Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Heritage Global Inc (HGBL)

35 + Investors. Track Smart Money conviction in HGBL. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
→ 0
Streak
1Q —
Buyers last Q
52%

Smart Money Signals — HGBL

Based on 35 hedge funds · latest filing: 2026 Q2 · updated quarterly

➡️

No change last quarter

last 6Q
The number of hedge funds holding this stock didn't change last quarter. Neither a buying nor selling signal on its own — watch the next quarter for direction.
🔻

Below peak — only 64% of 3.0Y high

64% of all-time peak
Only 35 funds hold HGBL today versus a peak of 55 funds at 2023 Q3 — just 64% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉

Outflows — 5% fewer funds vs a year ago

fund count last 6Q
2 fewer hedge funds hold HGBL compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡

Slight buying edge — 52% buying

13 buying12 selling
Last quarter: 13 funds bought or added vs 12 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 — ~5 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 4 → 7 → 5 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

51% of holders stayed for 2+ years

■ 51% conviction (2yr+) ■ 26% medium ■ 23% new
18 out of 35 hedge funds have held HGBL 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 — ~5 new funds/quarter

5 → 4 → 7 → 5 → 5 new funds/Q
New funds entering each quarter: 4 → 7 → 5 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Veteran-anchored — 63% veterans vs 23% newcomers

■ 63% veterans ■ 14% 1-2yr ■ 23% new
Entry-cohort mix of 35 holders: 22 (63%) are 2+ year veterans, 5 entered 1–2 years ago, and 8 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋

Smaller funds dominant — 8% AUM from top-100

8% from top-100 AUM funds
11 of 35 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
1.8
out of 10
Low Exit Risk
Exit risk score 1.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — HGBL

In 2026 Q2, 13 hedge funds were net buyers of HGBL (5 opened a new position, 8 added to an existing one), while 12 reduced or exited (7 trimmed, 5 sold completely) — a 52% buyer ratio, indicating a slight buying edge. Net fund flow last quarter: flat (entries and exits balanced). Total institutional holders: 35.

Hedge Fund Ownership: HGBL

How many hedge funds hold HGBL — quarterly history vs. share price
Quarterly hedge fund ownership of HGBL vs. share price

Market Analysis: HGBL

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: HGBL

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Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Loading signal freshness…
Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

4 top-rated funds 0 high-conviction
Consensus
3.0
/ 10
breadth
×
Elite
0.5
/ 10
conviction
Hedge Fund Positioning: HGBL
35 + Investors

Track Smart Money conviction in HGBL. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 35 35 -
13F Shares 12M 11M 9.63%
Total Value $14M $15M -1.89%
New Positions 5 5 -
Increased Positions 8 6 +2
Closed Positions 5 10 -5
Reduced Positions 7 12 -5
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: HGBL

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Valuation Measures Data as of: --

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Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q2)

35 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in HGBL. Verified SEC 13F-HR filings.

QUARTER:
Top 25 HGBL holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Mink Brook Asset Management LLC 1.21% 2,273,077 $2.8M
2 Topline Capital Management, LLC 0.56% 1,785,488 $2.2M
3 Truffle Hound Capital, LLC 0.28% 1,100,000 $1.3M
4 Punch & Associates Investment Management, INC. 0.12% 2,021,458 $2.4M
5 Ridgewood Investments LLC 0.10% 222,165 $269K
6 Militia Capital Management LLC 0.08% 563,873 $767K
7 Koshinski Asset Management, Inc. 0.06% 917,304 $1.1M
8 NorthRock Partners, LLC 0.00% 34,139 $41K
9 Renaissance Technologies LLC 0.00% 249,617 $302K
10 Evergreen Capital Management LLC 0.00% 11,878 $14K
11 Tower Research Capital LLC (TRC) 0.00% 5,429 $7K
12 XTX Topco Ltd 0.00% 10,000 $12K
13 Parallel Advisors, LLC 0.00% 4,000 $5K
14 Wealth Enhancement Advisory Services, LLC 0.00% 25,758 $32K
15 Vanguard Fiduciary Trust Co 0.00% 167,270 $202K
16 Vanguard Capital Management LLC 0.00% 1,393,638 $1.7M
17 Archer Investment Corp 0.00% 25 —
18 Citadel Advisors LLC 0.00% 38,312 $46K
19 Jane Street Group, LLC 0.00% 42,957 $52K
20 Smartleaf Asset Management LLC 0.00% 100 —
21 Osaic Holdings, INC. 0.00% 2,740 $3K
22 Goldman Sachs Group Inc 0.00% 34,800 $42K
23 BlackRock, Inc. 0.00% 168,422 $204K
24 TD Waterhouse Canada Inc. 0.00% 698 —
25 Morgan Stanley 0.00% 18,668 $23K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Heritage Global Inc (HGBL)

What does the Smart Money Trend signal show for HGBL?

No change last quarter: The number of hedge funds holding this stock didn't change last quarter. Neither a buying nor selling signal on its own — watch the next quarter for direction.

What is the institutional breadth score for HGBL?

Slight buying edge — 52% buying: Last quarter: 13 funds bought or added vs 12 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.

What is the fund quality score for HGBL holders?

Smaller funds dominant — 8% AUM from top-100: 11 of 35 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held HGBL?

51% of holders stayed for 2+ years: 18 out of 35 hedge funds have held HGBL 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.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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