Based on 84 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their SENS 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 55% of 3.0Y high
55% of all-time peak
Only 84 funds hold SENS today versus a peak of 152 funds at 2023 Q1 — just 55% 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 — 29% fewer funds vs a year ago
fund count last 6Q
34 fewer hedge funds hold SENS compared to a year ago (-29% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 24% buying
37 buying119 selling
Last quarter: 119 funds sold vs only 37 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
📈
More new buyers each quarter (+20 vs last Q)
new funds entering per quarter
Funds opening a new SENS position: 30 → 22 → 14 → 34. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 14% medium
■ 27% new
49 out of 84 hedge funds have held SENS 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.
💰
Price up while funds trimmed (-31% value, -95% shares)
Last quarter: total value of institutional SENS holdings rose -31% even though funds reduced share count by 95%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~34 new funds/quarter
23 → 30 → 22 → 14 → 34 new funds/Q
New funds entering each quarter: 30 → 22 → 14 → 34. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 68% of holders stayed 2+ years
■ 68% veterans
■ 8% 1-2yr
■ 24% new
Of 87 current holders: 59 (68%) 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 — 52% AUM from top-100 funds
52% from top-100 AUM funds
15 of 84 holders are among the 100 largest funds by AUM, controlling 52% of total institutional value in SENS. 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.