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.

Nextdoor Holdings, Inc.

CIK 0001846069NXDR· quarter ending 2026-06-30
Shares outstanding
386,848,402
Held by 13F filers
152,413,737
58.8% of Common Class A
Holders
208
-7 vs 2026-03-31 · 35 new, 42 exited
Value
$344.7M
shares +8.7% vs prior quarter

Share classes (cover page of the 10-Q filed 2026-08-04, as of 2026-07-31)

ClassListedShares outstandingHeld by 13F filers% of classHoldersCUSIP
Common Class ANXDR · NYSE259,381,559152,413,73758.8%20865345M108
Common Class Bnot listed127,466,843——

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
65345M108COM CL A208152,413,737259,381,55958.8%$344.7M2 call / 2 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 (208 of 208 · 65345M108)

change vs 2026-03-31
#FilerShares% of classValueChange
1BlackRock, Inc.21,497,1988.29%$48.8M+1,174,094 (+5.8%)
2VANGUARD CAPITAL MANAGEMENT LLC10,168,0613.92%$23.1M+494,582 (+5.1%)
3ACADIAN ASSET MANAGEMENT LLC9,770,7883.77%$22.2M+2,664,240 (+37.5%)
4STATE STREET CORP6,038,6762.33%$13.7M+372,869 (+6.6%)
5GEODE CAPITAL MANAGEMENT, LLC5,982,7662.31%$13.6M+577,640 (+10.7%)
6MACKENZIE FINANCIAL CORP5,947,6732.29%$13.5MNEW
7Bond Capital Management, LP5,458,8712.10%$12.4M-2,896,734 (-34.7%)
8WESTERLY CAPITAL MANAGEMENT, LLC4,850,0001.87%$11.0M-650,000 (-11.8%)
9MILLENNIUM MANAGEMENT LLC4,431,0311.71%$10.1M+614,093 (+16.1%)
10VANGUARD PORTFOLIO MANAGEMENT LLC3,874,8911.49%$8.8M+717,925 (+22.7%)
11Quinn Opportunity Partners LLC3,689,4761.42%$8.4M+298,522 (+8.8%)
12ALGERT GLOBAL LLC3,599,0091.39%$8.2M+538,403 (+17.6%)
13Qube Research & Technologies Ltd3,313,7491.28%$7.5M+10,712 (+0.3%)
14AQR CAPITAL MANAGEMENT LLC3,027,1841.17%$6.9M+289,486 (+10.6%)
15JACOBS LEVY EQUITY MANAGEMENT, INC2,911,5371.12%$6.6M-234,326 (-7.4%)
16TUDOR INVESTMENT CORP ET AL2,721,5181.05%$6.2M+157,894 (+6.2%)
17AWM Investment Company, Inc.2,655,2041.02%$6.0M+501,366 (+23.3%)
18ARROWSTREET CAPITAL, LIMITED PARTNERSHIP2,631,0651.01%$6.0M-76,680 (-2.8%)
19CITADEL ADVISORS LLC2,291,4350.88%$5.2M-330,487 (-12.6%)
20DIMENSIONAL FUND ADVISORS LP2,258,4110.87%$5.1M+839,372 (+59.2%)
21D. E. Shaw & Co., Inc.2,229,8510.86%$5.1M-740,424 (-24.9%)
22RENAISSANCE TECHNOLOGIES LLC2,220,0000.86%$5.0M-892,000 (-28.7%)
23NORTHERN TRUST CORP2,038,5870.79%$4.6M+242,704 (+13.5%)
24CHARLES SCHWAB INVESTMENT MANAGEMENT INC1,970,2180.76%$4.5M+110,011 (+5.9%)
25FMR LLC1,903,8880.73%$4.3M+1,528,362 (+407.0%)
26GOLDMAN SACHS GROUP INC1,568,7530.60%$3.6M+69,425 (+4.6%)
27VANGUARD FIDUCIARY TRUST CO1,559,8690.60%$3.5M+117,705 (+8.2%)
28ADAGE CAPITAL PARTNERS GP, L.L.C.1,500,0000.58%$3.4M—
