AXON ENTERPRISE INC

Axon Enterprise rallied roughly 32% this quarter, and that rally quietly corrupted its ownership ledger. The two largest existing holders — Hyperion Asset Management ($119.7 million) and quasi-passive overlay manager Assenagon ($46.7 million) — both reduced their share counts, yet both appear with positive value changes (+$25.9 million and +$6.3 million) because price appreciation outran their trims. The quarter's genuine conviction events sit elsewhere: Congress Asset Management, a traditional Boston active manager, initiated a $77.8 million position from scratch — instantly Axon's second-largest tracked holding — and Defender Capital added $16.6 million to reach $41.8 million. With genuine selling limited to MRA Advisory's $329,000, the corrected picture is buyers of size arriving while incumbents lighten into strength.