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.

Annexon, Inc.

CIK 0001528115ANNX· quarter ending 2026-06-30
Shares outstanding
204,444,933
Held by 13F filers
178,374,017
across share classes — see % per class below
Holders
216
-1 vs 2026-03-31 · 31 new, 32 exited
Value
$1.0B
shares +14.4% vs prior quarter

Share classes (cover page of the 10-Q filed 2026-08-12, as of 2026-08-10)

ClassListedShares outstandingHeld by 13F filers% of classHoldersCUSIP
Common Stock—189,579,134——
Prefunded Warrant—14,865,799——
Not matched to a class178,374,017—03589W102

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.

Securities (CUSIPs held in 13F this quarter)

tick to combine
CountCUSIPClass (as filers write it)HoldersShares heldClass shares% of classValueOptionsMapped via
03589W102COM216178,374,017——$1.0B7 call / 3 put13DGholders →

Totals combine the ticked CUSIPs and update as you tick: common-stock classes by default; preferreds, notes, warrants and depositary shares are listed but not counted. "holders →" shows a single CUSIP on its own. Bonds are held as a principal amount, not shares. Options positions are never counted as holdings.

Top holders (216 of 216 · 03589W102)

change vs 2026-03-31
#FilerShares% of classValueChange
1FMR LLC19,518,496—$111.5M+8,882,848 (+83.5%)
2BlackRock, Inc.13,539,744—$77.3M+2,601,235 (+23.8%)
3Redmile Group, LLC11,869,877—$67.8M-2,679,891 (-18.4%)
4STATE STREET CORP9,824,321—$56.1M+2,905,066 (+42.0%)
5BVF INC/IL8,698,173—$49.7M—
6Woodline Partners LP6,925,067—$39.5M+4,587,930 (+196.3%)
7VANGUARD CAPITAL MANAGEMENT LLC6,871,015—$39.2M+914,426 (+15.4%)
8MAK CAPITAL ONE LLC5,862,180—$33.5M+1,138,137 (+24.1%)
9GOLDMAN SACHS GROUP INC5,825,579—$33.3M+3,672,699 (+170.6%)
10Siren, L.L.C.4,458,646—$25.5M+500,000 (+12.6%)
11Bain Capital Life Sciences Investors, LLC4,437,731—$25.3M-774,943 (-14.9%)
12Bellevue Group AG4,100,016—$23.4M-1,057,274 (-20.5%)
13GEODE CAPITAL MANAGEMENT, LLC4,037,193—$23.1M+659,370 (+19.5%)
14MPM BIOIMPACT LLC3,544,354—$20.2MNEW
15AMERIPRISE FINANCIAL INC3,509,623—$20.0M+60,502 (+1.8%)
16ADAGE CAPITAL PARTNERS GP, L.L.C.3,500,000—$20.0M-800,000 (-18.6%)
17GREAT POINT PARTNERS LLC3,500,000—$20.0M+1,000,000 (+40.0%)
18MORGAN STANLEY3,144,453—$18.0M+408,483 (+14.9%)
19Palo Alto Investors LP2,948,090—$16.8M—
20Balyasny Asset Management L.P.2,830,976—$16.2M-1,055,933 (-27.2%)
21Nuveen, LLC2,765,080—$15.8M-1,481,250 (-34.9%)
22Qube Research & Technologies Ltd2,749,961—$15.7M-364,353 (-11.7%)
23VANGUARD PORTFOLIO MANAGEMENT LLC2,246,800—$12.8M+763,710 (+51.5%)
24Opaleye Management Inc.1,714,451—$9.8M-617,310 (-26.5%)
25Logos Global Management LP1,500,000—$8.6MNEW
26DIMENSIONAL FUND ADVISORS LP1,497,756—$8.6M+573,678 (+62.1%)
27Point72 Asset Management, L.P.1,382,699—$7.9M-489,096 (-26.1%)
