Based on 65 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added OIA 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 (96% of max)
96% of all-time peak
65 hedge funds hold OIA 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.
📉
Outflows — 4% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold OIA compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 63% buying
31 buying18 selling
Last quarter: 31 funds were net buyers (12 opened a brand new position + 19 added to an existing one). Only 18 were sellers (16 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new OIA position: 12 → 10 → 5 → 12. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 23% medium
■ 20% new
37 out of 65 hedge funds have held OIA 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.
📊
Peak discovery — momentum slowing
20 → 12 → 10 → 5 → 12 new funds/Q
New funds entering each quarter: 12 → 10 → 5 → 12. OIA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 54% of holders stayed 2+ years
■ 54% veterans
■ 12% 1-2yr
■ 34% new
Of 65 current holders: 35 (54%) 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 — 46% AUM from top-100 funds
46% from top-100 AUM funds
10 of 65 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in OIA. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.