Based on 319 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added LEG 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.
📊
High ownership — 86% of 3.0Y peak
86% of all-time peak
319 funds currently hold this stock — 86% of the 3.0-year high of 369 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding LEG is almost the same as a year ago (-8 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 55% buying
174 buying145 selling
Last quarter: 174 funds bought or added vs 145 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.
📈
More new buyers each quarter (+17 vs last Q)
new funds entering per quarter
Funds opening a new LEG position: 42 → 71 → 47 → 64. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 20% medium
■ 18% new
197 out of 319 hedge funds have held LEG 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.
💰
Value +25% but shares only +1% — price-driven
Last quarter: the total dollar value of institutional holdings rose +25%, but actual share count only changed +1%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
➡️
Steady discovery — ~64 new funds/quarter
70 → 42 → 71 → 47 → 64 new funds/Q
New funds entering each quarter: 42 → 71 → 47 → 64. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 68% of holders stayed 2+ years
■ 68% veterans
■ 11% 1-2yr
■ 21% new
Of 328 current holders: 223 (68%) 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 — 45% AUM from top-100 funds
45% from top-100 AUM funds
38 of 319 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in LEG. 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 2.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.