TripadvisorTRIP

13F holders, Q1 2026 (March 31)
288holders −27
47new positions
73sold out
7famous investors
$10.67avg. 13F price*

At the end of Q1 2026, 288 institutions reported holding Tripadvisor Inc. (TRIP) in their 13F filings, down 27 from Q4 2025. 47 opened new positions and 73 sold out. The largest holders were BlackRock, Inc. ($179.2M), Starboard Value ($114.9M) and Ameriprise Financial Inc. ($89.1M). 7 famous investors held it, including Jeff Smith (2.5% of Starboard Value's portfolio), David Einhorn (0.5% of Greenlight Capital (DME Capital Management)'s portfolio) and Lee Ainslie (0.0% of Maverick Capital's portfolio).

Company
Tripadvisor Inc.
CUSIP
896945201
Latest filing quarter
Q2 2026

History

Number of 13F holders

0100200300400 Q1 2024: 314Q1 2024Q2 2024: 286Q2 2024Q3 2024: 279Q3 2024Q4 2024: 288Q4 2024Q1 2025: 290Q1 2025Q2 2025: 296Q2 2025Q3 2025: 308Q3 2025Q4 2025: 315Q4 2025Q1 2026: 288Q1 2026Q2 2026: 291Q2 2026

Total Exit/New Position Q4 2025 → Q1 2026

InstitutionsTotal Value
New Positions47$63.5M
Exits73$183.3M

All 13F filers, Q4 2025 → Q1 2026: 26,373,551 shares bought and 18,719,302 shares sold, net +7,654,249 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.

