Based on 317 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 GOLF 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 (100% of max)
100% of all-time peak
317 hedge funds hold GOLF 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 — +6% more funds vs a year ago
fund count last 6Q
+18 new funds entered over the past year (+6% 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
145 buying155 selling
Last quarter: 155 funds reduced or exited vs 145 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 — ~43 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 49 → 38 → 47 → 43. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 29% medium
■ 19% new
167 out of 317 hedge funds have held GOLF 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 — ~43 new funds/quarter
70 → 49 → 38 → 47 → 43 new funds/Q
New funds entering each quarter: 49 → 38 → 47 → 43. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 58% veterans vs 29% newcomers
■ 58% veterans
■ 13% 1-2yr
■ 29% new
Entry-cohort mix of 323 holders: 186 (58%) are 2+ year veterans, 42 entered 1–2 years ago, and 95 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
51 of 317 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.