Based on 9 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their MBNE 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 50% of 3.0Y high
50% of all-time peak
Only 9 funds hold MBNE today versus a peak of 18 funds at 2025 Q1 — just 50% 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 — 50% fewer funds vs a year ago
fund count last 6Q
9 fewer hedge funds hold MBNE compared to a year ago (-50% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 38% buying
5 buying8 selling
Last quarter: 8 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 3 → 3 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 22% entered in last year
■ 22% conviction (2yr+)
■ 56% medium
■ 22% new
Only 2 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.
➡️
Steady discovery — ~2 new funds/quarter
2 → 1 → 3 → 3 → 2 new funds/Q
New funds entering each quarter: 1 → 3 → 3 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 11% veterans, 33% new entrants
■ 11% veterans
■ 56% 1-2yr
■ 33% new
Of 9 current holders: 1 (11%) held 2+ years, 5 held 1–2 years, 3 (33%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 58% AUM from top-100 funds
58% from top-100 AUM funds
4 of 9 holders are among the 100 largest funds by AUM, controlling 58% of total institutional value in MBNE. 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 1.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.