Institutional HoldersBeta
Who holds a company, from every 13F filed for the quarter, one row per filer exactly as filed, against the latest share count the company reported.
Share classes (cover page of the 10-K filed 2026-09-03, as of 2026-08-28)
| Class | Listed | Shares outstanding | Held by 13F filers | % of class | Holders | CUSIP |
|---|---|---|---|---|---|---|
| Common stock | LYTS · NASDAQ | 37,261,336 | 33,568,634 | 90.1% | 174 | 50216C108 |
Each class is compared with its own share count; classes are not added together. A class that is not exchange-listed cannot be held by 13F filers.
Top holders (174 of 174 · 50216C108)
change vs 2026-03-31| # | Filer | Shares | % of class | Value | Change |
|---|---|---|---|---|---|
| 1 | FMR LLC | 3,986,196 | 10.70% | $106.0M | +3,777,681 (+1811.7%) |
| 2 | BlackRock, Inc. | 2,713,253 | 7.28% | $72.1M | +591,702 (+27.9%) |
| 3 | SYSTEMATIC FINANCIAL MANAGEMENT LP | 2,378,908 | 6.38% | $63.2M | -124,240 (-5.0%) |
| 4 | ROYCE & ASSOCIATES LP | 1,836,591 | 4.93% | $48.8M | +318,242 (+21.0%) |
| 5 | VANGUARD CAPITAL MANAGEMENT LLC | 1,556,802 | 4.18% | $41.4M | +94,413 (+6.5%) |
| 6 | AltraVue Capital, LLC | 1,391,553 | 3.73% | $37.0M | -62,310 (-4.3%) |
| 7 | WELLINGTON MANAGEMENT GROUP LLP | 1,372,841 | 3.68% | $36.5M | +70,033 (+5.4%) |
| 8 | DIMENSIONAL FUND ADVISORS LP | 1,366,433 | 3.67% | $36.3M | -97,689 (-6.7%) |
| 9 | Thrivent Financial for Lutherans | 1,013,342 | 2.72% | $26.9M | +39,514 (+4.1%) |
| 10 | GEODE CAPITAL MANAGEMENT, LLC | 908,007 | 2.44% | $24.1M | +184,019 (+25.4%) |
| 11 | Boston Partners | 802,988 | 2.16% | $21.1M | +17,819 (+2.3%) |
| 12 | Juniper Investment Company, LLC | 781,399 | 2.10% | $20.8M | +10,650 (+1.4%) |
| 13 | STATE STREET CORP | 779,806 | 2.09% | $20.7M | +151,464 (+24.1%) |
| 14 | Owls Nest Partners IA, LLC | 728,895 | 1.96% | $19.4M | NEW |
| 15 | KENNEDY CAPITAL MANAGEMENT LLC | 708,793 | 1.90% | $18.8M | +34,980 (+5.2%) |
| 16 | First Eagle Investment Management, LLC | 681,648 | 1.83% | $18.1M | +396,226 (+138.8%) |
| 17 | RENAISSANCE TECHNOLOGIES LLC | 604,122 | 1.62% | $16.1M | -183,830 (-23.3%) |
| 18 | WealthTrust Axiom LLC | 569,344 | 1.53% | $15.1M | -6,990 (-1.2%) |
| 19 | Legato Capital Management LLC | 395,601 | 1.06% | $10.5M | +2,689 (+0.7%) |
| 20 | NORTHERN TRUST CORP | 326,589 | 0.88% | $8.7M | +77,558 (+31.1%) |
| 21 | CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 326,583 | 0.88% | $8.7M | +47,479 (+17.0%) |
| 22 | NEW YORK STATE COMMON RETIREMENT FUND | 319,911 | 0.86% | $8.5M | +4,900 (+1.6%) |
| 23 | Pinnacle Financial Partners, Inc. | 318,197 | 0.85% | $8.5M | — |
| 24 | THOMPSON SIEGEL & WALMSLEY LLC | 300,965 | 0.81% | $8.0M | -4,000 (-1.3%) |
| 25 | G2 Investment Partners Management LLC | 300,000 | 0.81% | $8.0M | -130,185 (-30.3%) |
