Who owns TRML
Which tracked institutional funds hold TRML, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See TRML company fundamentals →
Ownership as of the 2025-Q3 13F filings (latest filed 2026-05-27). 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 TRML is one-sided between 2025-Q2 and 2025-Q3: 79 added or opened and 21 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
TRML’s largest tracked holder by dollar value, Avoro Capital Advisors LLC, sizes it at 1.2% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 1.2pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in TRML 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-Q2 and 2025-Q3, across 133 tracked filers holding TRML, 73 increased or opened the position and 72 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 TRML between the 2025-Q2 and 2025-Q3 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 34
- FIL Ltd$49M
- Magnetar Financial LLC$46M
- First Trust Capital Management L.P.$33M
- TIG Advisors, LLC$30M
- NEXPOINT ASSET MANAGEMENT, L.P.$22M
- AQR Arbitrage LLC$18M
Full exits 16
- RA CAPITAL MANAGEMENT, L.P.$41M
- Blue Owl Capital Holdings LP$16M
- Octagon Capital Advisors LP$14M
- Pictet Asset Management Holding SA$11M
- Nantahala Capital Management, LLC$9M
- Schonfeld Strategic Advisors LLC$6M
Largest adds
- Avoro Capital Advisors LLC$81M
- QVT Financial LP$69M
- BlackRock, Inc.$46M
- Pfizer Inc$41M
- TCG Crossover Management, LLC$39M
- VANGUARD GROUP INC$36M
Largest trims
- BALYASNY ASSET MANAGEMENT L.P.$8M
- Velan Capital Investment Management LP$6M
- ROYAL BANK OF CANADA$2M
- FMR LLC$849K
- Verition Fund Management LLC$306K
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 |
|---|---|---|---|---|
| Avoro Capital Advisors LLC | 2,555,555 | $122M | 10.6% | 2025-Q3 |
| QVT Financial LP | 2,154,653 | $103M | 9.0% | 2025-Q3 |
| BlackRock, Inc. trimmed | 1,517,777 | $73M | 6.3% | 2025-Q3 |
| TCG Crossover Management, LLC trimmed | 1,311,783 | $63M | 5.5% | 2025-Q3 |
| Pfizer Inc | 1,272,214 | $61M | 5.3% | 2025-Q3 |
| VANGUARD GROUP INC trimmed | 1,165,607 | $56M | 4.8% | 2025-Q3 |
| FIL Ltd new | 1,027,690 | $49M | 4.3% | 2025-Q3 |
| Magnetar Financial LLC new | 966,129 | $46M | 4.0% | 2025-Q3 |
| QIMING U.S. VENTURES MANAGEMENT, LLC | 741,691 | $35M | 3.1% | 2025-Q3 |
| First Trust Capital Management L.P. new | 695,757 | $33M | 2.9% | 2025-Q3 |
| TIG Advisors, LLC new | 619,763 | $30M | 2.6% | 2025-Q3 |
| Vivo Capital, LLC | 591,882 | $28M | 2.5% | 2025-Q3 |
| ALLIANCEBERNSTEIN L.P. added | 539,961 | $26M | 2.2% | 2025-Q3 |
| NEXPOINT ASSET MANAGEMENT, L.P. new | 455,360 | $22M | 1.9% | 2025-Q3 |
| GEODE CAPITAL MANAGEMENT, LLC trimmed | 453,952 | $22M | 1.9% | 2025-Q3 |
| STATE STREET CORP trimmed | 415,970 | $20M | 1.7% | 2025-Q3 |
| GOLDMAN SACHS GROUP INC added | 376,738 | $18M | 1.6% | 2025-Q3 |
| AQR Arbitrage LLC new | 374,785 | $18M | 1.6% | 2025-Q3 |
