HLNE Hamilton Lane Incorporated - Class A Common Stock

NASDAQ · Financial Services · View on SEC EDGAR ↗
$104.24
Price · Aug 25, 2026
Fundamentals as of Aug 4, 2026
52W Range
$72–$157
38% of range
Analyst Rating
BUY
13 analysts
Price Target
$134
+28% upside
P/E (TTM)
—
ROE
30.5%
Net Profit Margin
32.8%

HLNE Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$104.23
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
$759M
Div Yield
—
ROE
30.5%
Debt/Equity
—
52W Range
$72 – $157

HLNE Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $759M
10-point trend, +322.1%
2017-03-31 → 2026-03-31
EPS —
4-point trend, +184.3%
2019-03-31 → 2022-03-31
Free Cash Flow $419M
8-point trend, +343.8%
2018-03-31 → 2026-03-31
Margins 32.8%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
HLNE
Peer Median

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
HLNE
Peer Median
Net Profit Margin
5-point trend, -17.3%
32.8%
23.0%
ROA
5-point trend, +3.8%
12.5%
3.4%
ROE
5-point trend, -38.8%
30.5%
8.4%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
HLNE
Peer Median

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
HLNE
Peer Median
Revenue YoY
5-point trend, +106.3%
6.5%
—
Revenue CAGR 3Y
5-point trend, +106.3%
12.8%
—
Revenue CAGR 5Y
5-point trend, +106.3%
17.3%
—
Net Income YoY
5-point trend, +70.7%
14.6%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
HLNE
Peer Median

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
HLNE
Peer Median
Payout Ratio
5-point trend, +3.5%
35.2%
—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
—
Payout Ratio
35.2%
5Y Div CAGR
—
Ex-dateAmount
June 18, 2026$0.6000
March 20, 2026$0.5400
Dec. 19, 2025$0.5400
Sept. 19, 2025$0.5400
June 20, 2025$0.5400
March 14, 2025$0.4900
Dec. 16, 2024$0.4900
Sept. 16, 2024$0.4900
June 14, 2024$0.4900
March 14, 2024$0.4450
Dec. 14, 2023$0.4450
Sept. 14, 2023$0.4450
June 14, 2023$0.4450
March 14, 2023$0.4000
Dec. 14, 2022$0.4000
Sept. 14, 2022$0.4000
June 14, 2022$0.4000
March 14, 2022$0.3500
Dec. 14, 2021$0.3500
Sept. 14, 2021$0.3500

HLNE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 13 analysts
  • Strong Buy 3 23.1%
  • Buy 8 61.5%
  • Hold 2 15.4%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

7 analysts · 2026-08-19
Median target $130.00 +24.7%
Mean target $133.57 +28.1%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.22%
Period EPS Actual EPS Est Surprise
Dec. 31, 2026 $1.49 $1.46 —
June 30, 2026 $1.94 $1.57 0.37%
March 31, 2026 $1.49 $1.46 0.03%
Dec. 31, 2025 $1.55 $1.35 0.20%
Sept. 30, 2025 $1.54 $1.12 0.42%
June 30, 2025 $1.31 $1.03 0.28%
March 31, 2025 $1.21 $1.20 0.01%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
HLNE — — 6.5% 32.8% 30.5% —
AMG — 12.7 1.6% 34.5% 21.8% —
GLXY — — 41.8% -0.40% -11.6% —
VCTR $4.05B 15.5 46.2% 25.3% 13.5% —
STEP — -7.0 69.7% -26.9% 457.6% —
