Based on 387 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added MUNI 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
387 hedge funds hold MUNI 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 — +24% more funds vs a year ago
fund count last 6Q
+76 new funds entered over the past year (+24% 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 — 67% buying
244 buying120 selling
Last quarter: 244 funds were net buyers (56 opened a brand new position + 188 added to an existing one). Only 120 were sellers (95 trimmed + 25 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+13 vs last Q)
new funds entering per quarter
Funds opening a new MUNI position: 34 → 44 → 43 → 56. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 29% medium
■ 23% new
187 out of 387 hedge funds have held MUNI 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
57 → 34 → 44 → 43 → 56 new funds/Q
New funds entering each quarter: 34 → 44 → 43 → 56. A growing number of institutions are discovering MUNI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 46% of holders stayed 2+ years
■ 46% veterans
■ 17% 1-2yr
■ 36% new
Of 387 current holders: 179 (46%) 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.
✅
Strong quality — 36% AUM from major funds
36% from top-100 AUM funds
15 of 387 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.