Based on 72 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 ASG 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 — 94% of 3.0Y peak
94% of all-time peak
72 funds currently hold this stock — 94% of the 3.0-year high of 77 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +9% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+9% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 54% buying
39 buying33 selling
Last quarter: 39 funds bought or added vs 33 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 11 → 14 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 21% medium
■ 25% new
39 out of 72 hedge funds have held ASG 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 +49%, value -94%
Last quarter: funds added +49% more shares while total portfolio value only changed -94%. 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
8 → 11 → 11 → 14 → 11 new funds/Q
New funds entering each quarter: 11 → 11 → 14 → 11. A growing number of institutions are discovering ASG each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 57% veterans vs 31% newcomers
■ 57% veterans
■ 12% 1-2yr
■ 31% new
Entry-cohort mix of 72 holders: 41 (57%) are 2+ year veterans, 9 entered 1–2 years ago, and 22 (31%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 13% AUM from top-100
13% from top-100 AUM funds
11 of 72 holders rank in the top 100 by AUM, but together hold only 13% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.