Based on 131 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their LPRO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 88% of 3.0Y peak
88% of all-time peak
131 funds currently hold this stock — 88% of the 3.0-year high of 149 funds (reached 2023 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +6% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+6% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🔴
Heavy selling pressure — only 33% buying
40 buying83 selling
Last quarter: 83 funds sold vs only 40 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 30 → 33 → 15 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 19% medium
■ 15% new
86 out of 131 hedge funds have held LPRO 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 -5%, value -30%
Last quarter: funds added -5% more shares while total portfolio value only changed -30%. 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
13 → 30 → 33 → 15 → 14 new funds/Q
New funds entering each quarter: 30 → 33 → 15 → 14. 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 — 73% of holders stayed 2+ years
■ 73% veterans
■ 8% 1-2yr
■ 19% new
Of 133 current holders: 97 (73%) 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.
✅
Strong quality — 23% AUM from major funds
23% from top-100 AUM funds
25 of 131 holders rank in the top 100 by AUM, accounting for 23% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.