Based on 167 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 SHEN 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
167 hedge funds hold SHEN 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 SHEN is almost the same as a year ago (+4 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 54% buying
81 buying70 selling
Last quarter: 81 funds bought or added vs 70 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 (+13 vs last Q)
new funds entering per quarter
Funds opening a new SHEN position: 22 → 19 → 16 → 29. 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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63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 21% medium
■ 16% new
105 out of 167 hedge funds have held SHEN 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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Value +33% but shares only +0% — price-driven
Last quarter: the total dollar value of institutional holdings rose +33%, but actual share count only changed +0%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Steady discovery — ~29 new funds/quarter
23 → 22 → 19 → 16 → 29 new funds/Q
New funds entering each quarter: 22 → 19 → 16 → 29. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 71% veterans vs 18% newcomers
■ 71% veterans
■ 10% 1-2yr
■ 18% new
Entry-cohort mix of 168 holders: 120 (71%) are 2+ year veterans, 17 entered 1–2 years ago, and 31 (18%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 31% AUM from major funds
31% from top-100 AUM funds
40 of 167 holders rank in the top 100 by AUM, accounting for 31% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.