Based on 37 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added MARW 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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High ownership — 88% of 3.0Y peak
88% of all-time peak
37 funds currently hold this stock — 88% of the 3.0-year high of 42 funds (reached 2024 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Steady growth — +6% more funds vs a year ago
fund count last 6Q
+2 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. The peak was reached in just 4 quarters from the low — a sharp move.
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More sellers than buyers — 46% buying
13 buying15 selling
Last quarter: 15 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.
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More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new MARW position: 7 → 7 → 0 → 8. 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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Mostly new holders — 24% entered in last year
■ 22% conviction (2yr+)
■ 54% medium
■ 24% new
Only 8 funds (22%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Saturation — most institutions already know this story
6 → 7 → 7 → 0 → 8 new funds/Q
New funds entering each quarter: 7 → 7 → 0 → 8. 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.
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Mixed cohorts — 22% veterans, 32% new entrants
■ 22% veterans
■ 46% 1-2yr
■ 32% new
Of 37 current holders: 8 (22%) held 2+ years, 17 held 1–2 years, 12 (32%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 10% AUM from top-100
10% from top-100 AUM funds
5 of 37 holders rank in the top 100 by AUM, but together hold only 10% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.