Based on 129 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added QSI 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 (98% of max)
98% of all-time peak
129 hedge funds hold QSI 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 — +11% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 54% buying
69 buying58 selling
Last quarter: 69 funds bought or added vs 58 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.
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More new buyers each quarter (+18 vs last Q)
new funds entering per quarter
Funds opening a new QSI position: 36 → 13 → 14 → 32. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
49% of holders stayed for 2+ years
■ 49% conviction (2yr+)
■ 26% medium
■ 25% new
63 out of 129 hedge funds have held QSI 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 +4%, value -19%
Last quarter: funds added +4% more shares while total portfolio value only changed -19%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~32 new funds/quarter
32 → 36 → 13 → 14 → 32 new funds/Q
New funds entering each quarter: 36 → 13 → 14 → 32. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 60% of holders stayed 2+ years
■ 60% veterans
■ 8% 1-2yr
■ 32% new
Of 137 current holders: 82 (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.
✅
Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
24 of 129 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.