Based on 1105 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added MTB 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.
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At the ownership peak (100% of max)
100% of all-time peak
1,105 hedge funds hold MTB 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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Steady growth — +9% more funds vs a year ago
fund count last 6Q
+88 new funds entered over the past year (+9% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 52% buying
518 buying485 selling
Last quarter: 518 funds bought or added vs 485 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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Fewer new buyers each quarter (-47 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 106 → 110 → 157 → 110. 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.
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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 18% medium
■ 17% new
722 out of 1,105 hedge funds have held MTB 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.
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Growing discovery — still being found
109 → 106 → 110 → 157 → 110 new funds/Q
New funds entering each quarter: 106 → 110 → 157 → 110. A growing number of institutions are discovering MTB each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 68% veterans vs 20% newcomers
■ 68% veterans
■ 11% 1-2yr
■ 20% new
Entry-cohort mix of 1,126 holders: 770 (68%) are 2+ year veterans, 129 entered 1–2 years ago, and 227 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 57% AUM from top-100 funds
57% from top-100 AUM funds
63 of 1099 holders are among the 100 largest funds by AUM, controlling 57% of total institutional value in MTB. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.