| 26 | ESSEX INVESTMENT MANAGEMENT CO LLC | 295,820 | 0.79% | $7.9M | +21,738 (+7.9%) |
| 27 | MORGAN STANLEY | 294,034 | 0.79% | $7.8M | +83,100 (+39.4%) |
| 28 | VANGUARD PORTFOLIO MANAGEMENT LLC | 271,288 | 0.73% | $7.2M | +70,897 (+35.4%) |
| 29 | Archon Capital Management LLC | 263,480 | 0.71% | $7.0M | — |
| 30 | VANGUARD FIDUCIARY TRUST CO | 254,334 | 0.68% | $6.8M | +40,643 (+19.0%) |
| 31 | Bank of New York Mellon Corp | 234,465 | 0.63% | $6.2M | +746 (+0.3%) |
| 32 | FIRST TRUST ADVISORS LP | 220,352 | 0.59% | $5.9M | +42,984 (+24.2%) |
| 33 | GOLDMAN SACHS GROUP INC | 203,140 | 0.55% | $5.4M | -55,591 (-21.5%) |
| 34 | Diamond Hill Capital Management, LLC (Investment Advisor) | 200,317 | 0.54% | $5.3M | +40,656 (+25.5%) |
| 35 | GLOBEFLEX CAPITAL L P | 195,394 | 0.52% | $5.2M | +1,544 (+0.8%) |
| 36 | Allspring Global Investments Holdings, LLC | 190,167 | 0.51% | $5.1M | +76,910 (+67.9%) |
| 37 | UBS Group AG | 185,141 | 0.50% | $4.9M | +162,074 (+702.6%) |
| 38 | North Star Investment Management Corp. | 183,463 | 0.49% | $4.9M | -93,000 (-33.6%) |
| 39 | PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. | 167,579 | 0.45% | $4.5M | NEW |
| 40 | Ophir Asset Management Pty Ltd | 165,878 | 0.45% | $4.4M | -573,506 (-77.6%) |
| 41 | Alyeska Investment Group, L.P. | 164,170 | 0.44% | $4.4M | -135,830 (-45.3%) |
| 42 | Phocas Financial Corp. | 163,716 | 0.44% | $4.4M | -8,474 (-4.9%) |
| 43 | Connor, Clark & Lunn Investment Management Ltd. | 150,739 | 0.40% | $4.0M | +50,165 (+49.9%) |
| 44 | Expect Equity LLC | 142,209 | 0.38% | $3.8M | -1,395 (-1.0%) |
| 45 | Manatuck Hill Partners, LLC | 130,000 | 0.35% | $3.5M | +80,000 (+160.0%) |
| 46 | MARTINGALE ASSET MANAGEMENT L P | 126,523 | 0.34% | $3.4M | +26,453 (+26.4%) |
| 47 | Aristides Capital LLC | 111,574 | 0.30% | $3.0M | +8,330 (+8.1%) |
| 48 | Waverly Advisors, LLC | 106,288 | 0.29% | $2.8M | -3,174 (-2.9%) |
| 49 | Knights of Columbus Asset Advisors LLC | 105,756 | 0.28% | $2.8M | +647 (+0.6%) |
| 50 | LAZARD ASSET MANAGEMENT LLC | 100,145 | 0.27% | $2.7M | +62,222 (+164.1%) |
| 51 | SEI INVESTMENTS CO | 94,315 | 0.25% | $2.5M | -170,021 (-64.3%) |
| 52 | ALLIANCEBERNSTEIN L.P. | 91,370 | 0.25% | $1.7M | -66,034 (-42.0%) |
| 53 | JOHNSON INVESTMENT COUNSEL INC | 91,083 | 0.24% | $2.4M | — |
| 54 | Annex Advisory Services, LLC | 87,527 | 0.23% | $2.3M | -3,252 (-3.6%) |
| 55 | CITIGROUP INC | 85,340 | 0.23% | $2.3M | +79,888 (+1465.3%) |
| 56 | Nuveen, LLC | 81,091 | 0.22% | $2.2M | +9,227 (+12.8%) |
| 57 | BOOTHBAY FUND MANAGEMENT, LLC | 72,938 | 0.20% | $1.9M | -31,459 (-30.1%) |
| 58 | Anderson Financial Strategies, LLC | 70,459 | 0.19% | $1.7M | -14,237 (-16.8%) |
| 59 | XTX Topco Ltd | 67,720 | 0.18% | $1.8M | +49,918 (+280.4%) |
