Based on 177 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added OS 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 (99% of max)
99% of all-time peak
177 hedge funds hold OS 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.
📶
Steady growth — +16% more funds vs a year ago
fund count last 6Q
+24 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 50% buying
99 buying100 selling
Last quarter: 99 funds bought or added vs 100 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.
⚠️
Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 31 → 63 → 48 → 40. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 44% entered in last year
■ 3% conviction (2yr+)
■ 53% medium
■ 44% new
Only 6 funds (3%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
➡️
Steady discovery — ~40 new funds/quarter
63 → 31 → 63 → 48 → 40 new funds/Q
New funds entering each quarter: 31 → 63 → 48 → 40. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 58% of holders entered in last year
■ 4% veterans
■ 39% 1-2yr
■ 58% new
Of 184 current holders: 106 (58%) entered in the past year, only 7 (4%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅
Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
33 of 177 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.