Based on 25 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SLND/WS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 78% of 3.0Y peak
78% of all-time peak
25 funds currently hold this stock — 78% of the 3.0-year high of 32 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 11% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold SLND/WS compared to a year ago (-11% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 17% buying
2 buying10 selling
Last quarter: 10 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 1 → 3 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
72% of holders stayed for 2+ years
■ 72% conviction (2yr+)
■ 12% medium
■ 16% new
18 out of 25 hedge funds have held SLND/WS 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.
💎
Buying through price weakness — shares -1%, value -100%
Last quarter: funds added -1% more shares while total portfolio value only changed -100%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~1 new funds/quarter
1 → 2 → 1 → 3 → 1 new funds/Q
New funds entering each quarter: 2 → 1 → 3 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 72% of holders stayed 2+ years
■ 72% veterans
■ 8% 1-2yr
■ 20% new
Of 25 current holders: 18 (72%) 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.
✅
Strong quality — 36% AUM from major funds
36% from top-100 AUM funds
5 of 25 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.