Based on 15 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their SA positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 8% of 3.0Y high
8% of all-time peak
Only 15 funds hold SA today versus a peak of 197 funds at 2025 Q4 — just 8% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 91% fewer funds vs a year ago
fund count last 6Q
155 fewer hedge funds hold SA compared to a year ago (-91% 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 2% buying
4 buying189 selling
Last quarter: 189 funds sold vs only 4 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-31 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 30 → 48 → 33 → 2. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
40% of holders stayed for 2+ years
■ 40% conviction (2yr+)
■ 13% medium
■ 47% new
6 out of 15 hedge funds have held SA 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.
⚠️
Saturation — most institutions already know this story
26 → 30 → 48 → 33 → 2 new funds/Q
New funds entering each quarter: 30 → 48 → 33 → 2. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🌱
Early stage — 60% of holders entered in last year
■ 40% veterans
■ 0% 1-2yr
■ 60% new
Of 15 current holders: 9 (60%) entered in the past year, only 6 (40%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 15 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.