Based on 51 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added MKTW 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
51 hedge funds hold MKTW 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.
📶
Steady growth — +19% more funds vs a year ago
fund count last 6Q
+8 new funds entered over the past year (+19% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 63% buying
34 buying20 selling
Last quarter: 34 funds were net buyers (11 opened a brand new position + 23 added to an existing one). Only 20 were sellers (10 trimmed + 10 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 5 → 11 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 31% entered in last year
■ 18% conviction (2yr+)
■ 51% medium
■ 31% new
Only 9 funds (18%) 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.
📈
Growing discovery — still being found
41 → 8 → 5 → 11 → 11 new funds/Q
New funds entering each quarter: 8 → 5 → 11 → 11. A growing number of institutions are discovering MKTW each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 73% of holders entered in last year
■ 24% veterans
■ 4% 1-2yr
■ 73% new
Of 51 current holders: 37 (73%) entered in the past year, only 12 (24%) 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.
🏆
Elite ownership — 53% AUM from top-100 funds
53% from top-100 AUM funds
18 of 51 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in MKTW. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.