Based on 524 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their MOH 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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High ownership — 84% of 3.0Y peak
84% of all-time peak
524 funds currently hold this stock — 84% of the 3.0-year high of 624 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 14% fewer funds vs a year ago
fund count last 6Q
84 fewer hedge funds hold MOH compared to a year ago (-14% 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 — 49% buying
322 buying335 selling
Last quarter: 335 funds reduced or exited vs 322 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.
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More new buyers each quarter (+17 vs last Q)
new funds entering per quarter
Funds opening a new MOH position: 92 → 131 → 117 → 134. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 17% medium
■ 26% new
298 out of 524 hedge funds have held MOH 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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Buying through price weakness — shares +6%, value -21%
Last quarter: funds added +6% more shares while total portfolio value only changed -21%. 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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Growing discovery — still being found
90 → 92 → 131 → 117 → 134 new funds/Q
New funds entering each quarter: 92 → 131 → 117 → 134. A growing number of institutions are discovering MOH each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 64% veterans vs 25% newcomers
■ 64% veterans
■ 11% 1-2yr
■ 25% new
Entry-cohort mix of 549 holders: 351 (64%) are 2+ year veterans, 60 entered 1–2 years ago, and 138 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 51% AUM from top-100 funds
51% from top-100 AUM funds
58 of 522 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in MOH. 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 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.