Based on 145 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their LB positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (96% of max)
96% of all-time peak
145 hedge funds hold LB 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.
🚀
Fast accumulation — +23% more funds vs a year ago
fund count last 6Q
+27 new funds entered over the past year (+23% 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.
🟡
Slight buying edge — 54% buying
95 buying80 selling
Last quarter: 95 funds bought or added vs 80 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~32 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 43 → 30 → 31 → 32. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 34% medium
■ 17% new
70 out of 145 hedge funds have held LB 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 — ~32 new funds/quarter
79 → 43 → 30 → 31 → 32 new funds/Q
New funds entering each quarter: 43 → 30 → 31 → 32. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 7% 1-2yr
■ 28% new
Of 152 current holders: 99 (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.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
24 of 145 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.