Based on 285 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added CASH 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 (100% of max)
100% of all-time peak
285 hedge funds hold CASH 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 CASH is almost the same as a year ago (+9 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 55% buying
150 buying124 selling
Last quarter: 150 funds bought or added vs 124 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.
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Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 32 → 39 → 49 → 40. 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.
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62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 20% medium
■ 18% new
176 out of 285 hedge funds have held CASH 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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Growing discovery — still being found
52 → 32 → 39 → 49 → 40 new funds/Q
New funds entering each quarter: 32 → 39 → 49 → 40. A growing number of institutions are discovering CASH each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 67% veterans vs 21% newcomers
■ 67% veterans
■ 13% 1-2yr
■ 21% new
Entry-cohort mix of 287 holders: 191 (67%) are 2+ year veterans, 37 entered 1–2 years ago, and 59 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 67% AUM from top-100 funds
67% from top-100 AUM funds
54 of 281 holders are among the 100 largest funds by AUM, controlling 67% of total institutional value in CASH. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.