Based on 100 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added LEO 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.
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At the ownership peak (100% of max)
100% of all-time peak
100 hedge funds hold LEO 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.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding LEO is almost the same as a year ago (+1 funds, +1% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 52% buying
43 buying39 selling
Last quarter: 43 funds bought or added vs 39 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.
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Steady new buyers — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 13 → 10 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 26% medium
■ 18% new
56 out of 100 hedge funds have held LEO 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.
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Buying through price weakness — shares +2%, value -96%
Last quarter: funds added +2% more shares while total portfolio value only changed -96%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Steady discovery — ~14 new funds/quarter
20 → 9 → 13 → 10 → 14 new funds/Q
New funds entering each quarter: 9 → 13 → 10 → 14. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 54% of holders stayed 2+ years
■ 54% veterans
■ 16% 1-2yr
■ 30% new
Of 100 current holders: 54 (54%) 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.
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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
13 of 100 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.