Based on 94 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their OM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 64% of 3.0Y high
64% of all-time peak
Only 94 funds hold OM today versus a peak of 148 funds at 2023 Q2 — just 64% 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.
🚀
Fast accumulation — +49% more funds vs a year ago
fund count last 6Q
+31 new funds entered over the past year (+49% 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.
🟡
Slight buying edge — 55% buying
58 buying47 selling
Last quarter: 58 funds bought or added vs 47 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.
➡️
Steady new buyers — ~22 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 40 → 18 → 20 → 22. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 18% medium
■ 28% new
51 out of 94 hedge funds have held OM 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.
📊
Peak discovery — momentum slowing
19 → 40 → 18 → 20 → 22 new funds/Q
New funds entering each quarter: 40 → 18 → 20 → 22. OM is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 65% veterans vs 24% newcomers
■ 65% veterans
■ 10% 1-2yr
■ 24% new
Entry-cohort mix of 98 holders: 64 (65%) are 2+ year veterans, 10 entered 1–2 years ago, and 24 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
26 of 93 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in OM. 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 2.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.