| ACUTA CAPITAL PARTNERS, LLC trimmed | 268,451 | $13M | 1.1% | 2025-Q3 |
| MORGAN STANLEY trimmed | 252,093 | $12M | 1.0% | 2025-Q3 |
| NAN FUNG TRINITY (HK) LTD | 227,090 | $11M | 0.9% | 2025-Q3 |
| Versor Investments LP new | 217,221 | $10M | 0.9% | 2025-Q3 |
| ALPINE ASSOCIATES MANAGEMENT INC. new | 196,177 | $9M | 0.8% | 2025-Q3 |
| MILLENNIUM MANAGEMENT LLC trimmed | 190,625 | $9M | 0.8% | 2025-Q3 |
| GLAZER CAPITAL, LLC new | 180,155 | $9M | 0.7% | 2025-Q3 |
| UBS Group AG trimmed | 178,371 | $9M | 0.7% | 2025-Q3 |
| NORTHERN TRUST CORP trimmed | 162,540 | $8M | 0.7% | 2025-Q3 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC added | 148,706 | $7M | 0.6% | 2025-Q3 |
| MARSHALL WACE, LLP added | 143,731 | $7M | 0.6% | 2025-Q3 |
| ABC ARBITRAGE SA new | 139,800 | $7M | 0.6% | 2025-Q3 |
| GABELLI FUNDS LLC new | 119,850 | $6M | 0.5% | 2025-Q3 |
| Chicago Capital Management, LLC new | 112,406 | $5M | 0.5% | 2025-Q3 |
| HARVEST MANAGEMENT LLC new | 100,000 | $5M | 0.4% | 2025-Q3 |
| CITADEL ADVISORS LLC trimmed | 95,621 | $5M | 0.4% | 2025-Q3 |
| RENAISSANCE TECHNOLOGIES LLC trimmed | 91,850 | $4M | 0.4% | 2025-Q3 |
| TORONTO DOMINION BANK new | 89,200 | $4M | 0.4% | 2025-Q3 |
| BANK OF AMERICA CORP /DE/ trimmed | 84,140 | $4M | 0.3% | 2025-Q3 |
| DIMENSIONAL FUND ADVISORS LP trimmed | 69,085 | $3M | 0.3% | 2025-Q3 |
| WELLINGTON MANAGEMENT GROUP LLP trimmed | 63,574 | $3M | 0.3% | 2025-Q3 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP added | 60,649 | $3M | 0.3% | 2025-Q3 |
| Carmignac Gestion new | 55,412 | $3M | 0.2% | 2025-Q3 |
| HighTower Advisors, LLC added | 53,418 | $3M | 0.2% | 2025-Q3 |
| WATER ISLAND CAPITAL LLC new | 50,968 | $2M | 0.2% | 2025-Q3 |
| Centiva Capital, LP new | 50,000 | $2M | 0.2% | 2025-Q3 |
| Bank of New York Mellon Corp trimmed | 49,964 | $2M | 0.2% | 2025-Q3 |
| AMERICAN CENTURY COMPANIES INC added | 47,788 | $2M | 0.2% | 2025-Q3 |
| Nuveen, LLC trimmed | 47,553 | $2M | 0.2% | 2025-Q3 |
| Susquehanna Portfolio Strategies, LLC trimmed | 43,189 | $2M | 0.2% | 2025-Q3 |
| Twin Securities, Inc. new | 33,301 | $2M | 0.1% | 2025-Q3 |
| BALYASNY ASSET MANAGEMENT L.P. trimmed | 32,567 | $2M | 0.1% | 2025-Q3 |
| GABELLI & Co INVESTMENT ADVISERS, INC. new | 31,050 | $1M | 0.1% | 2025-Q3 |
| Invesco Ltd. added | 30,558 | $1M | 0.1% | 2025-Q3 |
| CREDIT INDUSTRIEL ET COMMERCIAL new | 29,661 | $1M | 0.1% | 2025-Q3 |
| PRELUDE CAPITAL MANAGEMENT, LLC new | 27,282 | $1M | 0.1% | 2025-Q3 |
| RHUMBLINE ADVISERS trimmed | 27,057 | $1M | 0.1% | 2025-Q3 |
| Virtu Financial LLC new | 26,273 | $1M | 0.1% | 2025-Q3 |
| Swiss National Bank | 22,400 | $1M | 0.1% | 2025-Q3 |
| ODDO BHF ASSET MANAGEMENT SAS new | 20,810 | $995K | 0.1% | 2025-Q3 |
| SG Americas Securities, LLC trimmed | 20,182 | $965K | 0.1% | 2025-Q3 |
| BCK Capital Management LP new | 19,471 | $931K | 0.1% | 2025-Q3 |
