Based on 552 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SNAP 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 (98% of max)
98% of all-time peak
552 hedge funds hold SNAP 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 SNAP is almost the same as a year ago (-11 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 54% buying
324 buying274 selling
Last quarter: 324 funds bought or added vs 274 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.
➡️
Steady new buyers — ~111 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 72 → 93 → 115 → 111. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 17% medium
■ 20% new
346 out of 552 hedge funds have held SNAP 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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Buying through price weakness — shares -14%, value -53%
Last quarter: funds added -14% more shares while total portfolio value only changed -53%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
84 → 72 → 93 → 115 → 111 new funds/Q
New funds entering each quarter: 72 → 93 → 115 → 111. A growing number of institutions are discovering SNAP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 69% veterans vs 21% newcomers
■ 69% veterans
■ 9% 1-2yr
■ 21% new
Entry-cohort mix of 611 holders: 424 (69%) are 2+ year veterans, 57 entered 1–2 years ago, and 130 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
58 of 536 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in SNAP. 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.