Based on 93 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 QAI 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 — 91% of 3.0Y peak
91% of all-time peak
93 funds currently hold this stock — 91% of the 3.0-year high of 102 funds (reached 2024 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 4% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold QAI compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 58% buying
52 buying38 selling
Last quarter: 52 funds bought or added vs 38 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.
⚠️
Fewer new buyers each quarter (-10 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 13 → 12 → 19 → 9. 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.
🔒
71% of holders stayed for 2+ years
■ 71% conviction (2yr+)
■ 17% medium
■ 12% new
66 out of 93 hedge funds have held QAI 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.
➡️
Steady discovery — ~9 new funds/quarter
13 → 13 → 12 → 19 → 9 new funds/Q
New funds entering each quarter: 13 → 12 → 19 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 72% veterans vs 17% newcomers
■ 72% veterans
■ 11% 1-2yr
■ 17% new
Entry-cohort mix of 93 holders: 67 (72%) are 2+ year veterans, 10 entered 1–2 years ago, and 16 (17%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
14 of 93 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.