Based on 35 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added GOVZ 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.
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At the ownership peak (95% of max)
95% of all-time peak
35 hedge funds hold GOVZ 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.
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Outflows — 5% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold GOVZ compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 58% buying
22 buying16 selling
Last quarter: 22 funds bought or added vs 16 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.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new GOVZ position: 7 → 5 → 4 → 10. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mixed — 34% long-term, 29% new
■ 34% conviction (2yr+)
■ 37% medium
■ 29% new
Of the 35 current holders: 12 (34%) held >2 years, 13 held 1–2 years, and 10 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
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Steady discovery — ~10 new funds/quarter
10 → 7 → 5 → 4 → 10 new funds/Q
New funds entering each quarter: 7 → 5 → 4 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 42% of holders stayed 2+ years
■ 42% veterans
■ 25% 1-2yr
■ 33% new
Of 36 current holders: 15 (42%) 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.
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Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
6 of 35 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.