Ownership 288 holders

BlackRock, Inc. 0.00% Reduce -0.6% 16,807,973 $179.2M
Starboard Value 2.51% Add +11.7% 10,774,996 $114.9M
Ameriprise Financial Inc. 0.02% Add +1.4% 8,355,726 $89.1M
Vanguard Portfolio Management LLC 0.00% — 6,575,209 $70.1M
Vanguard Capital Management LLC 0.00% — 5,176,260 $55.2M
Nuveen, LLC 0.01% Add +48.1% 4,968,075 $53.0M
State Street Corp. 0.00% Add +2.5% 4,888,545 $52.1M
Southeastern Asset Management Inc. 2.41% Add +62.0% 4,598,068 $49.0M
Par Capital Management Inc. 1.26% Add +86.7% 4,072,054 $43.4M
Dimensional Fund Advisors LP 0.01% Add +5.6% 3,973,534 $42.4M
UBS Group AG 0.01% Add +155.5% 2,920,888 $31.1M
Geode Capital Management, LLC 0.00% Add +0.4% 2,841,737 $30.3M
Royal Bank of Canada 0.01% Reduce -0.1% 2,820,428 $30.1M
HBK Investments L P 0.37% Add +505.7% 2,526,616 $26.9M
Monimus Capital Management, LP 7.41% Add +452.4% 2,506,865 $26.7M
Technology Crossover Management IX, Ltd. 3.23% No change 2,281,000 $24.3M
River Road Asset Management, LLC 0.27% Reduce -34.9% 2,244,836 $23.9M
Charles Schwab Investment Management Inc. 0.00% Add +9.0% 1,720,680 $18.3M
AltraVue Capital, LLC 1.58% Add +0.5% 1,717,020 $18.3M
Greenlight Capital (DME Capital Management) 0.52% New 1,564,696 $16.7M
Invesco Ltd. 0.00% Add +40.5% 1,478,560 $15.8M
Morgan Stanley 0.00% Reduce -35.2% 1,432,676 $15.3M
U S Global Investors Inc. 1.71% Add +32.3% 1,372,941 $14.6M
Goldman Sachs Group Inc. 0.00% Add +4.7% 1,304,229 $13.9M
Northern Trust Corp. 0.00% Add +4.1% 1,195,364 $12.7M
Converium Capital Inc. 17.65% New 1,075,000 $11.5M
Jupiter Asset Management Ltd. 0.06% Add +110.2% 978,731 $10.4M
Mangrove Partners Im, LLC 0.84% Add +4753.5% 968,658 $10.3M
Van Lanschot Kempen Investment Management N.V. 0.09% Reduce -47.5% 952,767 $10.2M
Federated Hermes, Inc. 0.02% Reduce -51.9% 921,371 $9.8M
Bank of America Corp. 0.00% Add +15.6% 842,334 $9.0M
Susquehanna International Group, LLP 0.01% Add +4718.5% 828,692 $8.8M
Vanguard Fiduciary Trust Co. 0.00% — 772,037 $8.2M
SG Americas Securities, LLC 0.01% Reduce -33.7% 734,928 $7.8M
Bank of New York Mellon Corp 0.00% Reduce -3.9% 714,411 $7.6M
Pacer Advisors, Inc. 0.02% Add +2.1% 692,187 $7.4M
Vontobel Holding Ltd. 0.02% Add +703.1% 647,274 $6.9M
Bridgeway Capital Management, LLC 0.14% Add +463.9% 639,465 $6.8M
Lightrock Netherlands B.V. 1.41% Reduce -42.2% 619,718 $6.6M
Wittenberg Investment Management, Inc. 2.33% Add +243.8% 585,300 $6.2M
Callodine Capital Management, LP 0.43% New 576,249 $6.1M
Principal Financial Group Inc. 0.00% Add +0.0% 558,058 $5.9M
BNP Paribas Financial Markets 0.00% Add +389.8% 508,053 $5.4M
Empowered Funds, LLC 0.03% New 500,565 $5.3M
DCM Advisors, LLC 2.29% Add +32.5% 471,285 $5.0M
JPMorgan Chase & Co. 0.00% Add +124.8% 463,984 $4.8M
Victory Capital Management Inc. 0.00% Add +89.4% 451,319 $4.8M
AQR Capital Management 0.00% Add +20.5% 428,882 $4.5M
Confluence Investment Management LLC 0.07% Reduce -13.5% 410,791 $4.4M
Public Sector Pension Investment Board 0.01% Add +1.2% 409,523 $4.4M
Infinitum Asset Management, LLC 0.51% No change 380,500 $4.1M
Wells Fargo & Company 0.00% Add +0.6% 376,171 $4.0M
Legato Capital Management LLC 0.35% No change 363,230 $3.9M
New York State Common Retirement Fund 0.01% Reduce -0.1% 358,070 $3.8M
Gilman Hill Asset Management, LLC 0.52% Reduce -1.2% 321,639 $3.4M
D. E. Shaw & Co. 0.00% Reduce -16.7% 308,825 $3.3M
