Based on 45 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their UGA positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 94% of 3.0Y peak
94% of all-time peak
45 funds currently hold this stock — 94% of the 3.0-year high of 48 funds (reached 2026 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +18% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 42% buying
22 buying30 selling
Last quarter: 30 funds reduced or exited vs 22 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.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 4 → 9 → 12 → 6. 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.
🔒
62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 16% medium
■ 22% new
28 out of 45 hedge funds have held UGA 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
5 → 4 → 9 → 12 → 6 new funds/Q
New funds entering each quarter: 4 → 9 → 12 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 61% veterans vs 29% newcomers
■ 61% veterans
■ 10% 1-2yr
■ 29% new
Entry-cohort mix of 51 holders: 31 (61%) are 2+ year veterans, 5 entered 1–2 years ago, and 15 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 7% AUM from top-100
7% from top-100 AUM funds
10 of 43 holders rank in the top 100 by AUM, but together hold only 7% 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.