Who owns USAS
Which tracked institutional funds hold USAS, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See USAS 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
43 tracked funds added or opened USAS while 29 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
USAS’s largest tracked holder by dollar value, Merk Investments LLC, sizes it at 27.5% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 27.5pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in USAS 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 151 tracked filers holding USAS, 105 increased or opened the position and 56 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 USAS 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 14
- VANGUARD CAPITAL MANAGEMENT LLC$32M
- VANGUARD FIDUCIARY TRUST CO$10M
- RENAISSANCE TECHNOLOGIES LLC$5M
- Vanguard Global Advisers, LLC$4M
- MONTRUSCO BOLTON INVESTMENTS INC.$3M
- MARSHALL WACE, LLP$3M
Full exits 12
- Weiss Asset Management LP$2M
- Balyasny Asset Management L.P.$2M
- VANGUARD GROUP INC$1M
- Quantbot Technologies LP$919K
- D. E. Shaw & Co., Inc.$873K
- TWO SIGMA ADVISERS, LP$844K
Largest adds
- VAN ECK ASSOCIATES CORP$40M
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP$20M
- TWO SIGMA INVESTMENTS, LP$16M
- GABELLI FUNDS LLC$11M
- Connor, Clark & Lunn Investment Management Ltd.$9M
- BANK OF MONTREAL /CAN/$7M
Largest trims
- Merk Investments LLC$19M
- NewGen Asset Management Ltd$8M
- MILLENNIUM MANAGEMENT LLC$8M
- Waratah Capital Advisors Ltd.$3M
- UBS Group AG$3M
- SPROTT INC.$3M
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 |
|---|---|---|---|---|
| Merk Investments LLC trimmed | 19,392,000 | $101M | 17.8% | 2026-Q1 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. trimmed | 9,557,971 | $50M | 8.8% | 2026-Q1 |
| VAN ECK ASSOCIATES CORP added | 7,844,821 | $41M | 7.2% | 2026-Q1 |
| ALPS ADVISORS INC added | 6,884,982 | $36M | 6.3% | 2026-Q1 |
| VANGUARD CAPITAL MANAGEMENT LLC new | 6,111,666 | $32M | 5.6% | 2026-Q1 |
| Connor, Clark & Lunn Investment Management Ltd. added | 5,439,022 | $28M | 5.0% | 2026-Q1 |
| TWO SIGMA INVESTMENTS, LP added | 4,582,363 | $24M | 4.2% | 2026-Q1 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added | 4,501,488 | $23M | 4.1% | 2026-Q1 |
| NewGen Asset Management Ltd trimmed | 4,449,900 | $23M | 4.1% | 2026-Q1 |
| Polar Asset Management Partners Inc. | 2,625,000 | $14M | 2.4% | 2026-Q1 |
| GABELLI FUNDS LLC added | 2,115,000 | $11M | 1.9% | 2026-Q1 |
| BANK OF AMERICA CORP /DE/ trimmed | 1,916,481 | $10M | 1.8% | 2026-Q1 |
| VANGUARD FIDUCIARY TRUST CO new | 1,892,020 | $10M | 1.7% | 2026-Q1 |
| U S GLOBAL INVESTORS INC | 1,800,000 | $9M | 1.7% | 2026-Q1 |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE added | 1,736,192 | $9M | 1.6% | 2026-Q1 |
| MORGAN STANLEY added | 1,610,197 | $8M | 1.5% | 2026-Q1 |
| BANK OF MONTREAL /CAN/ added | 1,515,763 | $8M | 1.4% | 2026-Q1 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP added | 1,191,442 | $6M | 1.1% | 2026-Q1 |
