Based on 37 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added LEE 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 (95% of max)
95% of all-time peak
37 hedge funds hold LEE 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding LEE is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 64% buying
21 buying12 selling
Last quarter: 21 funds were net buyers (12 opened a brand new position + 9 added to an existing one). Only 12 were sellers (4 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new LEE position: 4 → 7 → 4 → 12. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 14% medium
■ 32% new
20 out of 37 hedge funds have held LEE 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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Value +179% but shares only +57% — price-driven
Last quarter: the total dollar value of institutional holdings rose +179%, but actual share count only changed +57%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
4 → 4 → 7 → 4 → 12 new funds/Q
New funds entering each quarter: 4 → 7 → 4 → 12. A growing number of institutions are discovering LEE each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 65% veterans vs 27% newcomers
■ 65% veterans
■ 8% 1-2yr
■ 27% new
Entry-cohort mix of 37 holders: 24 (65%) are 2+ year veterans, 3 entered 1–2 years ago, and 10 (27%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 10% AUM from top-100
10% from top-100 AUM funds
14 of 37 holders rank in the top 100 by AUM, but together hold only 10% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.