Based on 85 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added GAU 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
85 hedge funds hold GAU 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.
🚀
Fast accumulation — +89% more funds vs a year ago
fund count last 6Q
+40 new funds entered over the past year (+89% 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 — 49% buying
48 buying49 selling
Last quarter: 49 funds reduced or exited vs 48 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 (-15 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 6 → 12 → 38 → 23. 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.
🔒
40% of holders stayed for 2+ years
■ 40% conviction (2yr+)
■ 16% medium
■ 44% new
34 out of 85 hedge funds have held GAU 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.
💎
Buying through price weakness — shares -4%, value -99%
Last quarter: funds added -4% more shares while total portfolio value only changed -99%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
🚀
Acceleration phase — new buyers rushing in
6 → 6 → 12 → 38 → 23 new funds/Q
New funds entering each quarter: 6 → 12 → 38 → 23. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 53% of holders stayed 2+ years
■ 53% veterans
■ 9% 1-2yr
■ 38% new
Of 90 current holders: 48 (53%) 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 — 32% AUM from major funds
32% from top-100 AUM funds
16 of 85 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
5.7
out of 10
Moderate Exit Risk
Exit risk score 5.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.