Based on 26 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 MDAI 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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At the ownership peak (96% of max)
96% of all-time peak
26 hedge funds hold MDAI right now — the highest count in 2.5 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Outflows — 4% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold MDAI compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 70% buying
14 buying6 selling
Last quarter: 14 funds were net buyers (7 opened a brand new position + 7 added to an existing one). Only 6 were sellers (2 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 6 → 3 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 31% long-term, 27% new
■ 31% conviction (2yr+)
■ 42% medium
■ 27% new
Of the 26 current holders: 8 (31%) held >2 years, 11 held 1–2 years, and 7 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
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Buying through price weakness — shares +60%, value -0%
Last quarter: funds added +60% more shares while total portfolio value only changed -0%. 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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Steady discovery — ~7 new funds/quarter
9 → 4 → 6 → 3 → 7 new funds/Q
New funds entering each quarter: 4 → 6 → 3 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 27% veterans, 27% new entrants
■ 27% veterans
■ 46% 1-2yr
■ 27% new
Of 26 current holders: 7 (27%) held 2+ years, 12 held 1–2 years, 7 (27%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
7 of 26 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.