Who owns TERN (TERN)
Which tracked institutional funds hold TERN, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See TERN 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
178 tracked funds added or opened TERN while 75 trimmed or exited it between 2025-Q4 and 2026-Q1 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
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
TERN’s largest tracked holder by dollar value, BlackRock, Inc., sizes it at 0.0% of its own reported 13F book, while the median holder sizes it at 0.4% of theirs — a 0.4pp gap the other way — the median holder sizes TERN more heavily than its largest holder by dollar value does.
Book-share is each fund’s reported value in TERN 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 318 tracked filers holding TERN, 243 increased or opened the position and 118 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 TERN 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.
New buyers 85
- VANGUARD CAPITAL MANAGEMENT LLC$230M
- HBK INVESTMENTS L P$156M
- GLAZER CAPITAL, LLC$121M
- CAPITOLIS LIQUID GLOBAL MARKETS LLC$104M
- WHITEBOX ADVISORS LLC$53M
- NEXPOINT ASSET MANAGEMENT, L.P.$48M
Full exits 36
- VANGUARD GROUP INC$199M
- Capitolis Liquid Global Markets LLC$123M
- ORBIMED ADVISORS LLC$87M
- Commodore Capital LP$60M
- Woodline Partners LP$56M
- BAKER BROS. ADVISORS LP$38M
Largest adds
- MILLENNIUM MANAGEMENT LLC$119M
- BALYASNY ASSET MANAGEMENT L.P.$110M
- Holocene Advisors, LP$105M
- Paradigm Biocapital Advisors LP$84M
- JPMORGAN CHASE & CO$80M
- UBS Group AG$52M
Largest trims
- Vivo Capital, LLC$146M
- Vestal Point Capital, LP$129M
- ADAGE CAPITAL PARTNERS GP, L.L.C.$112M
- AMERIPRISE FINANCIAL INC$70M
- JANUS HENDERSON GROUP PLC$59M
- Avoro Capital Advisors LLC$51M
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 |
|---|---|---|---|---|
| BlackRock, Inc. trimmed | 7,253,210 | $382M | 5.9% | 2026-Q1 |
| MORGAN STANLEY trimmed | 6,449,140 | $340M | 5.2% | 2026-Q1 |
| Avoro Capital Advisors LLC added | 5,695,000 | $300M | 4.6% | 2026-Q1 |
| VANGUARD CAPITAL MANAGEMENT LLC new | 4,355,482 | $230M | 3.5% | 2026-Q1 |
| Holocene Advisors, LP added | 4,115,828 | $217M | 3.3% | 2026-Q1 |
| CITADEL ADVISORS LLC added | 3,218,810 | $170M | 2.6% | 2026-Q1 |
| MILLENNIUM MANAGEMENT LLC added | 3,011,558 | $159M | 2.4% | 2026-Q1 |
| HBK INVESTMENTS L P new | 2,950,000 | $156M | 2.4% | 2026-Q1 |
| JPMORGAN CHASE & CO added | 2,869,728 | $152M | 2.3% | 2026-Q1 |
| LORD, ABBETT & CO. LLC added | 2,812,938 | $148M | 2.3% | 2026-Q1 |
| BALYASNY ASSET MANAGEMENT L.P. added | 2,779,445 | $147M | 2.2% | 2026-Q1 |
| FRANKLIN RESOURCES INC trimmed | 2,409,019 | $127M | 1.9% | 2026-Q1 |
| GEODE CAPITAL MANAGEMENT, LLC added | 2,316,544 | $122M | 1.9% | 2026-Q1 |
| GLAZER CAPITAL, LLC new | 2,295,498 | $121M | 1.9% | 2026-Q1 |
| Paradigm Biocapital Advisors LP added | 2,216,499 | $117M | 1.8% | 2026-Q1 |
| Nearwater Capital Markets, Ltd added | 2,150,400 | $113M | 1.7% | 2026-Q1 |
| STATE STREET CORP added | 2,139,662 | $113M | 1.7% | 2026-Q1 |
