Based on 312 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SLG 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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At the ownership peak (96% of max)
96% of all-time peak
312 hedge funds hold SLG 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
14 fewer hedge funds hold SLG 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
180 buying175 selling
Last quarter: 180 funds bought or added vs 175 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 (+14 vs last Q)
new funds entering per quarter
Funds opening a new SLG position: 45 → 53 → 50 → 64. 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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70% of holders stayed for 2+ years
■ 70% conviction (2yr+)
■ 17% medium
■ 14% new
217 out of 312 hedge funds have held SLG 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.
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Buying through price weakness — shares +12%, value -14%
Last quarter: funds added +12% more shares while total portfolio value only changed -14%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
56 → 45 → 53 → 50 → 64 new funds/Q
New funds entering each quarter: 45 → 53 → 50 → 64. A growing number of institutions are discovering SLG each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 10% 1-2yr
■ 17% new
Of 332 current holders: 242 (73%) 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.
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Elite ownership — 47% AUM from top-100 funds
47% from top-100 AUM funds
40 of 312 holders are among the 100 largest funds by AUM, controlling 47% of total institutional value in SLG. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.