Based on 270 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added SILA than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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At the ownership peak (96% of max)
96% of all-time peak
270 hedge funds hold SILA 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.
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Outflows — 4% fewer funds vs a year ago
fund count last 6Q
11 fewer hedge funds hold SILA compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 51% buying
134 buying128 selling
Last quarter: 134 funds bought or added vs 128 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.
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More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new SILA position: 47 → 30 → 34 → 42. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mostly new holders — 20% entered in last year
■ 3% conviction (2yr+)
■ 77% medium
■ 20% new
Only 8 funds (3%) 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.
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Steady discovery — ~42 new funds/quarter
61 → 47 → 30 → 34 → 42 new funds/Q
New funds entering each quarter: 47 → 30 → 34 → 42. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 3% veterans, 37% new entrants
■ 3% veterans
■ 60% 1-2yr
■ 37% new
Of 271 current holders: 9 (3%) held 2+ years, 162 held 1–2 years, 100 (37%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
46 of 269 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.