Based on 25 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 4 quarters in a row
For 4 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.
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Below peak — only 50% of 3.0Y high
50% of all-time peak
Only 25 funds hold HYAC/WS today versus a peak of 50 funds at 2024 Q3 — just 50% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 44% fewer funds vs a year ago
fund count last 6Q
20 fewer hedge funds hold HYAC/WS compared to a year ago (-44% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 39% buying
12 buying19 selling
Last quarter: 19 funds sold vs only 12 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 1 → 3 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Price up while funds trimmed (+85% value, -2% shares)
Last quarter: total value of institutional HYAC/WS holdings rose +85% even though funds reduced share count by 2%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Steady discovery — ~6 new funds/quarter
6 → 5 → 1 → 3 → 6 new funds/Q
New funds entering each quarter: 5 → 1 → 3 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 1.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.