Based on 973 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added LH 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
973 hedge funds hold LH 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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Steady growth — +12% more funds vs a year ago
fund count last 6Q
+107 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 47% buying
434 buying487 selling
Last quarter: 487 funds reduced or exited vs 434 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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More new buyers each quarter (+27 vs last Q)
new funds entering per quarter
Funds opening a new LH position: 112 → 112 → 110 → 137. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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72% of holders stayed for 2+ years
■ 72% conviction (2yr+)
■ 15% medium
■ 13% new
705 out of 973 hedge funds have held LH 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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Growing discovery — still being found
103 → 112 → 112 → 110 → 137 new funds/Q
New funds entering each quarter: 112 → 112 → 110 → 137. A growing number of institutions are discovering LH each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 74% of holders stayed 2+ years
■ 74% veterans
■ 9% 1-2yr
■ 16% new
Of 984 current holders: 731 (74%) 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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Elite ownership — 54% AUM from top-100 funds
54% from top-100 AUM funds
46 of 973 holders are among the 100 largest funds by AUM, controlling 54% of total institutional value in LH. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.