Based on 29 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added MUSI 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
29 hedge funds hold MUSI 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 — +16% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 64% buying
18 buying10 selling
Last quarter: 18 funds were net buyers (4 opened a brand new position + 14 added to an existing one). Only 10 were sellers (7 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 4 → 4 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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41% of holders stayed for 2+ years
■ 41% conviction (2yr+)
■ 34% medium
■ 24% new
12 out of 29 hedge funds have held MUSI 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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Steady discovery — ~4 new funds/quarter
5 → 4 → 4 → 4 → 4 new funds/Q
New funds entering each quarter: 4 → 4 → 4 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 38% veterans, 34% new entrants
■ 38% veterans
■ 28% 1-2yr
■ 34% new
Of 29 current holders: 11 (38%) held 2+ years, 8 held 1–2 years, 10 (34%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 80% AUM from top-100 funds
80% from top-100 AUM funds
7 of 29 holders are among the 100 largest funds by AUM, controlling 80% of total institutional value in MUSI. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.