ASSERTIO HLDGS INC

The standout is Nantahala Capital, a fundamental small-cap manager, which holds roughly $13.2 million — about 30% of the entire disclosed value and far ahead of the next names. Below it the register turns passive: Vanguard ($5.1M) and Renaissance Technologies ($4.4M) are index- and quant-driven rather than conviction positions.

That structure is the story for ASRT: one active manager with a concentrated bet, sitting atop a base that is otherwise largely passive. For readers, Nantahala's position is the one to watch — it represents the genuine fundamental interest in the name, where index flows make up much of the remainder.