Based on 19 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added GP 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.
🔻
Below peak — only 68% of 3.0Y high
68% of all-time peak
Only 19 funds hold GP today versus a peak of 28 funds at 2023 Q3 — just 68% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding GP is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟢
More buyers than sellers — 75% buying
12 buying4 selling
Last quarter: 12 funds were net buyers (4 opened a brand new position + 8 added to an existing one). Only 4 were sellers (1 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 1 → 6 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 32% medium
■ 16% new
10 out of 19 hedge funds have held GP 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.
💰
Price up while funds trimmed (+26% value, -3% shares)
Last quarter: total value of institutional GP holdings rose +26% even though funds reduced share count by 3%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~4 new funds/quarter
1 → 6 → 1 → 6 → 4 new funds/Q
New funds entering each quarter: 6 → 1 → 6 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 53% of holders stayed 2+ years
■ 53% veterans
■ 26% 1-2yr
■ 21% new
Of 19 current holders: 10 (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.
🏆
Elite ownership — 72% AUM from top-100 funds
72% from top-100 AUM funds
5 of 19 holders are among the 100 largest funds by AUM, controlling 72% of total institutional value in GP. 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 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.