BXSL $6.11B 10.7 — — 9.0% —
OBDC $6.21B 10.0 — — 8.3% —
MAIN $5.43B 15.3 — — 16.8% —
OTF $6.75B 7.9 — — 9.0% —
FHI — 10.2 10.3% 22.4% 34.9% —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 10
Annual Income Statement data for HLNE
Metric Trend 2026202520242023202220212020201920182017
Revenue 10-point trend, +322.1% $759M $713M $554M $529M $368M $342M $274M $252M $244M $180M
SG&A Expense 3-point trend, +0.5% · · · · · $49M $57M $49M · ·
Operating Expenses 10-point trend, +318.5% $434M $396M $308M $289M $198M $186M $158M $148M $121M $104M
Interest Expense 5-point trend, -86.0% · · · · · $2M $3M $3M $6M $15M
Other Non-op 10-point trend, +2871.1% $2M $8M $-3M $-5M $64M $6M $6M $21M $5M $83.0K
Pretax Income 10-point trend, +519.3% $463M $362M $282M $243M $314M $193M $141M $130M $140M $75M
Income Tax 10-point trend, +23698.4% $75M $49M $54M $55M $66M $24M $14M $31M $33M $316.0K
Net Income 10-point trend, +40615.7% $249M $217M $141M $109M $146M $98M $61M $34M $17M $612.0K
EPS (Diluted) 4-point trend, +184.3% · · · · $3.98 $2.81 $2.15 $1.40 · ·
EBITDA 8-point trend, +422.4% $10M $9M $8M $7M $5M · $3M $3M $2M ·
Balance Sheet 15
Annual Balance Sheet data for HLNE
Metric Trend 2026202520242023202220212020201920182017
Cash & Equivalents 5-point trend, +169.5% · · · · · $87M $50M $49M $48M $32M
PP&E (Net) 10-point trend, +761.9% $35M $38M $33M $28M $29M $23M $7M $8M $5M $4M
PP&E (Gross) 10-point trend, +339.1% $67M $63M $51M $41M $36M $33M $18M $18M $14M $15M
Accum. Depreciation 10-point trend, +186.8% $32M $25M $18M $12M $7M $10M $10M $10M $10M $11M
Goodwill 10-point trend, +794.9% $10M $10M $10M $10M $10M $4M $4M $4M $4M $1M
Intangibles 10-point trend, +254.8% $1M $3M $5M $6M $13M $8M $8M $3M $3M $400.0K
Total Assets 10-point trend, +857.9% $2.30B $1.69B $1.27B $1.14B $1.29B $1.14B $474M $361M $294M $241M
Total Liabilities 10-point trend, +444.4% $838M $766M $595M $566M $557M $546M $236M $191M $158M $154M
Long-term Debt 10-point trend, +230.2% $278M $290M $196M $214M $214M $163M $75M $71M $84M $84M
Paid-in Capital 10-point trend, +384.0% $299M $262M $208M $172M $162M $151M $108M $92M $74M $62M
Retained Earnings 4-point trend, +100340.0% $615M · · · · · · $18M $5M $612.0K
Treasury Stock 2-point trend, -100.0% · · · · · · · · $0 $2M
AOCI 7-point trend, +476.2% $1M $-141.0K $0 · · · $-78.0K $7.0K $0 $-311.0K
Stockholders' Equity 10-point trend, +1424.3% $915M $717M $525M $415M $347M $238M $155M $110M $78M $60M
Liabilities + Equity 10-point trend, +857.9% $2.30B $1.69B $1.27B $1.14B $1.29B $1.14B $474M $361M $294M $241M
Cash Flow 19
Annual Cash Flow data for HLNE
Metric Trend 2026202520242023202220212020201920182017
D&A 10-point trend, +415.8% $10M $9M $8M $7M $5M $4M $3M $3M $2M $2M
Stock-based Comp 10-point trend, +986.7% $51M $31M $12M $10M $7M $7M $7M $6M $6M $5M
