New Positions
19 managers initiated
Top five by reported value
- Whitebark Investors LP$4.9M
- Alberta Investment Management Corp$2.4M
- GUGGENHEIM CAPITAL LLC$264.0K
- INCEPTIONR LLC$220.8K
- Graham Capital Management, L.P.$177.1K
Shenandoah Telecommunications Co NASDAQ NMS - GLOBAL MARKET:SHEN
Institutional holders, quarter-over-quarter share deltas, and new and closed positions disclosed in Form 13F. Period 2025-12-31 · prior 2025-09-30.
19 new47 added95 reduced19 exited
Total Institutional Holders
161
as of 2025-12-31
Top Holder
ECP ControlCo, LLC
$153.2M
Largest QoQ Increase
ECP ControlCo, LLC
+8,623,860 sh
Largest QoQ Decrease
VANGUARD GROUP INC
-962,426 sh
New Positions(19)
| Manager | Shares | Δ Shares | Value | Δ Value | % Δ |
|---|---|---|---|---|---|
| Whitebark Investors LP | 423,063 | +423,063 | $4.9M | +$4.9M | — |
| Alberta Investment Management Corp | 176,657 | +176,657 | $2.4M | +$2.4M | — |
| GUGGENHEIM CAPITAL LLC | 22,840 | +22,840 | $264.0K | +$264.0K | — |
| INCEPTIONR LLC | 19,101 | +19,101 | $220.8K | +$220.8K | — |
| Graham Capital Management, L.P. | 15,317 | +15,317 | $177.1K | +$177.1K | — |
| Sanctuary Advisors, LLC | 11,898 | +11,898 | $162.5K | +$162.5K | — |
| Inscription Capital, LLC | 12,788 | +12,788 | $147.8K | +$147.8K | — |
| AMUNDI | 10,567 | +10,567 | $122.2K | +$122.2K | — |
| LOS ANGELES CAPITAL MANAGEMENT LLC | 300 | +300 | $3.7K | +$3.7K | — |
| MASSMUTUAL TRUST CO FSB/ADV | 263 | +263 | $3.0K | +$3.0K | — |
| IFP Advisors, Inc | 225 | +225 | $2.9K | +$2.9K | — |
| Hughes Financial Services, LLC | 180 | +180 | $2.1K | +$2.1K | — |
| Pinnacle Wealth Planning Services, Inc. | 174 | +174 | $2.0K | +$2.0K | — |
| Allworth Financial LP | 42 | +42 | $486 | +$486 | — |
| FLAGSHIP HARBOR ADVISORS, LLC | 11 | +11 | $128 | +$128 | — |
| CIBC Private Wealth Group, LLC | 11 | +11 | $127 | +$127 | — |
| Rachor Investment Advisory Services, LLC | 5 | +5 | $58 | +$58 | — |
| Torren Management, LLC | 1 | +1 | $10 | +$10 | — |
| Dunhill Financial, LLC | 1 | +1 | $7 | +$7 | — |
Added To(47)
| Manager | Shares | Δ Shares | Value | Δ Value | % Δ |
|---|---|---|---|---|---|
| ECP ControlCo, LLC | 12,001,093 | +8,623,860 | $153.2M | +$107.9M | 255.3% |
| BlackRock, Inc. | 7,017,163 | +92,945 | $81.1M | -$11.8M | 1.3% |
| MILLENNIUM MANAGEMENT LLC | 1,087,246 | +997,882 | $12.6M | +$11.4M | 1116.6% |
| COOPER INVESTORS PTY LTD | 950,951 | +425,582 | $11.0M | +$3.9M | 81.0% |
| STATE STREET CORP | 1,927,155 | +31,375 | $22.3M | -$3.2M | 1.6% |
| FMR LLC | 289,340 | +174,631 | $3.3M | +$1.8M | 152.2% |
| Squarepoint Ops LLC | 125,572 | +104,511 | $1.5M | +$1.2M | 496.2% |
| SOUTHEASTERN ASSET MANAGEMENT INC/TN/ | 2,940,296 | +492,056 | $34.0M | +$1.1M | 20.1% |
| Cerity Partners LLC | 643,172 | +13,273 | $7.4M | -$1.0M | 2.1% |
| Invesco Ltd. | 607,617 | +154,115 | $7.0M | +$938.1K | 34.0% |
| Quantinno Capital Management LP | 95,673 | +76,898 | $1.1M | +$854.0K | 409.6% |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 796,076 | +59,443 | $9.2M | -$683.0K | 8.1% |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | 353,132 | +22,242 | $4.1M | -$358.3K | 6.7% |
| BARCLAYS PLC | 95,395 | +23,465 | $1.3M | +$337.8K | 32.6% |
