Based on 630 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added SF 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
630 hedge funds hold SF 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.
🚀
Fast accumulation — +21% more funds vs a year ago
fund count last 6Q
+111 new funds entered over the past year (+21% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 82% buying
573 buying125 selling
Last quarter: 573 funds were net buyers (80 opened a brand new position + 493 added to an existing one). Only 125 were sellers (50 trimmed + 75 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-52 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 57 → 99 → 132 → 80. 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.
🔒
54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 24% medium
■ 22% new
338 out of 630 hedge funds have held SF 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.
💎
Buying through price weakness — shares +52%, value -11%
Last quarter: funds added +52% more shares while total portfolio value only changed -11%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
79 → 57 → 99 → 132 → 80 new funds/Q
New funds entering each quarter: 57 → 99 → 132 → 80. A growing number of institutions are discovering SF each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 60% veterans vs 28% newcomers
■ 60% veterans
■ 11% 1-2yr
■ 28% new
Entry-cohort mix of 634 holders: 383 (60%) are 2+ year veterans, 72 entered 1–2 years ago, and 179 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 45% AUM from top-100 funds
45% from top-100 AUM funds
56 of 628 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in SF. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.