28NORTHERN TRUST CORP1,352,046—$7.7M+265,144 (+24.4%)
29CHARLES SCHWAB INVESTMENT MANAGEMENT INC1,257,799—$7.2M+155,354 (+14.1%)
30Tetragon Partners GP Ltd1,242,455—$7.1M-50,000 (-3.9%)
31Candriam S.C.A.1,195,142—$6.8MNEW
32MILLENNIUM MANAGEMENT LLC1,184,931—$6.8M-53,747 (-4.3%)
33VANGUARD FIDUCIARY TRUST CO1,105,450—$6.3M+216,898 (+24.4%)
34MASSACHUSETTS FINANCIAL SERVICES CO /MA/1,037,366—$5.9M+133,998 (+14.8%)
35JPMORGAN CHASE & CO1,004,308—$5.6M+680,414 (+210.1%)
36WELLS FARGO & COMPANY/MN978,055—$5.6M+279,316 (+40.0%)
37PANAGORA ASSET MANAGEMENT INC967,926—$5.5MNEW
38KENNEDY CAPITAL MANAGEMENT LLC898,394—$5.1M-13,929 (-1.5%)
39Ishara Investments LP820,000—$4.7M+645,750 (+370.6%)
40Ensign Peak Advisors, Inc800,516—$4.6M+175,419 (+28.1%)
41ARROWSTREET CAPITAL, LIMITED PARTNERSHIP737,935—$4.2MNEW
42Y-Intercept (Hong Kong) Ltd734,585—$4.2M-585,328 (-44.3%)
43Russell Investments Group, Ltd.705,291—$4.0M-6,089 (-0.9%)
44AQR CAPITAL MANAGEMENT LLC691,812—$4.0M-85,441 (-11.0%)
45Parkman Healthcare Partners LLC641,029—$3.7M-32,984 (-4.9%)
46ACADIAN ASSET MANAGEMENT LLC629,127—$3.6M-129,105 (-17.0%)
47UBS Group AG623,094—$3.6M-622,847 (-50.0%)
48DEUTSCHE BANK AG\616,489—$3.5M+54,308 (+9.7%)
49BANK OF AMERICA CORP /DE/614,186—$3.5M-3,645,809 (-85.6%)
50CITADEL ADVISORS LLC596,582—$3.4M-3,553 (-0.6%)
51DEERFIELD MANAGEMENT COMPANY, L.P.583,913—$3.3M—
52SIRIOS CAPITAL MANAGEMENT L P569,276—$3.3M-5,787 (-1.0%)
53Schonfeld Strategic Advisors LLC533,567—$3.0M+410,285 (+332.8%)
54TWO SIGMA INVESTMENTS, LP512,796—$2.9M+41,405 (+8.8%)
55Hennion & Walsh Asset Management, Inc.507,050—$2.9M-2,639 (-0.5%)
56Bank of New York Mellon Corp501,442—$2.9M+106,423 (+26.9%)
57Board of Trustees of The Leland Stanford Junior University482,550—$2.8M—
58RENAISSANCE TECHNOLOGIES LLC459,000—$2.6M-85,300 (-15.7%)
59Ikarian Capital, LLC430,244—$2.5M-150,000 (-25.9%)
60MOORE CAPITAL MANAGEMENT, LP425,332—$2.4MNEW
61Trexquant Investment LP409,667—$2.3M+6,010 (+1.5%)
62WELLINGTON MANAGEMENT GROUP LLP406,795—$2.3M-114,584 (-22.0%)
63Susquehanna Portfolio Strategies, LLC395,230—$2.3M+34,911 (+9.7%)
64MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC394,600—$2.3M-22,098 (-5.3%)
65Invesco Ltd.330,729—$1.9M-432,276 (-56.7%)
66Engineers Gate Manager LP319,057—$1.8M+144,916 (+83.2%)
67DAFNA Capital Management LLC297,812—$1.7M+180,000 (+152.8%)
68Jump Financial, LLC297,800—$1.7MNEW
69STATE OF WISCONSIN INVESTMENT BOARD286,375—$1.6M+236,629 (+475.7%)
70D. E. Shaw & Co., Inc.265,284—$1.5M-437,515 (-62.3%)
71VOLORIDGE INVESTMENT MANAGEMENT, LLC250,025—$1.4M-212,043 (-45.9%)
72Swiss National Bank244,600—$1.4M+8,600 (+3.6%)
73CITIGROUP INC235,990—$1.3M+205,173 (+665.8%)
74Cinctive Capital Management LP215,748—$1.2M-52,892 (-19.7%)
75MARSHALL WACE, LLP210,607—$1.2M-650,868 (-75.6%)
