Based on 15 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their NYC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 56% of 3.0Y high
56% of all-time peak
Only 15 funds hold NYC today versus a peak of 27 funds at 2023 Q1 — just 56% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding NYC is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🔴
Heavy selling pressure — only 17% buying
2 buying10 selling
Last quarter: 10 funds sold vs only 2 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 → 5 → 3 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 7% medium
■ 27% new
10 out of 15 hedge funds have held NYC 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.
💎
Buying through price weakness — shares -10%, value -26%
Last quarter: funds added -10% more shares while total portfolio value only changed -26%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
2 → 5 → 5 → 3 → 2 new funds/Q
New funds entering each quarter: 5 → 5 → 3 → 2. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 0% 1-2yr
■ 27% new
Of 15 current holders: 11 (73%) 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 — 93% AUM from top-100 funds
93% from top-100 AUM funds
6 of 15 holders are among the 100 largest funds by AUM, controlling 93% of total institutional value in NYC. 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.