Based on 221 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SLNO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 90% of 3.0Y peak
90% of all-time peak
221 funds currently hold this stock — 90% of the 3.0-year high of 245 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding SLNO 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
137 buying139 selling
Last quarter: 137 funds bought or added vs 139 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.
⚠️
Fewer new buyers each quarter (-21 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 52 → 57 → 62 → 41. 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.
📌
Mixed — 34% long-term, 33% new
■ 34% conviction (2yr+)
■ 33% medium
■ 33% new
Of the 221 current holders: 75 (34%) held >2 years, 73 held 1–2 years, and 73 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares -14%, value -36%
Last quarter: funds added -14% more shares while total portfolio value only changed -36%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~41 new funds/quarter
70 → 52 → 57 → 62 → 41 new funds/Q
New funds entering each quarter: 52 → 57 → 62 → 41. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 39% veterans, 41% new entrants
■ 39% veterans
■ 19% 1-2yr
■ 41% new
Of 232 current holders: 91 (39%) held 2+ years, 45 held 1–2 years, 96 (41%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
43 of 219 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in SLNO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.