Based on 18 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their QSG 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 50% of 3.0Y high
50% of all-time peak
Only 18 funds hold QSG today versus a peak of 36 funds at 2025 Q2 — just 50% 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.
📉
Outflows — 50% fewer funds vs a year ago
fund count last 6Q
18 fewer hedge funds hold QSG compared to a year ago (-50% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 39% buying
9 buying14 selling
Last quarter: 14 funds sold vs only 9 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 1 → 4 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 39% entered in last year
■ 11% conviction (2yr+)
■ 50% medium
■ 39% new
Only 2 funds (11%) 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.
💎
Buying through price weakness — shares -22%, value -58%
Last quarter: funds added -22% more shares while total portfolio value only changed -58%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~6 new funds/quarter
27 → 8 → 1 → 4 → 6 new funds/Q
New funds entering each quarter: 8 → 1 → 4 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 56% of holders entered in last year
■ 17% veterans
■ 28% 1-2yr
■ 56% new
Of 18 current holders: 10 (56%) entered in the past year, only 3 (17%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 9% AUM from top-100
9% from top-100 AUM funds
6 of 18 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.