Rhumbline Advisers 0.00% Reduce -1.4% 307,182 $3.3M
13D Management LLC 4.96% No change 300,000 $3.2M
Adage Capital Partners Gp, L.L.C. 0.00% New 300,000 $3.2M
Voya Investment Management LLC 0.00% Add +12.2% 284,600 $3.0M
Cygnus Capital Advisors, LLC 2.07% Add +79.1% 284,113 $3.0M
Quantinno Capital Management LP 0.00% Add +13.9% 260,025 $2.8M
American Century Companies Inc. 0.00% Reduce -5.0% 253,962 $2.7M
Legal & General Group Plc 0.00% Reduce -11.5% 249,682 $2.7M
Leonteq Securities AG 0.16% Add +153.9% 242,483 $2.6M
Summit Trail Advisors, LLC 0.03% Add +64.0% 222,081 $2.4M
Prelude Capital Management, LLC 0.18% Add +135.3% 220,441 $2.3M
Bessemer Group Inc. 0.00% Reduce -0.2% 203,895 $2.2M
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% Add +5.9% 203,144 $2.2M
Alliancebernstein L.P. 0.00% Reduce -8.4% 148,059 $2.2M
Penserra Capital Management LLC 0.02% Reduce -10.5% 198,170 $2.1M
Swiss National Bank 0.00% No change 194,600 $2.1M
Rangeley Capital, LLC 2.20% New 190,000 $2.0M
Ballast Asset Management, LP 0.87% Add +2.5% 183,413 $2.0M
Centiva Capital, LP 0.09% New 177,876 $1.9M
Jacobs Levy Equity Management, Inc. 0.01% New 174,839 $1.9M
Palogic Value Management, L.P. 0.78% New 165,000 $1.8M
State of Wisconsin Investment Board 0.00% Add +38.5% 160,166 $1.7M
Wallace Capital Management Inc. 0.19% Reduce -19.4% 155,585 $1.7M
Citigroup Inc. 0.00% Add +7.5% 143,826 $1.5M
California State Teachers Retirement System 0.00% Add +47.0% 141,921 $1.5M
Brevan Howard Capital Management LP 0.02% New 140,145 $1.5M
SummitTX Capital, L.P. 0.05% Add +619.9% 139,710 $1.5M
New York State Teachers Retirement System 0.00% Reduce -2.7% 136,343 $1.5M
Prudential Financial Inc. 0.00% Add +3.0% 134,584 $1.4M
T. Rowe Price Associates Inc. 0.00% Add +17.6% 131,875 $1.4M
Sei Investments Co. 0.00% Add +77.1% 129,834 $1.4M
IMA Advisory Services, Inc. 0.13% Reduce -1.1% 129,160 $1.4M
P Schoenfeld Asset Management LP 1.06% No change 125,000 $1.3M
K.J. Harrison & Partners Inc 0.22% Add +316.7% 125,000 $1.3M
Villanova Investment Management Co LLC 1.35% Reduce -22.2% 123,631 $1.3M
XTX Topco Ltd 0.02% Add +237.3% 122,894 $1.3M
Fifth Third Bancorp 0.00% Add +11748.4% 114,337 $1.2M
Marex Group Ltd 0.01% Add +13.9% 114,135 $1.2M
Tidal Investments LLC 0.00% Add +6.7% 113,999 $1.2M
Deutsche Bank AG 0.00% Add +10.4% 109,310 $1.2M
ExodusPoint Capital Management, LP 0.01% New 108,703 $1.2M
First Trust Advisors LP 0.00% Add +107.3% 106,487 $1.1M
Clear Harbor Asset Management, LLC 0.08% New 103,747 $1.1M
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% Reduce -17.8% 103,340 $1.1M
Ewing Morris & Co. Investment Partners Ltd. 0.48% Add +0.1% 100,000 $1.1M
Persistent Asset Partners Ltd 0.41% No change 100,000 $1.1M
CANADA LIFE ASSURANCE Co 0.00% No change 94,392 $1.0M
Raymond James Financial Inc. 0.00% Reduce -53.3% 92,617 $987K
Massar Capital Management, LP 0.19% No change 90,000 $959K
Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% Reduce -41.1% 89,417 $953K
Royce & Associates LP 0.01% Add +21.7% 87,348 $931K
VANGUARD ASSET MANAGEMENT, Ltd 0.00% — 86,011 $917K
Boyar Asset Management Inc. 0.51% Add +36.0% 84,781 $904K
Man Group plc 0.00% Add +252.2% 83,130 $886K
Blueshift Asset Management, LLC 0.26% Reduce -38.7% 81,900 $873K
Freestone Grove Partners LP 0.01% New 81,374 $867K