76RHUMBLINE ADVISERS189,578—$1.1M+29,908 (+18.7%)
77SEI INVESTMENTS CO183,817—$1.0M-19,419 (-9.6%)
78UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC180,647—$1.0M+50,000 (+38.3%)
79Squarepoint Ops LLC173,285—$989K+105,329 (+155.0%)
80Rafferty Asset Management, LLC173,279—$989K-29,990 (-14.8%)
81OSAIC HOLDINGS, INC.147,624—$843K+146,355 (+11533.1%)
82ALLIANCEBERNSTEIN L.P.147,240—$816K+28,190 (+23.7%)
83CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM134,259—$767K+127,086 (+1771.7%)
84PRICE T ROWE ASSOCIATES INC /MD/129,243—$738K-299,477 (-69.9%)
85VICTORY CAPITAL MANAGEMENT INC127,338—$727K+11,811 (+10.2%)
86BOOTHBAY FUND MANAGEMENT, LLC120,129—$686K-46,035 (-27.7%)
87IEQ CAPITAL, LLC120,010—$685K-75,754 (-38.7%)
88J. Goldman & Co LP116,046—$663K-54,771 (-32.1%)
89XTX Topco Ltd112,147—$640K+31,652 (+39.3%)
90GSA CAPITAL PARTNERS LLP104,378—$596K+72,684 (+229.3%)
91Vanguard Global Advisers, LLC102,067—$583K+48,013 (+88.8%)
92Quarry LP100,000—$571K+78,750 (+370.6%)
93SCS Capital Management LLC99,000—$565K—
94Legal & General Group Plc98,118—$560K+18,072 (+22.6%)
95MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.91,661—$521K+15,404 (+20.2%)
96MetLife Investment Management, LLC91,005—$520K+18,561 (+25.6%)
97J. Safra Sarasin Holding AG90,487—$517K—
98Zurcher Kantonalbank (Zurich Cantonalbank)88,518—$505K+34,651 (+64.3%)
99CAPTRUST FINANCIAL ADVISORS87,909—$502K+8,736 (+11.0%)
100PROFUND ADVISORS LLC87,509—$500K-3,450 (-3.8%)
101VANGUARD ASSET MANAGEMENT, Ltd79,486—$454K—
102DNB Asset Management AS73,147—$418K-15,470 (-17.5%)
103Virtus Investment Advisers, LLC69,468—$397K+14,602 (+26.6%)
104Jain Global LLC64,719—$370KNEW
105China Universal Asset Management Co., Ltd.62,076—$354K+4,393 (+7.6%)
106LOS ANGELES CAPITAL MANAGEMENT LLC62,073—$354K—
107DIVERSIFIED TRUST CO61,797—$353KNEW
108Jupiter Topco LLC59,100—$338KNEW
109VIRGINIA RETIREMENT SYSTEMS ET Al54,300—$310KNEW
110WINTON GROUP Ltd47,800—$273K+23,700 (+98.3%)
111JUPITER ASSET MANAGEMENT LTD46,074—$263KNEW
112Creative Planning45,950—$262K+27 (+0.1%)
113Police & Firemen's Retirement System of New Jersey45,813—$262K+9,785 (+27.2%)
114Universal- Beteiligungs- und Servicegesellschaft mbH44,706—$255KNEW
115JACOBS LEVY EQUITY MANAGEMENT, INC44,485—$254K-104,456 (-70.1%)
116Allegheny Financial Group42,900—$245K—
117SG Americas Securities, LLC42,823—$245KNEW
118BARCLAYS PLC41,715—$238K+17,424 (+71.7%)
119MANUFACTURERS LIFE INSURANCE COMPANY, THE41,517—$237K-93,269 (-69.2%)
120DRW Securities, LLC39,443—$225K-15,041 (-27.6%)
121State of New Jersey Common Pension Fund D39,409—$225K-1,344 (-3.3%)
122SUSQUEHANNA INTERNATIONAL GROUP, LLP39,394—$225K-119,246 (-75.2%)
123BNP PARIBAS FINANCIAL MARKETS39,255—$224K-216,116 (-84.6%)
124FIFTH THIRD BANCORP38,640—$221K+3,242 (+9.2%)
