Based on 131 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds added MSDL 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
131 hedge funds hold MSDL 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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Fast accumulation — +66% more funds vs a year ago
fund count last 6Q
+52 new funds entered over the past year (+66% 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.
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Slight buying edge — 57% buying
85 buying63 selling
Last quarter: 85 funds bought or added vs 63 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.
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More new buyers each quarter (+23 vs last Q)
new funds entering per quarter
Funds opening a new MSDL position: 25 → 23 → 20 → 43. 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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Mostly new holders — 43% entered in last year
■ 4% conviction (2yr+)
■ 53% medium
■ 43% new
Only 5 funds (4%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Growing discovery — still being found
39 → 25 → 23 → 20 → 43 new funds/Q
New funds entering each quarter: 25 → 23 → 20 → 43. A growing number of institutions are discovering MSDL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Early stage — 69% of holders entered in last year
■ 3% veterans
■ 28% 1-2yr
■ 69% new
Of 137 current holders: 94 (69%) entered in the past year, only 4 (3%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
15 of 131 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in MSDL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.7
out of 10
Moderate Exit Risk
Exit risk score 4.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.