Passive Ownership Shifts in Index Holdings
Recent data shows significant changes in the share of reported holdings held by passive funds.
AudioEye Inc (AEYE) saw a sharp increase in passive ownership. Index and passive-classified funds are estimated to hold 94.6% of its N-PORT-reported shares as of March 31, 2026. This is up from 42.5% as of December 31, 2025.
Chime Financial, Inc. (CHYM) also experienced a rise in passive holdings. Index and passive-classified funds are estimated to hold 68.1% of its N-PORT-reported shares as of March 31, 2026. This compares to 12.2% as of December 31, 2025.
Other issuers saw declines in the share of reported holdings held by passive funds. Index and passive-classified funds are estimated to hold 36.3% of Avalo Therapeutics, Inc. (AVTX) N-PORT-reported shares as of March 31, 2026. This is down from 99.7% as of December 31, 2025.
Quarter-to-quarter changes can reflect changes in N-PORT filing coverage or denominator composition. The supplied data alone cannot distinguish those effects from actual fund buying or selling.
Concentration risk remains high for several issuers where a few funds dominate the visible share count. The five largest N-PORT-reporting funds hold an estimated 99.9% of Sharplink, Inc. (SBET) N-PORT-visible shares as of March 31, 2026. Ares Capital Corp (ARCC) shows similar concentration, with the five largest N-PORT-reporting funds holding an estimated 99.8% of its N-PORT-visible shares.
This pattern extends to other smaller reporting groups. The five largest N-PORT-reporting funds hold an estimated 99.7% of Tilray Brands, Inc. (TLRY) N-PORT-visible shares as of March 31, 2026. Such high concentration limits the diversity of the institutional holder base.