Based on 35 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their HYAC/WS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 70% of 3.0Y peak
70% of all-time peak
35 funds currently hold this stock — 70% of the 3.0-year high of 50 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 22% fewer funds vs a year ago
fund count last 6Q
10 fewer hedge funds hold HYAC/WS compared to a year ago (-22% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 26% buying
6 buying17 selling
Last quarter: 17 funds sold vs only 6 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 5 → 1 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 29% medium
■ 17% new
19 out of 35 hedge funds have held HYAC/WS 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.
💎
Buying through price weakness — shares -4%, value -99%
Last quarter: funds added -4% more shares while total portfolio value only changed -99%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
2 → 6 → 5 → 1 → 3 new funds/Q
New funds entering each quarter: 6 → 5 → 1 → 3. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Deep conviction — 49% of holders stayed 2+ years
■ 49% veterans
■ 31% 1-2yr
■ 20% new
Of 35 current holders: 17 (49%) 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.
📋
Smaller funds dominant — 18% AUM from top-100
18% from top-100 AUM funds
8 of 35 holders rank in the top 100 by AUM, but together hold only 18% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.