Based on 213 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their AAT 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 (99% of max)
99% of all-time peak
213 hedge funds hold AAT 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.
📶
Steady growth — +8% more funds vs a year ago
fund count last 6Q
+16 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 44% buying
99 buying124 selling
Last quarter: 124 funds reduced or exited vs 99 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.
➡️
Steady new buyers — ~30 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 39 → 34 → 35 → 30. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 17% medium
■ 16% new
142 out of 213 hedge funds have held AAT 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 — ~30 new funds/quarter
24 → 39 → 34 → 35 → 30 new funds/Q
New funds entering each quarter: 39 → 34 → 35 → 30. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 72% of holders stayed 2+ years
■ 72% veterans
■ 8% 1-2yr
■ 19% new
Of 213 current holders: 154 (72%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆
Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
38 of 213 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in AAT. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.