Based on 92 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added MH 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
92 hedge funds hold MH right now — the highest count in 3.0 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.
🚀
Fast accumulation — +4500% more funds vs a year ago
fund count last 6Q
+90 new funds entered over the past year (+4500% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks. The peak was reached in just 2 quarters from the low — a sharp move.
🟢
More buyers than sellers — 62% buying
63 buying38 selling
Last quarter: 63 funds were net buyers (32 opened a brand new position + 31 added to an existing one). Only 38 were sellers (21 trimmed + 17 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-44 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 0 → 0 → 76 → 32. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 95% entered in last year
■ 3% conviction (2yr+)
■ 2% medium
■ 95% new
Only 3 funds (3%) 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.
💰
Price up while funds trimmed (+31% value, -0% shares)
Last quarter: total value of institutional MH holdings rose +31% even though funds reduced share count by 0%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~32 new funds/quarter
0 → 0 → 0 → 76 → 32 new funds/Q
New funds entering each quarter: 0 → 0 → 76 → 32. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 92% of holders entered in last year
■ 8% veterans
■ 0% 1-2yr
■ 92% new
Of 92 current holders: 85 (92%) entered in the past year, only 7 (8%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
26 of 92 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 7.4/10 — multiple crowding signals converge. Institutional ownership is at 100% of its all-time high — near peak crowding. Crowded trades can unwind fast — a single catalyst can trigger a cascade.