Deferred Tax 10-point trend, +108538.5% $28M $12M $17M $20M $24M $7M $8M $22M $23M $26.0K
Amort. of Intangibles 10-point trend, +1509.9% $1M $2M $2M $2M $3M $1M $607.0K $459.0K $326.0K $91.0K
Other Non-cash 8-point trend, +77.3% $87M $31M $-57M $80M $-13M · $37M $47M $49M ·
Operating Cash Flow 10-point trend, +420.2% $425M $301M $121M $227M $170M $188M $116M $112M $97M $82M
CapEx 10-point trend, +358.4% $6M $12M $11M $5M $9M $19M $2M $5M $2M $1M
Investing Cash Flow 10-point trend, -2860.3% $-495M $-118M $-122M $178M $-70M $-422M $-50M $-19M $-22M $-17M
Debt Issued 7-point trend, -100.0% · · $0 $32M $25M $75M $75M $0 $75M ·
Net Debt Issued 4-point trend, -100.0% · · $0 $32M $25M · $75M · · ·
Stock Issued 10-point trend, +55484000.00 $55M $248M $202M $44M $74M $473M $147M $194M $125M $0
Stock Repurchased 8-point trend, +0.0% · $2.0K $2.0K $0 $1.0K $5.0K $2.0K $2.0K $2.0K ·
Net Stock Activity 7-point trend, -71.3% $55M $248M $202M $44M $74M · $147M $194M · ·
Dividends Paid 10-point trend, +87711000.00 $88M $76M $65M $72M $50M $40M $29M $19M $10M $0
Financing Cash Flow 10-point trend, +253.9% $156M $-19M $4M $-364M $-113M $271M $-65M $-90M $-60M $-101M
Net Change in Cash 10-point trend, +343.6% $88M $164M $3M $40M $-14M $37M $2M $2M $15M $-36M
Taxes Paid $54M · · · · · · · · ·
Free Cash Flow 8-point trend, +343.8% $419M $289M $110M $222M $161M · $114M $106M $94M ·
Levered FCF 3-point trend, +24.5% · · · · · · $112M $104M $90M ·
Profitability 5
Annual Profitability data for HLNE
Metric Trend 2026202520242023202220212020201920182017
Net Margin 7-point trend, +146.7% 32.8% 30.5% 25.4% 20.6% 39.7% · 22.2% 13.3% · ·
Pretax Margin 7-point trend, +18.7% 61.0% 50.8% 50.9% 45.9% 85.3% · 51.4% 51.4% · ·
EBITDA Margin 7-point trend, +10.2% 1.3% 1.3% 1.5% 1.4% 1.5% · 1.2% 1.2% · ·
ROA 8-point trend, +92.1% 12.5% 14.7% 11.7% 9.0% 12.0% · 14.6% 10.3% 6.5% ·
ROE 8-point trend, +21.9% 30.5% 35.0% 29.9% 28.6% 49.9% · 45.9% 35.6% 25.1% ·
Efficiency 1
Annual Efficiency data for HLNE
Metric Trend 2026202520242023202220212020201920182017
Asset Turnover 7-point trend, -50.7% 0.4 0.5 0.5 0.4 0.3 · 0.7 0.8 · ·
Per Share 1
Annual Per Share data for HLNE
Metric Trend 2026202520242023202220212020201920182017
EPS (TTM) 4-point trend, +184.3% · · · · $3.98 $2.81 $2.15 $1.40 · ·
Growth Rates 8
Annual Growth Rates data for HLNE
Metric Trend 2026202520242023202220212020201920182017
Revenue YoY 5-point trend, -16.0% 6.5% 28.7% 4.7% 43.7% 7.7% · · · · ·
Revenue CAGR 3Y 3-point trend, -26.7% 12.8% 24.7% 17.5% · · · · · · ·
Revenue CAGR 5Y 17.3% · · · · · · · · ·
EPS YoY · · · · 41.6% · · · · ·
Net Income YoY 5-point trend, -70.1% 14.6% 54.4% 29.1% -25.2% 48.9% · · · · ·
Net Income CAGR 3Y 3-point trend, +146.5% 31.7% 14.2% 12.8% · · · · · · ·
Net Income CAGR 5Y 20.5% · · · · · · · · ·
Dividend CAGR 5Y 17.2% · · · · · · · · ·
Valuation (TTM) 6
Annual Valuation (TTM) data for HLNE
