Based on 453 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their OLLI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (96% of max)
96% of all-time peak
453 hedge funds hold OLLI 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding OLLI is almost the same as a year ago (-4 funds, -1% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 44% buying
214 buying275 selling
Last quarter: 275 funds reduced or exited vs 214 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~65 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 57 → 61 → 70 → 65. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 24% medium
■ 13% new
286 out of 453 hedge funds have held OLLI 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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Growing discovery — still being found
105 → 57 → 61 → 70 → 65 new funds/Q
New funds entering each quarter: 57 → 61 → 70 → 65. A growing number of institutions are discovering OLLI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 69% of holders stayed 2+ years
■ 69% veterans
■ 12% 1-2yr
■ 19% new
Of 467 current holders: 322 (69%) 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 — 51% AUM from top-100 funds
51% from top-100 AUM funds
49 of 453 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in OLLI. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.