Based on 15 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their MCH 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 — 88% of 3.0Y peak
88% of all-time peak
15 funds currently hold this stock — 88% of the 3.0-year high of 17 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 6% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold MCH compared to a year ago (-6% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 47% buying
7 buying8 selling
Last quarter: 8 funds reduced or exited vs 7 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 — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 6 → 3 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 27% long-term, 20% new
■ 27% conviction (2yr+)
■ 53% medium
■ 20% new
Of the 15 current holders: 4 (27%) held >2 years, 8 held 1–2 years, and 3 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
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Peak discovery — momentum slowing
5 → 2 → 6 → 3 → 2 new funds/Q
New funds entering each quarter: 2 → 6 → 3 → 2. MCH is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 20% veterans, 33% new entrants
■ 20% veterans
■ 47% 1-2yr
■ 33% new
Of 15 current holders: 3 (20%) held 2+ years, 7 held 1–2 years, 5 (33%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
2 of 15 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.