Based on 65 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SMAY 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 SMAY 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 — +10% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+10% 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 — 59% buying
38 buying26 selling
Last quarter: 38 funds bought or added vs 26 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 (+14 vs last Q)
new funds entering per quarter
Funds opening a new SMAY position: 5 → 15 → 3 → 17. 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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Mixed — 31% long-term, 34% new
■ 31% conviction (2yr+)
■ 35% medium
■ 34% new
Of the 65 current holders: 20 (31%) held >2 years, 23 held 1–2 years, and 22 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.
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Value +29% but shares only +14% — price-driven
Last quarter: the total dollar value of institutional holdings rose +29%, but actual share count only changed +14%. 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 — ~17 new funds/quarter
13 → 5 → 15 → 3 → 17 new funds/Q
New funds entering each quarter: 5 → 15 → 3 → 17. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 26% veterans, 45% new entrants
■ 26% veterans
■ 29% 1-2yr
■ 45% new
Of 65 current holders: 17 (26%) held 2+ years, 19 held 1–2 years, 29 (45%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
3 of 65 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.