Based on 87 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added UAPR 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 (97% of max)
97% of all-time peak
87 hedge funds hold UAPR 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding UAPR is almost the same as a year ago (-3 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 53% buying
39 buying34 selling
Last quarter: 39 funds bought or added vs 34 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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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new UAPR position: 10 → 8 → 8 → 15. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 24% medium
■ 21% new
48 out of 87 hedge funds have held UAPR 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
27 → 10 → 8 → 8 → 15 new funds/Q
New funds entering each quarter: 10 → 8 → 8 → 15. A growing number of institutions are discovering UAPR each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 53% veterans vs 28% newcomers
■ 53% veterans
■ 20% 1-2yr
■ 28% new
Entry-cohort mix of 87 holders: 46 (53%) are 2+ year veterans, 17 entered 1–2 years ago, and 24 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 5% AUM from top-100
5% from top-100 AUM funds
8 of 86 holders rank in the top 100 by AUM, but together hold only 5% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.