Based on 2 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their SMAR positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 0% of 3.0Y high
0% of all-time peak
Only 2 funds hold SMAR today versus a peak of 402 funds at 2024 Q3 — just 0% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 99% fewer funds vs a year ago
fund count last 6Q
346 fewer hedge funds hold SMAR compared to a year ago (-99% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 25% buying
1 buying3 selling
Last quarter: 3 funds sold vs only 1 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 → 1 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 0% medium
■ 50% new
1 out of 2 hedge funds have held SMAR 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.
📊
Peak discovery — momentum slowing
58 → 2 → 1 → 1 → 1 new funds/Q
New funds entering each quarter: 2 → 1 → 1 → 1. SMAR is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 50% of holders stayed 2+ years
■ 50% veterans
■ 0% 1-2yr
■ 50% new
Of 2 current holders: 1 (50%) 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.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 2 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.