Based on 41 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 SWZ 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 (95% of max)
95% of all-time peak
41 hedge funds hold SWZ 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.
📶
Steady growth — +11% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 35% buying
13 buying24 selling
Last quarter: 24 funds sold vs only 13 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 8 → 6 → 10 → 4. 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.
🔒
59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 22% medium
■ 20% new
24 out of 41 hedge funds have held SWZ 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 — ~4 new funds/quarter
4 → 8 → 6 → 10 → 4 new funds/Q
New funds entering each quarter: 8 → 6 → 10 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 66% veterans vs 32% newcomers
■ 66% veterans
■ 2% 1-2yr
■ 32% new
Entry-cohort mix of 41 holders: 27 (66%) are 2+ year veterans, 1 entered 1–2 years ago, and 13 (32%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
5 of 41 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.