Based on 247 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added UE 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
247 hedge funds hold UE 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 UE is almost the same as a year ago (+2 funds, +1% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 61% buying
136 buying88 selling
Last quarter: 136 funds were net buyers (37 opened a brand new position + 99 added to an existing one). Only 88 were sellers (67 trimmed + 21 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new UE position: 27 → 37 → 31 → 37. 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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64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 22% medium
■ 15% new
157 out of 247 hedge funds have held UE 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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Steady discovery — ~37 new funds/quarter
42 → 27 → 37 → 31 → 37 new funds/Q
New funds entering each quarter: 27 → 37 → 31 → 37. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 69% veterans vs 18% newcomers
■ 69% veterans
■ 13% 1-2yr
■ 18% new
Entry-cohort mix of 247 holders: 171 (69%) are 2+ year veterans, 32 entered 1–2 years ago, and 44 (18%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
57 of 247 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in UE. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.