Based on 202 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added HYLS 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 (96% of max)
96% of all-time peak
202 hedge funds hold HYLS 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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Outflows — 4% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold HYLS compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 61% buying
127 buying80 selling
Last quarter: 127 funds were net buyers (29 opened a brand new position + 98 added to an existing one). Only 80 were sellers (60 trimmed + 20 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+11 vs last Q)
new funds entering per quarter
Funds opening a new HYLS position: 26 → 18 → 18 → 29. 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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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 19% medium
■ 15% new
132 out of 202 hedge funds have held HYLS 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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Steady discovery — ~29 new funds/quarter
34 → 26 → 18 → 18 → 29 new funds/Q
New funds entering each quarter: 26 → 18 → 18 → 29. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 12% 1-2yr
■ 23% new
Of 202 current holders: 131 (65%) 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.
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Elite ownership — 59% AUM from top-100 funds
59% from top-100 AUM funds
11 of 202 holders are among the 100 largest funds by AUM, controlling 59% of total institutional value in HYLS. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.