Based on 99 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added SPUS 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
99 hedge funds hold SPUS 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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Fast accumulation — +41% more funds vs a year ago
fund count last 6Q
+29 new funds entered over the past year (+41% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 78% buying
67 buying19 selling
Last quarter: 67 funds were net buyers (26 opened a brand new position + 41 added to an existing one). Only 19 were sellers (12 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new SPUS position: 8 → 8 → 17 → 26. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
41% of holders stayed for 2+ years
■ 41% conviction (2yr+)
■ 17% medium
■ 41% new
41 out of 99 hedge funds have held SPUS 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.
💰
Value +39% but shares only +16% — price-driven
Last quarter: the total dollar value of institutional holdings rose +39%, but actual share count only changed +16%. 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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Acceleration phase — new buyers rushing in
9 → 8 → 8 → 17 → 26 new funds/Q
New funds entering each quarter: 8 → 8 → 17 → 26. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 42% veterans vs 40% newcomers
■ 42% veterans
■ 17% 1-2yr
■ 40% new
Entry-cohort mix of 99 holders: 42 (42%) are 2+ year veterans, 17 entered 1–2 years ago, and 40 (40%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
19 of 99 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in SPUS. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.6
out of 10
Moderate Exit Risk
Exit risk score 4.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.