TELEPHONE & DATA SYS INC

Congress Asset Management controls 53.8% of Telephone & Data Systems' $24.3 million in tracked institutional value — more than every other holder combined — and it grew that position further this quarter, adding shares from 278,324 to 352,497 (+26.7%, a $1.3 million increase) during a stretch when the data implies TDS shares fell roughly 12%. That buying happened against a backdrop where several other holders were losing ground even while holding steady or adding: Cooper Investors Pty Ltd, the second-largest holder at 32.5% of the book, increased its share count 8.4% yet still saw its position's dollar value fall $391,931 because the price decline outpaced the new buying. First Citizens Bank & Trust actively cut its stake by 10.0%, and GAMMA Investing trimmed 4.0%. With just 15 tracked institutional holders and one manager controlling more than half the book, TDS's institutional ownership story is close to a referendum on a single firm's conviction — and that firm just doubled down into a down quarter.