Based on 122 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 SMMV 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 (98% of max)
98% of all-time peak
122 hedge funds hold SMMV 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 SMMV is almost the same as a year ago (-2 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 48% buying
48 buying51 selling
Last quarter: 51 funds reduced or exited vs 48 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.
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Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 12 → 7 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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75% of holders stayed for 2+ years
■ 75% conviction (2yr+)
■ 20% medium
■ 5% new
92 out of 122 hedge funds have held SMMV 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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Peak discovery — momentum slowing
17 → 10 → 12 → 7 → 11 new funds/Q
New funds entering each quarter: 10 → 12 → 7 → 11. SMMV is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Veteran-anchored — 77% veterans vs 10% newcomers
■ 77% veterans
■ 13% 1-2yr
■ 10% new
Entry-cohort mix of 122 holders: 94 (77%) are 2+ year veterans, 16 entered 1–2 years ago, and 12 (10%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
19 of 122 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in SMMV. 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.