Based on 2 hedge funds · latest filing: 2022 Q4 · updated quarterly
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Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their SHLX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 2% of 3.0Y high
2% of all-time peak
Only 2 funds hold SHLX today versus a peak of 130 funds at 2020 Q1 — just 2% 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 — 98% fewer funds vs a year ago
fund count last 6Q
110 fewer hedge funds hold SHLX compared to a year ago (-98% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 0% buying
0 buying99 selling
Last quarter: 99 funds sold vs only 0 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Fewer new buyers each quarter (-26 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 20 → 15 → 26 → 0. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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Peak discovery — momentum slowing
13 → 20 → 15 → 26 → 0 new funds/Q
New funds entering each quarter: 20 → 15 → 26 → 0. SHLX is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.