Based on 42 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their KMDA 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 — 91% of 3.0Y peak
91% of all-time peak
42 funds currently hold this stock — 91% of the 3.0-year high of 46 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +20% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+20% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 47% buying
21 buying24 selling
Last quarter: 24 funds reduced or exited vs 21 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 8 → 8 → 12 → 5. 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.
🔒
62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 14% medium
■ 24% new
26 out of 42 hedge funds have held KMDA 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.
💰
Price up while funds trimmed (+15% value, -3% shares)
Last quarter: total value of institutional KMDA holdings rose +15% even though funds reduced share count by 3%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~5 new funds/quarter
14 → 8 → 8 → 12 → 5 new funds/Q
New funds entering each quarter: 8 → 8 → 12 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 67% veterans vs 31% newcomers
■ 67% veterans
■ 2% 1-2yr
■ 31% new
Entry-cohort mix of 42 holders: 28 (67%) are 2+ year veterans, 1 entered 1–2 years ago, and 13 (31%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 94% AUM from top-100 funds
94% from top-100 AUM funds
13 of 42 holders are among the 100 largest funds by AUM, controlling 94% of total institutional value in KMDA. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.