Group One Trading LLC 0.03% New 80,288 $856K
Intech Investment Management LLC 0.01% Reduce -78.7% 77,611 $827K
Thrivent Financial for Lutherans 0.00% Reduce -5.6% 76,407 $814K
Quinn Opportunity Partners LLC 0.04% No change 75,040 $800K
VARCOV Co. 0.30% Add +91.4% 75,001 $800K
National Bank of Canada 0.00% Add +31.4% 71,569 $763K
Kentucky Retirement Systems 0.06% New 9,149 $758K
Barclays PLC 0.00% Reduce -60.5% 70,805 $755K
Dakota Wealth Management 0.02% Reduce -19.9% 68,915 $735K
Marshall Wace, LLP 0.00% New 68,485 $730K
Maverick Capital 0.01% New 67,891 $724K
Citadel Advisors 0.00% New 67,690 $722K
IMC-Chicago, LLC 0.01% Add +243.5% 66,707 $711K
Harbor Capital Advisors, Inc. 0.06% Add +134.4% 66,598 $710K
Acorn Financial Advisory Services Inc. 0.09% Reduce -1.3% 63,206 $674K
Vident Advisory, LLC 0.01% New 62,499 $666K
Verition Fund Management LLC 0.01% Add +36.6% 61,438 $655K
Illinois Municipal Retirement Fund 0.01% Add +2.0% 61,011 $650K
CastleKnight Management LP 0.03% No change 60,900 $649K
Acadian Asset Management LLC 0.00% Add +60.4% 60,470 $644K
MetLife Investment Management, LLC 0.00% Reduce -5.8% 60,132 $641K
State of Alaska, Department of Revenue 0.01% Reduce -4.9% 59,806 $636K
Caption Management, LLC 0.03% Add +22.7% 55,989 $597K
Envestnet Asset Management Inc. 0.00% Add +8.3% 55,119 $588K
Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% Add +30.5% 54,999 $586K
Campbell & CO Investment Adviser LLC 0.03% Add +4.0% 52,438 $559K
Manufacturers Life Insurance Company, The 0.00% Reduce -4.1% 51,859 $553K
Creative Planning 0.00% Add +42.5% 51,702 $551K
Louisiana State Employees Retirement System 0.01% Reduce -5.2% 50,800 $542K
KLP Kapitalforvaltning As 0.00% No change 47,300 $504K
Vanguard Global Advisers, LLC 0.00% — 46,886 $500K
Cannon Global Investment Management, LLC 1.20% New 46,200 $492K
Janus Henderson Group PLC 0.00% No change 43,528 $464K
Amundi 0.00% Add +99.3% 41,082 $438K
Two Sigma Investments, LP 0.00% New 40,800 $435K
Handelsbanken Fonder AB 0.00% No change 39,200 $418K
Nomura Holdings Inc. 0.00% Add +6.6% 35,379 $377K
Verdence Capital Advisors LLC 0.02% New 34,632 $369K
LPL Financial LLC 0.00% Add +68.1% 33,283 $355K
Amalgamated Bank 0.00% Reduce -1.9% 32,956 $351K
State Board of Administration of Florida Retirement System 0.00% No change 31,974 $341K
Walleye Trading LLC 0.01% Add +7.1% 31,753 $338K
Yousif Capital Management, LLC 0.00% Reduce -2.5% 30,752 $328K
Susquehanna Portfolio Strategies, LLC 0.00% New 30,616 $326K
Andina Capital Management, LLC 0.29% New 30,468 $325K
Police & Firemen's Retirement System of New Jersey 0.00% No change 30,048 $320K
Quent Capital, LLC 0.02% Add +48.2% 30,000 $320K
Covestor Ltd 0.21% Add +509.8% 29,025 $309K
Teachers Retirement System of the State of Kentucky 0.00% No change 28,683 $305K
Commonwealth of Pennsylvania Public School Empls Retrmt SYS 0.00% Reduce -2.2% 28,308 $302K
Arizona State Retirement System 0.00% Reduce -1.1% 27,295 $291K
Vanguard Investments Australia, Ltd. 0.00% — 26,781 $285K
JBF Capital, Inc. 0.04% New 26,519 $283K
Oregon Public Employees Retirement Fund 0.00% Reduce -2.2% 26,179 $279K
Wealth Enhancement Advisory Services, LLC 0.00% Add +6.2% 25,105 $272K
Tred Avon Family Wealth, LLC 0.09% Reduce -0.1% 25,340 $270K
State of Tennessee, Department of Treasury 0.00% No change 24,701 $263K
