Based on 175 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ALT positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 93% of 3.0Y peak
93% of all-time peak
175 funds currently hold this stock — 93% of the 3.0-year high of 188 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding ALT is almost the same as a year ago (-5 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟢
More buyers than sellers — 60% buying
118 buying78 selling
Last quarter: 118 funds were net buyers (32 opened a brand new position + 86 added to an existing one). Only 78 were sellers (38 trimmed + 40 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-14 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 39 → 20 → 46 → 32. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
49% of holders stayed for 2+ years
■ 49% conviction (2yr+)
■ 29% medium
■ 22% new
85 out of 175 hedge funds have held ALT for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎
Buying through price weakness — shares +20%, value +2%
Last quarter: funds added +20% more shares while total portfolio value only changed +2%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
28 → 39 → 20 → 46 → 32 new funds/Q
New funds entering each quarter: 39 → 20 → 46 → 32. A growing number of institutions are discovering ALT each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 55% veterans vs 26% newcomers
■ 55% veterans
■ 19% 1-2yr
■ 26% new
Entry-cohort mix of 184 holders: 102 (55%) are 2+ year veterans, 35 entered 1–2 years ago, and 47 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
43 of 174 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.