Based on 187 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their MRTN 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 (95% of max)
95% of all-time peak
187 hedge funds hold MRTN 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 — +4% more funds vs a year ago
fund count last 6Q
+8 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 49% buying
106 buying111 selling
Last quarter: 111 funds reduced or exited vs 106 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 — ~34 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 21 → 40 → 36 → 34. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 19% medium
■ 18% new
119 out of 187 hedge funds have held MRTN 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.
📈
Growing discovery — still being found
23 → 21 → 40 → 36 → 34 new funds/Q
New funds entering each quarter: 21 → 40 → 36 → 34. A growing number of institutions are discovering MRTN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 70% of holders stayed 2+ years
■ 70% veterans
■ 10% 1-2yr
■ 21% new
Of 187 current holders: 130 (70%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆
Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
35 of 187 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in MRTN. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.