125CANADA PENSION PLAN INVESTMENT BOARD38,600—$220K-2,200 (-5.4%)
126NEW YORK STATE COMMON RETIREMENT FUND36,568—$209K+7,000 (+23.7%)
127Vanguard Investments Australia, Ltd.35,034—$200K—
128ARIZONA STATE RETIREMENT SYSTEM33,630—$192K+877 (+2.7%)
129Blueshift Asset Management, LLC33,338—$190KNEW
130PRELUDE CAPITAL MANAGEMENT, LLC31,642—$181K+9,442 (+42.5%)
131VOYA INVESTMENT MANAGEMENT LLC30,870—$176K+8,643 (+38.9%)
132Lido Advisors, LLC30,843—$176K-157 (-0.5%)
133EntryPoint Capital, LLC30,787—$176K-20,634 (-40.1%)
134INTECH INVESTMENT MANAGEMENT LLC29,929—$171K—
135Bridgefront Capital, LLC28,528—$163KNEW
136Quadrature Capital Ltd27,863—$159K+10,960 (+64.8%)
137DIADEMA PARTNERS LP27,516—$157K-105,400 (-79.3%)
138KLP KAPITALFORVALTNING AS26,300—$150K—
139ProShare Advisors LLC25,711—$147K+116 (+0.5%)
140Verdad Advisers, LP25,300—$144K-27,977 (-52.5%)
141Brevan Howard Capital Management LP25,287—$144K-33,146 (-56.7%)
142AlphaCentric Advisors LLC24,872—$142K+354 (+1.4%)
143PRUDENTIAL FINANCIAL INC24,850—$142K+4,670 (+23.1%)
144E Fund Management Co., Ltd.24,433—$140K-1,119 (-4.4%)
145Crown Wealth Group, LLC23,763—$136KNEW
146SBI Securities Co., Ltd.23,225—$133K—
147RAYMOND JAMES FINANCIAL INC22,869—$131K+3,500 (+18.1%)
148CANADA LIFE ASSURANCE Co21,646—$124K—
149Cygnus Capital Advisors, LLC21,549—$123K-651 (-2.9%)
150STRS OHIO21,200—$121K-34,300 (-61.8%)
151SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC21,010—$120KNEW
152LANDSCAPE CAPITAL MANAGEMENT, L.L.C.20,813—$119K-699 (-3.2%)
153WEALTH ENHANCEMENT ADVISORY SERVICES, LLC20,253—$117K-1,679 (-7.7%)
154Cambridge Investment Research Advisors, Inc.20,220—$116K+10,110 (+100.0%)
155Corient Private Wealth LP19,704—$113K—
156State of Wyoming19,479—$111KNEW
157MERCER GLOBAL ADVISORS INC /ADV17,077—$98K-1,637 (-8.7%)
158Coastal Bridge Advisors, LLC17,000—$97K—
159Pictet Asset Management Holding SA16,701—$95K—
160Mariner, LLC16,469—$94K-36,773 (-69.1%)
161LPL Financial LLC15,809—$90K+2,595 (+19.6%)
162Balefire, LLC15,011—$86K+11 (+0.1%)
163DLD Asset Management, LP15,000—$86KNEW
164XPONANCE LLC14,865—$85K+3,659 (+32.7%)
165Forefront Analytics, LLC14,240—$81K—
166TEACHER RETIREMENT SYSTEM OF TEXAS14,233—$81K-866 (-5.7%)
167Ameritas Investment Partners, Inc.14,097—$80K+3,307 (+30.6%)
168Private Advisor Group, LLC14,020—$80KNEW
169Cerity Partners LLC13,867—$79K-4,112 (-22.9%)
170BRIDGEWAY CAPITAL MANAGEMENT, LLC12,800—$73K-85,000 (-86.9%)
171Tower Research Capital LLC (TRC)12,786—$73K+109 (+0.9%)
172Vanguard Personalized Indexing Management, LLC12,488—$71K-448 (-3.5%)
173Quantinno Capital Management LP12,263—$70KNEW
174PRINCIPAL FINANCIAL GROUP INC11,876—$68KNEW
175Merit Financial Group, LLC11,103—$63K+358 (+3.3%)
176FOX RUN MANAGEMENT, L.L.C.10,920—$62K-6,758 (-38.2%)