29ALLIANCEBERNSTEIN L.P.1,401,1500.54%$2.0M-58,860 (-4.0%)
30SEI INVESTMENTS CO1,277,7820.49%$2.9M—
31AMERIPRISE FINANCIAL INC1,161,9020.45%$2.6M+106,512 (+10.1%)
32UBS Group AG1,130,4230.44%$2.6M+23,078 (+2.1%)
33TWO SIGMA INVESTMENTS, LP1,053,7380.41%$2.4M-80,637 (-7.1%)
34MORGAN STANLEY1,049,7720.40%$2.4M+626,317 (+147.9%)
35FRANKLIN RESOURCES INC1,010,2800.39%$2.3M+490,898 (+94.5%)
36Potrero Capital Research LLC897,7180.35%$2.0M-1,044,899 (-53.8%)
37JANE STREET GROUP, LLC892,1360.34%$2.0M-186,401 (-17.3%)
38HRT FINANCIAL LP859,6160.33%$2.0M-383,706 (-30.9%)
39Squarepoint Ops LLC789,5120.30%$1.8M+268,007 (+51.4%)
40GSA CAPITAL PARTNERS LLP713,6200.28%$1.6M+253,000 (+54.9%)
41Allspring Global Investments Holdings, LLC707,9820.27%$1.6MNEW
42Beacon Pointe Advisors, LLC683,7970.26%$1.6M—
43Russell Investments Group, Ltd.655,6060.25%$1.5M+506,221 (+338.9%)
44STATE OF WISCONSIN INVESTMENT BOARD641,7630.25%$1.5M-2,058 (-0.3%)
45Bank of New York Mellon Corp613,4180.24%$1.4M+70,727 (+13.0%)
46TOCQUEVILLE ASSET MANAGEMENT L.P.575,0000.22%$1.3MNEW
47Invesco Ltd.518,8100.20%$1.2M+50,097 (+10.7%)
48Nuveen, LLC483,1680.19%$1.1M+33,268 (+7.4%)
49GLOBEFLEX CAPITAL L P481,6840.19%$1.1M+387,108 (+409.3%)
50Walleye Capital LLC473,0820.18%$1.1MNEW
51Swiss National Bank469,8000.18%$1.1M+44,900 (+10.6%)
52Abu Dhabi Investment Council Co P.J.S.C456,7110.18%$1.0M—
53BANK OF AMERICA CORP /DE/448,7970.17%$1.0M+96,930 (+27.5%)
54NANO CAP NEW MILLENNIUM GROWTH FUND L P419,7000.16%$953K-10,300 (-2.4%)
55IEQ CAPITAL, LLC397,8600.15%$903K+11,672 (+3.0%)
56CANADA PENSION PLAN INVESTMENT BOARD341,7000.13%$776K-30,800 (-8.3%)
57Susquehanna Portfolio Strategies, LLC316,3160.12%$718KNEW
58MARSHALL WACE, LLP293,6030.11%$666KNEW
59CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM289,8500.11%$658K+100,039 (+52.7%)
60XTX Topco Ltd286,2930.11%$650K-368,449 (-56.3%)
61PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO273,4540.11%$621K—
62AMERICAN CENTURY COMPANIES INC270,8010.10%$615K+70,023 (+34.9%)
63UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC257,4940.10%$585K-23,253 (-8.3%)
64Oasis Management Co Ltd.250,0000.10%$568K—
65DEUTSCHE BANK AG\246,8080.10%$560K+159,037 (+181.2%)
66RHUMBLINE ADVISERS241,4880.09%$548K+50,079 (+26.2%)
67GROUP ONE TRADING LLC230,6240.09%$524KNEW
68HSBC HOLDINGS PLC223,2310.09%$506K+56,621 (+34.0%)
69MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.204,5800.08%$464K+26,735 (+15.0%)
70Amundi203,9990.08%$463K—
71WELLS FARGO & COMPANY/MN199,5080.08%$453K+112,441 (+129.1%)
72PRICE T ROWE ASSOCIATES INC /MD/192,6400.07%$438K+40,911 (+27.0%)
