Based on 22 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their LSAF 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 — 79% of 3.0Y peak
79% of all-time peak
22 funds currently hold this stock — 79% of the 3.0-year high of 28 funds (reached 2023 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 12% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold LSAF compared to a year ago (-12% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 37% buying
7 buying12 selling
Last quarter: 12 funds sold vs only 7 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 4 → 6 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 18% medium
■ 18% new
14 out of 22 hedge funds have held LSAF 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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Buying through price weakness — shares -1%, value -58%
Last quarter: funds added -1% more shares while total portfolio value only changed -58%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~3 new funds/quarter
1 → 2 → 4 → 6 → 3 new funds/Q
New funds entering each quarter: 2 → 4 → 6 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 68% veterans vs 18% newcomers
■ 68% veterans
■ 14% 1-2yr
■ 18% new
Entry-cohort mix of 22 holders: 15 (68%) are 2+ year veterans, 3 entered 1–2 years ago, and 4 (18%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 74% AUM from top-100 funds
74% from top-100 AUM funds
5 of 22 holders are among the 100 largest funds by AUM, controlling 74% of total institutional value in LSAF. 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.