Metric Trend 2026202520242023202220212020201920182017
Revenue TTM 10-point trend, +322.1% $759M $713M $554M $529M $368M $342M $274M $252M $244M $180M
Net Income TTM 10-point trend, +40615.7% $249M $217M $141M $109M $146M $98M $61M $34M $17M $612.0K
P/E 4-point trend, -37.6% · · · · 19.4 31.5 25.7 31.1 · ·
Earnings Yield 4-point trend, +60.4% · · · · 5.1% 3.2% 3.9% 3.2% · ·
Payout Ratio 8-point trend, -35.8% 35.2% 34.9% 46.4% 66.4% 34.0% · 47.8% 55.6% 54.9% ·
Annual Payout 10-point trend, +87711000.00 $88M $76M $65M $72M $50M $40M $29M $19M $10M $0

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2026-03-312025-03-312024-03-312023-03-312022-03-31
Revenue $759M$713M$554M$529M$368M
Net Income $249M$217M$141M$109M$146M
Diluted EPS ————$3.98
Cash Flow
2026-03-312025-03-312024-03-312023-03-312022-03-31
Free Cash Flow $419M$289M$110M$222M$161M

Latest News Recent headlines mentioning this company

Trading Signals Recent buy/sell signals with entry price and risk/reward ratio

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Institutional owners (13F) 415 filers · $2.8B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
71 (-12 vs prior Q) 74 (+10 vs prior Q) 157 (+15 vs prior Q) 108 (-21 vs prior Q) +475K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD GROUP INC $454,444,466 3,383,549 16.43% Shares
WASATCH ADVISORS LP $174,108,642 1,751,596 6.30% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $141,618,095 1,796,500 5.12% Shares
VANGUARD CAPITAL MANAGEMENT LLC $141,430,480 1,794,120 5.11% Shares
STATE STREET CORP $107,660,415 1,355,756 3.89% Shares
LOS ANGELES CAPITAL MANAGEMENT LLC $95,791,535 1,215,166 3.46% Shares
CITADEL ADVISORS LLC $72,949,597 925,404 2.64% Shares
GEODE CAPITAL MANAGEMENT, LLC $69,974,085 887,466 2.53% Shares
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC $62,733,939 795,813 2.27% Shares
Qube Research & Technologies Ltd $59,612,586 756,217 2.16% Shares
DIMENSIONAL FUND ADVISORS LP $49,934,159 633,441 1.81% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $48,396,496 613,935 1.75% Shares
MILLENNIUM MANAGEMENT LLC $47,749,302 605,725 1.73% Shares
Clearbridge Investments, LLC $47,158,416 598,229 1.71% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $47,133,009 597,907 1.70% Shares
JANUS HENDERSON GROUP PLC $45,193,016 454,428 1.63% Shares
RAYMOND JAMES FINANCIAL INC $43,695,942 554,306 1.58% Shares
NORGES BANK $38,717,355 491,150 1.40% Shares
DF DENT & CO INC $37,536,413 476,169 1.36% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $34,294,124 435,039 1.24% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $31,754,301 402,820 1.15% Shares
RENAISSANCE TECHNOLOGIES LLC $31,644,806 401,431 1.14% Shares
Copeland Capital Management, LLC $31,499,608 399,589 1.14% Shares
AMERICAN CENTURY COMPANIES INC $31,448,007 398,930 1.14% Shares
