Based on 634 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds added GL 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
634 hedge funds hold GL 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 — +20% more funds vs a year ago
fund count last 6Q
+106 new funds entered over the past year (+20% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 45% buying
266 buying325 selling
Last quarter: 325 funds reduced or exited vs 266 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 (-16 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 93 → 88 → 100 → 84. 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.
🔒
59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 23% medium
■ 19% new
371 out of 634 hedge funds have held GL 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 — ~84 new funds/quarter
86 → 93 → 88 → 100 → 84 new funds/Q
New funds entering each quarter: 93 → 88 → 100 → 84. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 12% 1-2yr
■ 23% new
Of 644 current holders: 416 (65%) 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.
🏆
Elite ownership — 59% AUM from top-100 funds
59% from top-100 AUM funds
42 of 634 holders are among the 100 largest funds by AUM, controlling 59% of total institutional value in GL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.