Who owns NOTE (NOTE)
Which tracked institutional funds hold NOTE, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See NOTE company fundamentals →
Ownership as of the 2025-Q4 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 NOTE is one-sided between 2025-Q4 and 2026-Q1: 0 added or opened and 1 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
NOTE’s largest tracked holder by dollar value, KENNEDY CAPITAL MANAGEMENT LLC, sizes it at 0.0% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 0.0pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in NOTE 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-Q3 and 2025-Q4, across 60 tracked filers holding NOTE, 27 increased or opened the position and 22 reduced or closed it; over the same quarter, open-market insider Form 4 buying and selling roughly offset.
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 NOTE 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 1
- VANGUARD GROUP INC$607K
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 |
|---|---|---|---|---|
| VANGUARD GROUP INC added | 412,864 | $607K | 6.3% | 2025-Q4 |
| STONEHILL CAPITAL MANAGEMENT LLC added | 221,050 | $325K | 3.4% | 2025-Q4 |
| Focus Partners Wealth added | 66,989 | $309K | 3.2% | 2025-Q4 |
| MORGAN STANLEY trimmed | 187,949 | $276K | 2.9% | 2025-Q4 |
| Atlas Wealth LLC new | 1,192 | $217K | 2.3% | 2026-Q1 |
| Corecam Pte. Ltd. added | 142,398 | $209K | 2.2% | 2025-Q4 |
| TWO SIGMA INVESTMENTS, LP added | 118,792 | $175K | 1.8% | 2025-Q4 |
| CITADEL ADVISORS LLC added | 115,934 | $170K | 1.8% | 2025-Q4 |
| GEODE CAPITAL MANAGEMENT, LLC added | 94,305 | $139K | 1.4% | 2025-Q4 |
| NewEdge Advisors, LLC added | 84,261 | $124K | 1.3% | 2025-Q4 |
| Comprehensive Financial Management LLC | 84,248 | $124K | 1.3% | 2025-Q4 |
| BlackRock, Inc. trimmed | 81,174 | $119K | 1.2% | 2025-Q4 |
| TWO SIGMA ADVISERS, LP added | 77,432 | $114K | 1.2% | 2025-Q4 |
| BROWN ADVISORY INC | 65,291 | $96K | 1.0% | 2025-Q4 |
| RAYMOND JAMES FINANCIAL INC added | 53,752 | $79K | 0.8% | 2025-Q4 |
| Corecam AG new | 49,581 | $73K | 0.8% | 2025-Q4 |
| LMR Partners LLP | 2,341,738 | $71K | 0.7% | 2025-Q4 |
| Marex Group plc added | 48,141 | $71K | 0.7% | 2025-Q4 |
| MILLENNIUM MANAGEMENT LLC trimmed | 47,722 | $70K | 0.7% | 2025-Q4 |
| TWO SIGMA SECURITIES, LLC added | 41,212 | $61K | 0.6% | 2025-Q4 |
| GOLDMAN SACHS GROUP INC trimmed | 40,362 | $59K | 0.6% | 2025-Q4 |
| XTX Topco Ltd added | 35,516 | $52K | 0.5% | 2025-Q4 |
| GSA CAPITAL PARTNERS LLP trimmed | 33,533 | $49K | 0.5% | 2025-Q4 |
| STATE STREET CORP | 32,922 | $48K | 0.5% | 2025-Q4 |
| PRICE T ROWE ASSOCIATES INC /MD/ trimmed | 24,300 | $36K | 0.4% | 2025-Q4 |
| R Squared Ltd trimmed | 15,681 | $23K | 0.2% | 2025-Q4 |
