Based on 42 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 QABA positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (95% of max)
95% of all-time peak
42 hedge funds hold QABA 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.
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Outflows — 5% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold QABA 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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Heavy selling pressure — only 35% buying
14 buying26 selling
Last quarter: 26 funds sold vs only 14 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 9 → 3 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 24% medium
■ 14% new
26 out of 42 hedge funds have held QABA 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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Peak discovery — momentum slowing
15 → 6 → 9 → 3 → 7 new funds/Q
New funds entering each quarter: 6 → 9 → 3 → 7. QABA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Deep conviction — 74% of holders stayed 2+ years
■ 74% veterans
■ 5% 1-2yr
■ 21% new
Of 42 current holders: 31 (74%) 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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Elite ownership — 68% AUM from top-100 funds
68% from top-100 AUM funds
7 of 42 holders are among the 100 largest funds by AUM, controlling 68% of total institutional value in QABA. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.