Based on 85 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their HQL 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 (99% of max)
99% of all-time peak
85 hedge funds hold HQL 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 — +13% more funds vs a year ago
fund count last 6Q
+10 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 70% buying
55 buying24 selling
Last quarter: 55 funds were net buyers (9 opened a brand new position + 46 added to an existing one). Only 24 were sellers (14 trimmed + 10 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-10 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 14 → 11 → 19 → 9. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 22% medium
■ 20% new
49 out of 85 hedge funds have held HQL 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.
💰
Price up while funds trimmed (+13% value, -5% shares)
Last quarter: total value of institutional HQL holdings rose +13% even though funds reduced share count by 5%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~9 new funds/quarter
7 → 14 → 11 → 19 → 9 new funds/Q
New funds entering each quarter: 14 → 11 → 19 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 62% veterans vs 25% newcomers
■ 62% veterans
■ 13% 1-2yr
■ 25% new
Entry-cohort mix of 85 holders: 53 (62%) are 2+ year veterans, 11 entered 1–2 years ago, and 21 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
15 of 85 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in HQL. 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.