| NORTHERN TRUST CORP | 14,903 | $22K | 0.2% | 2025-Q4 |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC trimmed | 13,000 | $19K | 0.2% | 2025-Q4 |
| HRT FINANCIAL LP trimmed | 10,172 | $14K | 0.1% | 2025-Q4 |
| Saba Capital Management, L.P. | 273,057 | $8K | 0.1% | 2025-Q4 |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC trimmed | 4,791 | $7K | 0.1% | 2025-Q4 |
| Ovata Capital Management Ltd | 194,545 | $6K | 0.1% | 2025-Q4 |
| WOLVERINE ASSET MANAGEMENT LLC trimmed | 178,245 | $5K | 0.1% | 2025-Q4 |
| TORONTO DOMINION BANK | 150,000 | $5K | 0.0% | 2025-Q4 |
| SONA ASSET MANAGEMENT (US) LLC | 150,000 | $5K | 0.0% | 2025-Q4 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP trimmed | 116,935 | $4K | 0.0% | 2025-Q4 |
| Clear Street Group Inc. | 106,101 | $3K | 0.0% | 2025-Q4 |
| WELLS FARGO & COMPANY/MN | 2,000 | $3K | 0.0% | 2025-Q4 |
| PEAK6 LLC | 64,177 | $2K | 0.0% | 2025-Q4 |
| JANE STREET GROUP, LLC added | 62,529 | $2K | 0.0% | 2025-Q4 |
| KENNEDY CAPITAL MANAGEMENT LLC trimmed | 1,974,070 | $2M | 16.5% | 2025-Q1 stale |
| MASO CAPITAL PARTNERS Ltd | 9,000,000 | $594K | 6.2% | 2025-Q3 stale |
| Yorkville Advisors Global, LP new | 95,000 | $440K | 4.6% | 2025-Q3 stale |
| CITIZENS FINANCIAL GROUP INC/RI added | 470,000 | $252K | 2.6% | 2025-Q2 stale |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC trimmed | 439,817 | $236K | 2.4% | 2025-Q2 stale |
| RENAISSANCE TECHNOLOGIES LLC new | 396,564 | $213K | 2.2% | 2025-Q2 stale |
| Prosperity Wealth Management, Inc. added | 379,500 | $204K | 2.1% | 2025-Q2 stale |
| MARSHALL WACE, LLP trimmed | 41,872 | $194K | 2.0% | 2025-Q3 stale |
| Cubist Systematic Strategies, LLC new | 294,651 | $158K | 1.6% | 2025-Q2 stale |
| Nuveen, LLC new | 181,367 | $147K | 1.5% | 2025-Q1 stale |
| AMERIPRISE FINANCIAL INC trimmed | 176,557 | $143K | 1.5% | 2025-Q1 stale |
| Jump Financial, LLC added | 27,000 | $125K | 1.3% | 2025-Q3 stale |
| Bank of New York Mellon Corp added | 143,153 | $116K | 1.2% | 2025-Q1 stale |
| BARCLAYS PLC added | 86,286 | $110K | 1.1% | 2025-Q3 stale |
| MOORE CAPITAL MANAGEMENT, LP | 200,000 | $107K | 1.1% | 2025-Q2 stale |
| AQR CAPITAL MANAGEMENT LLC added | 190,479 | $102K | 1.1% | 2025-Q2 stale |
| DEUTSCHE BANK AG\ trimmed | 112,655 | $91K | 0.9% | 2025-Q1 stale |
| SEI INVESTMENTS CO new | 100,402 | $81K | 0.8% | 2025-Q1 stale |
| LPL Financial LLC added | 127,126 | $68K | 0.7% | 2025-Q2 stale |
| ALLIANCEBERNSTEIN L.P. trimmed | 81,400 | $66K | 0.7% | 2025-Q1 stale |
| KLINGENSTEIN FIELDS & CO LP | 119,931 | $64K | 0.7% | 2025-Q2 stale |
| ENVESTNET ASSET MANAGEMENT INC added | 68,365 | $55K | 0.6% | 2025-Q1 stale |
| RHUMBLINE ADVISERS trimmed | 57,615 | $47K | 0.5% | 2025-Q1 stale |
