Who owns LSAT
Which tracked institutional funds hold LSAT, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See LSAT company fundamentals →
Ownership as of the 2026-Q1 13F filings. 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
The tracked-fund tape on LSAT is one-sided between 2025-Q4 and 2026-Q1: 2 added or opened and 6 trimmed or exited — on balance reducing.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
LSAT’s largest tracked holder by dollar value, Redwood Investment Management, LLC, sizes it at 3.1% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 3.1pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in LSAT divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2025-Q4 and 2026-Q1, across 20 tracked filers holding LSAT, 7 increased or opened the position and 15 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in LSAT between the 2025-Q4 and 2026-Q1 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
Full exits 2
- Gladstone Institutional Advisory LLC$598K
- Coppell Advisory Solutions LLC$561K
Largest adds
- OLD MISSION CAPITAL LLC$1M
- SUSQUEHANNA INTERNATIONAL GROUP, LLP$258K
Largest trims
- Redwood Investment Management, LLC$8M
- Cetera Investment Advisers$2M
- LPL Financial LLC$1M
- Spire Wealth Management$996K
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| Redwood Investment Management, LLC trimmed | 625,090 | $25M | 40.6% | 2026-Q1 |
| LPL Financial LLC trimmed | 401,436 | $16M | 26.1% | 2026-Q1 |
| Cetera Investment Advisers trimmed | 63,303 | $2M | 4.1% | 2026-Q1 |
| OLD MISSION CAPITAL LLC added | 50,036 | $2M | 3.3% | 2026-Q1 |
| Private Advisor Group, LLC trimmed | 36,609 | $1M | 2.4% | 2026-Q1 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP added | 23,901 | $942K | 1.6% | 2026-Q1 |
| IHT Wealth Management, LLC trimmed | 18,975 | $748K | 1.2% | 2026-Q1 |
| GREAT VALLEY ADVISOR GROUP, INC. added | 18,334 | $722K | 1.2% | 2026-Q1 |
| Cambridge Investment Research Advisors, Inc. trimmed | 10,948 | $431K | 0.7% | 2026-Q1 |
| Spire Wealth Management trimmed | 6,528 | $257K | 0.4% | 2026-Q1 |
| VestGen Advisors, LLC new | 5,826 | $248K | 0.4% | 2026-Q1 |
| UBS Group AG added | 1,425 | $56K | 0.1% | 2026-Q1 |
| HARBOUR INVESTMENTS, INC. trimmed | 1,222 | $48K | 0.1% | 2026-Q1 |
| OSAIC HOLDINGS, INC. added | 462 | $18K | 0.0% | 2026-Q1 |
| Allworth Financial LP new | 423 | $17K | 0.0% | 2026-Q1 |
| JPMORGAN CHASE & CO | 404 | $16K | 0.0% | 2026-Q1 |
| IFP Advisors, Inc | 353 | $14K | 0.0% | 2026-Q1 |
| Signature Equity Partners, LLC | 28 | $1K | 0.0% | 2026-Q1 |
| Comprehensive Financial Planning, Inc./PA | 22 | $866 | 0.0% | 2026-Q1 |
| AE Wealth Management LLC | 1 | $29 | 0.0% | 2026-Q1 |
| Mariner, LLC trimmed | 78,064 | $3M | 5.3% | 2025-Q3 stale |
| Envestnet Portfolio Solutions, Inc. trimmed | 34,918 | $1M | 2.3% | 2025-Q2 stale |
| Atria Wealth Solutions, Inc. trimmed | 33,712 | $1M | 2.2% | 2025-Q2 stale |
| COMMONWEALTH EQUITY SERVICES, LLC trimmed | 18,348 | $759K | 1.3% | 2025-Q3 stale |
| Good Life Advisors, LLC trimmed | 18,724 | $741K | 1.2% | 2025-Q2 stale |
| Gladstone Institutional Advisory LLC trimmed | 15,394 | $598K | 1.0% | 2025-Q4 stale |
| CITADEL ADVISORS LLC trimmed | 14,353 | $568K | 0.9% | 2025-Q2 stale |
| Coppell Advisory Solutions LLC trimmed | 14,347 | $561K | 0.9% | 2025-Q4 stale |
| MORGAN STANLEY added | 9,525 | $394K | 0.6% | 2025-Q3 stale |
| Aurora Private Wealth, Inc. trimmed | 6,433 | $253K | 0.4% | 2025-Q4 stale |
| ENVESTNET ASSET MANAGEMENT INC trimmed | 5,268 | $218K | 0.4% | 2025-Q3 stale |
| Yardley Wealth Management LLC | 5,211 | $216K | 0.4% | 2025-Q3 stale |
| Maia Wealth LLC trimmed | 5,119 | $203K | 0.3% | 2025-Q2 stale |
| Wealthspire Advisors, LLC new | 2,845 | $118K | 0.2% | 2025-Q3 stale |
| Barnes Dennig Private Wealth Management LLC trimmed | 1,683 | $65K | 0.1% | 2025-Q4 stale |
| Blue Trust, Inc. new | 1,298 | $50K | 0.1% | 2025-Q4 stale |
| COLDSTREAM CAPITAL MANAGEMENT INC new | 840 | $34K | 0.1% | 2025-Q1 stale |
| AMERIFLEX GROUP, INC. | 220 | $9K | 0.0% | 2025-Q2 stale |
| TUCKER ASSET MANAGEMENT LLC | 198 | $8K | 0.0% | 2025-Q4 stale |
| WELLS FARGO & COMPANY/MN trimmed | 197 | $8K | 0.0% | 2025-Q4 stale |
| Kiker Wealth Management, LLC new | 137 | $5K | 0.0% | 2025-Q1 stale |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | 0 | — | 0.0% | 2025-Q2 stale |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.