| SPROTT INC. trimmed | 1,091,502 | $6M | 1.0% | 2026-Q1 |
| RENAISSANCE TECHNOLOGIES LLC added | 1,047,500 | $5M | 1.0% | 2026-Q1 |
| INTACT INVESTMENT MANAGEMENT INC. trimmed | 994,840 | $5M | 0.9% | 2026-Q1 |
| TORONTO DOMINION BANK added | 992,121 | $5M | 0.9% | 2026-Q1 |
| UBS Group AG trimmed | 953,822 | $5M | 0.9% | 2026-Q1 |
| HOLLENCREST CAPITAL MANAGEMENT added | 811,045 | $4M | 0.7% | 2026-Q1 |
| GAMCO INVESTORS, INC. ET AL | 788,107 | $4M | 0.7% | 2026-Q1 |
| TD Asset Management Inc added | 777,468 | $4M | 0.7% | 2026-Q1 |
| Walleye Capital LLC added | 706,630 | $4M | 0.7% | 2026-Q1 |
| CITADEL ADVISORS LLC added | 671,950 | $4M | 0.6% | 2026-Q1 |
| Vanguard Global Advisers, LLC new | 671,926 | $4M | 0.6% | 2026-Q1 |
| GOLDMAN SACHS GROUP INC added | 664,409 | $3M | 0.6% | 2026-Q1 |
| DEUTSCHE BANK AG\ added | 614,523 | $3M | 0.6% | 2026-Q1 |
| JANE STREET GROUP, LLC trimmed | 613,592 | $3M | 0.6% | 2026-Q1 |
| BNP PARIBAS FINANCIAL MARKETS added | 587,485 | $3M | 0.5% | 2026-Q1 |
| MONTRUSCO BOLTON INVESTMENTS INC. trimmed | 549,996 | $3M | 0.5% | 2026-Q1 |
| MARSHALL WACE, LLP new | 516,363 | $3M | 0.5% | 2026-Q1 |
| PCJ Investment Counsel Ltd. trimmed | 458,250 | $2M | 0.4% | 2026-Q1 |
| Swiss National Bank added | 443,600 | $2M | 0.4% | 2026-Q1 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC new | 439,371 | $2M | 0.4% | 2026-Q1 |
| MILLENNIUM MANAGEMENT LLC trimmed | 419,913 | $2M | 0.4% | 2026-Q1 |
| Aquatic Capital Management LLC added | 355,383 | $2M | 0.3% | 2026-Q1 |
| Harvest Investment Services, LLC new | 337,051 | $2M | 0.3% | 2026-Q1 |
| AMERICAN CENTURY COMPANIES INC added | 299,062 | $2M | 0.3% | 2026-Q1 |
| HGC Investment Management Inc. | 300,000 | $2M | 0.3% | 2026-Q1 |
| MACKENZIE FINANCIAL CORP added | 292,402 | $2M | 0.3% | 2026-Q1 |
| CITIGROUP INC trimmed | 278,773 | $1M | 0.3% | 2026-Q1 |
| WealthTrust Axiom LLC trimmed | 247,031 | $1M | 0.2% | 2026-Q1 |
| Waratah Capital Advisors Ltd. trimmed | 227,943 | $1M | 0.2% | 2026-Q1 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC new | 210,128 | $1M | 0.2% | 2026-Q1 |
| CIBC Asset Management Inc added | 197,275 | $1M | 0.2% | 2026-Q1 |
| Cetera Investment Advisers trimmed | 182,163 | $948K | 0.2% | 2026-Q1 |
| LGT Fund Management Co Ltd. added | 175,000 | $913K | 0.2% | 2026-Q1 |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp new | 174,557 | $911K | 0.2% | 2026-Q1 |
| Dynamic Technology Lab Private Ltd new | 169,348 | $884K | 0.2% | 2026-Q1 |
| FRANKLIN RESOURCES INC added | 165,692 | $865K | 0.2% | 2026-Q1 |
| Nuveen, LLC | 165,550 | $861K | 0.2% | 2026-Q1 |
| VANGUARD ASSET MANAGEMENT, Ltd new | 164,196 | $857K | 0.2% | 2026-Q1 |
| GEODE CAPITAL MANAGEMENT, LLC added | 158,138 | $843K | 0.1% | 2026-Q1 |
| Legal & General Group Plc trimmed | 150,996 | $786K | 0.1% | 2026-Q1 |
| IMC-Chicago, LLC new | 144,730 | $755K | 0.1% | 2026-Q1 |
| Invesco Ltd. new | 127,427 | $665K | 0.1% | 2026-Q1 |
| K.J. Harrison & Partners Inc trimmed | 116,856 | $609K | 0.1% | 2026-Q1 |
