 2,997 | $325K |
| Neuberger Berman Group LLC | 0.00% | New | 2,982 | $323K |
| Level Four Advisory Services, LLC | 0.01% | Reduce -2.5% | 2,973 | $322K |
| Bridgefront Capital, LLC | 0.08% | New | 2,848 | $309K |
| Dark Forest Capital Management LP | 0.01% | New | 2,817 | $305K |
| First Financial Bank - Trust Division | 0.02% | No change | 2,780 | $301K |
| Axq Capital, LP | 0.07% | New | 2,778 | $301K |
| Snowden Capital Advisors LLC | 0.01% | New | 2,714 | $294K |
| Cwm, LLC | 0.00% | Add +6.2% | 2,706 | $293K |
| Pictet Asset Management Holding SA | 0.00% | Add +23.6% | 2,687 | $291K |
| Raymond James Financial Inc. | 0.00% | Reduce -46.2% | 2,567 | $278K |
| Mercer Global Advisors Inc. | 0.00% | Add +21.0% | 2,563 | $278K |
| BankChampaign, National Association | 0.27% | — | 2,527 | $274K |
| Caprock Group, LLC | 0.01% | Reduce -23.5% | 2,492 | $270K |
| M&T Bank Corp | 0.00% | Reduce -2.9% | 2,330 | $253K |
| Cornerstone Capital, Inc. | 0.02% | New | 2,275 | $247K |
| Swiss Life Asset Management Ltd | 0.00% | New | 2,266 | $246K |
| Citigroup Inc. | 0.00% | Reduce -35.8% | 2,224 | $241K |
| Bessemer Group Inc. | 0.00% | New | 2,171 | $235K |
| LPL Financial LLC | 0.00% | New | 2,119 | $230K |
| Legacy Financial Advisors, Inc. | 0.03% | New | 2,004 | $217K |
| Engineers Gate Manager LP | 0.00% | Reduce -89.3% | 1,998 | $217K |
| Violich Capital Management, Inc. | 0.02% | New | 1,940 | $210K |
| Gotham Asset Management | 0.00% | New | 1,891 | $205K |
| Osaic Holdings, Inc. | 0.00% | Add +5.5% | 1,888 | $205K |
| Virtus Advisers, LLC | 0.09% | Reduce -74.8% | 1,715 | $186K |
| Belvedere Trading LLC | 0.03% | New | 1,695 | $184K |
| Ameritas Investment Partners, Inc. | 0.00% | No change | 1,430 | $155K |
| Comerica Bank | 0.00% | Add +720.9% | 1,141 | $124K |
| Sunbelt Securities, Inc. | 0.01% | No change | 1,017 | $110K |
| KBC Group NV | 0.00% | No change | 948 | $103K |
| Aster Capital Management (DIFC) Ltd | 0.03% | New | 707 | $77K |
| Covestor Ltd | 0.04% | Add +16.3% | 663 | $72K |
| Amalgamated Bank | 0.00% | Reduce -7.0% | 546 | $59K |
| First Horizon Corp. | 0.00% | Add +96.0% | 492 | $53K |
| GAMMA Investing LLC | 0.00% | Add +33.4% | 491 | $53K |
| Tower Research Capital LLC (TRC) | 0.00% | Reduce -53.9% | 489 | $53K |
| Versant Capital Management, Inc | 0.01% | No change | 458 | $50K |
| Arax Advisory Partners | 0.00% | Reduce -32.6% | 415 | $45K |
| AlphaQuest LLC | 0.00% | Add +39.2% | 405 | $44K |
| Huntington National Bank | 0.00% | Reduce -14.9% | 389 | $42K |
| Caitong International Asset Management Co., Ltd | 0.01% | Add +26.3% | 360 | $39K |
| Kemnay Advisory Services Inc. | 0.00% | New | 251 | $27K |
| Sterling Capital Management LLC | 0.00% | Add +25.1% | 214 | $23K |
| EverSource Wealth Advisors, LLC | 0.00% | Reduce -16.4% | 188 | $20K |
| Harbour Investments, Inc. | 0.00% | No change | 175 | $19K |
| CBIZ Investment Advisory Services, LLC | 0.00% | New | 154 | $17K |
| Farther Finance Advisors, LLC | 0.00% | Add +9.7% | 102 | $11K |
| Solstein Capital, LLC | 0.00% | New | 100 | $11K |
| STRS Ohio | 0.00% | No change | 100 | $11K |
| Cornerstone Planning Group LLC | 0.00% | Add +2466.7% | 77 | $10K |
| Strategic Wealth Partners, Ltd. | 0.00% | No change | 85 | $9K |
| Northwestern Mutual Wealth Management Co. | 0.00% | No change | 84 | $9K |
| Nisa Investment Advisors, LLC | 0.00% | No change | 78 | $8K |
| Smartleaf Asset Management LLC | 0.00% | Add +13.2% | 77 | $8K |
| MCF Advisors LLC | 0.00% | New | 75 | $8K |
| C M Bidwell & Associates Ltd. | 0.00% | New | 48 | $5K |
| Quarry LP | 0.00% | Reduce -99.2% | 39 | $4K |
| Los Angeles Capital Management LLC | 0.00% | New | 45 | $4K |
| MAI Capital Management | 0.00% | Add +200.0% | 36 | $4K |
| Assetmark, Inc. | 0.00% | No change | 31 | $3K |
| Steward Partners Investment Advisory, LLC | 0.00% | Add +25.0% | 30 | $3K |
| Rothschild Investment LLC | 0.00% | Add +16.0% | 29 | $3K |
| Essential Partners LLC | 0.00% | Reduce -55.6% | 24 | $3K |
| Global Retirement Partners, LLC | 0.00% | New | 20 | $2K |
| Dogwood Wealth Management LLC | 0.00% | Reduce -44.4% | 15 | $2K |
| True Wealth Design, LLC | 0.00% | Reduce -21.1% | 15 | $2K |
| SHP Wealth Management | 0.00% | — | 14 | $2K |
| Parkside Financial Bank & Trust | 0.00% | No change | 10 | $1K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | No change | 10 | $1K |
| Capital Advisors, Ltd. LLC | 0.00% | No change | 13 | $1K |
| Root Financial Partners, LLC | 0.00% | New | 9 | $976 |
| Allworth Financial LP | 0.00% | Reduce -63.2% | 7 | $759 |
| SBI Securities Co., Ltd. | 0.00% | Reduce -25.0% | 3 | $325 |
| Fortitude Family Office, LLC | 0.00% | No change | 2 | $217 |
| Vermillion Wealth Management, Inc. | 0.00% | No change | 1 | $112 |
| CIBC Private Wealth Group LLC | 0.00% | New | 1 | $108 |
| Larson Financial Group LLC | 0.00% | Reduce -50.0% | 1 | $108 |
"% of holder's portfolio" is TPB's weight in each manager's 13F, not the share of Turning Point Brands Inc. the manager owns.