| 60 | TWO SIGMA INVESTMENTS, LP | 67,447 | 0.18% | $1.8M | -266,319 (-79.8%) |
| 61 | Swiss National Bank | 66,200 | 0.18% | $1.8M | +3,800 (+6.1%) |
| 62 | CITADEL ADVISORS LLC | 64,850 | 0.17% | $1.7M | +9,191 (+16.5%) |
| 63 | Russell Investments Group, Ltd. | 58,046 | 0.16% | $1.5M | +6,950 (+13.6%) |
| 64 | Quantinno Capital Management LP | 55,362 | 0.15% | $1.5M | +9,242 (+20.0%) |
| 65 | O'SHAUGHNESSY ASSET MANAGEMENT, LLC | 52,231 | 0.14% | $1.4M | +273 (+0.5%) |
| 66 | Invesco Ltd. | 50,782 | 0.14% | $1.3M | +12,551 (+32.8%) |
| 67 | BANK OF AMERICA CORP /DE/ | 48,940 | 0.13% | $1.3M | -6,690 (-12.0%) |
| 68 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 41,610 | 0.11% | $1.1M | +6,273 (+17.8%) |
| 69 | RHUMBLINE ADVISERS | 41,250 | 0.11% | $1.1M | +7,279 (+21.4%) |
| 70 | STATE OF WISCONSIN INVESTMENT BOARD | 40,823 | 0.11% | $1.1M | -10,712 (-20.8%) |
| 71 | PRICE T ROWE ASSOCIATES INC /MD/ | 40,524 | 0.11% | $1.1M | +8,623 (+27.0%) |
| 72 | CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 37,831 | 0.10% | $1.0M | +11,933 (+46.1%) |
| 73 | Empirical Financial Services, LLC d.b.a. Empirical Wealth Management | 37,621 | 0.10% | $1000K | +7,069 (+23.1%) |
| 74 | Quantbot Technologies LP | 36,340 | 0.10% | $966K | +33,574 (+1213.8%) |
| 75 | RITHOLTZ WEALTH MANAGEMENT | 36,213 | 0.10% | $963K | -34 (-0.1%) |
| 76 | Squarepoint Ops LLC | 35,834 | 0.10% | $952K | -39,562 (-52.5%) |
| 77 | DEUTSCHE BANK AG\ | 35,141 | 0.09% | $934K | +11,545 (+48.9%) |
| 78 | FRANKLIN RESOURCES INC | 35,086 | 0.09% | $933K | +5,435 (+18.3%) |
| 79 | WELLS FARGO & COMPANY/MN | 34,604 | 0.09% | $920K | +20,013 (+137.2%) |
| 80 | KORNITZER CAPITAL MANAGEMENT INC /KS | 33,345 | 0.09% | $886K | -1,124 (-3.3%) |
| 81 | Calamos Advisors LLC | 31,823 | 0.09% | $846K | +19,977 (+168.6%) |
| 82 | AQR CAPITAL MANAGEMENT LLC | 31,454 | 0.08% | $836K | -24,178 (-43.5%) |
| 83 | Legal & General Group Plc | 28,720 | 0.08% | $763K | +4,628 (+19.2%) |
| 84 | Schonfeld Strategic Advisors LLC | 26,728 | 0.07% | $710K | +15,684 (+142.0%) |
| 85 | AXQ CAPITAL, LP | 24,007 | 0.06% | $638K | +12,979 (+117.7%) |
| 86 | VANGUARD ASSET MANAGEMENT, Ltd | 23,143 | 0.06% | $615K | — |
| 87 | CM WEALTH ADVISORS LLC | 21,741 | 0.06% | $578K | NEW |
| 88 | Creative Planning | 21,517 | 0.06% | $572K | +760 (+3.7%) |
| 89 | LPL Financial LLC | 21,230 | 0.06% | $564K | — |
| 90 | TEACHER RETIREMENT SYSTEM OF TEXAS | 20,689 | 0.06% | $550K | -8,615 (-29.4%) |
| 91 | PNC Financial Services Group, Inc. | 19,809 | 0.05% | $527K | — |
| 92 | MetLife Investment Management, LLC | 19,687 | 0.05% | $523K | +4,586 (+30.4%) |
| 93 | JPMORGAN CHASE & CO | 18,885 | 0.05% | $501K | +2,533 (+15.5%) |
| 94 | HSBC HOLDINGS PLC | 18,783 | 0.05% | $504K | -3,372 (-15.2%) |