177NISA INVESTMENT ADVISORS, LLC10,779—$62K+3,366 (+45.4%)
178MOUNT VERNON ASSOCIATES INC /MD/10,500—$60K—
179GROUP ONE TRADING LLC10,087—$58KNEW
180Fulcrum Asset Management LLP10,070—$56KNEW
181Shay Capital LLC10,000—$57K—
182Harbor Advisors LLC10,000—$57K—
183Arax Advisory Partners7,684—$44K+7,096 (+1206.8%)
184Mirae Asset Global Investments Co., Ltd.7,328—$42K-221 (-2.9%)
185Persistent Asset Partners Ltd6,825—$39K-26,800 (-79.7%)
186Geneos Wealth Management Inc.6,000—$34K—
187ROYAL BANK OF CANADA5,395—$31K+4,235 (+365.1%)
188JONES FINANCIAL COMPANIES LLLP3,565—$20K—
189GF FUND MANAGEMENT CO. LTD.3,065—$18K-169 (-5.2%)
190Pacer Advisors, Inc.2,894—$17KNEW
191BNP PARIBAS ASSET MANAGEMENT Holding S.A.2,024—$12K-343 (-14.5%)
192Larson Financial Group LLC2,000—$11K-16 (-0.8%)
193Quantbot Technologies LP1,562—$9K+1,254 (+407.1%)
194PNC Financial Services Group, Inc.1,246—$7K+114 (+10.1%)
195Burnham & Co LLC1,000—$6KNEW
196Allworth Financial LP836—$5K-225 (-21.2%)
197Rockefeller Capital Management L.P.786—$4K-876 (-52.7%)
198Farther Finance Advisors, LLC738—$4K-627 (-45.9%)
199Essential Partners LLC674—$4K-418 (-38.3%)
200GAMMA Investing LLC570—$3K+254 (+80.4%)
201IFP Advisors, Inc569—$3K-76 (-11.8%)
202EverSource Wealth Advisors, LLC559—$3K-32 (-5.4%)
203Sterling Capital Management LLC545—$3K-3,823 (-87.5%)
204Caitong International Asset Management Co., Ltd497—$3K-338 (-40.5%)
205Fortitude Family Office, LLC483—$3K+396 (+455.2%)
206Optiver Holding B.V.406—$2K-716 (-63.8%)
207HighMark Wealth Management LLC300—$2K—
208True Wealth Design, LLC283—$2K-39 (-12.1%)
209Physician Wealth Advisors, Inc.269—$2K—
210ROTHSCHILD INVESTMENT LLC249—$1K-188 (-43.0%)
211Global Retirement Partners, LLC181—$1KNEW
212NATIONAL BANK OF CANADA /FI/67—$383NEW
213SJS Investment Consulting Inc.20—$115+3 (+17.6%)
214Stone House Investment Management, LLC16—$91-4 (-20.0%)
215Clearstead Advisors, LLC15—$86NEW
216Silver Grove Financial Group, Inc.1—$6NEW
Exited since 2026-03-31 (32 filers; largest 25 shown)
Longaeva Partners L.P.−620,401
SILVERARC CAPITAL MANAGEMENT, LLC−496,461
Rosalind Advisors, Inc.−200,000
ALGERT GLOBAL LLC−154,840
Man Group plc−109,222
Connor, Clark & Lunn Investment Management Ltd.−92,707
POLEN CAPITAL MANAGEMENT LLC−70,152
JANUS HENDERSON GROUP PLC−59,100
AXQ CAPITAL, LP−58,185
ADAR1 Capital Management, LLC−55,000
BIT Capital GmbH−50,000
JANE STREET GROUP, LLC−47,120
CWM, LLC−39,652
MIRABELLA FINANCIAL SERVICES LLP−28,739
Virtu Financial LLC−28,450
TD Asset Management Inc−22,760
Scientech Research LLC−17,316
ExodusPoint Capital Management, LP−14,938
Vontobel Holding Ltd.−14,511
Magnetar Financial LLC−14,205
AMERICAN CENTURY COMPANIES INC−12,463
nVerses Capital, LLC−11,897
Abel Hall, LLC−10,921
Integrated Wealth Concepts LLC−10,232
Trask Adam Roland−1,000

