Based on 65 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added HPI than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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At the ownership peak (100% of max)
100% of all-time peak
65 hedge funds hold HPI 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.
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Steady growth — +5% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+5% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 58% buying
34 buying25 selling
Last quarter: 34 funds bought or added vs 25 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.
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Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 8 → 11 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 22% medium
■ 15% new
41 out of 65 hedge funds have held HPI 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.
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Buying through price weakness — shares +1513%, value -8%
Last quarter: funds added +1513% more shares while total portfolio value only changed -8%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~10 new funds/quarter
9 → 9 → 8 → 11 → 10 new funds/Q
New funds entering each quarter: 9 → 8 → 11 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 68% veterans vs 20% newcomers
■ 68% veterans
■ 12% 1-2yr
■ 20% new
Entry-cohort mix of 65 holders: 44 (68%) are 2+ year veterans, 8 entered 1–2 years ago, and 13 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
8 of 65 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in HPI. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.