| AlphaQuest LLC | 42,498 | +28,645 | $491.3K | +$305.4K | 206.8% |
| GABELLI FUNDS LLC | 198,530 | +47,100 | $2.3M | +$262.8K | 31.1% |
| BANK OF AMERICA CORP /DE/ | 62,142 | +23,332 | $718.4K | +$197.5K | 60.1% |
| TWO SIGMA INVESTMENTS, LP | 252,179 | +46,131 | $2.9M | +$150.0K | 22.4% |
| TWO SIGMA ADVISERS, LP | 54,700 | +17,600 | $632.3K | +$134.4K | 47.4% |
| Swiss National Bank | 92,072 | +3,000 | $1.1M | -$131.0K | 3.4% |
| Empowered Funds, LLC | 228,132 | +22,242 | $2.6M | -$125.8K | 10.8% |
| JANE STREET GROUP, LLC | 70,738 | +948 | $817.7K | -$118.9K | 1.4% |
| UMB Bank, n.a. | 9,959 | +9,550 | $115.1K | +$109.6K | 2335.0% |
| Pathstone Holdings, LLC | 44,986 | +87 | $520.0K | -$82.5K | 0.2% |
| DEUTSCHE BANK AG\ | 42,021 | +1,841 | $485.8K | -$53.5K | 4.6% |
| UBS Group AG | 145,131 | +23,432 | $1.7M | +$44.5K | 19.3% |
| AMERICAN CENTURY COMPANIES INC | 1,085,281 | +153,351 | $12.5M | +$39.4K | 16.4% |
| Caitlin John, LLC | 4,550 | +3,477 | $52.6K | +$38.2K | 324.0% |
| Kestra Advisory Services, LLC | 19,919 | +27 | $230.3K | -$36.7K | 0.1% |
| Capital Investment Advisory Services, LLC | 41,000 | +8,000 | $474.0K | +$31.1K | 24.2% |
| Salvus Wealth Management, LLC | 19,067 | +438 | $220.4K | -$29.6K | 2.4% |
| OREGON PUBLIC EMPLOYEES RETIREMENT FUND | 10,410 | +100 | $120.3K | -$18.0K | 1.0% |
| FIRST TRUST ADVISORS LP | 57,838 | +8,976 | $668.6K | +$12.9K | 18.4% |
| Tower Research Capital LLC (TRC) | 2,743 | +1,015 | $31.7K | +$8.5K | 58.7% |
| KLP KAPITALFORVALTNING AS | 10,000 | +2,000 | $115.6K | +$8.2K | 25.0% |
| Farther Finance Advisors, LLC | 348 | +316 | $4.0K | +$3.6K | 987.5% |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 12,688 | +1,511 | $146.7K | -$3.3K | 13.5% |
| CITIGROUP INC | 18,789 | +2,721 | $217.2K | +$1.6K | 16.9% |
| HRT FINANCIAL LP | 166,189 | +113,296 | $1.9K | +$1.2K | 214.2% |
| Versant Capital Management, Inc | 2,022 | +237 | $23.4K | -$581 | 13.3% |
| SG Americas Securities, LLC | 22,096 | +12,238 | $255 | +$123 | 124.1% |
| MJT & Associates Financial Advisory Group, Inc. | 10 | +5 | $116 | +$48 | 100.0% |
| PRICE T ROWE ASSOCIATES INC /MD/ | 68,126 | +6,820 | $788 | -$35 | 11.1% |
| AMALGAMATED BANK | 13,828 | +168 | $160 | -$23 | 1.2% |
| HANTZ FINANCIAL SERVICES, INC. | 1,073 | +993 | $12 | +$11 | 1241.3% |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 962 | +237 | $11 | +$1 | 32.7% |
| Covestor Ltd | 25 | +10 | $0 | $0 | 66.7% |
Reduced(95)
Sold Out(19)
| Manager | Shares | Δ Shares | Value | Δ Value | % Δ |
|---|---|---|---|---|---|
| NORGES BANK | 0 | -77,811 | $0 | -$1.1M | — |
| TEXAS PERMANENT SCHOOL FUND | 0 | -44,951 | $0 | -$614.0K | — |
| Defined Financial Planning LLC | 0 | -10,958 | $0 | -$150.9K | — |
| JUPITER ASSET MANAGEMENT LTD | 0 | -11,173 | $0 | -$149.9K | — |
| Quantbot Technologies LP | 0 | -5,501 | $0 | -$73.8K | — |
| ISAM Funds (UK) Ltd | 0 | -5,011 | $0 | -$67.2K | — |
| State of Wyoming | 0 | -4,595 | $0 | -$61.7K | — |
| Hilltop National Bank | 0 | -400 | $0 | -$5.4K | — |
| Optiver Holding B.V. | 0 | -366 | $0 | -$4.9K | — |
| Wealthspire Advisors, LLC | 0 | -101 | $0 | -$1.4K | — |
