Based on 40 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added HGBL 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.
📊
High ownership — 73% of 3.0Y peak
73% of all-time peak
40 funds currently hold this stock — 73% of the 3.0-year high of 55 funds (reached 2023 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +8% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+8% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 2 quarters from the low — a sharp move.
🟢
More buyers than sellers — 62% buying
20 buying12 selling
Last quarter: 20 funds were net buyers (7 opened a brand new position + 13 added to an existing one). Only 12 were sellers (7 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 5 → 4 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 30% medium
■ 18% new
21 out of 40 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.
💎
Buying through price weakness — shares -2%, value -27%
Last quarter: funds added -2% more shares while total portfolio value only changed -27%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
6 → 11 → 5 → 4 → 7 new funds/Q
New funds entering each quarter: 11 → 5 → 4 → 7. HGBL is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 57% of holders stayed 2+ years
■ 57% veterans
■ 12% 1-2yr
■ 30% new
Of 40 current holders: 23 (57%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅
Strong quality — 21% AUM from major funds
21% from top-100 AUM funds
12 of 40 holders rank in the top 100 by AUM, accounting for 21% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.