| INTECH INVESTMENT MANAGEMENT LLC new | 50,504 | $41K | 0.4% | 2025-Q1 stale |
| Jefferies Financial Group Inc. new | 50,000 | $40K | 0.4% | 2025-Q1 stale |
| Massar Capital Management, LP new | 43,016 | $35K | 0.4% | 2025-Q1 stale |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. added | 42,535 | $34K | 0.4% | 2025-Q1 stale |
| Jain Global LLC new | 63,369 | $34K | 0.4% | 2025-Q2 stale |
| Point72 Asia (Singapore) Pte. Ltd. new | 58,498 | $31K | 0.3% | 2025-Q2 stale |
| Corebridge Financial, Inc. added | 36,234 | $29K | 0.3% | 2025-Q1 stale |
| Virtu Financial LLC trimmed | 50,197 | $27K | 0.3% | 2025-Q2 stale |
| Mariner, LLC trimmed | 32,887 | $27K | 0.3% | 2025-Q1 stale |
| NEW YORK STATE COMMON RETIREMENT FUND | 31,927 | $26K | 0.3% | 2025-Q1 stale |
| Squarepoint Ops LLC trimmed | 28,595 | $23K | 0.2% | 2025-Q1 stale |
| J.W. COLE ADVISORS, INC. added | 41,100 | $22K | 0.2% | 2025-Q2 stale |
| SG Americas Securities, LLC added | 27,081 | $22K | 0.2% | 2025-Q1 stale |
| Invesco Ltd. trimmed | 27,081 | $22K | 0.2% | 2025-Q1 stale |
| Graham Capital Management, L.P. new | 27,054 | $22K | 0.2% | 2025-Q1 stale |
| Police & Firemen's Retirement System of New Jersey new | 24,523 | $20K | 0.2% | 2025-Q1 stale |
| CERTUITY, LLC | 28,400 | $15K | 0.2% | 2025-Q2 stale |
| CIBC WORLD MARKETS CORP new | 16,411 | $13K | 0.1% | 2025-Q1 stale |
| Vanguard Personalized Indexing Management, LLC new | 24,472 | $13K | 0.1% | 2025-Q2 stale |
| ProShare Advisors LLC trimmed | 16,011 | $13K | 0.1% | 2025-Q1 stale |
| WOLVERINE TRADING, LLC trimmed | 13,283 | $12K | 0.1% | 2025-Q1 stale |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC new | 14,701 | $11K | 0.1% | 2025-Q2 stale |
| Callan Family Office, LLC new | 20,118 | $11K | 0.1% | 2025-Q2 stale |
| PFG Investments, LLC | 19,825 | $11K | 0.1% | 2025-Q2 stale |
| CLEAR STREET LLC | 106,001 | $11K | 0.1% | 2025-Q2 stale |
| MML INVESTORS SERVICES, LLC | 11,786 | $10K | 0.1% | 2025-Q1 stale |
| Oasis Management Co Ltd. | 18,084 | $10K | 0.1% | 2025-Q2 stale |
| IEQ CAPITAL, LLC new | 17,497 | $9K | 0.1% | 2025-Q2 stale |
| Creative Planning new | 11,273 | $6K | 0.1% | 2025-Q2 stale |
| Legal & General Group Plc | 6,419 | $5K | 0.1% | 2025-Q1 stale |
| Russell Investments Group, Ltd. trimmed | 6,253 | $5K | 0.1% | 2025-Q1 stale |
| Sandy Spring Bank | 5,549 | $4K | 0.0% | 2025-Q1 stale |
| Ameritas Investment Partners, Inc. | 5,142 | $4K | 0.0% | 2025-Q1 stale |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 4,364 | $4K | 0.0% | 2025-Q1 stale |
| FMR LLC trimmed | 6,545 | $4K | 0.0% | 2025-Q2 stale |
| CAAS CAPITAL MANAGEMENT LP trimmed | 19,700 | $3K | 0.0% | 2025-Q1 stale |
| AMALGAMATED BANK | 2,099 | $2K | 0.0% | 2025-Q1 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.