| 95 | LOS ANGELES CAPITAL MANAGEMENT LLC | 18,217 | 0.05% | $484K | -48,328 (-72.6%) |
| 96 | VARCOV Co. | 18,014 | 0.05% | $479K | -5,419 (-23.1%) |
| 97 | US BANCORP \DE\ | 17,854 | 0.05% | $475K | +3 (+0.0%) |
| 98 | Savant Capital, LLC | 16,982 | 0.05% | $387K | NEW |
| 99 | Odyssean, LLC | 16,778 | 0.05% | $446K | NEW |
| 100 | Quadrature Capital Ltd | 16,175 | 0.04% | $430K | -669 (-4.0%) |
| 101 | RAYMOND JAMES FINANCIAL INC | 16,026 | 0.04% | $426K | +404 (+2.6%) |
| 102 | MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 15,461 | 0.04% | $411K | +2,387 (+18.3%) |
| 103 | Orion Porfolio Solutions, LLC | 15,333 | 0.04% | $408K | -368 (-2.3%) |
| 104 | WCM INVESTMENT MANAGEMENT, LLC | 15,299 | 0.04% | $406K | NEW |
| 105 | Jupiter Topco LLC | 14,900 | 0.04% | $396K | NEW |
| 106 | Rothschild Wealth LLC | 14,854 | 0.04% | $395K | — |
| 107 | Vanguard Global Advisers, LLC | 14,553 | 0.04% | $387K | +1,920 (+15.2%) |
| 108 | Brevan Howard Capital Management LP | 12,809 | 0.03% | $340K | NEW |
| 109 | BAILARD, INC. | 12,600 | 0.03% | $335K | -2,600 (-17.1%) |
| 110 | Numerai GP LLC | 12,592 | 0.03% | $335K | NEW |
| 111 | CANADA PENSION PLAN INVESTMENT BOARD | 12,500 | 0.03% | $332K | — |
| 112 | BARTLETT & CO. WEALTH MANAGEMENT LLC | 11,981 | 0.03% | $318K | — |
| 113 | J.W. COLE ADVISORS, INC. | 11,269 | 0.03% | $300K | -292 (-2.5%) |
| 114 | Vanguard Investments Australia, Ltd. | 10,325 | 0.03% | $274K | — |
| 115 | Zurcher Kantonalbank (Zurich Cantonalbank) | 10,325 | 0.03% | $274K | — |
| 116 | SG Americas Securities, LLC | 9,929 | 0.03% | $264K | NEW |
| 117 | Police & Firemen's Retirement System of New Jersey | 9,903 | 0.03% | $263K | +2,505 (+33.9%) |
| 118 | MERCER GLOBAL ADVISORS INC /ADV | 9,784 | 0.03% | $260K | NEW |
| 119 | SUSQUEHANNA INTERNATIONAL GROUP, LLP | 9,344 | 0.03% | $248K | -5,202 (-35.8%) |
| 120 | MANUFACTURERS LIFE INSURANCE COMPANY, THE | 9,152 | 0.02% | $243K | NEW |
| 121 | ARIZONA STATE RETIREMENT SYSTEM | 9,101 | 0.02% | $242K | NEW |
| 122 | Jain Global LLC | 8,884 | 0.02% | $236K | NEW |
| 123 | nVerses Capital, LLC | 8,719 | 0.02% | $232K | -7,111 (-44.9%) |
| 124 | INTECH INVESTMENT MANAGEMENT LLC | 7,796 | 0.02% | $207K | NEW |
| 125 | BARCLAYS PLC | 7,256 | 0.02% | $193K | -20,867 (-74.2%) |
| 126 | KLP KAPITALFORVALTNING AS | 6,700 | 0.02% | $178K | — |
| 127 | BNP PARIBAS FINANCIAL MARKETS | 5,211 | 0.01% | $139K | -953 (-15.5%) |
| 128 | OSAIC HOLDINGS, INC. | 5,210 | 0.01% | $138K | +105 (+2.1%) |
| 129 | CANADA LIFE ASSURANCE Co | 5,015 | 0.01% | $133K | — |
| 130 | Rockefeller Capital Management L.P. | 4,205 | 0.01% | $112K | — |
| 131 | State of Alaska, Department of Revenue | 4,146 | 0.01% | $109K | — |
| 132 | State of Wyoming | 3,822 | 0.01% | $102K | -6,678 (-63.6%) |
