Based on 65 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 SCM 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
65 hedge funds hold SCM 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 — +7% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 51% buying
36 buying35 selling
Last quarter: 36 funds bought or added vs 35 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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More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new SCM position: 8 → 11 → 8 → 18. 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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62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 18% medium
■ 20% new
40 out of 65 hedge funds have held SCM 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 +13%, value -16%
Last quarter: funds added +13% more shares while total portfolio value only changed -16%. 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
12 → 8 → 11 → 8 → 18 new funds/Q
New funds entering each quarter: 8 → 11 → 8 → 18. A growing number of institutions are discovering SCM each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 63% veterans vs 24% newcomers
■ 63% veterans
■ 13% 1-2yr
■ 24% new
Entry-cohort mix of 67 holders: 42 (63%) are 2+ year veterans, 9 entered 1–2 years ago, and 16 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
15 of 64 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.