Based on 644 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 SBAC 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 (97% of max)
97% of all-time peak
644 hedge funds hold SBAC 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 SBAC is almost the same as a year ago (+20 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 51% buying
332 buying322 selling
Last quarter: 332 funds bought or added vs 322 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 (+11 vs last Q)
new funds entering per quarter
Funds opening a new SBAC position: 101 → 89 → 91 → 102. 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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69% of holders stayed for 2+ years
■ 69% conviction (2yr+)
■ 16% medium
■ 14% new
446 out of 644 hedge funds have held SBAC 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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Steady discovery — ~102 new funds/quarter
82 → 101 → 89 → 91 → 102 new funds/Q
New funds entering each quarter: 101 → 89 → 91 → 102. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 70% of holders stayed 2+ years
■ 70% veterans
■ 9% 1-2yr
■ 21% new
Of 653 current holders: 460 (70%) 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 — 63% AUM from top-100 funds
63% from top-100 AUM funds
44 of 644 holders are among the 100 largest funds by AUM, controlling 63% of total institutional value in SBAC. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.