Based on 44 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their SDHC 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 61% of 3.0Y high
61% of all-time peak
Only 44 funds hold SDHC today versus a peak of 72 funds at 2024 Q3 — just 61% 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.
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Outflows — 36% fewer funds vs a year ago
fund count last 6Q
25 fewer hedge funds hold SDHC compared to a year ago (-36% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 58% buying
32 buying23 selling
Last quarter: 32 funds bought or added vs 23 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.
➡️
Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 11 → 10 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 34% entered in last year
■ 5% conviction (2yr+)
■ 61% medium
■ 34% new
Only 2 funds (5%) 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.
📈
Growing discovery — still being found
8 → 6 → 11 → 10 → 11 new funds/Q
New funds entering each quarter: 6 → 11 → 10 → 11. A growing number of institutions are discovering SDHC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
📊
Mixed cohorts — 5% veterans, 34% new entrants
■ 5% veterans
■ 61% 1-2yr
■ 34% new
Of 44 current holders: 2 (5%) held 2+ years, 27 held 1–2 years, 15 (34%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
14 of 44 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.