Based on 48 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added LGCY 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
48 hedge funds hold LGCY 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 — +92% more funds vs a year ago
fund count last 6Q
+23 new funds entered over the past year (+92% 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.
🟢
More buyers than sellers — 64% buying
28 buying16 selling
Last quarter: 28 funds were net buyers (12 opened a brand new position + 16 added to an existing one). Only 16 were sellers (12 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 5 → 13 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 50% entered in last year
■ 2% conviction (2yr+)
■ 48% medium
■ 50% new
Only 1 funds (2%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
📈
Growing discovery — still being found
17 → 5 → 5 → 13 → 12 new funds/Q
New funds entering each quarter: 5 → 5 → 13 → 12. A growing number of institutions are discovering LGCY each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 83% of holders entered in last year
■ 2% veterans
■ 15% 1-2yr
■ 83% new
Of 48 current holders: 40 (83%) entered in the past year, only 1 (2%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 14% AUM from top-100
14% from top-100 AUM funds
13 of 48 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.
5.6
out of 10
Moderate Exit Risk
Exit risk score 5.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.