Based on 164 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their GGN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
164 hedge funds hold GGN 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.
📶
Steady growth — +18% more funds vs a year ago
fund count last 6Q
+25 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 61% buying
83 buying52 selling
Last quarter: 83 funds were net buyers (21 opened a brand new position + 62 added to an existing one). Only 52 were sellers (30 trimmed + 22 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 18 → 32 → 28 → 21. 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.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 23% medium
■ 24% new
87 out of 164 hedge funds have held GGN 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.
➡️
Steady discovery — ~21 new funds/quarter
19 → 18 → 32 → 28 → 21 new funds/Q
New funds entering each quarter: 18 → 32 → 28 → 21. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 57% veterans vs 29% newcomers
■ 57% veterans
■ 15% 1-2yr
■ 29% new
Entry-cohort mix of 164 holders: 93 (57%) are 2+ year veterans, 24 entered 1–2 years ago, and 47 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
15 of 164 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in GGN. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.