Based on 75 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added GMF 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
75 hedge funds hold GMF 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 — +7% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+7% 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 3 quarters from the low — a sharp move.
🟡
Slight buying edge — 56% buying
35 buying28 selling
Last quarter: 35 funds bought or added vs 28 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.
➡️
Steady new buyers — ~13 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 1 → 9 → 13. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 24% medium
■ 8% new
51 out of 75 hedge funds have held GMF 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.
📈
Growing discovery — still being found
11 → 10 → 1 → 9 → 13 new funds/Q
New funds entering each quarter: 10 → 1 → 9 → 13. A growing number of institutions are discovering GMF each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 76% of holders stayed 2+ years
■ 76% veterans
■ 12% 1-2yr
■ 12% new
Of 75 current holders: 57 (76%) 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 — 17% AUM from top-100
17% from top-100 AUM funds
14 of 75 holders rank in the top 100 by AUM, but together hold only 17% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.