Based on 19 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 SDAWW 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 66% of 3.0Y high
66% of all-time peak
Only 19 funds hold SDAWW today versus a peak of 29 funds at 2023 Q2 — just 66% 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.
📶
Steady growth — +12% more funds vs a year ago
fund count last 6Q
+2 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 1 quarters from the low — a sharp move.
🔴
Heavy selling pressure — only 30% buying
3 buying7 selling
Last quarter: 7 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 2 → 2 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 21% medium
■ 16% new
12 out of 19 hedge funds have held SDAWW 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 -11%, value -88%
Last quarter: funds added -11% more shares while total portfolio value only changed -88%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
2 → 3 → 2 → 2 → 2 new funds/Q
New funds entering each quarter: 3 → 2 → 2 → 2. SDAWW is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 79% of holders stayed 2+ years
■ 79% veterans
■ 0% 1-2yr
■ 21% new
Of 19 current holders: 15 (79%) 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 — 66% AUM from top-100 funds
66% from top-100 AUM funds
3 of 19 holders are among the 100 largest funds by AUM, controlling 66% of total institutional value in SDAWW. 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 2.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.