Based on 320 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SIL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
320 hedge funds hold SIL right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +56% more funds vs a year ago
fund count last 6Q
+115 new funds entered over the past year (+56% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks. The peak was reached in just 4 quarters from the low — a sharp move.
🟡
Slight buying edge — 50% buying
158 buying159 selling
Last quarter: 158 funds bought or added vs 159 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.
⚠️
Fewer new buyers each quarter (-30 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 82 → 88 → 78 → 48. 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.
🔒
43% of holders stayed for 2+ years
■ 43% conviction (2yr+)
■ 28% medium
■ 30% new
137 out of 320 hedge funds have held SIL 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.
📊
Peak discovery — momentum slowing
42 → 82 → 88 → 78 → 48 new funds/Q
New funds entering each quarter: 82 → 88 → 78 → 48. SIL is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 52% veterans vs 38% newcomers
■ 52% veterans
■ 10% 1-2yr
■ 38% new
Entry-cohort mix of 344 holders: 179 (52%) are 2+ year veterans, 35 entered 1–2 years ago, and 130 (38%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
29 of 317 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in SIL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.