LWLG Institutional Holders — 13F Trend
As of: 2026-04-27 Most recent quarter with data: Q4 2025 (filings Feb 9-17, 2026 within standard 45-day window). Q1 2026 13Fs are due May 15, 2026 — not yet visible. Confidence: ✓ primary (SEC EDGAR 13F filings via Fintel aggregation); ◐ historical period reconstructions Caution: the seed corpus labels these as “Q1 2026” but per filing dates of Feb 9-17, 2026 these are Q4 2025 holdings (period ending Dec 31, 2025). True Q1 2026 (period ending Mar 31, 2026) holdings will appear ~mid-May.
Institutional ownership — Q4 2025 13F
filed Feb 9-17 2026 · period end 12/31/2025 · Q1 2026 13Fs due ~mid-May 2026Headline (Q4 2025 13F set, latest disclosed)
| Metric | Value |
|---|---|
| Total institutional shares | 34,400,415 |
| % of shares O/S | ~22.84% |
| Total institutional value (long) | $111.9M |
| Number of 13F filers | 119 long-only / 123 total |
| QoQ change in shares | +11.46M (+49.92%) |
| New positions in quarter | Davidson Kempner, Alyeska, Marshall Wace, Two Sigma, Qube, HBK, Nokomis, others |
| Largest % adds | Renaissance Tech +2,848%, Citadel +1,834%, Tower Research +1,428%, Goldman Sachs +351%, Jane Street +226%, State Street +178% |
Top 30 holders — Q4 2025 (filed Feb 9-17, 2026)
| Rank | Holder | Shares | % O/S | Δ vs Q3 2025 | Filing date | Confidence |
|---|---|---|---|---|---|---|
| 1 | Vanguard Group | 9,794,276 | 6.48% | +7.36% | 2026-01-29 | ✓ |
| 2 | Davidson Kempner Capital Mgmt | 2,128,639 | 1.41% | NEW | 2026-02-17 | ✓ |
| 3 | Citadel Advisors LLC | 1,947,675 | 1.29% | +1,834% | 2026-02-17 | ✓ |
| 4 | BlackRock, Inc. | 1,828,266 | 1.21% | +17.59% | 2026-02-12 | ✓ |
| 5 | Alyeska Investment Group | 1,700,000 | 1.13% | NEW | 2026-02-13 | ✓ |
| 6 | Geode Capital Management | 1,694,599 | 1.12% | +7.65% | 2026-02-09 | ✓ |
| 7 | State Street Corp | 1,593,600 | 1.06% | +177.77% | 2026-02-13 | ✓ |
| 8 | Marshall Wace LLP | 1,013,735 | 0.67% | NEW | 2026-02-13 | ✓ |
| 9 | Millennium Management | 1,006,720 | 0.67% | -45.70% | 2026-02-17 | ✓ |
| 10 | Jane Street Group | 862,039 | 0.57% | +226.01% | 2026-02-12 | ✓ |
| 11 | Goldman Sachs Group | 784,644 | 0.52% | +350.89% | 2026-02-10 | ✓ |
| 12 | LPL Financial LLC | 779,226 | 0.52% | +1.02% | 2026-02-11 | ✓ |
| 13 | Charles Schwab IM | 767,005 | 0.51% | -0.10% | 2026-02-13 | ✓ |
| 14 | Nokomis Capital LLC | 750,000 | 0.50% | NEW | 2026-02-17 | ✓ |
| 15 | Susquehanna Intl Group | 622,117 | 0.41% | +2.61% | 2026-02-17 | ✓ |
| 16 | Renaissance Technologies | 607,632 | 0.40% | +2,848% | 2026-02-12 | ✓ |
| 17 | Group One Trading | 442,848 | 0.29% | NEW (mkt-maker) | 2026-02-11 | ✓ |
| 18 | UBS Group AG | 402,476 | 0.27% | -32.24% | 2026-01-29 | ✓ |
| 19 | HBK Investments LP | 350,000 | 0.23% | NEW | 2026-02-17 | ✓ |
| 20 | Northern Trust | 298,033 | 0.20% | +8.99% | 2026-02-17 | ✓ |
| 21 | Qube Research & Tech | 233,884 | 0.16% | NEW | 2026-02-17 | ✓ |
| 22 | First Western Trust | 233,598 | 0.16% | 0.00% | 2026-02-12 | ✓ |
| 23 | Catalyst Funds Mgmt (AU) | 202,948 | 0.13% | 0.00% | 2026-02-09 | ✓ |
| 24 | XTX Topco Ltd | 201,609 | 0.13% | NEW | 2026-02-17 | ✓ |
| 25 | Morgan Stanley | 160,159 | 0.11% | +58.26% | 2026-02-13 | ✓ |
| 26 | Two Sigma Investments | 138,050 | 0.09% | NEW | 2026-02-17 | ✓ |
| 27 | Tower Research Capital | 40,490 | 0.03% | +1,428% | 2026-02-17 | ✓ |
| 28 | Jefferies Financial Group | 38,765 | 0.03% | +11.07% | 2026-02-09 | ✓ |
| 29 | Envestnet Asset Mgmt | 35,000 | 0.02% | 0.00% | 2026-02-10 | ✓ |
| 30 | FMR LLC (Fidelity) | 20,567 | 0.01% | -8.39% | 2026-02-17 | ✓ |
Multi-quarter trend — top 10 holders (estimated, with confidence flags)
Methodology: Aggregates synthesized from Fintel/HedgeFollow filings over time. Q1 2025–Q3 2025 figures reconstructed from holdingschannel/whalewisdom snapshots; Q4 2024 from earlier filings. Rounding may obscure single-share precision.
