Based on 52 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their HQI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (98% of max)
98% of all-time peak
52 hedge funds hold HQI 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.
📶
Steady growth — +6% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+6% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 42% buying
21 buying29 selling
Last quarter: 29 funds reduced or exited vs 21 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 7 → 6 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
69% of holders stayed for 2+ years
■ 69% conviction (2yr+)
■ 21% medium
■ 10% new
36 out of 52 hedge funds have held HQI 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.
➡️
Steady discovery — ~4 new funds/quarter
4 → 3 → 7 → 6 → 4 new funds/Q
New funds entering each quarter: 3 → 7 → 6 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 17% 1-2yr
■ 10% new
Of 52 current holders: 38 (73%) 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.
🏆
Elite ownership — 45% AUM from top-100 funds
45% from top-100 AUM funds
19 of 52 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in HQI. 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.