TimesSquare Capital Management, LLC $28,710,696 288,840 1.04% Shares
Point72 Asset Management, L.P. $28,184,957 357,541 1.02% Shares
ENVESTNET ASSET MANAGEMENT INC $27,838,430 353,145 1.01% Shares
DEPRINCE RACE & ZOLLO INC $25,462,090 323,000 0.92% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $24,449,000 310,148 0.88% Shares
Squarepoint Ops LLC $24,063,330 305,256 0.87% Shares
Walleye Capital LLC $23,772,369 301,565 0.86% Shares
Trexquant Investment LP $23,291,269 295,462 0.84% Shares
GOLDMAN SACHS GROUP INC $22,783,841 289,025 0.82% Shares
FULLER & THALER ASSET MANAGEMENT, INC. $21,126,111 267,996 0.76% Shares
VANGUARD FIDUCIARY TRUST CO $20,364,233 258,331 0.74% Shares
AMERIPRISE FINANCIAL INC $18,220,236 231,127 0.66% Shares
BANK OF AMERICA CORP /DE/ $17,819,285 226,047 0.64% Shares
BNP PARIBAS FINANCIAL MARKETS $17,603,527 223,310 0.64% Shares
Caisse de depot et placement du Quebec $14,985,583 190,100 0.54% Shares
TWO SIGMA INVESTMENTS, LP $14,725,208 186,797 0.53% Shares
UBS Group AG $14,442,760 183,214 0.52% Shares
Amundi $14,082,743 178,647 0.51% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $13,051,252 165,562 0.47% Shares
GENEVA CAPITAL MANAGEMENT LLC $11,729,508 148,795 0.42% Shares
WELLS FARGO & COMPANY/MN $11,691,517 148,313 0.42% Shares
JANE STREET GROUP, LLC $11,639,013 147,647 0.42% Shares
SILVERCREST ASSET MANAGEMENT GROUP LLC $11,321,801 143,623 0.41% Shares
Bank of New York Mellon Corp $11,308,006 143,448 0.41% Shares
Cubist Systematic Strategies, LLC $11,278,892 83,678 0.41% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $10,389,794 131,800 0.38% Put option
BlackRock, Inc. $10,241,436 129,918 0.37% Shares
TUDOR INVESTMENT CORP ET AL $9,043,141 114,717 0.33% Shares
XTX Topco Ltd $9,016,733 114,382 0.33% Shares
LPL Financial LLC $8,822,473 111,918 0.32% Shares
Man Group plc $8,657,899 109,830 0.31% Shares
SEGALL BRYANT & HAMILL, LLC $8,565,195 108,654 0.31% Shares
CONGRESS ASSET MANAGEMENT CO $8,284,856 105,098 0.30% Shares
RHUMBLINE ADVISERS $7,958,478 100,958 0.29% Shares
VAN ECK ASSOCIATES CORP $7,869,362 99,827 0.28% Shares
CRAWFORD INVESTMENT COUNSEL INC $7,154,295 90,756 0.26% Shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC $7,100,218 90,070 0.26% Shares
MORGAN STANLEY $6,829,771 86,639 0.25% Shares
Swiss National Bank $6,605,954 83,800 0.24% Shares
NATIXIS $6,125,327 77,703 0.22% Shares
Jefferies Financial Group Inc. $6,028,603 76,476 0.22% Shares
Moran Wealth Management, LLC $5,655,580 71,744 0.20% Shares
Schonfeld Strategic Advisors LLC $5,428,547 68,864 0.20% Shares
Y-Intercept (Hong Kong) Ltd $5,240,618 66,480 0.19% Shares
ALLIANCEBERNSTEIN L.P. $5,056,180 50,867 0.18% Shares
FIRST TRUST ADVISORS LP $4,832,594 61,304 0.17% Shares
Holocene Advisors, LP $4,752,109 60,283 0.17% Shares
California Public Employees Retirement System $4,626,848 58,694 0.17% Shares
