Based on 744 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added SPTM 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
744 hedge funds hold SPTM 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 — +19% more funds vs a year ago
fund count last 6Q
+121 new funds entered over the past year (+19% 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 — 52% buying
336 buying304 selling
Last quarter: 336 funds bought or added vs 304 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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Fewer new buyers each quarter (-32 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 67 → 64 → 102 → 70. 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.
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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 21% medium
■ 19% new
450 out of 744 hedge funds have held SPTM 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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Growing discovery — still being found
55 → 67 → 64 → 102 → 70 new funds/Q
New funds entering each quarter: 67 → 64 → 102 → 70. A growing number of institutions are discovering SPTM each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 61% veterans vs 24% newcomers
■ 61% veterans
■ 14% 1-2yr
■ 24% new
Entry-cohort mix of 745 holders: 457 (61%) are 2+ year veterans, 108 entered 1–2 years ago, and 180 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
25 of 742 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.