Based on 78 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 ALTS 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 — 86% of 3.0Y peak
86% of all-time peak
78 funds currently hold this stock — 86% of the 3.0-year high of 91 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +359% more funds vs a year ago
fund count last 6Q
+61 new funds entered over the past year (+359% 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 sellers than buyers — 43% buying
40 buying53 selling
Last quarter: 53 funds reduced or exited vs 40 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 (-55 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 8 → 6 → 67 → 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.
🔄
Mostly new holders — 63% entered in last year
■ 13% conviction (2yr+)
■ 24% medium
■ 63% new
Only 10 funds (13%) 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.
💎
Buying through price weakness — shares +12%, value -54%
Last quarter: funds added +12% more shares while total portfolio value only changed -54%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
3 → 8 → 6 → 67 → 12 new funds/Q
New funds entering each quarter: 8 → 6 → 67 → 12. A growing number of institutions are discovering ALTS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 61% of holders entered in last year
■ 27% veterans
■ 12% 1-2yr
■ 61% new
Of 84 current holders: 51 (61%) entered in the past year, only 23 (27%) 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.
✅
Strong quality — 22% AUM from major funds
22% from top-100 AUM funds
18 of 78 holders rank in the top 100 by AUM, accounting for 22% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
6.2
out of 10
Moderate Exit Risk
Exit risk score 6.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.