Who owns TLF (TLF)
Which tracked institutional funds hold TLF, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See TLF 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 TLF is one-sided between 2025-Q4 and 2026-Q1: 0 added or opened and 3 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
TLF’s largest tracked holder by dollar value, Bandera Partners LLC, sizes it at 3.0% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 3.0pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in TLF 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 23 tracked filers holding TLF, 6 increased or opened the position and 9 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 TLF 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.
Largest trims
- Bandera Partners LLC$1M
- FIRST FOUNDATION ADVISORS$713K
- JCP Investment Management, LLC$377K
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 |
|---|---|---|---|---|
| Bandera Partners LLC | 2,857,936 | $7M | 55.7% | 2026-Q1 |
| JCP Investment Management, LLC | 876,059 | $2M | 17.1% | 2026-Q1 |
| FIRST FOUNDATION ADVISORS trimmed | 224,345 | $518K | 4.4% | 2026-Q1 |
| Brooklands Fund Management Ltd | 205,717 | $475K | 4.0% | 2026-Q1 |
| Value Investment Professionals, LLC | 183,939 | $425K | 3.6% | 2026-Q1 |
| VANGUARD CAPITAL MANAGEMENT LLC new | 131,410 | $304K | 2.6% | 2026-Q1 |
| MONEY CONCEPTS CAPITAL CORP | 80,599 | $186K | 1.6% | 2026-Q1 |
| Values First Advisors, Inc. added | 57,792 | $134K | 1.1% | 2026-Q1 |
| George Kaiser Family Foundation | 41,143 | $95K | 0.8% | 2026-Q1 |
| VANGUARD FIDUCIARY TRUST CO new | 27,907 | $64K | 0.5% | 2026-Q1 |
| DIMENSIONAL FUND ADVISORS LP trimmed | 18,033 | $42K | 0.4% | 2026-Q1 |
| RENAISSANCE TECHNOLOGIES LLC trimmed | 16,700 | $39K | 0.3% | 2026-Q1 |
| GEODE CAPITAL MANAGEMENT, LLC trimmed | 14,596 | $34K | 0.3% | 2026-Q1 |
| JAMES INVESTMENT RESEARCH, INC. | 12,573 | $29K | 0.2% | 2026-Q1 |
| STATE STREET CORP | 12,057 | $28K | 0.2% | 2026-Q1 |
| NewEdge Advisors, LLC | 12,573 | $13K | 0.1% | 2026-Q1 |
| Tower Research Capital LLC (TRC) added | 2,165 | $5K | 0.0% | 2026-Q1 |
| OSAIC HOLDINGS, INC. added | 848 | $2K | 0.0% | 2026-Q1 |
| MORGAN STANLEY | 7 | $18 | 0.0% | 2026-Q1 |
| CALDWELL SUTTER CAPITAL, INC. | 2 | $5 | 0.0% | 2026-Q1 |
| UBS Group AG trimmed | 1 | $2 | 0.0% | 2026-Q1 |
| WELLS FARGO & COMPANY/MN | 1 | $1 | 0.0% | 2026-Q1 |
| ROYAL BANK OF CANADA added | 8 | — | 0.0% | 2026-Q1 |
| VANGUARD GROUP INC added | 143,082 | $392K | 3.3% | 2025-Q4 stale |
| Womack Financial LLC | 95,639 | $290K | 2.4% | 2025-Q3 stale |
| CITADEL ADVISORS LLC added | 38,331 | $105K | 0.9% | 2025-Q4 stale |
| RAYMOND JAMES FINANCIAL INC trimmed | 10,000 | $30K | 0.3% | 2025-Q3 stale |
| BlackRock, Inc. trimmed | 8,140 | $24K | 0.2% | 2025-Q1 stale |
| SouthState Corp | 146 | $453 | 0.0% | 2025-Q2 stale |
| FMR LLC new | 67 | $208 | 0.0% | 2025-Q2 stale |
| BANK OF AMERICA CORP /DE/ | 37 | $101 | 0.0% | 2025-Q4 stale |
| Steward Partners Investment Advisory, LLC new | 15 | $41 | 0.0% | 2025-Q4 stale |
| BARCLAYS PLC trimmed | 8 | $24 | 0.0% | 2025-Q3 stale |
| JPMORGAN CHASE & CO trimmed | 7 | $20 | 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.