Flow Traders U.S. LLC 0.01% New 24,007 $256K
K2 Principal Fund, L.P. 0.07% New 23,000 $245K
VIRGINIA RETIREMENT SYSTEMS ET Al 0.00% Reduce -45.7% 22,186 $237K
Cerity Partners LLC 0.00% Reduce -22.9% 20,358 $217K
Mercer Global Advisors Inc. 0.00% New 20,157 $215K
Pictet Asset Management Holding SA 0.00% Add +25.9% 18,098 $193K
Arax Advisory Partners 0.01% Add +2359.0% 17,975 $192K
Cwm, LLC 0.00% Reduce -22.0% 17,829 $190K
ProShare Advisors LLC 0.00% Reduce -20.0% 17,813 $190K
Gotham Asset Management 0.00% Reduce -95.5% 17,764 $189K
Essex Financial Services, Inc. 0.01% Reduce -0.8% 17,724 $189K
Russell Investments Group, Ltd. 0.00% Add +2.7% 17,239 $184K
Intrepid Capital Management Inc. 0.08% Add +14.2% 16,882 $180K
Hennion & Walsh Asset Management, Inc. 0.01% Reduce -1.6% 16,475 $176K
Maryland State Retirement & Pension System 0.00% Reduce -4.3% 16,401 $175K
Uhlmann Price Securities, LLC 0.01% New 16,715 $162K
PNC Financial Services Group, Inc. 0.00% Add +3.2% 14,965 $160K
Stifel Financial Corp. 0.00% Add +25.2% 14,896 $159K
GTS Securities LLC 0.01% New 13,633 $145K
Public Employees Retirement Association of Colorado 0.00% No change 13,405 $143K
Brooklyn Investment Group 0.00% New 13,144 $140K
Mutual of America Capital Management LLC 0.00% Reduce -2.0% 13,100 $140K
Two Sigma Securities, LLC 0.02% New 12,837 $137K
Nisa Investment Advisors, LLC 0.00% Reduce -17.1% 12,822 $137K
Corient Private Wealth LP 0.00% Reduce -12.1% 12,718 $136K
CenterStar Asset Management, LLC 0.13% New 12,300 $131K
Tower Research Capital LLC (TRC) 0.00% Add +43.6% 11,624 $124K
Canada Pension Plan Investment Board 0.00% Reduce -86.8% 11,300 $120K
Ensign Peak Advisors, Inc 0.00% No change 11,165 $119K
Evergreen Capital Management LLC 0.00% Reduce -8.8% 11,100 $118K
Allspring Global Investments Holdings, LLC 0.00% New 10,867 $116K
Xponance LLC 0.00% New 10,545 $112K
Altfest L J & Co. Inc. 0.01% New 10,000 $107K
Itau Unibanco Holding S.A. 0.00% Reduce -41.2% 10,000 $107K
Ameritas Investment Partners, Inc. 0.00% No change 9,724 $104K
Kayne Anderson Rudnick Investment Management LLC 0.00% Add +40.7% 9,593 $102K
PEAK6 LLC 0.00% New 8,611 $92K
Jones Financial Companies LLLP 0.00% Add +2.5% 9,005 $91K
Northwestern Mutual Wealth Management Co. 0.00% Reduce -15.8% 8,260 $88K
Bayforest Capital Ltd 0.08% Reduce -69.2% 6,629 $71K
FMR LLC 0.00% Reduce -66.0% 5,710 $61K
Osaic Holdings, Inc. 0.00% Reduce -86.8% 5,247 $56K
Hantz Financial Services, Inc. 0.00% Add +282.2% 4,697 $50K
KBC Group NV 0.00% No change 4,680 $50K
Public Employees Retirement System of Ohio 0.00% Add +5.2% 2,484 $26K
GAMMA Investing LLC 0.00% Add +102.9% 2,414 $26K
Sterling Capital Management LLC 0.00% Reduce -38.3% 2,337 $25K
Salomon & Ludwin, LLC 0.00% Add +166.6% 1,885 $20K
Rockefeller Capital Management L.P. 0.00% Reduce -32.9% 1,856 $20K
Essex Investment Management Co. LLC 0.00% No change 1,523 $16K
American National Bank & Trust 0.00% No change 1,451 $15K
Allworth Financial LP 0.00% Add +882.0% 1,306 $14K
Advisory Services Network, LLC 0.00% Reduce -49.4% 1,242 $13K
Rothschild Investment LLC 0.00% Add +219.1% 1,085 $12K
BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% Reduce -3.0% 1,069 $11K
Wealth Preservation Advisors, LLC 0.01% Add +90.9% 880 $9K
Root Financial Partners, LLC 0.00% Add +119.7% 760 $8K
Essential Partners LLC 0.00% Add +331.0% 750 $8K
