Based on 12 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their HCWB 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 67% of 3.0Y high
67% of all-time peak
Only 12 funds hold HCWB today versus a peak of 18 funds at 2024 Q1 — just 67% 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.
🚀
Fast accumulation — +50% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+50% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🔴
Heavy selling pressure — only 29% buying
5 buying12 selling
Last quarter: 12 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 5 → 6 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 42% entered in last year
■ 17% conviction (2yr+)
■ 42% medium
■ 42% new
Only 2 funds (17%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💰
Price up while funds trimmed (+258% value, -77% shares)
Last quarter: total value of institutional HCWB holdings rose +258% even though funds reduced share count by 77%. 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
5 → 4 → 5 → 6 → 3 new funds/Q
New funds entering each quarter: 4 → 5 → 6 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 42% veterans vs 50% newcomers
■ 42% veterans
■ 8% 1-2yr
■ 50% new
Entry-cohort mix of 12 holders: 5 (42%) are 2+ year veterans, 1 entered 1–2 years ago, and 6 (50%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 70% AUM from top-100 funds
70% from top-100 AUM funds
4 of 12 holders are among the 100 largest funds by AUM, controlling 70% of total institutional value in HCWB. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.