| ROTHSCHILD INVESTMENT LLC | 0 | -70 | $0 | -$939 | — |
| Parkside Financial Bank & Trust | 0 | -42 | $0 | -$565 | — |
| Clearstead Trust, LLC | 0 | -24 | $0 | -$323 | — |
| Larson Financial Group LLC | 0 | -24 | $0 | -$322 | — |
| GROUP ONE TRADING, L.P. | 0 | -17 | $0 | -$228 | — |
| Annis Gardner Whiting Capital Advisors, LLC | 0 | -15 | $0 | -$202 | — |
| GSA CAPITAL PARTNERS LLP | 0 | -14,932 | $0 | -$200 | — |
| SIMPLEX TRADING, LLC | 0 | -1,128 | $0 | -$15 | — |
| SBI Securities Co., Ltd. | 0 | -1 | $0 | -$13 | — |
Top Holders by reported value
Ranked by the dollar value reported on the latest Form 13F. Share counts reflect long positions as of 2025-12-31.
| Manager | Shares | $ Value | Δ Shares | QoQ % |
|---|---|---|---|---|
| ECP ControlCo, LLC | 12,001,093 | $153.2M | +8,623,860 | 255.3% |
| BlackRock, Inc. | 7,017,163 | $81.1M | +92,945 | 1.3% |
| GCM Grosvenor Holdings, LLC | 4,105,126 | $47.5M | 0 | 0.0% |
| VANGUARD GROUP INC | 3,428,108 | $39.6M | -962,426 | -21.9% |
| SOUTHEASTERN ASSET MANAGEMENT INC/TN/ | 2,940,296 | $34.0M | +492,056 | 20.1% |
| DIMENSIONAL FUND ADVISORS LP | 2,486,910 | $28.7M | -152,203 | -5.8% |
| STATE STREET CORP | 1,927,155 | $22.3M | +31,375 | 1.6% |
| GEODE CAPITAL MANAGEMENT, LLC | 1,206,253 | $13.9M | -45,369 | -3.6% |
| MILLENNIUM MANAGEMENT LLC | 1,087,246 | $12.6M | +997,882 | 1116.6% |
| AMERICAN CENTURY COMPANIES INC | 1,085,281 | $12.5M | +153,351 | 16.4% |
| COOPER INVESTORS PTY LTD | 950,951 | $11.0M | +425,582 | 81.0% |
| Broad Run Investment Management, LLC | 891,096 | $10.3M | -6,379 | -0.7% |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 796,076 | $9.2M | +59,443 | 8.1% |
| Cerity Partners LLC | 643,172 | $7.4M | +13,273 | 2.1% |
| Invesco Ltd. | 607,617 | $7.0M | +154,115 | 34.0% |
| NORTHERN TRUST CORP | 457,005 | $5.3M | -65,229 | -12.5% |
| Whitebark Investors LP | 423,063 | $4.9M | +423,063 | — |
| MORGAN STANLEY | 372,671 | $4.3M | -81,910 | -18.0% |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | 353,132 | $4.1M | +22,242 | 6.7% |
| FMR LLC | 289,340 | $3.3M | +174,631 | 152.2% |
New & Closed Positions this quarter
Closed Positions
19 managers exited
Top five by prior-quarter value
- NORGES BANK$1.1M
- TEXAS PERMANENT SCHOOL FUND$614.0K
- Defined Financial Planning LLC$150.9K
- JUPITER ASSET MANAGEMENT LTD$149.9K
- Quantbot Technologies LP$73.8K
Methodology
Form 13F is the SEC's quarterly disclosure for institutional investment managers exercising discretion over $100 million or more in qualifying U.S. equity securities. Managers must file within 45 days of each calendar quarter end, which is why holdings shown here reflect a snapshot at the period date — not real-time positioning.
Quarter-over-quarter deltas compare each manager's most recently reported share count for SHEN against its prior-quarter count. New positions are entries where the prior count was zero; closed positions are entries where the current count is zero. Amendments (13F-HR/A) replace prior filings for the same period.
Source: SEC EDGAR Form 13F (XML information tables). Dollar values are as reported by the manager and may use mid-quarter pricing conventions. CUSIP-to-ticker resolution is best-effort.