Who owns PBT
Which tracked institutional funds hold PBT, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See PBT company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-08-18). 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 PBT is one-sided between 2026-Q1 and 2026-Q2: 25 added or opened and 8 trimmed or exited — on balance accumulating.
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
PBT’s largest tracked holder by dollar value, HORIZON KINETICS ASSET MANAGEMENT LLC, sizes it at 1.9% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 1.9pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in PBT 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 2026-Q1 and 2026-Q2, across 95 tracked filers holding PBT, 43 increased or opened the position and 40 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 PBT between the 2026-Q1 and 2026-Q2 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.
New buyers 2
- PKS Advisory Services, LLC$1M
- XTX Topco Ltd$835K
Full exits 6
- Hosking Partners LLP$6M
- MSRH, LLC$5M
- HRT FINANCIAL LP$4M
- HighTower Advisors, LLC$2M
- Capital Analysts, LLC$1M
- Fruth Investment Management$546K
Largest adds
- HORIZON KINETICS ASSET MANAGEMENT LLC$31M
- SoftVest Advisors, LLC$22M
- COMMONWEALTH EQUITY SERVICES, LLC$5M
- MAD RIVER INVESTORS$4M
- SCHWARTZ INVESTMENT COUNSEL INC$3M
- FOUNDATION RESOURCE MANAGEMENT INC$2M
Largest trims
- SEI INVESTMENTS CO$4M
- MORGAN STANLEY$1M
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 |
|---|---|---|---|---|
| HORIZON KINETICS ASSET MANAGEMENT LLC added | 6,729,289 | $169M | 32.7% | 2026-Q2 |
| SoftVest Advisors, LLC | 6,217,107 | $156M | 30.2% | 2026-Q2 |
| MAD RIVER INVESTORS added | 1,005,152 | $25M | 4.9% | 2026-Q2 |
| SCHWARTZ INVESTMENT COUNSEL INC | 933,719 | $23M | 4.5% | 2026-Q2 |
| FOUNDATION RESOURCE MANAGEMENT INC trimmed | 626,331 | $16M | 3.0% | 2026-Q2 |
| Moors & Cabot, Inc. trimmed | 570,161 | $14M | 2.8% | 2026-Q2 |
| COMMONWEALTH EQUITY SERVICES, LLC added | 424,229 | $11M | 2.1% | 2026-Q2 |
| Advisory Services Network, LLC trimmed | 249,595 | $6M | 1.2% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN trimmed | 219,718 | $6M | 1.1% | 2026-Q2 |
| Beacon Pointe Advisors, LLC added | 213,303 | $5M | 1.0% | 2026-Q2 |
| SEI INVESTMENTS CO trimmed | 211,000 | $5M | 1.0% | 2026-Q2 |
| MORGAN STANLEY trimmed | 206,151 | $5M | 1.0% | 2026-Q2 |
| SteelPeak Wealth, LLC added | 199,449 | $5M | 1.0% | 2026-Q2 |
| LPL Financial LLC trimmed | 197,716 | $5M | 1.0% | 2026-Q2 |
| Lido Advisors, LLC trimmed | 117,842 | $3M | 0.6% | 2026-Q2 |
| JPMORGAN CHASE & CO trimmed | 109,412 | $3M | 0.5% | 2026-Q2 |
| BWM Planning, LLC | 104,397 | $3M | 0.5% | 2026-Q2 |
| RAYMOND JAMES FINANCIAL INC added | 95,270 | $2M | 0.5% | 2026-Q2 |
| Atlas Wealth Partners, LLC added | 82,241 | $2M | 0.4% | 2026-Q2 |
