Based on 274 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their MAN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 84% of 3.0Y peak
84% of all-time peak
274 funds currently hold this stock — 84% of the 3.0-year high of 325 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 16% fewer funds vs a year ago
fund count last 6Q
51 fewer hedge funds hold MAN compared to a year ago (-16% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 54% buying
172 buying145 selling
Last quarter: 172 funds bought or added vs 145 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~59 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 56 → 49 → 57 → 59. 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+)
■ 16% medium
■ 18% new
182 out of 274 hedge funds have held MAN 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 -0%, value -22%
Last quarter: funds added -0% more shares while total portfolio value only changed -22%. 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
63 → 56 → 49 → 57 → 59 new funds/Q
New funds entering each quarter: 56 → 49 → 57 → 59. A growing number of institutions are discovering MAN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 74% of holders stayed 2+ years
■ 74% veterans
■ 8% 1-2yr
■ 19% new
Of 285 current holders: 210 (74%) 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 — 42% AUM from top-100 funds
42% from top-100 AUM funds
36 of 274 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in MAN. 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 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.