Based on 432 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added QS 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 (100% of max)
100% of all-time peak
432 hedge funds hold QS 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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Fast accumulation — +27% more funds vs a year ago
fund count last 6Q
+92 new funds entered over the past year (+27% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 60% buying
251 buying168 selling
Last quarter: 251 funds were net buyers (109 opened a brand new position + 142 added to an existing one). Only 168 were sellers (111 trimmed + 57 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+13 vs last Q)
new funds entering per quarter
Funds opening a new QS position: 64 → 73 → 96 → 109. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 24% medium
■ 28% new
205 out of 432 hedge funds have held QS 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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Buying through price weakness — shares +19%, value +1%
Last quarter: funds added +19% more shares while total portfolio value only changed +1%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
68 → 64 → 73 → 96 → 109 new funds/Q
New funds entering each quarter: 64 → 73 → 96 → 109. A growing number of institutions are discovering QS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 60% of holders stayed 2+ years
■ 60% veterans
■ 10% 1-2yr
■ 29% new
Of 461 current holders: 278 (60%) 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 — 41% AUM from top-100 funds
41% from top-100 AUM funds
37 of 432 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in QS. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.