Based on 11 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their MSN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 73% of 3.0Y peak
73% of all-time peak
11 funds currently hold this stock — 73% of the 3.0-year high of 15 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +10% more funds vs a year ago
fund count last 6Q
+1 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 3 quarters from the low — a sharp move.
🔴
Heavy selling pressure — only 38% buying
3 buying5 selling
Last quarter: 5 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 3 → 3 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
91% of holders stayed for 2+ years
■ 91% conviction (2yr+)
■ 0% medium
■ 9% new
10 out of 11 hedge funds have held MSN 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
2 → 5 → 3 → 3 → 2 new funds/Q
New funds entering each quarter: 5 → 3 → 3 → 2. MSN 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 — 91% veterans vs 9% newcomers
■ 91% veterans
■ 0% 1-2yr
■ 9% new
Entry-cohort mix of 11 holders: 10 (91%) are 2+ year veterans, 0 entered 1–2 years ago, and 1 (9%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 14% AUM from top-100
14% from top-100 AUM funds
5 of 11 holders rank in the top 100 by AUM, but together hold only 14% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.