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 personFormFiledEventShares% of class
STATE STREET CORPORATIONSCHEDULE 13G2026-08-072026-06-309,824,3216%
BlackRock, Inc.SCHEDULE 13G/A2026-07-272026-06-3013,128,2818%
Redmile Group, LLCSCHEDULE 13G/A2026-07-082026-07-0117,918,4599.9%
RedCo II Offshore SPV LLCSCHEDULE 13G/A2026-07-082026-07-019,802,4585.5%
Jeremy C. GreenSCHEDULE 13G/A2026-07-082026-07-0117,918,4599.9%
FMR LLCSCHEDULE 13G/A2026-07-082026-06-3019,518,496.3511.9%
Abigail P. JohnsonSCHEDULE 13G/A2026-07-082026-06-3019,518,496.3511.9%
BVF Partners OS Ltd.SCHEDULE 13G/A2026-05-152026-03-31522,9060.3%
BVF GP HOLDINGS LLCSCHEDULE 13G/A2026-05-152026-03-318,044,6735%
BVF I GP LLCSCHEDULE 13G/A2026-05-152026-03-314,644,8232.9%
BVF II GP LLCSCHEDULE 13G/A2026-05-152026-03-313,399,8502.1%
BVF INC/ILSCHEDULE 13G/A2026-05-152026-03-318,698,1735.4%
BVF PARTNERS L P/ILSCHEDULE 13G/A2026-05-152026-03-318,698,1735.4%
BIOTECHNOLOGY VALUE FUND L PSCHEDULE 13G/A2026-05-152026-03-314,644,8232.9%
BIOTECHNOLOGY VALUE FUND II LPSCHEDULE 13G/A2026-05-152026-03-313,399,8502.1%
LAMPERT MARK NSCHEDULE 13G/A2026-05-152026-03-318,698,1735.4%
Biotechnology Value Trading Fund OS LPSCHEDULE 13G/A2026-05-152026-03-31522,9060.3%
The Vanguard GroupSCHEDULE 13G/A2026-03-262026-03-1300%
Redmile Biopharma Investments II, L.P.SCHEDULE 13G/A2026-02-172025-12-317,288,9174.7%
Satter Muneer ASCHEDULE 13D/A2025-11-212025-11-1910,444,1347.2%
Logos Global Management GP LLCSCHEDULE 13G/A2025-08-142025-06-3000%
Logos GP LLCSCHEDULE 13G/A2025-08-142025-06-3000%
Logos Global Master Fund LPSCHEDULE 13G/A2025-08-142025-06-3000%
Logos Global Management LPSCHEDULE 13G/A2025-08-142025-06-3000%
Arsani WilliamSCHEDULE 13G/A2025-08-142025-06-3000%
Point72 Asset Management, L.P.SCHEDULE 13G/A2025-05-152025-03-3195,4300.1%
Point72 Capital Advisors, Inc.SCHEDULE 13G/A2025-05-152025-03-3195,4300.1%
Steven A. CohenSCHEDULE 13G/A2025-05-152025-03-3195,4300.1%
BCIP Life Sciences Associates, LPSCHEDULE 13G/A2025-02-142024-12-3100%
Bain Capital Life Sciences Fund, L.P.SCHEDULE 13G/A2025-02-142024-12-3100%
BCLS I Investco, LPSCHEDULE 13G/A2025-02-142024-12-315,249,0694.9%

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.