| ADAGE CAPITAL PARTNERS GP, L.L.C. trimmed | 2,124,817 | $112M | 1.7% | 2026-Q1 |
| CAPITOLIS LIQUID GLOBAL MARKETS LLC new | 1,975,800 | $104M | 1.6% | 2026-Q1 |
| ACORN CAPITAL ADVISORS, LLC | 1,746,264 | $92M | 1.4% | 2026-Q1 |
| Pictet Asset Management Holding SA added | 1,655,575 | $87M | 1.3% | 2026-Q1 |
| Logos Global Management LP added | 1,500,000 | $79M | 1.2% | 2026-Q1 |
| JANUS HENDERSON GROUP PLC trimmed | 1,470,057 | $78M | 1.2% | 2026-Q1 |
| Ikarian Capital, LLC trimmed | 1,456,378 | $77M | 1.2% | 2026-Q1 |
| Capital International Investors added | 1,424,504 | $75M | 1.1% | 2026-Q1 |
| Vivo Capital, LLC trimmed | 1,334,418 | $70M | 1.1% | 2026-Q1 |
| DIMENSIONAL FUND ADVISORS LP added | 1,247,845 | $66M | 1.0% | 2026-Q1 |
| UBS Group AG added | 1,228,726 | $65M | 1.0% | 2026-Q1 |
| GOLDMAN SACHS GROUP INC added | 1,106,961 | $58M | 0.9% | 2026-Q1 |
| Deep Track Capital, LP added | 1,073,877 | $57M | 0.9% | 2026-Q1 |
| WHITEBOX ADVISORS LLC new | 1,000,001 | $53M | 0.8% | 2026-Q1 |
| Vestal Point Capital, LP trimmed | 1,000,000 | $53M | 0.8% | 2026-Q1 |
| MARSHALL WACE, LLP added | 927,600 | $49M | 0.7% | 2026-Q1 |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND trimmed | 924,562 | $49M | 0.7% | 2026-Q1 |
| ADAR1 Capital Management, LLC added | 914,699 | $48M | 0.7% | 2026-Q1 |
| NEXPOINT ASSET MANAGEMENT, L.P. new | 904,200 | $48M | 0.7% | 2026-Q1 |
| First Trust Capital Management L.P. new | 904,161 | $48M | 0.7% | 2026-Q1 |
| Fort Baker Capital Management LP new | 822,000 | $43M | 0.7% | 2026-Q1 |
| BANK OF AMERICA CORP /DE/ added | 811,636 | $43M | 0.7% | 2026-Q1 |
| NORTHERN TRUST CORP added | 805,236 | $42M | 0.6% | 2026-Q1 |
| Verition Fund Management LLC added | 802,293 | $42M | 0.6% | 2026-Q1 |
| ALLIANCEBERNSTEIN L.P. trimmed | 1,032,679 | $42M | 0.6% | 2026-Q1 |
| TORONTO DOMINION BANK trimmed | 781,800 | $41M | 0.6% | 2026-Q1 |
| Nuveen, LLC trimmed | 772,592 | $41M | 0.6% | 2026-Q1 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC added | 747,377 | $39M | 0.6% | 2026-Q1 |
| Polar Asset Management Partners Inc. added | 725,000 | $38M | 0.6% | 2026-Q1 |
| VANGUARD PORTFOLIO MANAGEMENT LLC new | 722,389 | $38M | 0.6% | 2026-Q1 |
| Fiera Capital Corp new | 711,326 | $38M | 0.6% | 2026-Q1 |
| BARCLAYS PLC added | 669,601 | $35M | 0.5% | 2026-Q1 |
| PRICE T ROWE ASSOCIATES INC /MD/ trimmed | 634,496 | $33M | 0.5% | 2026-Q1 |
| Candriam S.C.A. trimmed | 631,636 | $33M | 0.5% | 2026-Q1 |
| NEXTBio Capital Management LP added | 604,534 | $32M | 0.5% | 2026-Q1 |
| VANGUARD FIDUCIARY TRUST CO new | 573,997 | $30M | 0.5% | 2026-Q1 |
| Affinity Asset Advisors, LLC added | 562,631 | $30M | 0.5% | 2026-Q1 |
| Mariner, LLC added | 557,361 | $29M | 0.4% | 2026-Q1 |
| Qube Research & Technologies Ltd added | 537,884 | $28M | 0.4% | 2026-Q1 |
| Octagon Capital Advisors LP trimmed | 530,000 | $28M | 0.4% | 2026-Q1 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP added | 521,571 | $27M | 0.4% | 2026-Q1 |
