Based on 58 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added MSD 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
58 hedge funds hold MSD 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 — +26% more funds vs a year ago
fund count last 6Q
+12 new funds entered over the past year (+26% 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.
🟢
More buyers than sellers — 61% buying
35 buying22 selling
Last quarter: 35 funds were net buyers (10 opened a brand new position + 25 added to an existing one). Only 22 were sellers (15 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 9 → 12 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 26% medium
■ 21% new
31 out of 58 hedge funds have held MSD 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.
➡️
Steady discovery — ~10 new funds/quarter
9 → 5 → 9 → 12 → 10 new funds/Q
New funds entering each quarter: 5 → 9 → 12 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 60% veterans vs 22% newcomers
■ 60% veterans
■ 17% 1-2yr
■ 22% new
Entry-cohort mix of 58 holders: 35 (60%) are 2+ year veterans, 10 entered 1–2 years ago, and 13 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
12 of 58 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
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.