| NATIXIS new | 18,700 | $894K | 0.1% | 2025-Q3 |
| FORA Capital, LLC new | 18,087 | $865K | 0.1% | 2025-Q3 |
| Groupe la Francaise new | 17,998 | $861K | 0.1% | 2025-Q3 |
| Jefferies Financial Group Inc. new | 17,363 | $830K | 0.1% | 2025-Q3 |
| BARCLAYS PLC trimmed | 31,833 | $818K | 0.1% | 2025-Q3 |
| JANE STREET GROUP, LLC trimmed | 16,477 | $788K | 0.1% | 2025-Q3 |
| Brooklyn Investment Group added | 15,584 | $745K | 0.1% | 2025-Q3 |
| BBR PARTNERS, LLC | 15,000 | $717K | 0.1% | 2025-Q3 |
| JPMORGAN CHASE & CO trimmed | 14,291 | $684K | 0.1% | 2025-Q3 |
| WELLS FARGO & COMPANY/MN added | 13,462 | $644K | 0.1% | 2025-Q3 |
| Creative Planning added | 13,287 | $636K | 0.1% | 2025-Q3 |
| UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC trimmed | 12,987 | $621K | 0.1% | 2025-Q3 |
| FRANKLIN RESOURCES INC trimmed | 12,984 | $621K | 0.1% | 2025-Q3 |
| DEUTSCHE BANK AG\ trimmed | 12,730 | $609K | 0.1% | 2025-Q3 |
| ALPS ADVISORS INC trimmed | 12,465 | $596K | 0.1% | 2025-Q3 |
| WOLVERINE ASSET MANAGEMENT LLC new | 12,120 | $580K | 0.1% | 2025-Q3 |
| Legal & General Group Plc added | 11,784 | $564K | 0.0% | 2025-Q3 |
| Jain Global LLC new | 11,093 | $531K | 0.0% | 2025-Q3 |
| MetLife Investment Management, LLC trimmed | 10,394 | $497K | 0.0% | 2025-Q3 |
| RA CAPITAL MANAGEMENT, L.P. | 2,538,925 | $41M | 3.5% | 2025-Q2 stale |
| Blue Owl Capital Holdings LP trimmed | 997,107 | $16M | 1.4% | 2025-Q2 stale |
| Octagon Capital Advisors LP trimmed | 905,000 | $14M | 1.3% | 2025-Q2 stale |
| Pictet Asset Management Holding SA added | 682,129 | $11M | 0.9% | 2025-Q2 stale |
| Nantahala Capital Management, LLC added | 558,187 | $9M | 0.8% | 2025-Q2 stale |
| Schonfeld Strategic Advisors LLC added | 353,514 | $6M | 0.5% | 2025-Q2 stale |
| Point72 Asset Management, L.P. trimmed | 314,580 | $5M | 0.4% | 2025-Q2 stale |
| Alyeska Investment Group, L.P. added | 243,744 | $4M | 0.3% | 2025-Q2 stale |
| Nan Fung Group Holdings Ltd added | 227,090 | $3M | 0.3% | 2025-Q1 stale |
| ADAGE CAPITAL PARTNERS GP, L.L.C. trimmed | 135,637 | $2M | 0.2% | 2025-Q2 stale |
| SECTORAL ASSET MANAGEMENT INC new | 116,510 | $2M | 0.2% | 2025-Q2 stale |
| FEDERATED HERMES, INC. added | 121,245 | $2M | 0.2% | 2025-Q1 stale |
| JENNISON ASSOCIATES LLC trimmed | 118,487 | $2M | 0.2% | 2025-Q1 stale |
| SILVERARC CAPITAL MANAGEMENT, LLC new | 109,257 | $2M | 0.2% | 2025-Q2 stale |
| Siren, L.L.C. | 91,426 | $1M | 0.1% | 2025-Q2 stale |
| Polymer Capital Management (HK) LTD | 86,934 | $1M | 0.1% | 2025-Q2 stale |
| Woodline Partners LP trimmed | 85,177 | $1M | 0.1% | 2025-Q2 stale |
| Ikarian Capital, LLC | 67,927 | $1M | 0.1% | 2025-Q2 stale |
| WEXFORD CAPITAL LP added | 63,610 | $968K | 0.1% | 2025-Q1 stale |
| BROWN ADVISORY INC | 39,719 | $635K | 0.1% | 2025-Q2 stale |
| TWO SIGMA INVESTMENTS, LP added | 36,643 | $557K | 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.