Based on 249 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 HMN 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 (99% of max)
99% of all-time peak
249 hedge funds hold HMN 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 — +14% more funds vs a year ago
fund count last 6Q
+30 new funds entered over the past year (+14% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 47% buying
115 buying128 selling
Last quarter: 128 funds reduced or exited vs 115 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 — ~34 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 44 → 31 → 35 → 34. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 16% medium
■ 18% new
166 out of 249 hedge funds have held HMN 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 — ~34 new funds/quarter
25 → 44 → 31 → 35 → 34 new funds/Q
New funds entering each quarter: 44 → 31 → 35 → 34. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 71% veterans vs 20% newcomers
■ 71% veterans
■ 9% 1-2yr
■ 20% new
Entry-cohort mix of 249 holders: 176 (71%) are 2+ year veterans, 22 entered 1–2 years ago, and 51 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
50 of 249 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in HMN. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.