| Jones Hill Capital LP new | 521,237 | $27M | 0.4% | 2026-Q1 |
| TIG Advisors, LLC new | 511,191 | $27M | 0.4% | 2026-Q1 |
| Melqart Asset Management (UK) Ltd new | 507,187 | $27M | 0.4% | 2026-Q1 |
| JENNISON ASSOCIATES LLC new | 501,419 | $26M | 0.4% | 2026-Q1 |
| ACUTA CAPITAL PARTNERS, LLC trimmed | 495,772 | $26M | 0.4% | 2026-Q1 |
| BOOTHBAY FUND MANAGEMENT, LLC added | 486,170 | $26M | 0.4% | 2026-Q1 |
| NEUBERGER BERMAN GROUP LLC new | 480,740 | $25M | 0.4% | 2026-Q1 |
| Beryl Capital Management LLC new | 478,755 | $25M | 0.4% | 2026-Q1 |
| SAMLYN CAPITAL, LLC trimmed | 472,472 | $25M | 0.4% | 2026-Q1 |
| KVP Capital Advisors, LP | 440,000 | $23M | 0.4% | 2026-Q1 |
| Slotnik Capital, LLC new | 420,700 | $22M | 0.3% | 2026-Q1 |
| Eagle Health Investments LP added | 412,497 | $22M | 0.3% | 2026-Q1 |
| Catalio Capital Management, LP added | 409,031 | $22M | 0.3% | 2026-Q1 |
| LMR Partners LLP added | 400,000 | $21M | 0.3% | 2026-Q1 |
| Connor, Clark & Lunn Investment Management Ltd. added | 384,681 | $20M | 0.3% | 2026-Q1 |
| Sculptor Capital LP new | 380,000 | $20M | 0.3% | 2026-Q1 |
| Boxer Capital Management, LLC | 375,000 | $20M | 0.3% | 2026-Q1 |
| Maven Securities LTD added | 375,000 | $20M | 0.3% | 2026-Q1 |
| Hudson Bay Capital Management LP added | 360,878 | $19M | 0.3% | 2026-Q1 |
| WELLINGTON MANAGEMENT GROUP LLP trimmed | 348,008 | $18M | 0.3% | 2026-Q1 |
| First Turn Management, LLC trimmed | 326,694 | $17M | 0.3% | 2026-Q1 |
| SOROS FUND MANAGEMENT LLC new | 321,905 | $17M | 0.3% | 2026-Q1 |
| SummitTX Capital, L.P. added | 312,181 | $16M | 0.3% | 2026-Q1 |
| Davidson Kempner Capital Management LP new | 311,623 | $16M | 0.3% | 2026-Q1 |
| Monashee Investment Management LLC added | 300,000 | $16M | 0.2% | 2026-Q1 |
| Cormorant Asset Management, LP new | 300,000 | $16M | 0.2% | 2026-Q1 |
| Atika Capital Management LLC trimmed | 300,000 | $16M | 0.2% | 2026-Q1 |
| Ensign Peak Advisors, Inc new | 299,199 | $16M | 0.2% | 2026-Q1 |
| FMR LLC trimmed | 294,000 | $15M | 0.2% | 2026-Q1 |
| Man Group plc added | 284,931 | $15M | 0.2% | 2026-Q1 |
| VANGUARD GROUP INC added | 4,920,622 | $199M | 3.0% | 2025-Q4 stale |
| Capitolis Liquid Global Markets LLC new | 3,045,200 | $123M | 1.9% | 2025-Q4 stale |
| ORBIMED ADVISORS LLC trimmed | 2,153,300 | $87M | 1.3% | 2025-Q4 stale |
| Commodore Capital LP trimmed | 1,475,000 | $60M | 0.9% | 2025-Q4 stale |
| Woodline Partners LP added | 1,377,283 | $56M | 0.9% | 2025-Q4 stale |
| BAKER BROS. ADVISORS LP new | 950,000 | $38M | 0.6% | 2025-Q4 stale |
| Parkman Healthcare Partners LLC trimmed | 620,877 | $25M | 0.4% | 2025-Q4 stale |
| BRAIDWELL LP trimmed | 575,321 | $23M | 0.4% | 2025-Q4 stale |
| SUPERSTRING CAPITAL MANAGEMENT LP trimmed | 443,777 | $18M | 0.3% | 2025-Q4 stale |
| STEMPOINT CAPITAL LP added | 429,198 | $17M | 0.3% | 2025-Q4 stale |
| Integral Health Asset Management, LLC trimmed | 425,000 | $17M | 0.3% | 2025-Q4 stale |
| NORGES BANK added | 395,205 | $16M | 0.2% | 2025-Q4 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.