Based on 175 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SKM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
175 hedge funds hold SKM 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding SKM is almost the same as a year ago (+4 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 50% buying
99 buying100 selling
Last quarter: 99 funds bought or added vs 100 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.
📈
More new buyers each quarter (+14 vs last Q)
new funds entering per quarter
Funds opening a new SKM position: 33 → 31 → 23 → 37. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 22% medium
■ 17% new
107 out of 175 hedge funds have held SKM 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.
➡️
Steady discovery — ~37 new funds/quarter
25 → 33 → 31 → 23 → 37 new funds/Q
New funds entering each quarter: 33 → 31 → 23 → 37. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 66% of holders stayed 2+ years
■ 66% veterans
■ 13% 1-2yr
■ 22% new
Of 175 current holders: 115 (66%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅
Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
25 of 175 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.