Based on 56 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SIXO 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 (100% of max)
100% of all-time peak
56 hedge funds hold SIXO 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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Steady growth — +10% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 70% buying
40 buying17 selling
Last quarter: 40 funds were net buyers (26 opened a brand new position + 14 added to an existing one). Only 17 were sellers (11 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+22 vs last Q)
new funds entering per quarter
Funds opening a new SIXO position: 6 → 3 → 4 → 26. 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 — 36% entered in last year
■ 23% conviction (2yr+)
■ 41% medium
■ 36% new
Only 13 funds (23%) 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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Acceleration phase — new buyers rushing in
19 → 6 → 3 → 4 → 26 new funds/Q
New funds entering each quarter: 6 → 3 → 4 → 26. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Mixed cohorts — 32% veterans, 50% new entrants
■ 32% veterans
■ 18% 1-2yr
■ 50% new
Of 56 current holders: 18 (32%) held 2+ years, 10 held 1–2 years, 28 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 3% AUM from top-100
3% from top-100 AUM funds
6 of 56 holders rank in the top 100 by AUM, but together hold only 3% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.