Based on 102 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added LEO 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
102 hedge funds hold LEO 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 — +7% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 54% buying
40 buying34 selling
Last quarter: 40 funds bought or added vs 34 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.
📈
More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new LEO position: 10 → 14 → 9 → 15. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 26% medium
■ 21% new
54 out of 102 hedge funds have held LEO 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.
➡️
Steady discovery — ~15 new funds/quarter
14 → 10 → 14 → 9 → 15 new funds/Q
New funds entering each quarter: 10 → 14 → 9 → 15. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 61% veterans vs 21% newcomers
■ 61% veterans
■ 19% 1-2yr
■ 21% new
Entry-cohort mix of 102 holders: 62 (61%) are 2+ year veterans, 19 entered 1–2 years ago, and 21 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 9% AUM from top-100
9% from top-100 AUM funds
13 of 102 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.