Based on 13 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added WAR 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
13 hedge funds hold WAR right now — the highest count in 1.8 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 — +550% more funds vs a year ago
fund count last 6Q
+11 new funds entered over the past year (+550% 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 — 79% buying
11 buying3 selling
Last quarter: 11 funds were net buyers (9 opened a brand new position + 2 added to an existing one). Only 3 were sellers (1 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new WAR position: 2 → 2 → 3 → 9. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 77% entered in last year
■ 0% conviction (2yr+)
■ 23% medium
■ 77% new
Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💰
Value +157% but shares only +114% — price-driven
Last quarter: the total dollar value of institutional holdings rose +157%, but actual share count only changed +114%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
➡️
Steady discovery — ~9 new funds/quarter
0 → 2 → 2 → 3 → 9 new funds/Q
New funds entering each quarter: 2 → 2 → 3 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 85% of holders entered in last year
■ 0% veterans
■ 15% 1-2yr
■ 85% new
Of 13 current holders: 11 (85%) entered in the past year, only 0 (0%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 7% AUM from top-100
7% from top-100 AUM funds
2 of 13 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.
6.9
out of 10
Moderate Exit Risk
Exit risk score 6.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.