Based on 224 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added SMA 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
224 hedge funds hold SMA 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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Fast accumulation — +22300% more funds vs a year ago
fund count last 6Q
+223 new funds entered over the past year (+22300% 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.
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More buyers than sellers — 71% buying
170 buying68 selling
Last quarter: 170 funds were net buyers (98 opened a brand new position + 72 added to an existing one). Only 68 were sellers (49 trimmed + 19 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+50 vs last Q)
new funds entering per quarter
Funds opening a new SMA position: 9 → 110 → 48 → 98. 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 — 95% entered in last year
■ 2% conviction (2yr+)
■ 3% medium
■ 95% new
Only 4 funds (2%) 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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Buying through price weakness — shares +22%, value +1%
Last quarter: funds added +22% more shares while total portfolio value only changed +1%. 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
1 → 9 → 110 → 48 → 98 new funds/Q
New funds entering each quarter: 9 → 110 → 48 → 98. A growing number of institutions are discovering SMA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Early stage — 94% of holders entered in last year
■ 6% veterans
■ 0% 1-2yr
■ 94% new
Of 224 current holders: 211 (94%) entered in the past year, only 13 (6%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
33 of 224 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in SMA. 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 7.4/10 — multiple crowding signals converge. Institutional ownership is at 100% of its all-time high — near peak crowding. Crowded trades can unwind fast — a single catalyst can trigger a cascade.