CAPITAL FUND MANAGEMENT S.A. $4,548,648 57,702 0.16% Shares
Brevan Howard Capital Management LP $4,329,107 54,917 0.16% Shares
NEW YORK STATE COMMON RETIREMENT FUND $4,312,080 54,701 0.16% Shares
JONES FINANCIAL COMPANIES LLLP $4,230,766 54,401 0.15% Shares
Kingsview Wealth Management, LLC $3,971,850 50,385 0.14% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $3,798,581 48,187 0.14% Shares
INTECH INVESTMENT MANAGEMENT LLC $3,786,993 48,040 0.14% Shares
Quantbot Technologies LP $3,703,670 46,983 0.13% Shares
KORNITZER CAPITAL MANAGEMENT INC /KS $3,607,891 45,768 0.13% Shares
AXQ CAPITAL, LP $3,575,019 45,351 0.13% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $3,481,133 44,160 0.13% Shares
Retirement Systems of Alabama $3,331,829 42,266 0.12% Shares
Polar Asset Management Partners Inc. $2,932,476 37,200 0.11% Shares
VANGUARD ASSET MANAGEMENT, Ltd $2,931,057 37,182 0.11% Shares
Orion Portfolio Solutions, LLC $2,747,996 18,484 0.10% Shares
DARK FOREST CAPITAL MANAGEMENT LP $2,604,228 33,036 0.09% Shares
OPPENHEIMER & CO INC $2,582,550 32,761 0.09% Shares
SEI INVESTMENTS CO $2,450,370 31,085 0.09% Shares
Elo Mutual Pension Insurance Co $2,441,759 30,975 0.09% Shares
STATE OF WISCONSIN INVESTMENT BOARD $2,424,023 30,750 0.09% Shares
FIFTH THIRD BANCORP $2,283,637 28,969 0.08% Shares
BARCLAYS PLC $2,180,280 27,658 0.08% Shares
Aquatic Capital Management LLC $2,108,466 26,747 0.08% Shares
CANADA PENSION PLAN INVESTMENT BOARD $2,018,048 25,600 0.07% Shares
Quantinno Capital Management LP $1,999,207 25,360 0.07% Shares
CAXTON ASSOCIATES LLP $1,936,065 24,560 0.07% Shares
Sanctuary Advisors, LLC $1,882,471 23,880 0.07% Shares
Legal & General Group Plc $1,872,922 23,759 0.07% Shares

Company insiders 28 insiders · 12 officers · 7 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Erik R. Hirsch Co-Chief Executive Officer May 29, 2026 A 105,727 0 0 $0
Juan Delgado-Moreira Co-Chief Executive Officer May 29, 2026 A 1,376,134 2 0 $1,042,832
Jeffrey Brian Armbrister Chief Financial Officer May 29, 2026 A 12,958 0 0 $0
Andrea Anigati Kramer Chief Operating Officer June 11, 2026 P 87,350 1 0 $99,381
Kevin J. Lucey Chief Operating Officer June 17, 2021 F 16,039 0 0 $0
Hartley R. Rogers Executive Co-Chairman June 11, 2026 P 93,756 8 0 $12,997,677
Drew Thomas Carl Chief Accounting Officer May 29, 2026 A 1,846 0 0 $0
Lydia Gavalis General Counsel & Secretary May 29, 2026 A 34,028 0 0 $0
Mario L. Giannini Executive Co-Chairman March 7, 2024 J 2,312,331 0 0 $0
Atul Varma Senior Advisor Jan. 31, 2024 D 6,936 0 0 $0
Michael Donohue Managing Director & Controller April 14, 2023 D 29,345 0 0 $0
Randy M. Stilman Managing Director, Finance March 14, 2020 F 29,711 0 0 $0
David J Berkman Director June 11, 2026 P 25,000 2 0 $2,154,050
Leslie F Varon Director Sept. 16, 2025 A 9,658 0 0 $0
