Based on 105 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 SMLR 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 — 81% of 3.0Y peak
81% of all-time peak
105 funds currently hold this stock — 81% of the 3.0-year high of 130 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 5% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold SMLR compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 41% buying
53 buying77 selling
Last quarter: 77 funds reduced or exited vs 53 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-18 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 34 → 29 → 37 → 19. 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 — 37% long-term, 30% new
■ 37% conviction (2yr+)
■ 32% medium
■ 30% new
Of the 105 current holders: 39 (37%) held >2 years, 34 held 1–2 years, and 32 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 +3%, value -48%
Last quarter: funds added +3% more shares while total portfolio value only changed -48%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~19 new funds/quarter
45 → 34 → 29 → 37 → 19 new funds/Q
New funds entering each quarter: 34 → 29 → 37 → 19. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 41% of holders stayed 2+ years
■ 41% veterans
■ 14% 1-2yr
■ 46% new
Of 111 current holders: 45 (41%) 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.
🏆
Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
36 of 105 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in SMLR. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.