Based on 452 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added S than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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At the ownership peak (100% of max)
100% of all-time peak
452 hedge funds hold S right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding S is almost the same as a year ago (+13 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 59% buying
286 buying198 selling
Last quarter: 286 funds bought or added vs 198 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.
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Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 76 → 69 → 101 → 92. 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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47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 25% medium
■ 28% new
212 out of 452 hedge funds have held S 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.
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Buying through price weakness — shares -2%, value -18%
Last quarter: funds added -2% more shares while total portfolio value only changed -18%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
78 → 76 → 69 → 101 → 92 new funds/Q
New funds entering each quarter: 76 → 69 → 101 → 92. A growing number of institutions are discovering S each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 54% veterans vs 31% newcomers
■ 54% veterans
■ 14% 1-2yr
■ 31% new
Entry-cohort mix of 480 holders: 261 (54%) are 2+ year veterans, 68 entered 1–2 years ago, and 151 (31%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
53 of 448 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.