| JANE STREET GROUP, LLC added | 74,235 | $2M | 0.4% | 2026-Q2 |
| PROMETHIUM ADVISORS,LLC | 68,298 | $2M | 0.3% | 2026-Q2 |
| BANK OF AMERICA CORP /DE/ added | 64,182 | $2M | 0.3% | 2026-Q2 |
| Pathstone Holdings, LLC added | 62,940 | $2M | 0.3% | 2026-Q2 |
| Essex Financial Services, Inc. trimmed | 56,866 | $1M | 0.3% | 2026-Q2 |
| UBS Group AG added | 55,058 | $1M | 0.3% | 2026-Q2 |
| MOR Wealth Management, LLC | 52,534 | $1M | 0.3% | 2026-Q2 |
| Avondale Wealth Management trimmed | 46,330 | $1M | 0.2% | 2026-Q2 |
| Family Manage LLC added | 42,808 | $1M | 0.2% | 2026-Q2 |
| Fielder Capital Group LLC | 41,726 | $1M | 0.2% | 2026-Q2 |
| PKS Advisory Services, LLC new | 41,137 | $1M | 0.2% | 2026-Q2 |
| Walleye Capital LLC added | 40,394 | $1M | 0.2% | 2026-Q2 |
| EagleClaw Capital Managment, LLC added | 36,600 | $916K | 0.2% | 2026-Q2 |
| XTX Topco Ltd added | 33,346 | $835K | 0.2% | 2026-Q2 |
| Steward Partners Investment Advisory, LLC trimmed | 32,151 | $805K | 0.2% | 2026-Q2 |
| CAPTRUST FINANCIAL ADVISORS | 26,892 | $673K | 0.1% | 2026-Q2 |
| BEESE FULMER INVESTMENT MANAGEMENT, INC. trimmed | 26,317 | $659K | 0.1% | 2026-Q2 |
| Financial Sense Advisors, Inc. added | 25,051 | $627K | 0.1% | 2026-Q2 |
| GROUP ONE TRADING LLC added | 21,844 | $547K | 0.1% | 2026-Q2 |
| ROYAL BANK OF CANADA added | 21,325 | $534K | 0.1% | 2026-Q2 |
| Corient Private Wealth LP added | 20,916 | $524K | 0.1% | 2026-Q2 |
| Blue Trust, Inc. | 20,420 | $511K | 0.1% | 2026-Q2 |
| Resurgent Financial Advisors LLC | 20,000 | $501K | 0.1% | 2026-Q2 |
| Stratos Wealth Partners, LTD. added | 19,612 | $491K | 0.1% | 2026-Q2 |
| Welch Group, LLC | 19,298 | $483K | 0.1% | 2026-Q2 |
| AMERIPRISE FINANCIAL INC trimmed | 18,541 | $464K | 0.1% | 2026-Q2 |
| Capital Investment Advisors, LLC added | 18,368 | $460K | 0.1% | 2026-Q2 |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC added | 16,645 | $436K | 0.1% | 2026-Q2 |
| BRADLEY FOSTER & SARGENT INC/CT trimmed | 16,521 | $414K | 0.1% | 2026-Q2 |
| KINGSWOOD WEALTH ADVISORS, LLC added | 14,774 | $370K | 0.1% | 2026-Q2 |
| Ironwood Financial, llc | 12,300 | $345K | 0.1% | 2026-Q2 |
| Caption Management, LLC new | 12,663 | $317K | 0.1% | 2026-Q2 |
| First Financial Bankshares Inc | 12,000 | $300K | 0.1% | 2026-Q2 |
| Quadrature Capital Ltd trimmed | 11,937 | $299K | 0.1% | 2026-Q2 |
| CIBC Bancorp USA Inc. new | 10,144 | $254K | 0.0% | 2026-Q2 |
| Clark Asset Management, LLC | 10,000 | $250K | 0.0% | 2026-Q2 |
| Foundations Investment Advisors, LLC new | 9,950 | $249K | 0.0% | 2026-Q2 |
| Ethos Financial Group, LLC new | 8,500 | $248K | 0.0% | 2026-Q2 |
| FOURPATH CAPITAL MANAGEMENT, LLC | 9,271 | $232K | 0.0% | 2026-Q2 |
| Tidal Investments LLC new | 8,441 | $211K | 0.0% | 2026-Q2 |
| Post Resch Tallon Group Inc. new | 8,402 | $210K | 0.0% | 2026-Q2 |
