Based on 20 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their MBND 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 — 87% of 3.0Y peak
87% of all-time peak
20 funds currently hold this stock — 87% of the 3.0-year high of 23 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +11% more funds vs a year ago
fund count last 6Q
+2 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 53% buying
9 buying8 selling
Last quarter: 9 funds bought or added vs 8 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 — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 5 → 0 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 25% medium
■ 15% new
12 out of 20 hedge funds have held MBND 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
2 → 4 → 5 → 0 → 2 new funds/Q
New funds entering each quarter: 4 → 5 → 0 → 2. 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.
🏛️
Veteran-anchored — 60% veterans vs 25% newcomers
■ 60% veterans
■ 15% 1-2yr
■ 25% new
Entry-cohort mix of 20 holders: 12 (60%) are 2+ year veterans, 3 entered 1–2 years ago, and 5 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
5 of 20 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.