Based on 176 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their MNRO 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 — 94% of 3.0Y peak
94% of all-time peak
176 funds currently hold this stock — 94% of the 3.0-year high of 188 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 6% fewer funds vs a year ago
fund count last 6Q
12 fewer hedge funds hold MNRO 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
94 buying108 selling
Last quarter: 108 funds reduced or exited vs 94 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 — ~39 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 32 → 30 → 36 → 39. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 22% medium
■ 24% new
94 out of 176 hedge funds have held MNRO 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.
📈
Growing discovery — still being found
42 → 32 → 30 → 36 → 39 new funds/Q
New funds entering each quarter: 32 → 30 → 36 → 39. A growing number of institutions are discovering MNRO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 61% veterans vs 29% newcomers
■ 61% veterans
■ 10% 1-2yr
■ 29% new
Entry-cohort mix of 182 holders: 111 (61%) are 2+ year veterans, 19 entered 1–2 years ago, and 52 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
36 of 176 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in MNRO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.