Based on 149 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 JMIA 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 — 94% of 3.0Y peak
94% of all-time peak
149 funds currently hold this stock — 94% of the 3.0-year high of 159 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +38% more funds vs a year ago
fund count last 6Q
+41 new funds entered over the past year (+38% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟠
More sellers than buyers — 48% buying
80 buying88 selling
Last quarter: 88 funds reduced or exited vs 80 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 (-14 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 30 → 34 → 43 → 29. 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.
🔒
49% of holders stayed for 2+ years
■ 49% conviction (2yr+)
■ 25% medium
■ 26% new
73 out of 149 hedge funds have held JMIA 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.
💎
Buying through price weakness — shares +3%, value -42%
Last quarter: funds added +3% more shares while total portfolio value only changed -42%. 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
13 → 30 → 34 → 43 → 29 new funds/Q
New funds entering each quarter: 30 → 34 → 43 → 29. A growing number of institutions are discovering JMIA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 62% veterans vs 28% newcomers
■ 62% veterans
■ 10% 1-2yr
■ 28% new
Entry-cohort mix of 159 holders: 98 (62%) are 2+ year veterans, 16 entered 1–2 years ago, and 45 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
24 of 147 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.