Based on 8 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their HIBL 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 53% of 3.0Y high
53% of all-time peak
Only 8 funds hold HIBL today versus a peak of 15 funds at 2024 Q1 — just 53% 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.
📶
Steady growth — +14% more funds vs a year ago
fund count last 6Q
+1 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.
🔴
Heavy selling pressure — only 38% buying
5 buying8 selling
Last quarter: 8 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 — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 0 → 1 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 38% medium
■ 12% new
4 out of 8 hedge funds have held HIBL 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.
⚠️
Saturation — most institutions already know this story
2 → 9 → 0 → 1 → 4 new funds/Q
New funds entering each quarter: 9 → 0 → 1 → 4. 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.
🏛️
Veteran-anchored — 78% veterans vs 22% newcomers
■ 78% veterans
■ 0% 1-2yr
■ 22% new
Entry-cohort mix of 9 holders: 7 (78%) are 2+ year veterans, 0 entered 1–2 years ago, and 2 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 78% AUM from top-100 funds
78% from top-100 AUM funds
4 of 8 holders are among the 100 largest funds by AUM, controlling 78% of total institutional value in HIBL. 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 1.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.