Based on 5 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their NOTE positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 6% of 3.0Y high
6% of all-time peak
Only 5 funds hold NOTE today versus a peak of 89 funds at 2025 Q1 — just 6% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 94% fewer funds vs a year ago
fund count last 6Q
84 fewer hedge funds hold NOTE compared to a year ago (-94% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 4% buying
2 buying44 selling
Last quarter: 44 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 23 → 9 → 12 → 1. 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.
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Mostly new holders — 40% entered in last year
■ 20% conviction (2yr+)
■ 40% medium
■ 40% new
Only 1 funds (20%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
⚠️
Saturation — most institutions already know this story
22 → 23 → 9 → 12 → 1 new funds/Q
New funds entering each quarter: 23 → 9 → 12 → 1. 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.
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Mixed cohorts — 20% veterans, 40% new entrants
■ 20% veterans
■ 40% 1-2yr
■ 40% new
Of 5 current holders: 1 (20%) held 2+ years, 2 held 1–2 years, 2 (40%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
1 of 5 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.