Based on 13 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their SES/WS 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 65% of 3.0Y high
65% of all-time peak
Only 13 funds hold SES/WS today versus a peak of 20 funds at 2024 Q1 — just 65% 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding SES/WS is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🔴
Heavy selling pressure — only 33% buying
2 buying4 selling
Last quarter: 4 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 1 → 2 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
77% of holders stayed for 2+ years
■ 77% conviction (2yr+)
■ 15% medium
■ 8% new
10 out of 13 hedge funds have held SES/WS 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 -2%, value -82%
Last quarter: funds added -2% more shares while total portfolio value only changed -82%. 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 → 2 → 1 → 2 → 0 new funds/Q
New funds entering each quarter: 2 → 1 → 2 → 0. SES/WS 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 — 77% of holders stayed 2+ years
■ 77% veterans
■ 15% 1-2yr
■ 8% new
Of 13 current holders: 10 (77%) 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.
✅
Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
6 of 13 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.