Based on 43 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SRTS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 67% of 3.0Y high
67% of all-time peak
Only 43 funds hold SRTS today versus a peak of 64 funds at 2024 Q4 — just 67% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 19% fewer funds vs a year ago
fund count last 6Q
10 fewer hedge funds hold SRTS compared to a year ago (-19% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 43% buying
15 buying20 selling
Last quarter: 20 funds reduced or exited vs 15 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.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 4 → 6 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
51% of holders stayed for 2+ years
■ 51% conviction (2yr+)
■ 26% medium
■ 23% new
22 out of 43 hedge funds have held SRTS 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.
➡️
Steady discovery — ~6 new funds/quarter
13 → 5 → 4 → 6 → 6 new funds/Q
New funds entering each quarter: 5 → 4 → 6 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 53% of holders stayed 2+ years
■ 53% veterans
■ 9% 1-2yr
■ 37% new
Of 43 current holders: 23 (53%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
14 of 43 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.