Based on 55 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their MUJ 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 — 76% of 3.0Y peak
76% of all-time peak
55 funds currently hold this stock — 76% of the 3.0-year high of 72 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 14% fewer funds vs a year ago
fund count last 6Q
9 fewer hedge funds hold MUJ compared to a year ago (-14% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 60% buying
28 buying19 selling
Last quarter: 28 funds were net buyers (5 opened a brand new position + 23 added to an existing one). Only 19 were sellers (10 trimmed + 9 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 16 → 6 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 16% medium
■ 22% new
34 out of 55 hedge funds have held MUJ 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.
⚠️
Saturation — most institutions already know this story
10 → 8 → 16 → 6 → 5 new funds/Q
New funds entering each quarter: 8 → 16 → 6 → 5. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Veteran-anchored — 64% veterans vs 18% newcomers
■ 64% veterans
■ 18% 1-2yr
■ 18% new
Entry-cohort mix of 55 holders: 35 (64%) are 2+ year veterans, 10 entered 1–2 years ago, and 10 (18%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
8 of 55 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.