Based on 49 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds reduced or closed their LESL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 22% of 3.0Y high
22% of all-time peak
Only 49 funds hold LESL today versus a peak of 225 funds at 2023 Q1 — just 22% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 75% fewer funds vs a year ago
fund count last 6Q
147 fewer hedge funds hold LESL compared to a year ago (-75% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 30% buying
20 buying46 selling
Last quarter: 46 funds sold vs only 20 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 21 → 29 → 7 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
73% of holders stayed for 2+ years
■ 73% conviction (2yr+)
■ 18% medium
■ 8% new
36 out of 49 hedge funds have held LESL 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.
💎
Buying through price weakness — shares -4%, value -71%
Last quarter: funds added -4% more shares while total portfolio value only changed -71%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
42 → 21 → 29 → 7 → 12 new funds/Q
New funds entering each quarter: 21 → 29 → 7 → 12. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Deep conviction — 80% of holders stayed 2+ years
■ 80% veterans
■ 8% 1-2yr
■ 12% new
Of 50 current holders: 40 (80%) 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 — 12% AUM from top-100
12% from top-100 AUM funds
13 of 49 holders rank in the top 100 by AUM, but together hold only 12% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.