Based on 77 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their MUST 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 — 94% of 3.0Y peak
94% of all-time peak
77 funds currently hold this stock — 94% of the 3.0-year high of 82 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding MUST is almost the same as a year ago (+1 funds, +1% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 55% buying
44 buying36 selling
Last quarter: 44 funds bought or added vs 36 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.
➡️
Steady new buyers — ~9 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 12 → 11 → 9. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 31% medium
■ 16% new
41 out of 77 hedge funds have held MUST 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.
➡️
Steady discovery — ~9 new funds/quarter
18 → 7 → 12 → 11 → 9 new funds/Q
New funds entering each quarter: 7 → 12 → 11 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 55% of holders stayed 2+ years
■ 55% veterans
■ 17% 1-2yr
■ 29% new
Of 77 current holders: 42 (55%) 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.
🏆
Elite ownership — 76% AUM from top-100 funds
76% from top-100 AUM funds
10 of 77 holders are among the 100 largest funds by AUM, controlling 76% of total institutional value in MUST. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.