Salem Investment Counselors Inc. 0.00% New 749 $8K
MassMutual Private Wealth & Trust, FSB 0.00% Add +47.5% 742 $8K
EverSource Wealth Advisors, LLC 0.00% Add +54.5% 706 $8K
Pinnacle Bancorp, Inc. 0.00% No change 681 $7K
SBI Securities Co., Ltd. 0.00% Reduce -0.6% 680 $7K
Los Angeles Capital Management LLC 0.00% No change 616 $7K
Smartleaf Asset Management LLC 0.00% Reduce -80.2% 448 $5K
Hilton Head Capital Partners, LLC 0.00% Add +33.3% 400 $4K
Pinnacle Wealth Planning Services, Inc. 0.00% Reduce -21.3% 399 $4K
Signaturefd, LLC 0.00% Add +326.1% 392 $4K
Farther Finance Advisors, LLC 0.00% Add +27.8% 368 $4K
True Wealth Design, LLC 0.00% Add +351.5% 307 $3K
UMB Bank, n.a. 0.00% Reduce -86.8% 303 $3K
Fourth Dimension Wealth, LLC 0.00% No change 300 $3K
Bare Financial Services, Inc 0.00% Add +139.8% 271 $3K
MAI Capital Management 0.00% New 266 $3K
Steward Partners Investment Advisory, LLC 0.00% Reduce -6.9% 257 $3K
Colonial Trust Co / SC 0.00% No change 236 $3K
Parallel Advisors, LLC 0.00% Reduce -80.0% 163 $2K
Parkside Financial Bank & Trust 0.00% Add +179.6% 151 $2K
US Bancorp \de 0.00% Reduce -88.0% 132 $1K
Harbour Investments, Inc. 0.00% New 117 $1K
International Assets Investment Management, LLC 0.00% No change 100 $1K
Brown Brothers Harriman & Co. 0.00% Reduce -50.0% 96 $1K
Raffa Wealth Management, LLC 0.00% Add +1.1% 94 $1K
Larson Financial Group LLC 0.00% Add +84.3% 94 $1K
Blue Trust, Inc. 0.00% No change 94 $1K
Keating Financial Advisory Services, Inc. 0.00% Add +60.3% 93 $991
CVA Family Office, LLC 0.00% New 93 $991
Beacon Financial Strategies CORP 0.00% No change 69 $736
Farmers & Merchants Investments Inc. 0.00% No change 65 $693
Whittier Trust Co. 0.00% No change 58 $629
Armstrong Advisory Group, Inc. 0.00% No change 55 $587
Signature Resources Capital Management, LLC 0.00% No change 54 $576
Physician Wealth Advisors, Inc. 0.00% New 50 $533
SJS Investment Consulting Inc. 0.00% Add +422.2% 47 $502
Stone House Investment Management, LLC 0.00% New 44 $469
Kilter Group LLC 0.00% Reduce -27.6% 42 $448
Assetmark, Inc. 0.00% Add +287.5% 31 $330
Investors Portfolio Services LLC 0.00% New 34 $327
TD Private Client Wealth LLC 0.00% New 28 $298
Boyd Watterson Asset Management LLC 0.00% No change 24 $256
Whittier Trust Co. of Nevada Inc. 0.00% No change 23 $250
RMG Wealth Management LLC 0.00% No change 25 $242
Cornerstone Planning Group LLC 0.00% Reduce -16.7% 20 $226
Sound Income Strategies, LLC 0.00% Reduce -98.8% 20 $214
Huntington National Bank 0.00% Reduce -94.9% 19 $203
Asset Planning,Inc 0.00% No change 18 $192
Versant Capital Management, Inc 0.00% Reduce -88.7% 17 $181
Eurizon Capital SGR S.p.A. 0.00% No change 15 $160
Fortitude Family Office, LLC 0.00% Reduce -59.4% 13 $139
Lodestone Wealth Management LLC 0.00% No change 9 $96
Abound Wealth Management 0.00% No change 9 $96
Gilpin Wealth Management, LLC 0.00% Reduce -16.7% 5 $54
Bay Harbor Wealth Management, LLC 0.00% Reduce -66.7% 3 $31
Dunhill Financial, LLC 0.00% No change 2 $25
Hughes Financial Services, LLC 0.00% New 2 $21
HFM Investment Advisors, LLC 0.00% Reduce -71.4% 2 $21
Curio Wealth, LLC 0.00% New 1 $11
Rialto Wealth Management, LLC 0.00% Reduce -83.3% 1 $11
CKW Financial Group 0.00% No change 25 $0

"% of holder's portfolio" is TRIP's weight in each manager's 13F, not the share of Tripadvisor Inc. the manager owns.