Based on 178 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added ALT 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 (97% of max)
97% of all-time peak
178 hedge funds hold ALT 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 ALT is almost the same as a year ago (+4 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 68% buying
123 buying58 selling
Last quarter: 123 funds were net buyers (45 opened a brand new position + 78 added to an existing one). Only 58 were sellers (32 trimmed + 26 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+25 vs last Q)
new funds entering per quarter
Funds opening a new ALT position: 26 → 39 → 20 → 45. 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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51% of holders stayed for 2+ years
■ 51% conviction (2yr+)
■ 29% medium
■ 20% new
91 out of 178 hedge funds have held ALT 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 — ~45 new funds/quarter
38 → 26 → 39 → 20 → 45 new funds/Q
New funds entering each quarter: 26 → 39 → 20 → 45. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 57% of holders stayed 2+ years
■ 57% veterans
■ 18% 1-2yr
■ 25% new
Of 195 current holders: 111 (57%) 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.
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Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
31 of 178 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in ALT. 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.