Based on 248 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 LC 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 (96% of max)
96% of all-time peak
248 hedge funds hold LC 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 — +4% more funds vs a year ago
fund count last 6Q
+10 new funds entered over the past year (+4% 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
130 buying148 selling
Last quarter: 148 funds reduced or exited vs 130 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 — ~44 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 26 → 53 → 49 → 44. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 23% medium
■ 21% new
140 out of 248 hedge funds have held LC 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 +7%, value -22%
Last quarter: funds added +7% more shares while total portfolio value only changed -22%. 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
48 → 26 → 53 → 49 → 44 new funds/Q
New funds entering each quarter: 26 → 53 → 49 → 44. A growing number of institutions are discovering LC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 65% veterans vs 22% newcomers
■ 65% veterans
■ 12% 1-2yr
■ 22% new
Entry-cohort mix of 260 holders: 170 (65%) are 2+ year veterans, 32 entered 1–2 years ago, and 58 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
49 of 245 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in LC. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.