Based on 281 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added HNI 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
281 hedge funds hold HNI 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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Fast accumulation — +36% more funds vs a year ago
fund count last 6Q
+74 new funds entered over the past year (+36% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 67% buying
205 buying99 selling
Last quarter: 205 funds were net buyers (62 opened a brand new position + 143 added to an existing one). Only 99 were sellers (60 trimmed + 39 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~62 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 49 → 32 → 62 → 62. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 17% medium
■ 25% new
162 out of 281 hedge funds have held HNI 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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Acceleration phase — new buyers rushing in
25 → 49 → 32 → 62 → 62 new funds/Q
New funds entering each quarter: 49 → 32 → 62 → 62. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 64% of holders stayed 2+ years
■ 64% veterans
■ 9% 1-2yr
■ 27% new
Of 282 current holders: 180 (64%) 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 — 55% AUM from top-100 funds
55% from top-100 AUM funds
41 of 281 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in HNI. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.