Based on 287 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed this position than added to it. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams deciding to exit.
🏔️
At the ownership peak (96% of max)
96% of all-time peak
287 hedge funds hold this stock 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 'crowded trade' — high ownership doesn't mean safe.
📶
Steady growth — +5% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+5% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 4 quarters from the low — a sharp move.
🟠
More sellers than buyers — 46% buying
140 buying165 selling
Last quarter: 165 funds reduced or exited vs 140 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.
📈
More new buyers each quarter (+13 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 55 → 49 → 36 → 49. A growing number of new institutional buyers means the stock is still being discovered — the opportunity hasn't been fully priced in.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 20% medium
■ 17% new
182 out of 287 hedge funds have held this stock for over 2 years without selling. Long-term holders are harder to shake out during market dips — they represent a stable ownership base that reduces the risk of sudden mass selling.
💰
Price up while funds trimmed (+1% value, -16% shares)
Last quarter: total value of institutional EQNR holdings rose +1% even though funds reduced share count by 16%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
35 → 55 → 49 → 36 → 49 new funds/Q
New funds entering each quarter: 55 → 49 → 36 → 49. The stock is well-known in the hedge fund world but new entries are declining. The easy phase of institutional discovery may be behind us.
🏛️
Deep conviction — 70% of holders stayed 2+ years
■ 70% veterans
■ 10% 1-2yr
■ 20% new
Of 306 current holders: 215 (70%) 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.
📋
Smaller funds dominant — 9% top-100 AUM
9% from top-100 AUM funds
Only 27 of 287 current holders rank in the top 100 by AUM. The stock is held mostly by smaller and mid-sized funds — the largest institutional players haven't yet built significant positions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.