Based on 15 hedge funds · latest filing: 2025 Q1 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their HCVI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 34% of 3.0Y high
34% of all-time peak
Only 15 funds hold HCVI today versus a peak of 44 funds at 2023 Q2 — just 34% 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.
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Outflows — 46% fewer funds vs a year ago
fund count last 6Q
13 fewer hedge funds hold HCVI compared to a year ago (-46% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 40% buying
4 buying6 selling
Last quarter: 6 funds reduced or exited vs 4 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.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 3 → 5 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
💰
Price up while funds trimmed (+9% value, -19% shares)
Last quarter: total value of institutional HCVI holdings rose +9% even though funds reduced share count by 19%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~3 new funds/quarter
12 → 3 → 3 → 5 → 3 new funds/Q
New funds entering each quarter: 3 → 3 → 5 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.