73JPMORGAN CHASE & CO183,7200.07%$419K+86,908 (+89.8%)
74Legal & General Group Plc173,9420.07%$395K+10,504 (+6.4%)
75VANGUARD ASSET MANAGEMENT, Ltd162,3310.06%$368K—
76WEALTH ENHANCEMENT ADVISORY SERVICES, LLC156,4080.06%$336K+12,282 (+8.5%)
77MetLife Investment Management, LLC153,3760.06%$348K+45,385 (+42.0%)
78Mariner, LLC151,9000.06%$345K+39,506 (+35.1%)
79THOMPSON DAVIS & CO., INC.151,6430.06%$345K+103,200 (+213.0%)
80BOOTHBAY FUND MANAGEMENT, LLC148,0600.06%$336KNEW
81Centiva Capital, LP147,0250.06%$334K+92,717 (+170.7%)
82VIRGINIA RETIREMENT SYSTEMS ET Al145,7000.06%$331KNEW
83Byrne Asset Management LLC145,6000.06%$331K+16,000 (+12.3%)
84Point72 Asset Management, L.P.142,4400.05%$323K-193,439 (-57.6%)
85Voleon Capital Management LP141,8230.05%$322KNEW
86SUSQUEHANNA INTERNATIONAL GROUP, LLP134,0800.05%$304K-244,520 (-64.6%)
87LOS ANGELES CAPITAL MANAGEMENT LLC133,9810.05%$304K—
88Creative Planning133,5510.05%$303K-38,431 (-22.3%)
89Cerity Partners LLC119,8910.05%$272K-50,441 (-29.6%)
90CITIGROUP INC116,7670.05%$265K+98,611 (+543.1%)
91Pinegrove Venture Partners, LLC114,1780.04%$259K—
92Cornerstone Investment Partners, LLC112,9900.04%$256K-5,334 (-4.5%)
93MERCER GLOBAL ADVISORS INC /ADV108,9710.04%$247K+41,328 (+61.1%)
94TEACHER RETIREMENT SYSTEM OF TEXAS88,4560.03%$201KNEW
95Vanguard Global Advisers, LLC85,9840.03%$195K—
96Jupiter Topco LLC75,1700.03%$170KNEW
97Universal- Beteiligungs- und Servicegesellschaft mbH73,5560.03%$167K—
98INTECH INVESTMENT MANAGEMENT LLC69,8270.03%$159K+14,119 (+25.3%)
99MANUFACTURERS LIFE INSURANCE COMPANY, THE66,4320.03%$151K+4,645 (+7.5%)
100Connor, Clark & Lunn Investment Management Ltd.66,3760.03%$151KNEW
101SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC64,6960.02%$147KNEW
102ARIZONA STATE RETIREMENT SYSTEM64,6020.02%$147K+4,169 (+6.9%)
103Pathstone Holdings, LLC63,1330.02%$143K-1,000 (-1.6%)
104Vanguard Investments Australia, Ltd.62,0470.02%$141K—
105Police & Firemen's Retirement System of New Jersey61,9930.02%$141K—
106Crewe Advisors LLC60,0000.02%$136KNEW
107NEW YORK STATE COMMON RETIREMENT FUND58,7610.02%$133K+22,500 (+62.1%)
108BNP PARIBAS FINANCIAL MARKETS54,3770.02%$123K-14,143 (-20.6%)
109Essential Partners LLC53,8660.02%$122K-17,437 (-24.5%)
110Focus Partners Wealth53,7580.02%$122K-11,098 (-17.1%)
111CAPTRUST FINANCIAL ADVISORS53,2610.02%$121K+7,215 (+15.7%)
112R Squared Ltd52,5950.02%$119K+23,270 (+79.4%)
113Magnetar Financial LLC46,7330.02%$106KNEW
114BARCLAYS PLC45,6160.02%$104K-2,002 (-4.2%)
115KLP KAPITALFORVALTNING AS45,5000.02%$103K—
116VOYA INVESTMENT MANAGEMENT LLC45,2820.02%$103K+5,561 (+14.0%)
