Based on 169 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 MMI 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 — 90% of 3.0Y peak
90% of all-time peak
169 funds currently hold this stock — 90% of the 3.0-year high of 188 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding MMI is almost the same as a year ago (+3 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 54% buying
108 buying92 selling
Last quarter: 108 funds bought or added vs 92 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.
⚠️
Fewer new buyers each quarter (-14 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 20 → 25 → 44 → 30. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 13% medium
■ 20% new
113 out of 169 hedge funds have held MMI 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.
🚀
Acceleration phase — new buyers rushing in
20 → 20 → 25 → 44 → 30 new funds/Q
New funds entering each quarter: 20 → 25 → 44 → 30. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Veteran-anchored — 71% veterans vs 21% newcomers
■ 71% veterans
■ 8% 1-2yr
■ 21% new
Entry-cohort mix of 169 holders: 120 (71%) are 2+ year veterans, 13 entered 1–2 years ago, and 36 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
41 of 169 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.