Based on 42 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 HERD 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 (100% of max)
100% of all-time peak
42 hedge funds hold HERD 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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Steady growth — +14% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+14% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 65% buying
24 buying13 selling
Last quarter: 24 funds were net buyers (8 opened a brand new position + 16 added to an existing one). Only 13 were sellers (9 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new HERD position: 5 → 6 → 2 → 8. 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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43% of holders stayed for 2+ years
■ 43% conviction (2yr+)
■ 33% medium
■ 24% new
18 out of 42 hedge funds have held HERD 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.
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Steady discovery — ~8 new funds/quarter
4 → 5 → 6 → 2 → 8 new funds/Q
New funds entering each quarter: 5 → 6 → 2 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 36% veterans, 24% new entrants
■ 36% veterans
■ 40% 1-2yr
■ 24% new
Of 42 current holders: 15 (36%) held 2+ years, 17 held 1–2 years, 10 (24%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
5 of 42 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.