Based on 68 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 GNLX 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 — 91% of 3.0Y peak
91% of all-time peak
68 funds currently hold this stock — 91% of the 3.0-year high of 75 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 7% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold GNLX compared to a year ago (-7% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 44% buying
26 buying33 selling
Last quarter: 33 funds reduced or exited vs 26 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.
⚠️
Fewer new buyers each quarter (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 7 → 5 → 22 → 11. 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.
📌
Mixed — 38% long-term, 32% new
■ 38% conviction (2yr+)
■ 29% medium
■ 32% new
Of the 68 current holders: 26 (38%) held >2 years, 20 held 1–2 years, and 22 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares +4%, value -65%
Last quarter: funds added +4% more shares while total portfolio value only changed -65%. 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
25 → 7 → 5 → 22 → 11 new funds/Q
New funds entering each quarter: 7 → 5 → 22 → 11. A growing number of institutions are discovering GNLX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 41% veterans vs 37% newcomers
■ 41% veterans
■ 22% 1-2yr
■ 37% new
Entry-cohort mix of 68 holders: 28 (41%) are 2+ year veterans, 15 entered 1–2 years ago, and 25 (37%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 17% AUM from top-100
17% from top-100 AUM funds
16 of 67 holders rank in the top 100 by AUM, but together hold only 17% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.