117Abel Hall, LLC43,8920.02%$100K-8,445 (-16.1%)
118Polymer Capital Management (US) LLC42,5980.02%$97K-155,705 (-78.5%)
119ROYAL BANK OF CANADA41,7060.02%$94K+23,508 (+129.2%)
120STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM41,7000.02%$95K—
121CAZ INVESTMENTS LP40,0000.02%$91K+20,000 (+100.0%)
122TWO SIGMA SECURITIES, LLC39,9430.02%$91KNEW
123J. Goldman & Co LP38,8750.01%$88KNEW
124PRUDENTIAL FINANCIAL INC37,8250.01%$86K+4,860 (+14.7%)
125Pallas Capital Advisors LLC37,5480.01%$85K-17,440 (-31.7%)
126Corient Private Wealth LP36,3380.01%$82K-128,540 (-78.0%)
127Arax Advisory Partners35,3190.01%$80K+34,144 (+2905.9%)
128Zurcher Kantonalbank (Zurich Cantonalbank)34,4910.01%$78K—
129BAILARD, INC.34,1000.01%$77KNEW
130Cresset Asset Management, LLC32,5140.01%$74K-676 (-2.0%)
131Vanguard Personalized Indexing Management, LLC31,3100.01%$71K-10,128 (-24.4%)
132Fortis Capital Management LLC31,1610.01%$71K—
133ProShare Advisors LLC30,7150.01%$70K-1,524 (-4.7%)
134Quantbot Technologies LP30,4210.01%$69K-40,309 (-57.0%)
135SG Americas Securities, LLC29,2690.01%$66K+2,864 (+10.8%)
136BRIGHTON JONES LLC27,9550.01%$63K+6,657 (+31.3%)
137IMC-Chicago, LLC27,5810.01%$63K-18,639 (-40.3%)
138Merit Financial Group, LLC27,4090.01%$62K-5,201 (-15.9%)
139Caitong International Asset Management Co., Ltd26,8940.01%$61K+22,295 (+484.8%)
140OVERSEA-CHINESE BANKING Corp Ltd26,3070.01%$60KNEW
141VICTORY CAPITAL MANAGEMENT INC26,0570.01%$59K-1,144 (-4.2%)
142Westside Investment Management, Inc.25,5000.01%$58K-1,000 (-3.8%)
143XPONANCE LLC22,5280.01%$51K+2,857 (+14.5%)
144State of Wyoming21,4400.01%$49K-32,555 (-60.3%)
145Ameritas Investment Partners, Inc.21,2890.01%$48K+4,200 (+24.6%)
146Savvy Advisors, Inc.21,2660.01%$48K—
147NISA INVESTMENT ADVISORS, LLC20,2760.01%$46K+15,622 (+335.7%)
148Pictet Asset Management Holding SA20,2730.01%$46K—
149OCCUDO QUANTITATIVE STRATEGIES LP20,1710.01%$46KNEW
150Quantinno Capital Management LP19,9230.01%$45K-10,814 (-35.2%)
151Krilogy Financial LLC17,4630.01%$40K-5,909 (-25.3%)
152Schonfeld Strategic Advisors LLC17,3680.01%$39KNEW
153Swiss Life Asset Management Ltd17,2200.01%$39K+2,957 (+20.7%)
154Tower Research Capital LLC (TRC)16,5980.01%$38K+3,438 (+26.1%)
155NorthCrest Asset Manangement, LLC16,0730.01%$38K+5,804 (+56.5%)
156Jain Global LLC14,9040.01%$34KNEW
157Focus Partners Advisor Solutions, LLC14,0690.01%$32K-11,852 (-45.7%)
158CIBC Bancorp USA Inc.12,9510.00%$29K+1,751 (+15.6%)
159Farther Finance Advisors, LLC12,7240.00%$29K+470 (+3.8%)
160Geneos Wealth Management Inc.12,4000.00%$28K—
161MACQUARIE GROUP LTD11,6510.00%$26KNEW
162KESTRA PRIVATE WEALTH SERVICES, LLC11,0000.00%$25K-27,000 (-71.1%)
