Based on 271 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added HYS 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 (100% of max)
100% of all-time peak
271 hedge funds hold HYS 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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Fast accumulation — +22% more funds vs a year ago
fund count last 6Q
+48 new funds entered over the past year (+22% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
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More buyers than sellers — 65% buying
160 buying88 selling
Last quarter: 160 funds were net buyers (50 opened a brand new position + 110 added to an existing one). Only 88 were sellers (65 trimmed + 23 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+14 vs last Q)
new funds entering per quarter
Funds opening a new HYS position: 34 → 34 → 36 → 50. 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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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 17% medium
■ 23% new
164 out of 271 hedge funds have held HYS 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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Growing discovery — still being found
24 → 34 → 34 → 36 → 50 new funds/Q
New funds entering each quarter: 34 → 34 → 36 → 50. A growing number of institutions are discovering HYS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 65% veterans vs 26% newcomers
■ 65% veterans
■ 9% 1-2yr
■ 26% new
Entry-cohort mix of 271 holders: 177 (65%) are 2+ year veterans, 24 entered 1–2 years ago, and 70 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 34% AUM from major funds
34% from top-100 AUM funds
19 of 270 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.