Based on 190 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added SANA 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 (100% of max)
100% of all-time peak
190 hedge funds hold SANA 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 — +23% more funds vs a year ago
fund count last 6Q
+35 new funds entered over the past year (+23% 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 buyers than sellers — 60% buying
109 buying72 selling
Last quarter: 109 funds were net buyers (44 opened a brand new position + 65 added to an existing one). Only 72 were sellers (46 trimmed + 26 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~44 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 30 → 27 → 41 → 44. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
43% of holders stayed for 2+ years
■ 43% conviction (2yr+)
■ 29% medium
■ 28% new
82 out of 190 hedge funds have held SANA 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 -3%, value -91%
Last quarter: funds added -3% more shares while total portfolio value only changed -91%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
35 → 30 → 27 → 41 → 44 new funds/Q
New funds entering each quarter: 30 → 27 → 41 → 44. A growing number of institutions are discovering SANA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 49% of holders stayed 2+ years
■ 49% veterans
■ 15% 1-2yr
■ 36% new
Of 195 current holders: 96 (49%) 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 — 53% AUM from top-100 funds
53% from top-100 AUM funds
32 of 190 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in SANA. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.