| Argent Trust Co new | 8,000 | $200K | 0.0% | 2026-Q2 |
| Atlantic Union Bankshares Corp added | 7,598 | $190K | 0.0% | 2026-Q2 |
| PNC Financial Services Group, Inc. | 5,912 | $148K | 0.0% | 2026-Q2 |
| Integrated Wealth Concepts LLC new | 4,557 | $114K | 0.0% | 2026-Q2 |
| State of Wyoming trimmed | 3,851 | $96K | 0.0% | 2026-Q2 |
| NewEdge Advisors, LLC added | 3,493 | $87K | 0.0% | 2026-Q2 |
| Pinnacle Wealth Planning Services, Inc. trimmed | 2,820 | $71K | 0.0% | 2026-Q2 |
| SIMPLEX TRADING, LLC added | 2,664 | $67K | 0.0% | 2026-Q2 |
| Lummis Asset Management, LP | 1,850 | $46K | 0.0% | 2026-Q2 |
| Access Investment Management LLC trimmed | 1,800 | $45K | 0.0% | 2026-Q2 |
| Signature Resources Capital Management, LLC | 1,800 | $45K | 0.0% | 2026-Q2 |
| Geneos Wealth Management Inc. | 1,500 | $38K | 0.0% | 2026-Q2 |
| SIGNATUREFD, LLC added | 1,416 | $35K | 0.0% | 2026-Q2 |
| BNP PARIBAS FINANCIAL MARKETS trimmed | 1,262 | $32K | 0.0% | 2026-Q2 |
| OSAIC HOLDINGS, INC. added | 1,212 | $30K | 0.0% | 2026-Q2 |
| BEACON INVESTMENT ADVISORY SERVICES, INC. | 1,000 | $25K | 0.0% | 2026-Q2 |
| United Financial Planning Group LLC new | 1,000 | $25K | 0.0% | 2026-Q2 |
| Smartleaf Asset Management LLC | 1,000 | $25K | 0.0% | 2026-Q2 |
| JNBA Financial Advisors new | 579 | $14K | 0.0% | 2026-Q2 |
| BOK Financial Private Wealth, Inc. new | 490 | $12K | 0.0% | 2026-Q2 |
| WEBSTER BANK, N. A. | 417 | $10K | 0.0% | 2026-Q2 |
| HARBOUR INVESTMENTS, INC. | 387 | $10K | 0.0% | 2026-Q2 |
| Medallion Wealth Advisors, LLC | 384 | $10K | 0.0% | 2026-Q2 |
| WealthCollab, LLC | 324 | $8K | 0.0% | 2026-Q2 |
| Allworth Financial LP new | 300 | $8K | 0.0% | 2026-Q2 |
| SJS Investment Consulting Inc. | 201 | $5K | 0.0% | 2026-Q2 |
| PFS Partners, LLC | 200 | $5K | 0.0% | 2026-Q2 |
| Fortis Group Advisors, LLC | 200 | $5K | 0.0% | 2026-Q2 |
| CoreCap Advisors, LLC | 200 | $5K | 0.0% | 2026-Q2 |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | 200 | $5K | 0.0% | 2026-Q2 |
| ASSETMARK, INC trimmed | 189 | $5K | 0.0% | 2026-Q2 |
| Tower Research Capital LLC (TRC) trimmed | 147 | $4K | 0.0% | 2026-Q2 |
| Buck Wealth Strategies, LLC new | 100 | $3K | 0.0% | 2026-Q2 |
| TD Waterhouse Canada Inc. | 45 | $1K | 0.0% | 2026-Q2 |
| WOLFF WIESE MAGANA LLC | 18 | $449 | 0.0% | 2026-Q2 |
| Hosking Partners LLP trimmed | 280,292 | $6M | 1.2% | 2026-Q1 stale (1 quarter behind) |
| MSRH, LLC added | 240,342 | $5M | 1.0% | 2026-Q1 stale (1 quarter behind) |
| HRT FINANCIAL LP added | 170,826 | $4M | 0.7% | 2026-Q1 stale (1 quarter behind) |
| CITADEL ADVISORS LLC trimmed | 234,748 | $4M | 0.8% | 2025-Q4 stale (2 quarters behind) |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP trimmed | 107,165 | $2M | 0.4% | 2025-Q4 stale (2 quarters behind) |
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.