Based on 50 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 URNJ 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 (98% of max)
98% of all-time peak
50 hedge funds hold URNJ 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.
🚀
Fast accumulation — +61% more funds vs a year ago
fund count last 6Q
+19 new funds entered over the past year (+61% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 61% buying
33 buying21 selling
Last quarter: 33 funds were net buyers (12 opened a brand new position + 21 added to an existing one). Only 21 were sellers (8 trimmed + 13 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 15 → 11 → 20 → 12. 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.
📌
Mixed — 32% long-term, 44% new
■ 32% conviction (2yr+)
■ 24% medium
■ 44% new
Of the 50 current holders: 16 (32%) held >2 years, 12 held 1–2 years, and 22 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
📈
Growing discovery — still being found
4 → 15 → 11 → 20 → 12 new funds/Q
New funds entering each quarter: 15 → 11 → 20 → 12. A growing number of institutions are discovering URNJ each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 40% veterans vs 47% newcomers
■ 40% veterans
■ 13% 1-2yr
■ 47% new
Entry-cohort mix of 55 holders: 22 (40%) are 2+ year veterans, 7 entered 1–2 years ago, and 26 (47%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
12 of 49 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.7
out of 10
Moderate Exit Risk
Exit risk score 4.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.