| Holder | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Trend |
|---|---|---|---|---|---|---|---|
| Vanguard | ~9.0M | ~9.1M | ~9.0M | ~9.2M | ~9.12M | 9.79M | Slow accumulation; post-Jan 12 2026 13G/A reports 0 at parent level due to subsidiary realignment under SEC Release 34-39538 |
| BlackRock | ~1.45M | ~1.5M | ~1.45M | ~1.5M | ~1.55M | 1.83M | Steady passive flow + active funds add Q4 |
| Geode | ~1.55M | ~1.58M | ~1.5M | ~1.55M | ~1.57M | 1.69M | Vanguard sub-advised; tracks index |
| State Street | ~0.55M | ~0.6M | ~0.55M | ~0.58M | ~0.57M | 1.59M | +178% in Q4 — passive index ramp following NASDAQ inclusion levels rebalance |
| LPL Financial | ~0.7M | ~0.75M | ~0.74M | ~0.77M | ~0.77M | 0.78M | Static (advisor pass-through) |
| Schwab IM | ~0.7M | ~0.72M | ~0.75M | ~0.77M | ~0.77M | 0.77M | Static |
| Citadel | ~95K | ~80K | ~70K | ~90K | ~100K | 1.95M | +1,834% — biggest QoQ jump in the book |
| Davidson Kempner | 0 | 0 | 0 | 0 | 0 | 2.13M | NEW position Q4 2025 |
| Alyeska | 0 | 0 | 0 | 0 | 0 | 1.7M | NEW position Q4 2025 |
| Millennium | ~1.5M | ~1.65M | ~1.7M | ~1.75M | ~1.85M | 1.01M | -45.7% trim — only major reducer in Q4 |
Most surprising change: Davidson Kempner appearing as a NEW 2.13M-share holder in Q4 2025 is the load-bearing institutional event of the cycle. DK is a $40B+ multi-strategy hedge fund best known for distressed/event-driven and structured credit; DK rarely takes microcap photonics positions. The 2.13M shares at ~$3 average implies a ~$6-7M position — small for DK in absolute dollars but reputationally signaling: a sophisticated institution underwrote the LeMaitre execution thesis. Combined with Citadel +1,834% and Alyeska NEW, this is convergence on the LWLG thesis from three separate sophisticated allocators in a single quarter.
Net institutional flow trajectory
| Quarter | Total inst shares | QoQ Δ shares | QoQ Δ % | Cumulative |
|---|---|---|---|---|
| Q3 2024 | ~17M | base | base | base |
| Q4 2024 | ~18M | +1.0M | +5.9% | +5.9% |
| Q1 2025 | ~17.5M | -0.5M | -2.8% | +2.9% |
| Q2 2025 | ~19M | +1.5M | +8.6% | +11.8% |
| Q3 2025 | ~22.95M | +3.95M | +20.8% | +35.0% |
| Q4 2025 | 34.4M | +11.46M | +49.9% | +102% |
Read: Institutional ownership doubled from Q3 2024 to Q4 2025 — but the Q4 2025 quarter alone accounted for half the total gain. The Tower deal (Mar 11, 2026) and Marvell-Polariton (Apr 22, 2026) happened AFTER the Q4 2025 13F snapshot, which means the load-bearing institutional-buying datapoints for those catalysts are still pending in Q1 2026 and Q2 2026 13Fs. Expect another step-function add when Q1 2026 13Fs publish in mid-May.
Profiles — top new institutional entrants (Q4 2025)
Davidson Kempner Capital Management LP — NEW 2,128,639 sh
- AUM: ~$40B
- Strategy mix: Multi-strategy (distressed credit, event-driven, structured credit, equities)
- Track record at small-cap tech: Selective; typically enters via convertible bonds or M&A arbitrage rather than common equity. Pure equity position in a microcap photonics name is atypical for DK.
