Based on 81 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 SABA 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
81 hedge funds hold SABA right now — the highest count in 1.8 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 — +4% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 54% buying
36 buying31 selling
Last quarter: 36 funds bought or added vs 31 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 (+10 vs last Q)
new funds entering per quarter
Funds opening a new SABA position: 12 → 7 → 7 → 17. 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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Mostly new holders — 28% entered in last year
■ 0% conviction (2yr+)
■ 72% medium
■ 28% new
Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Buying through price weakness — shares -3%, value -82%
Last quarter: funds added -3% more shares while total portfolio value only changed -82%. 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
11 → 12 → 7 → 7 → 17 new funds/Q
New funds entering each quarter: 12 → 7 → 7 → 17. A growing number of institutions are discovering SABA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 0% veterans, 30% new entrants
■ 0% veterans
■ 70% 1-2yr
■ 30% new
Of 81 current holders: 0 (0%) held 2+ years, 57 held 1–2 years, 24 (30%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 16% AUM from top-100
16% from top-100 AUM funds
8 of 81 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.