Based on 8 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their HDL 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 57% of 3.0Y high
57% of all-time peak
Only 8 funds hold HDL today versus a peak of 14 funds at 2025 Q1 — just 57% 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 — 43% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold HDL compared to a year ago (-43% 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 — 57% buying
4 buying3 selling
Last quarter: 4 funds bought or added vs 3 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 — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 3 → 0 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 38% long-term, 0% new
■ 38% conviction (2yr+)
■ 62% medium
■ 0% new
Of the 8 current holders: 3 (38%) held >2 years, 5 held 1–2 years, and 0 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.
⚠️
Saturation — most institutions already know this story
3 → 2 → 3 → 0 → 1 new funds/Q
New funds entering each quarter: 2 → 3 → 0 → 1. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Mixed cohorts — 38% veterans, 12% new entrants
■ 38% veterans
■ 50% 1-2yr
■ 12% new
Of 8 current holders: 3 (38%) held 2+ years, 4 held 1–2 years, 1 (12%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 16% AUM from top-100
16% from top-100 AUM funds
5 of 8 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.