Based on 47 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 LEGT 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
47 hedge funds hold LEGT 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding LEGT is almost the same as a year ago (+1 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
🔴
Heavy selling pressure — only 39% buying
14 buying22 selling
Last quarter: 22 funds sold vs only 14 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 4 → 9 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 28% entered in last year
■ 9% conviction (2yr+)
■ 64% medium
■ 28% new
Only 4 funds (9%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💰
Value +4305% but shares only +24% — price-driven
Last quarter: the total dollar value of institutional holdings rose +4305%, but actual share count only changed +24%. 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.
➡️
Steady discovery — ~7 new funds/quarter
4 → 8 → 4 → 9 → 7 new funds/Q
New funds entering each quarter: 8 → 4 → 9 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 4% veterans, 34% new entrants
■ 4% veterans
■ 62% 1-2yr
■ 34% new
Of 47 current holders: 2 (4%) held 2+ years, 29 held 1–2 years, 16 (34%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 98% AUM from top-100 funds
98% from top-100 AUM funds
5 of 47 holders are among the 100 largest funds by AUM, controlling 98% of total institutional value in LEGT. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.