Based on 655 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 GL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (98% of max)
98% of all-time peak
655 hedge funds hold GL right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶
Steady growth — +9% more funds vs a year ago
fund count last 6Q
+52 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.
🟠
More sellers than buyers — 48% buying
302 buying322 selling
Last quarter: 322 funds reduced or exited vs 302 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~84 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 90 → 105 → 87 → 84. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 24% medium
■ 18% new
379 out of 655 hedge funds have held GL 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.
➡️
Steady discovery — ~84 new funds/quarter
101 → 90 → 105 → 87 → 84 new funds/Q
New funds entering each quarter: 90 → 105 → 87 → 84. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 63% veterans vs 24% newcomers
■ 63% veterans
■ 13% 1-2yr
■ 24% new
Entry-cohort mix of 663 holders: 420 (63%) are 2+ year veterans, 84 entered 1–2 years ago, and 159 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 57% AUM from top-100 funds
57% from top-100 AUM funds
58 of 653 holders are among the 100 largest funds by AUM, controlling 57% of total institutional value in GL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.