163MAI Capital Management10,3190.00%$23K+9,926 (+2525.7%)
164Allworth Financial LP10,2760.00%$23K+3,232 (+45.9%)
165ARMSTRONG HENRY H ASSOCIATES INC10,2090.00%$23K—
166Gimbal Financial10,0000.00%$23KNEW
167EverSource Wealth Advisors, LLC9,5020.00%$22K-118 (-1.2%)
168Federation des caisses Desjardins du Quebec7,5000.00%$17K—
169PITTENGER & ANDERSON INC5,0900.00%$12K—
170Larson Financial Group LLC5,0000.00%$11KNEW
171Sterling Capital Management LLC4,7280.00%$11K-2,600 (-35.5%)
172OSAIC HOLDINGS, INC.3,1750.00%$7K—
173JONES FINANCIAL COMPANIES LLLP2,9030.00%$6K+1,268 (+77.6%)
174Marquette Asset Management, LLC2,8570.00%$6K+357 (+14.3%)
175Fortitude Family Office, LLC2,3860.00%$5K+344 (+16.8%)
176True Wealth Design, LLC2,2930.00%$5K-692 (-23.2%)
177FEDERATED HERMES, INC.2,2810.00%$5KNEW
178Bogart Wealth, LLC2,0000.00%$5K—
179ROTHSCHILD INVESTMENT LLC1,7970.00%$4K+1,254 (+230.9%)
180IFP Advisors, Inc1,6370.00%$4K+572 (+53.7%)
181RAFFA WEALTH MANAGEMENT, LLC1,6160.00%$4KNEW
182SIGNATUREFD, LLC1,2860.00%$3K+540 (+72.4%)
183PICTON MAHONEY ASSET MANAGEMENT1,0750.00%$2KNEW
184Avion Wealth1,0000.00%$2K—
185THURSTON, SPRINGER, MILLER, HERD & TITAK, INC.1,0000.00%$2K—
186Optiver Holding B.V.9050.00%$2K-912 (-50.2%)
187Smithfield Trust Co7500.00%$2K—
188MassMutual Private Wealth & Trust, FSB5340.00%$1KNEW
189NBT BANK, N.A.5000.00%$1K—
190Atlantic Union Bankshares Corp5000.00%$1K—
191Rockefeller Capital Management L.P.4900.00%$1K-1,783 (-78.4%)
192Wealth Enhancement Trust Services, Inc.4400.00%$999NEW
193Smartleaf Asset Management LLC4060.00%$926—
194Parkside Financial Bank & Trust4060.00%$922—
195Bell Investment Advisors, Inc3580.00%$813—
196SBI Securities Co., Ltd.3020.00%$686+202 (+202.0%)
197Parallel Advisors, LLC2850.00%$647-249 (-46.6%)
198Clearstead Advisors, LLC2670.00%$607NEW
199SJS Investment Consulting Inc.2630.00%$598+182 (+224.7%)
200Trust Co2270.00%$515—
201NewEdge Advisors, LLC2000.00%$454—
202Quarry LP1500.00%$341NEW
203Versant Capital Management, Inc1440.00%$327—
204Covestor Ltd1270.00%$0-315,637 (-100.0%)
205FNY Investment Advisers, LLC1000.00%$0-200 (-66.7%)
206GAMMA Investing LLC930.00%$211NEW
207JPL Wealth Management, LLC210.00%$48NEW
208HUNTINGTON NATIONAL BANK10.00%$2—
Exited since 2026-03-31 (42 filers; largest 25 shown)
Altshuler Shaham Ltd−666,000
Laird Norton Wetherby Trust Company, LLC−615,126
LUMINUS MANAGEMENT LLC−400,000
Creek Drive Management Group LLC−337,480
SkyView Investment Advisors, LLC−266,468
Quadrature Capital Ltd−228,426
CWM, LLC−156,762
OneDigital Investment Advisors LLC−156,002
DRW Securities, LLC−108,701
