Based on 562 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added LUMN 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
562 hedge funds hold LUMN 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 — +7% more funds vs a year ago
fund count last 6Q
+39 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 60% buying
312 buying208 selling
Last quarter: 312 funds were net buyers (110 opened a brand new position + 202 added to an existing one). Only 208 were sellers (150 trimmed + 58 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+27 vs last Q)
new funds entering per quarter
Funds opening a new LUMN position: 69 → 75 → 83 → 110. 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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58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 21% medium
■ 21% new
327 out of 562 hedge funds have held LUMN 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 +6%, value -81%
Last quarter: funds added +6% more shares while total portfolio value only changed -81%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
109 → 69 → 75 → 83 → 110 new funds/Q
New funds entering each quarter: 69 → 75 → 83 → 110. A growing number of institutions are discovering LUMN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 9% 1-2yr
■ 26% new
Of 589 current holders: 385 (65%) 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 — 53% AUM from top-100 funds
53% from top-100 AUM funds
41 of 562 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in LUMN. 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.