Based on 716 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their MP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
716 hedge funds hold MP 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 — +75% more funds vs a year ago
fund count last 6Q
+308 new funds entered over the past year (+75% 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.
🟡
Slight buying edge — 57% buying
425 buying316 selling
Last quarter: 425 funds bought or added vs 316 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️
Fewer new buyers each quarter (-59 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 142 → 256 → 182 → 123. 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.
🔒
40% of holders stayed for 2+ years
■ 40% conviction (2yr+)
■ 24% medium
■ 36% new
283 out of 716 hedge funds have held MP 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.
📊
Peak discovery — momentum slowing
78 → 142 → 256 → 182 → 123 new funds/Q
New funds entering each quarter: 142 → 256 → 182 → 123. MP is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 53% veterans vs 39% newcomers
■ 53% veterans
■ 8% 1-2yr
■ 39% new
Entry-cohort mix of 764 holders: 402 (53%) are 2+ year veterans, 63 entered 1–2 years ago, and 299 (39%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
55 of 708 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.6
out of 10
Moderate Exit Risk
Exit risk score 4.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.