Based on 14 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 MIDU positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 67% of 3.0Y high
67% of all-time peak
Only 14 funds hold MIDU today versus a peak of 21 funds at 2025 Q1 — just 67% 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 — 33% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold MIDU compared to a year ago (-33% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 40% buying
8 buying12 selling
Last quarter: 12 funds reduced or exited vs 8 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.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 5 → 0 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 21% medium
■ 14% new
9 out of 14 hedge funds have held MIDU 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
9 → 3 → 5 → 0 → 3 new funds/Q
New funds entering each quarter: 3 → 5 → 0 → 3. 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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Veteran-anchored — 84% veterans vs 11% newcomers
■ 84% veterans
■ 5% 1-2yr
■ 11% new
Entry-cohort mix of 19 holders: 16 (84%) are 2+ year veterans, 1 entered 1–2 years ago, and 2 (11%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 57% AUM from top-100 funds
57% from top-100 AUM funds
5 of 13 holders are among the 100 largest funds by AUM, controlling 57% of total institutional value in MIDU. 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 2.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.