Based on 71 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added MMD 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
71 hedge funds hold MMD 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.
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Steady growth — +20% more funds vs a year ago
fund count last 6Q
+12 new funds entered over the past year (+20% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 62% buying
38 buying23 selling
Last quarter: 38 funds were net buyers (9 opened a brand new position + 29 added to an existing one). Only 23 were sellers (17 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~9 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 19 → 8 → 9. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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41% of holders stayed for 2+ years
■ 41% conviction (2yr+)
■ 41% medium
■ 18% new
29 out of 71 hedge funds have held MMD 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.
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Peak discovery — momentum slowing
6 → 8 → 19 → 8 → 9 new funds/Q
New funds entering each quarter: 8 → 19 → 8 → 9. MMD is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Veteran-anchored — 59% veterans vs 24% newcomers
■ 59% veterans
■ 17% 1-2yr
■ 24% new
Entry-cohort mix of 71 holders: 42 (59%) are 2+ year veterans, 12 entered 1–2 years ago, and 17 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
13 of 71 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.