Based on 70 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added HPS 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
70 hedge funds hold HPS 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 — +8% more funds vs a year ago
fund count last 6Q
+5 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 3 quarters from the low — a sharp move.
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More buyers than sellers — 67% buying
37 buying18 selling
Last quarter: 37 funds were net buyers (14 opened a brand new position + 23 added to an existing one). Only 18 were sellers (14 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new HPS position: 5 → 11 → 8 → 14. 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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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 16% medium
■ 23% new
43 out of 70 hedge funds have held HPS 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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Growing discovery — still being found
11 → 5 → 11 → 8 → 14 new funds/Q
New funds entering each quarter: 5 → 11 → 8 → 14. A growing number of institutions are discovering HPS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 60% veterans vs 26% newcomers
■ 60% veterans
■ 14% 1-2yr
■ 26% new
Entry-cohort mix of 70 holders: 42 (60%) are 2+ year veterans, 10 entered 1–2 years ago, and 18 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 75% AUM from top-100 funds
75% from top-100 AUM funds
11 of 70 holders are among the 100 largest funds by AUM, controlling 75% of total institutional value in HPS. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.