Based on 32 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their LEE 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 — 82% of 3.0Y peak
82% of all-time peak
32 funds currently hold this stock — 82% of the 3.0-year high of 39 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 — 6% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold LEE compared to a year ago (-6% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 52% buying
11 buying10 selling
Last quarter: 11 funds bought or added vs 10 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 — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 4 → 6 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
75% of holders stayed for 2+ years
■ 75% conviction (2yr+)
■ 12% medium
■ 12% new
24 out of 32 hedge funds have held LEE 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 — ~4 new funds/quarter
6 → 4 → 4 → 6 → 4 new funds/Q
New funds entering each quarter: 4 → 4 → 6 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 75% of holders stayed 2+ years
■ 75% veterans
■ 6% 1-2yr
■ 19% new
Of 32 current holders: 24 (75%) 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.
📋
Smaller funds dominant — 14% AUM from top-100
14% from top-100 AUM funds
13 of 32 holders rank in the top 100 by AUM, but together hold only 14% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.