Based on 328 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added QTWO 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
328 hedge funds hold QTWO 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding QTWO is almost the same as a year ago (+7 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 53% buying
189 buying165 selling
Last quarter: 189 funds bought or added vs 165 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 (+7 vs last Q)
new funds entering per quarter
Funds opening a new QTWO position: 56 → 36 → 64 → 71. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 23% medium
■ 25% new
173 out of 328 hedge funds have held QTWO 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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Growing discovery — still being found
69 → 56 → 36 → 64 → 71 new funds/Q
New funds entering each quarter: 56 → 36 → 64 → 71. A growing number of institutions are discovering QTWO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 58% of holders stayed 2+ years
■ 58% veterans
■ 13% 1-2yr
■ 28% new
Of 337 current holders: 197 (58%) 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 — 42% AUM from top-100 funds
42% from top-100 AUM funds
42 of 328 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in QTWO. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.