Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Heritage Global Inc (HGBL)

35 + Investors. Track Smart Money conviction in HGBL. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -5
Streak
1Q ▼
Buyers last Q
33%

Smart Money Signals — HGBL

Based on 35 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their HGBL 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 64% of 3.0Y high

64% of all-time peak
Only 35 funds hold HGBL today versus a peak of 55 funds at 2023 Q3 — just 64% 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.
📉

Outflows — 17% fewer funds vs a year ago

fund count last 6Q
7 fewer hedge funds hold HGBL compared to a year ago (-17% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴

Heavy selling pressure — only 33% buying

11 buying22 selling
Last quarter: 22 funds sold vs only 11 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️

Steady new buyers — ~5 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 5 → 4 → 7 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

51% of holders stayed for 2+ years

■ 51% conviction (2yr+) ■ 29% medium ■ 20% new
18 out of 35 hedge funds have held HGBL 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.
➡️

Steady discovery — ~5 new funds/quarter

11 → 5 → 4 → 7 → 5 new funds/Q
New funds entering each quarter: 5 → 4 → 7 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Veteran-anchored — 60% veterans vs 26% newcomers

■ 60% veterans ■ 14% 1-2yr ■ 26% new
Entry-cohort mix of 35 holders: 21 (60%) are 2+ year veterans, 5 entered 1–2 years ago, and 9 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋

Smaller funds dominant — 8% AUM from top-100

8% from top-100 AUM funds
11 of 35 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
2.6
out of 10
Low Exit Risk
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — HGBL

In 2026 Q1, 11 hedge funds were net buyers of HGBL (5 opened a new position, 6 added to an existing one), while 22 reduced or exited (12 trimmed, 10 sold completely) — a 33% buyer ratio, indicating net institutional distribution. Net fund flow last quarter: -5 funds (more exits than new entries). Total institutional holders: 35.

Hedge Fund Ownership: HGBL

How many hedge funds hold HGBL — quarterly history vs. share price
Quarterly hedge fund ownership of HGBL vs. share price

Market Analysis: HGBL

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: HGBL

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Heritage Global Inc (HGBL) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much HGBL has moved relative to its sector benchmark (XLF) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 78d ago
HGBL
-6.6%
XLF
+1220.3%

HGBL outperformed XLF by -1226.9% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 33d ago
HGBL
+4.1%
XLF
+4.8%

Since the filing became public, HGBL outperformed XLF by -0.7% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

3 top-rated funds 0 high-conviction
Consensus
2.6
/ 10
breadth
×
Elite
0.6
/ 10
conviction
Hedge Fund Positioning: HGBL
35 + Investors

Track Smart Money conviction in HGBL. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 35 40 -12.5%
13F Shares 11M 13M -16.61%
Total Value $15M $16M -8.61%
New Positions 5 7 -2
Increased Positions 6 13 -7
Closed Positions 10 5 +5
Reduced Positions 12 7 +5
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: HGBL

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Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

35 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in HGBL. Verified SEC 13F-HR filings.

QUARTER:
Top 25 HGBL holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Mink Brook Asset Management LLC 1.70% 2,238,256 $3.0M
2 Topline Capital Management, LLC 0.40% 1,785,488 $2.4M
3 Truffle Hound Capital, LLC 0.39% 1,100,000 $1.5M
4 Punch & Associates Investment Management, INC. 0.18% 2,244,148 $3.1M
5 Militia Capital Management LLC 0.17% 563,873 $767K
6 Ridgewood Investments LLC 0.13% 237,165 $323K
7 Koshinski Asset Management, Inc. 0.08% 917,304 $1.2M
8 Evernest Financial Advisors, LLC 0.06% 194,000 $274K
9 Rothschild Wealth LLC 0.01% 81,366 $111K
10 NorthRock Partners, LLC 0.00% 34,139 $46K
11 Renaissance Technologies LLC 0.00% 244,317 $332K
12 Evergreen Capital Management LLC 0.00% 11,878 $16K
13 XTX Topco Ltd 0.00% 13,934 $19K
14 Man Group plc 0.00% 79,690 $108K
15 Tower Research Capital LLC (TRC) 0.00% 3,660 $5K
16 Parallel Advisors, LLC 0.00% 4,000 $5K
17 Wealth Enhancement Advisory Services, LLC 0.00% 25,758 $36K
18 Archer Investment Corp 0.00% 25 —
19 Susquehanna International Group, LLP 0.00% 46,533 $63K
20 Goldman Sachs Group Inc 0.00% 35,221 $48K
21 Smartleaf Asset Management LLC 0.00% 100 —
22 Osaic Holdings, INC. 0.00% 2,240 $3K
23 BlackRock, Inc. 0.00% 147,039 $200K
24 Jane Street Group, LLC 0.00% 19,009 $26K
25 TD Waterhouse Canada Inc. 0.00% 698 —
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Heritage Global Inc (HGBL)

What does the Smart Money Trend signal show for HGBL?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their HGBL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for HGBL?

Heavy selling pressure — only 33% buying: Last quarter: 22 funds sold vs only 11 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.

What is the fund quality score for HGBL holders?

Smaller funds dominant — 8% AUM from top-100: 11 of 35 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held HGBL?

51% of holders stayed for 2+ years: 18 out of 35 hedge funds have held HGBL 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.

Is it too late to buy Heritage Global Inc (HGBL) following the 2026 Q1 hedge fund 13F filings?

As of today, HGBL has moved +4.1% since the 2026 Q1 13F filing date (May 15, 2026), compared to +4.8% for the XLF sector ETF — an outperformance of -0.7%. Since the quarter end (March 31, 2026), HGBL has gained -6.6% vs +1220.3% for XLF. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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