Reynoldo Vann Graves Director Sept. 16, 2023 A 1,348 0 0 $0
Laurence Whittemore 10% owner Sept. 4, 2025 J 56,880 0 0 $0
Edward B. Whittemore 10% owner Sept. 4, 2025 J 95,000 0 0 $0
Michael Schmertzler 10% owner Sept. 4, 2025 J 600,000 0 0 $0
Kyera Giannini 10% owner March 7, 2024 J 238,648 0 0 $0
Nicole Giannini 10% owner March 7, 2024 J 238,648 0 0 $0
Tara Devlin 10% owner Sept. 30, 2019 A 32,981 0 0 $0
Michael John Kelly 10% owner Sept. 12, 2019 J 0 0 0 $0
Jeff Meeker 10% owner Sept. 12, 2019 J 31,493 0 0 $0
Thomas J. Kerr 10% owner Sept. 12, 2019 J 34,967 0 0 $0
Paul Yett 10% owner Sept. 12, 2019 J 11,922 0 0 $0
Stephen R. Brennan 10% owner March 14, 2019 J 43,241 0 0 $0
David Helgerson 10% owner March 14, 2019 F 23,166 0 0 $0
O. Griffith Sexton — Sept. 16, 2025 A 4,852 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 2 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
HLA Investments, LLC, HRHLA, LLC, Hartley R. Rogers, Hamilton Lane Advisors, Inc., Mario L. Giannini, Kyera Giannini, Nicole Giannini, The 2008 Sexton Des. Trust FBO Laura Sexton, The 2008 Sexton Des. Trust FBO Matthew Sexton, O. Griffith Sexton, Oakville Number 2 Trust, Rysaffe Trustee CO (CI) Limited, French River 5 Limited, Edward B. Whittemore, Laurence F. Whittemore, Michael Schmertzler, Erik R. Hirsch, Juan Delgado-Moreira, Paul Yett, Tara Devlin, Stephen R. Brennan, Andrea Anigati Kramer, Michael Kelly, Thomas Kerr, David Helgerson, Michael Donohue, Margaret McAllister ×3 filings May 29, 2026 27.60% Amendment — SEC
HLA Investments, LLC (2), HRHLA, LLC (2), Hartley R. Rogers (2), Hamilton Lane Advisors, Inc. (2), Mario L. Giannini (2), Kyera Giannini (2), Nicole Giannini (2), The 2008 Sexton Des. Trust FBO Laura Sexton (2), The 2008 Sexton Des. Trust FBO Matthew Sexton (2), O. Griffith Sexton (2), Oakville Number 2 Trust (2), Rysaffe Trust Company (C.I.) Limited (2), Edward B. Whittemore (2), Laurence F. Whittemore (2), Michael Schmertzler (2), Erik R. Hirsch (2), Juan Delgado-Moreira (2), Paul Yett (2), Kevin J. Lucey (2), Tara Devlin (2), Stephen R. Brennan (2), Andrea Anigati Kramer (2), Michael Kelly (2), Thomas Kerr (2), David Helgerson (2), Michael Donohue (2) ×13 filings Sept. 18, 2024 — Initial filing — SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 82 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
AAUM · Tema ETF Trust 4.90% 1,303 NS May 31, 2026 N-PORT
MDPL · Northern Lights Fund Trust IV 3.31% 23,111 NS May 31, 2026 N-PORT
GRPM · Invesco Exchange-Traded Fund Trust 1.97% 95,799 SH Aug. 24, 2026 Daily
FMKT · Tidal Trust I 1.96% 3,384 NS May 31, 2026 N-PORT
PSP · Invesco Exchange-Traded Fund Trust 1.77% 41,628 SH Aug. 24, 2026 Daily
LBO · EA Series Trust 0.89% 829 NS April 30, 2026 N-PORT
XMHQ · Invesco Exchange-Traded Fund Trust 0.66% 354,566 SH Aug. 24, 2026 Daily
