Based on 33 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their LPA positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
33 hedge funds hold LPA 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 — +267% more funds vs a year ago
fund count last 6Q
+24 new funds entered over the past year (+267% 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 — 69% buying
25 buying11 selling
Last quarter: 25 funds were net buyers (7 opened a brand new position + 18 added to an existing one). Only 11 were sellers (3 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 21 → 9 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 79% entered in last year
■ 3% conviction (2yr+)
■ 18% medium
■ 79% new
Only 1 funds (3%) 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.
💎
Buying through price weakness — shares +113%, value -99%
Last quarter: funds added +113% more shares while total portfolio value only changed -99%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
4 → 4 → 21 → 9 → 7 new funds/Q
New funds entering each quarter: 4 → 21 → 9 → 7. LPA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 85% of holders entered in last year
■ 6% veterans
■ 9% 1-2yr
■ 85% new
Of 33 current holders: 28 (85%) entered in the past year, only 2 (6%) 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.
🏆
Elite ownership — 51% AUM from top-100 funds
51% from top-100 AUM funds
15 of 33 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in LPA. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
6.8
out of 10
Moderate Exit Risk
Exit risk score 6.8/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.