Based on 59 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SCD 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
59 hedge funds hold SCD 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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Steady growth — +13% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 71% buying
39 buying16 selling
Last quarter: 39 funds were net buyers (14 opened a brand new position + 25 added to an existing one). Only 16 were sellers (8 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new SCD position: 9 → 13 → 8 → 14. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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44% of holders stayed for 2+ years
■ 44% conviction (2yr+)
■ 24% medium
■ 32% new
26 out of 59 hedge funds have held SCD 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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Steady discovery — ~14 new funds/quarter
12 → 9 → 13 → 8 → 14 new funds/Q
New funds entering each quarter: 9 → 13 → 8 → 14. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 58% veterans vs 36% newcomers
■ 58% veterans
■ 7% 1-2yr
■ 36% new
Entry-cohort mix of 59 holders: 34 (58%) are 2+ year veterans, 4 entered 1–2 years ago, and 21 (36%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
9 of 58 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.