Based on 174 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their ONL 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 — 74% of 3.0Y peak
74% of all-time peak
174 funds currently hold this stock — 74% of the 3.0-year high of 235 funds (reached 2023 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 22% fewer funds vs a year ago
fund count last 6Q
48 fewer hedge funds hold ONL compared to a year ago (-22% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 42% buying
64 buying88 selling
Last quarter: 88 funds reduced or exited vs 64 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 — ~24 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 24 → 43 → 25 → 24. 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+)
■ 19% medium
■ 18% new
109 out of 174 hedge funds have held ONL 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
37 → 24 → 43 → 25 → 24 new funds/Q
New funds entering each quarter: 24 → 43 → 25 → 24. ONL 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 — 68% of holders stayed 2+ years
■ 68% veterans
■ 12% 1-2yr
■ 19% new
Of 176 current holders: 120 (68%) 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.
✅
Strong quality — 25% AUM from major funds
25% from top-100 AUM funds
24 of 174 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.