| Cambridge Investment Research Advisors, Inc. trimmed | 107,242 | $558K | 0.1% | 2026-Q1 |
| CIBC WORLD MARKET INC. trimmed | 104,324 | $545K | 0.1% | 2026-Q1 |
| Point72 Asset Management, L.P. trimmed | 104,829 | $544K | 0.1% | 2026-Q1 |
| Gotham Asset Management, LLC added | 102,716 | $536K | 0.1% | 2026-Q1 |
| Caitong International Asset Management Co., Ltd added | 84,608 | $442K | 0.1% | 2026-Q1 |
| Federation des caisses Desjardins du Quebec added | 75,194 | $391K | 0.1% | 2026-Q1 |
| Zurcher Kantonalbank (Zurich Cantonalbank) added | 72,860 | $379K | 0.1% | 2026-Q1 |
| Key Client Fiduciary Advisors, LLC added | 71,000 | $371K | 0.1% | 2026-Q1 |
| Y-Intercept (Hong Kong) Ltd new | 66,128 | $345K | 0.1% | 2026-Q1 |
| TRUIST FINANCIAL CORP added | 65,000 | $339K | 0.1% | 2026-Q1 |
| AA Financial Advisors, LLC added | 64,200 | $335K | 0.1% | 2026-Q1 |
| Themes Management Co LLC added | 63,873 | $333K | 0.1% | 2026-Q1 |
| Papamarkou Wellner Asset Management inc. | 62,570 | $326K | 0.1% | 2026-Q1 |
| HUB Investment Partners, LLC new | 60,000 | $313K | 0.1% | 2026-Q1 |
| Vanguard Investments Australia, Ltd. new | 58,805 | $307K | 0.1% | 2026-Q1 |
| JPMORGAN CHASE & CO trimmed | 61,354 | $287K | 0.1% | 2026-Q1 |
| Alberta Investment Management Corp new | 54,758 | $286K | 0.1% | 2026-Q1 |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO added | 49,900 | $260K | 0.0% | 2026-Q1 |
| XTX Topco Ltd trimmed | 48,459 | $253K | 0.0% | 2026-Q1 |
| Pictet Asset Management Holding SA added | 47,863 | $249K | 0.0% | 2026-Q1 |
| Weiss Asset Management LP new | 410,125 | $2M | 0.4% | 2025-Q4 stale |
| Balyasny Asset Management L.P. added | 347,907 | $2M | 0.3% | 2025-Q4 stale |
| Cubist Systematic Strategies, LLC new | 293,470 | $1M | 0.2% | 2025-Q3 stale |
| VANGUARD GROUP INC new | 201,985 | $1M | 0.2% | 2025-Q4 stale |
| Quantbot Technologies LP added | 179,893 | $919K | 0.2% | 2025-Q4 stale |
| D. E. Shaw & Co., Inc. new | 170,886 | $873K | 0.2% | 2025-Q4 stale |
| TWO SIGMA ADVISERS, LP added | 165,095 | $844K | 0.1% | 2025-Q4 stale |
| Schonfeld Strategic Advisors LLC new | 160,747 | $821K | 0.1% | 2025-Q4 stale |
| Quadrature Capital Ltd added | 118,639 | $606K | 0.1% | 2025-Q4 stale |
| Anson Funds Management LP new | 100,000 | $513K | 0.1% | 2025-Q4 stale |
| Bank of New York Mellon Corp new | 100,020 | $511K | 0.1% | 2025-Q4 stale |
| DLD Asset Management, LP new | 100,010 | $511K | 0.1% | 2025-Q4 stale |
| ZAZOVE ASSOCIATES LLC new | 100,000 | $511K | 0.1% | 2025-Q4 stale |
| Quarry LP new | 121,949 | $454K | 0.1% | 2025-Q3 stale |
| LMR Partners LLP new | 71,335 | $365K | 0.1% | 2025-Q4 stale |
| Virtu Financial LLC new | 66,323 | $339K | 0.1% | 2025-Q4 stale |
| Baader Bank Aktiengesellschaft trimmed | 60,000 | $307K | 0.1% | 2025-Q4 stale |
| HRT FINANCIAL LP added | 54,313 | $277K | 0.0% | 2025-Q4 stale |
| Versor Investments LP new | 53,700 | $275K | 0.0% | 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.