Based on 51 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their IPO 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 — 77% of 3.0Y peak
77% of all-time peak
51 funds currently hold this stock — 77% of the 3.0-year high of 66 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 19% fewer funds vs a year ago
fund count last 6Q
12 fewer hedge funds hold IPO compared to a year ago (-19% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 33% buying
18 buying37 selling
Last quarter: 37 funds sold vs only 18 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-10 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 5 → 13 → 16 → 6. 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.
🔒
55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 27% medium
■ 18% new
28 out of 51 hedge funds have held IPO 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.
➡️
Steady discovery — ~6 new funds/quarter
17 → 5 → 13 → 16 → 6 new funds/Q
New funds entering each quarter: 5 → 13 → 16 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 66% of holders stayed 2+ years
■ 66% veterans
■ 8% 1-2yr
■ 26% new
Of 53 current holders: 35 (66%) 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.
🏆
Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
9 of 51 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in IPO. 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.