FXO · First Trust Exchange-Traded AlphaDE… 0.55% 64,133 NS April 30, 2026 N-PORT
OSCV · ETF Series Solutions 0.54% 39,760 NS April 30, 2026 N-PORT
CGMM · Capital Group Equity ETF Trust I 0.37% 118,283 NS May 31, 2026 N-PORT
SMDX · Tidal Trust III 0.22% 2,975 NS April 30, 2026 N-PORT
QVMM · Invesco Exchange-Traded Fund Trust … 0.15% 6,071 SH Aug. 24, 2026 Daily
ISCG · iShares Trust 0.12% 11,258 SH Aug. 24, 2026 Daily
PTMC · Pacer Funds Trust 0.11% 4,694 NS April 30, 2026 N-PORT
BKMC · BNY Mellon ETF Trust 0.10% 6,608 NS April 30, 2026 N-PORT
IVOO · VANGUARD ADMIRAL FUNDS 0.09% 65,926 SH Aug. 19, 2026 Daily
IVOV · VANGUARD ADMIRAL FUNDS 0.09% 16,151 SH Aug. 19, 2026 Daily
IVOG · VANGUARD ADMIRAL FUNDS 0.09% 21,773 SH Aug. 19, 2026 Daily
VBK · VANGUARD INDEX FUNDS 0.08% 521,390 SH Aug. 19, 2026 Daily
DFAS · Dimensional ETF Trust 0.08% 119,784 NS April 30, 2026 N-PORT
EQAL · Invesco Exchange-Traded Fund Trust … 0.08% 6,340 SH Aug. 24, 2026 Daily
MVV · ProShares Trust 0.08% 1,413 NS May 31, 2026 N-PORT
SCHA · SCHWAB STRATEGIC TRUST 0.08% 196,670 NS May 31, 2026 N-PORT
MIDU · Direxion Shares ETF Trust 0.07% 677 NS April 30, 2026 N-PORT
BBMC · J.P. Morgan Exchange-Traded Fund Tr… 0.07% 15,466 NS April 30, 2026 N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust 0.07% 18,319 SH Aug. 24, 2026 Daily
IYF · iShares Trust 0.06% 26,078 SH Aug. 24, 2026 Daily
IYG · iShares Trust 0.06% 12,530 SH Aug. 24, 2026 Daily
ISCB · iShares Trust 0.06% 1,644 SH Aug. 24, 2026 Daily
SMMD · iShares Trust 0.06% 21,744 SH Aug. 24, 2026 Daily
UMDD · ProShares Trust 0.05% 197 NS May 31, 2026 N-PORT
FNCL · FIDELITY COVINGTON TRUST 0.05% 10,985 NS April 30, 2026 N-PORT
WSML · iShares Trust 0.04% 2,748 SH Aug. 24, 2026 Daily
RWK · Invesco Exchange-Traded Fund Trust … 0.04% 5,239 SH Aug. 21, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.04% 469,025 SH Aug. 19, 2026 Daily
VB · VANGUARD INDEX FUNDS 0.04% 898,706 SH Aug. 19, 2026 Daily
VFH · VANGUARD WORLD FUND 0.04% 68,097 SH Aug. 19, 2026 Daily
IWS · iShares Trust 0.04% 58,800 SH Aug. 24, 2026 Daily
AVMC · AMERICAN CENTURY ETF TRUST 0.03% 1,594 NS May 31, 2026 N-PORT
IWR · iShares Trust 0.03% 161,534 SH Aug. 24, 2026 Daily
FNDA · SCHWAB STRATEGIC TRUST 0.03% 29,095 NS May 31, 2026 N-PORT
DEUS · DBX ETF Trust 0.02% 698 NS May 29, 2026 N-PORT
AVSC · AMERICAN CENTURY ETF TRUST 0.02% 6,978 NS May 31, 2026 N-PORT
DGRO · iShares Trust 0.02% 89,925 SH Aug. 24, 2026 Daily
MSSM · MORGAN STANLEY PATHWAY FUNDS 0.02% 1,636 NS May 31, 2026 N-PORT
OMFL · Invesco Exchange-Traded Self-Indexe… 0.02% 7,166 SH Aug. 24, 2026 Daily
IWD · iShares Trust 0.01% 87,255 SH Aug. 24, 2026 Daily
TILT · FlexShares Trust 0.01% 2,268 NS April 30, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.01% 49,794 NS April 30, 2026 N-PORT
VYM · VANGUARD WHITEHALL FUNDS 0.01% 155,392 SH Aug. 19, 2026 Daily