Based on 202 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 OIH 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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High ownership — 75% of 3.0Y peak
75% of all-time peak
202 funds currently hold this stock — 75% of the 3.0-year high of 269 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 5% fewer funds vs a year ago
fund count last 6Q
10 fewer hedge funds hold OIH compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 57% buying
117 buying88 selling
Last quarter: 117 funds bought or added vs 88 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.
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More new buyers each quarter (+11 vs last Q)
new funds entering per quarter
Funds opening a new OIH position: 38 → 25 → 36 → 47. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 18% medium
■ 19% new
127 out of 202 hedge funds have held OIH 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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Buying through price weakness — shares +5%, value -97%
Last quarter: funds added +5% more shares while total portfolio value only changed -97%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
43 → 38 → 25 → 36 → 47 new funds/Q
New funds entering each quarter: 38 → 25 → 36 → 47. A growing number of institutions are discovering OIH each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 72% of holders stayed 2+ years
■ 72% veterans
■ 7% 1-2yr
■ 21% new
Of 226 current holders: 162 (72%) 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.
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Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
17 of 202 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.