Based on 187 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added QLTA 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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At the ownership peak (100% of max)
100% of all-time peak
187 hedge funds hold QLTA 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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Steady growth — +7% more funds vs a year ago
fund count last 6Q
+12 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 47% buying
91 buying101 selling
Last quarter: 101 funds reduced or exited vs 91 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.
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Steady new buyers — ~27 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 21 → 43 → 27 → 27. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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44% of holders stayed for 2+ years
■ 44% conviction (2yr+)
■ 32% medium
■ 24% new
83 out of 187 hedge funds have held QLTA 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
37 → 21 → 43 → 27 → 27 new funds/Q
New funds entering each quarter: 21 → 43 → 27 → 27. QLTA 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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Veteran-anchored — 51% veterans vs 30% newcomers
■ 51% veterans
■ 18% 1-2yr
■ 30% new
Entry-cohort mix of 187 holders: 96 (51%) are 2+ year veterans, 34 entered 1–2 years ago, and 57 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
20 of 186 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in QLTA. 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.