Based on 137 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added MMT 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
137 hedge funds hold MMT 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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Fast accumulation — +69% more funds vs a year ago
fund count last 6Q
+56 new funds entered over the past year (+69% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 87% buying
108 buying16 selling
Last quarter: 108 funds were net buyers (56 opened a brand new position + 52 added to an existing one). Only 16 were sellers (10 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+46 vs last Q)
new funds entering per quarter
Funds opening a new MMT position: 8 → 20 → 10 → 56. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 21% medium
■ 33% new
63 out of 137 hedge funds have held MMT 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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Buying through price weakness — shares +178%, value +130%
Last quarter: funds added +178% more shares while total portfolio value only changed +130%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Acceleration phase — new buyers rushing in
10 → 8 → 20 → 10 → 56 new funds/Q
New funds entering each quarter: 8 → 20 → 10 → 56. 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.
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Veteran-anchored — 55% veterans vs 34% newcomers
■ 55% veterans
■ 11% 1-2yr
■ 34% new
Entry-cohort mix of 137 holders: 76 (55%) are 2+ year veterans, 15 entered 1–2 years ago, and 46 (34%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
20 of 137 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in MMT. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.5
out of 10
Moderate Exit Risk
Exit risk score 4.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.