Based on 397 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added SR 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
397 hedge funds hold SR 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 — +23% more funds vs a year ago
fund count last 6Q
+74 new funds entered over the past year (+23% 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.
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More buyers than sellers — 61% buying
218 buying140 selling
Last quarter: 218 funds were net buyers (70 opened a brand new position + 148 added to an existing one). Only 140 were sellers (107 trimmed + 33 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~70 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 47 → 54 → 66 → 70. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 16% medium
■ 23% new
240 out of 397 hedge funds have held SR 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
54 → 47 → 54 → 66 → 70 new funds/Q
New funds entering each quarter: 47 → 54 → 66 → 70. A growing number of institutions are discovering SR each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 65% veterans vs 27% newcomers
■ 65% veterans
■ 8% 1-2yr
■ 27% new
Entry-cohort mix of 400 holders: 259 (65%) are 2+ year veterans, 34 entered 1–2 years ago, and 107 (27%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
55 of 397 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in SR. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.