- Inferred thesis: Either (a) directional CMOS-photonics structural bet, (b) LWLG as the cleanest pure-play optical-modulator polymer materials-licensor, (c) M&A acquisition speculation (LeMaitre’s Lumentum/Oclaro pedigree fits acquirer-prep narrative), or (d) hedge to a basket short
- Position size relative to DK book: ~$6-7M @ $3 avg → microcap line-item
- Position size relative to LWLG float: 2nd-largest single hedge fund position behind only Citadel
- Public filings: No 13D/G filing yet (below 5%); pure 13F position so far
Alyeska Investment Group LP — NEW 1,700,000 sh
- AUM: ~$8B
- Strategy: Long-short equity tech specialist; Tony Yoseloff-style
- Track record: Active in semiconductors, photonics, optical/AI infrastructure
- Inferred thesis: Directional bet on AI infrastructure / optical modulator materials supply chain
- Position size: ~$5M @ ~$3 → meaningful conviction line for a fund with ~$8B AUM (~6 bps of book)
- Public filings: No 13D/G yet
Citadel Advisors LLC — +1,834% from ~100K to 1,947,675 sh
- AUM: ~$60B+
- Strategy: Multi-strategy / market-making / quantitative + fundamental
- Inferred: Likely a mix of (a) market-making book buildup as LWLG volume grew, (b) statistical-arb expansion, (c) some discretionary thesis exposure. The +1,834% is flow-driven more than discretionary in all likelihood
Marshall Wace LLP — NEW 1,013,735 sh
- AUM: ~$70B+
- Strategy: Quantitative long-short with TOPS systematic platform
- Inferred: Either TOPS-platform alpha-signal triggered (multifactor: momentum + analyst sentiment + technical breakout) or fundamental analyst pick. Marshall Wace adds 1M+ share positions only when a signal/team has converging conviction.
Renaissance Technologies — +2,848% to 607,632 sh
- Inferred: pure quant signal pickup (price/volume/momentum); not thesis-driven discretionary buy. RenTec runs Medallion + RIEF/RIDA strategies; LWLG flow consistent with RIDA/RIEF pickup.
Vanguard 13G/A nuance (as previously documented)
Vanguard’s Jan 12, 2026 amended Schedule 13G reads “0 shares” because of a post-Jan 12, 2026 subsidiary realignment requiring Vanguard’s sub-advised funds to file separately on a disaggregated basis (per SEC Release 34-39538). This does NOT mean Vanguard divested.
- 13F aggregate of ~9.79M shares persists across the corporate group
- Translation: Vanguard’s TOTAL HOLDINGS are unchanged; the 5%+ disclosure threshold at the parent level no longer applies because no single Vanguard-sub-advised fund crosses 5% individually
- This is why no formal 5%+ holder appears in the DEF 14A 2026 — Vanguard would have been the only one before Jan 12
Key analytical reads
1. The “professional money is the sponsor now” thesis is empirically supported.
Q4 2025 institutional flows of +11.5M shares (+49.9% QoQ) at average prices of $2.50-$3.20 mean institutions absorbed roughly $30-35M of net buying (vs <$5M of selling from Millennium trim). This dwarfs the $32.8M net Titan offering — meaning institutions over-subscribed the offering AND bought additional from secondary market. Bull-case validation.
2. The Q1 2026 print will be the bigger event than Q4 2025.
Q1 2026 13Fs (filed mid-May 2026) will capture:
- Tower deal flow (post Mar 11)
- 4th Stage-3 disclosure flow (post Feb 24)
- Pre-Marvell flow (Apr 22 is Q2 2026)
- Most of the breakout from $4 → $11 happened in March-April
Expect Q1 2026 13Fs to show institutional ownership cross 35% of O/S (vs 22.84% in Q4 2025). That would be the formal “institutional graduation” datapoint.
3. No 5%+ disclosed = float is structurally retail.
With Vanguard parent-level falling out of 13G, no entity hits the 5% threshold. ~78% of float is non-institutional → retail-dominated. This explains:
- Persistent short-interest at 12-15M without easy short-side cover (no large block holder to recall stock)
- High volatility (retail flow is more momentum-driven than institutional)
- Reddit/IH price-discovery role disproportionate to size
4. Watch list for Q1 2026 13F (filing window May 1-15, 2026)
- Davidson Kempner: add to position? trim? Going from 0→2.13M was a thesis-establishing event. A second 2-3M share add would signal high conviction
- Alyeska: same — first quarter was establishing; size in Q1 will reveal sizing trajectory
- Citadel: flow vs discretionary mix
- NEW entrants likely in Q1 2026: Light Street Capital, Whale Rock, Coatue, Tiger Global if any deep-tech names rotate in. Tower-deal-attracted long-only funds (Capital Group, T. Rowe) would be high-signal additions
- Bear watch: any institutions >1M filing 13D/G threshold drops would be a thesis-questioning signal
Sources
- ✓ Fintel.io /so/us/lwlg — top 30 holder table
- ✓ HedgeFollow /stocks/LWLG
- ✓ HoldingsChannel /bystock/?symbol=LWLG
- ✓ SEC EDGAR 13F filings (Feb 9-17, 2026 reporting cycle)
- ✓ Vanguard 13G/A Jan 12, 2026 amendment (stocktitan)
- ✓ kb/_agent_outputs/sec_capital_insiders.md (this kb’s research synthesis)
- ◐ stockcircle.com 13F transactions list
- ◐ Multi-quarter trend lines partially reconstructed from snapshots; older data may have minor recasts