Based on 221 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added SCL 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
221 hedge funds hold SCL 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 — +12% more funds vs a year ago
fund count last 6Q
+23 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 62% buying
134 buying81 selling
Last quarter: 134 funds were net buyers (39 opened a brand new position + 95 added to an existing one). Only 81 were sellers (57 trimmed + 24 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~39 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 33 → 28 → 34 → 39. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 13% medium
■ 20% new
147 out of 221 hedge funds have held SCL 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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Growing discovery — still being found
26 → 33 → 28 → 34 → 39 new funds/Q
New funds entering each quarter: 33 → 28 → 34 → 39. A growing number of institutions are discovering SCL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 71% veterans vs 20% newcomers
■ 71% veterans
■ 9% 1-2yr
■ 20% new
Entry-cohort mix of 225 holders: 159 (71%) are 2+ year veterans, 20 entered 1–2 years ago, and 46 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 33% AUM from major funds
33% from top-100 AUM funds
45 of 221 holders rank in the top 100 by AUM, accounting for 33% 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.