Based on 29 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 LVO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 42% of 3.0Y high
42% of all-time peak
Only 29 funds hold LVO today versus a peak of 69 funds at 2024 Q3 — just 42% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 53% fewer funds vs a year ago
fund count last 6Q
33 fewer hedge funds hold LVO compared to a year ago (-53% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 48% buying
13 buying14 selling
Last quarter: 14 funds reduced or exited vs 13 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.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 20 → 4 → 5. 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+)
■ 17% medium
■ 17% new
19 out of 29 hedge funds have held LVO 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.
⚠️
Saturation — most institutions already know this story
14 → 11 → 20 → 4 → 5 new funds/Q
New funds entering each quarter: 11 → 20 → 4 → 5. 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 — 69% of holders stayed 2+ years
■ 69% veterans
■ 7% 1-2yr
■ 24% new
Of 29 current holders: 20 (69%) 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.
🏆
Elite ownership — 67% AUM from top-100 funds
67% from top-100 AUM funds
10 of 29 holders are among the 100 largest funds by AUM, controlling 67% of total institutional value in LVO. 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 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.