Based on 153 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 ATHM 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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High ownership — 90% of 3.0Y peak
90% of all-time peak
153 funds currently hold this stock — 90% of the 3.0-year high of 170 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 7% fewer funds vs a year ago
fund count last 6Q
12 fewer hedge funds hold ATHM compared to a year ago (-7% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 53% buying
80 buying71 selling
Last quarter: 80 funds bought or added vs 71 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~25 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 30 → 24 → 20 → 25. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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69% of holders stayed for 2+ years
■ 69% conviction (2yr+)
■ 18% medium
■ 13% new
105 out of 153 hedge funds have held ATHM 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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Buying through price weakness — shares +1%, value -20%
Last quarter: funds added +1% more shares while total portfolio value only changed -20%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Peak discovery — momentum slowing
24 → 30 → 24 → 20 → 25 new funds/Q
New funds entering each quarter: 30 → 24 → 20 → 25. ATHM is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Deep conviction — 78% of holders stayed 2+ years
■ 78% veterans
■ 7% 1-2yr
■ 16% new
Of 153 current holders: 119 (78%) 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.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
33 of 153 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.