Engineers Gate Manager LP−103,277
Brevan Howard Capital Management LP−98,177
JANUS HENDERSON GROUP PLC−75,170
VIRTUS ADVISERS, LLC−62,600
GatePass Capital, LLC−59,000
Perigon Wealth Management, LLC−46,890
GC Wealth Management RIA, LLC−46,617
Resolute Advisors LLC−40,000
Virtu Financial LLC−36,522
Granite Investment Partners, LLC−31,274
CIBC Asset Management Inc−28,583
Lido Advisors, LLC−25,661
NINE MASTS CAPITAL Ltd−18,066
Scientech Research LLC−16,331
SIMPLEX TRADING, LLC−14,900
Hudson Bay Capital Management LP−14,560

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
The Vanguard GroupSCHEDULE 13G/A2026-03-272026-03-1300%
Amova Asset Management Americas, Inc.SCHEDULE 13G/A2026-02-122025-12-3111,899,9194.9%
Amova Asset Management Co., Ltd.SCHEDULE 13G/A2026-02-052025-12-3111,899,9194.9%
Sumitomo Mitsui Trust Group, Inc.SCHEDULE 13G/A2026-02-052025-12-3111,899,9194.9%
BlackRock, Inc.SCHEDULE 13G/A2026-01-212025-12-3115,929,2016.5%
Benchmark Capital Management Co. VI, L.L.C.SCHEDULE 13D/A2025-02-142025-02-0750,364,71318.3%
J. William GurleySCHEDULE 13D/A2025-02-142025-02-0752,842,07419.1%
Benchmark Capital Partners VIII, L.P.SCHEDULE 13D/A2025-02-142025-02-071,739,2750.8%
Benchmark Capital Partners VI, L.P.SCHEDULE 13D/A2025-02-142025-02-0741,576,08115.6%
Benchmark Founders' Fund VI-B, L.P.SCHEDULE 13D/A2025-02-142025-02-071,706,5160.8%
Benchmark Founders' Fund VIII-B, L.P.SCHEDULE 13D/A2025-02-142025-02-07269,1910.1%
Benchmark Founders' Fund VI, L.P.SCHEDULE 13D/A2025-02-142025-02-072,600,2141.1%
Benchmark Capital Management Co. VIII, L.L.C.SCHEDULE 13D/A2025-02-142025-02-072,285,2171%
Bruce W. DunlevieSCHEDULE 13D/A2025-02-142025-02-0750,364,71318.3%
Chetan PuttaguntaSCHEDULE 13D/A2025-02-142025-02-072,285,2171%
Eric VishriaSCHEDULE 13D/A2025-02-142025-02-072,285,2171%
Alexandre BalkanskiSCHEDULE 13D/A2025-02-142025-02-0750,364,71318.3%
Kevin R. HarveySCHEDULE 13D/A2025-02-142025-02-0750,364,71318.3%
Matthew R. CohlerSCHEDULE 13D/A2025-02-142025-02-0752,649,93019%
Mitchell H. LaskySCHEDULE 13D/A2025-02-142025-02-0752,649,93019%
An-Yen HuSCHEDULE 13D/A2025-02-142025-02-072,285,2171%
Sarah E. TavelSCHEDULE 13D/A2025-02-142025-02-072,285,2171%
Peter H. FentonSCHEDULE 13D/A2025-02-142025-02-0752,649,93019%
Robert C. KagleSCHEDULE 13D/A2025-02-142025-02-0750,364,71318.3%
Nikko Asset Management Americas, Inc.SCHEDULE 13G/A2025-02-132024-12-318,907,8404.13%
Nikko Asset Management Co., Ltd.SCHEDULE 13G/A2025-02-042024-12-318,907,8404.1%
ARK Investment Management LLCSCHEDULE 13G/A2025-01-102024-09-306,898,8313.67%

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.