| 133 | Ameritas Investment Partners, Inc. | 3,047 | 0.01% | $81K | +823 (+37.0%) |
| 134 | Freestone Grove Partners LP | 2,222 | 0.01% | $59K | NEW |
| 135 | Tower Research Capital LLC (TRC) | 2,092 | 0.01% | $56K | -152 (-6.8%) |
| 136 | ROYAL BANK OF CANADA | 1,953 | 0.01% | $52K | +1,951 (+97550.0%) |
| 137 | Parkside Financial Bank & Trust | 1,826 | 0.00% | $49K | -48 (-2.6%) |
| 138 | PenderFund Capital Management Ltd. | 1,547 | 0.00% | $41K | -8,598 (-84.8%) |
| 139 | NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | 1,528 | 0.00% | $41K | — |
| 140 | Ameritas Advisory Services, LLC | 1,176 | 0.00% | $31K | NEW |
| 141 | GAMMA Investing LLC | 860 | 0.00% | $23K | — |
| 142 | FIFTH THIRD BANCORP | 747 | 0.00% | $20K | -32,657 (-97.8%) |
| 143 | NISA INVESTMENT ADVISORS, LLC | 722 | 0.00% | $19K | +54 (+8.1%) |
| 144 | Versant Capital Management, Inc | 608 | 0.00% | $16K | +121 (+24.8%) |
| 145 | SIGNATUREFD, LLC | 561 | 0.00% | $15K | — |
| 146 | NewEdge Advisors, LLC | 561 | 0.00% | $15K | -197 (-26.0%) |
| 147 | Covestor Ltd | 522 | 0.00% | $14K | +46 (+9.7%) |
| 148 | Farther Finance Advisors, LLC | 452 | 0.00% | $12K | +248 (+121.6%) |
| 149 | BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 436 | 0.00% | $12K | NEW |
| 150 | Smithfield Trust Co | 412 | 0.00% | $11K | — |
| 151 | FEDERATED HERMES, INC. | 409 | 0.00% | $11K | +40 (+10.8%) |
| 152 | Caitong International Asset Management Co., Ltd | 404 | 0.00% | $11K | +402 (+20100.0%) |
| 153 | Larson Financial Group LLC | 299 | 0.00% | $8K | +23 (+8.3%) |
| 154 | BROWN BROTHERS HARRIMAN & CO | 283 | 0.00% | $8K | — |
| 155 | Smartleaf Asset Management LLC | 275 | 0.00% | $7K | — |
| 156 | JONES FINANCIAL COMPANIES LLLP | 266 | 0.00% | $7K | — |
| 157 | Sterling Capital Management LLC | 218 | 0.00% | $6K | -146 (-40.1%) |
| 158 | HARBOR CAPITAL ADVISORS, INC. | 193 | 0.00% | $5K | -8 (-4.0%) |
| 159 | Clearstead Advisors, LLC | 167 | 0.00% | $4K | NEW |
| 160 | Silver Grove Financial Group, Inc. | 156 | 0.00% | $4K | NEW |
| 161 | EverSource Wealth Advisors, LLC | 136 | 0.00% | $4K | -1,575 (-92.1%) |
| 162 | Optiver Holding B.V. | 128 | 0.00% | $3K | -120 (-48.4%) |
| 163 | DANSKE BANK A/S | 100 | 0.00% | $3K | — |
| 164 | UMB Bank, n.a. | 100 | 0.00% | $3K | — |
| 165 | Fortitude Family Office, LLC | 90 | 0.00% | $2K | -87 (-49.2%) |
| 166 | Arax Advisory Partners | 82 | 0.00% | $2K | NEW |
| 167 | ROTHSCHILD INVESTMENT LLC | 65 | 0.00% | $2K | — |
| 168 | Parallel Advisors, LLC | 44 | 0.00% | $1K | -15 (-25.4%) |
| 169 | Bruce G. Allen Investments, LLC | 20 | 0.00% | $532 | — |
| 170 | Allworth Financial LP | 15 | 0.00% | $399 | +10 (+200.0%) |
| 171 | ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ | 4 | 0.00% | $106 | NEW |
