Based on 208 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SAH positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
208 hedge funds hold SAH 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.
🚀
Fast accumulation — +22% more funds vs a year ago
fund count last 6Q
+38 new funds entered over the past year (+22% 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 sellers than buyers — 47% buying
104 buying118 selling
Last quarter: 118 funds reduced or exited vs 104 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~34 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 34 → 38 → 38 → 34. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 19% medium
■ 15% new
137 out of 208 hedge funds have held SAH 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.
💎
Buying through price weakness — shares -5%, value -22%
Last quarter: funds added -5% more shares while total portfolio value only changed -22%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~34 new funds/quarter
18 → 34 → 38 → 38 → 34 new funds/Q
New funds entering each quarter: 34 → 38 → 38 → 34. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 10% 1-2yr
■ 17% new
Of 208 current holders: 151 (73%) 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.
🏆
Elite ownership — 47% AUM from top-100 funds
47% from top-100 AUM funds
34 of 208 holders are among the 100 largest funds by AUM, controlling 47% of total institutional value in SAH. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.