Based on 1110 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 10 quarters in a row
For 10 consecutive quarters, more hedge funds added HIG 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
1,110 hedge funds hold HIG 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 — +15% more funds vs a year ago
fund count last 6Q
+141 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 58% buying
594 buying437 selling
Last quarter: 594 funds bought or added vs 437 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.
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More new buyers each quarter (+46 vs last Q)
new funds entering per quarter
Funds opening a new HIG position: 127 → 122 → 111 → 157. 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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62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 21% medium
■ 17% new
691 out of 1,110 hedge funds have held HIG 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 — ~157 new funds/quarter
110 → 127 → 122 → 111 → 157 new funds/Q
New funds entering each quarter: 127 → 122 → 111 → 157. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 63% of holders stayed 2+ years
■ 63% veterans
■ 15% 1-2yr
■ 23% new
Of 1,124 current holders: 708 (63%) 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.
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Elite ownership — 63% AUM from top-100 funds
63% from top-100 AUM funds
44 of 1110 holders are among the 100 largest funds by AUM, controlling 63% of total institutional value in HIG. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.