| 172 | Global Retirement Partners, LLC | 3 | 0.00% | $80 | NEW |
| 173 | SBI Securities Co., Ltd. | 2 | 0.00% | $53 | — |
| 174 | Keating Financial Advisory Services, Inc. | 1 | 0.00% | $27 | — |
Exited since 2026-03-31 (38 filers; largest 25 shown)
| Hood River Capital Management LLC | −313,650 |
| Driehaus Capital Management LLC | −245,924 |
| AWM Investment Company, Inc. | −176,097 |
| Qube Research & Technologies Ltd | −143,354 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | −138,808 |
| WEDGE CAPITAL MANAGEMENT L L P/NC | −109,336 |
| Polar Asset Management Partners Inc. | −75,500 |
| AMERICAN CENTURY COMPANIES INC | −57,362 |
| HRT FINANCIAL LP | −47,510 |
| Point72 Asset Management, L.P. | −38,354 |
| MILLENNIUM MANAGEMENT LLC | −37,498 |
| Campbell & CO Investment Adviser LLC | −33,883 |
| Man Group plc | −32,111 |
| VICTORY CAPITAL MANAGEMENT INC | −28,295 |
| Magnetar Financial LLC | −22,284 |
| Balyasny Asset Management L.P. | −21,929 |
| Mink Brook Asset Management LLC | −20,000 |
| Aquatic Capital Management LLC | −19,304 |
| Woodline Partners LP | −17,500 |
| Dynamic Technology Lab Private Ltd | −16,340 |
| JANUS HENDERSON GROUP PLC | −14,900 |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | −13,345 |
| MIRABELLA FINANCIAL SERVICES LLP | −13,253 |
| Y-Intercept (Hong Kong) Ltd | −12,660 |
| ALGERT GLOBAL LLC | −11,320 |
Large holders from 13D/13G (latest per reporting person, last 2 years)
Filed when a holder crosses 5% or changes materially, so often more current than the quarter-end 13F. Percentages are the filer's own, against the share count they used.
| Reporting person | Form | Filed | Event | Shares | % of class |
|---|---|---|---|---|---|
| SYSTEMATIC FINANCIAL MANAGEMENT LP | SCHEDULE 13G/A | 2026-08-14 | 2026-06-30 | 2,378,909 | 6.68% |
| BlackRock, Inc. | SCHEDULE 13G/A | 2026-07-29 | 2026-06-30 | 2,568,025 | 7% |
| ROYCE & ASSOCIATES LP | SCHEDULE 13G | 2026-07-22 | 2026-06-30 | 1,836,591 | 5% |
| Abigail P. Johnson | SCHEDULE 13G | 2026-07-08 | 2026-06-30 | 3,986,196.18 | 10.9% |
| FMR LLC | SCHEDULE 13G | 2026-07-08 | 2026-06-30 | 3,986,196.18 | 10.9% |
| The Vanguard Group | SCHEDULE 13G/A | 2026-03-27 | 2026-03-13 | 0 | 0% |
| Dimensional Fund Advisors LP | SCHEDULE 13G/A | 2025-10-09 | 2025-09-30 | 1,459,592 | 4.9% |
Source: SEC Form 13F-HR information tables for the quarter ending 2026-06-30 (filed within 45 days of quarter end; amendments applied; values normalised to dollars), the share count from the company's latest 10-K/10-Q XBRL cover page, and Schedule 13D/13G filings. Each row is a legal 13F filer as filed — related entities (e.g. Vanguard's advisers) are not merged. Retail brokerage accounts are not reported on 13F, so the remainder is mostly retail and insiders.