Based on 101 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 SMLR 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 — 80% of 3.0Y peak
80% of all-time peak
101 funds currently hold this stock — 80% of the 3.0-year high of 127 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 6% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold SMLR compared to a year ago (-6% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 41% buying
52 buying76 selling
Last quarter: 76 funds reduced or exited vs 52 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-19 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 34 → 28 → 37 → 18. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
📌
Mixed — 38% long-term, 30% new
■ 38% conviction (2yr+)
■ 33% medium
■ 30% new
Of the 101 current holders: 38 (38%) held >2 years, 33 held 1–2 years, and 30 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares +3%, value -47%
Last quarter: funds added +3% more shares while total portfolio value only changed -47%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~18 new funds/quarter
44 → 34 → 28 → 37 → 18 new funds/Q
New funds entering each quarter: 34 → 28 → 37 → 18. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 41% of holders stayed 2+ years
■ 41% veterans
■ 14% 1-2yr
■ 45% new
Of 107 current holders: 44 (41%) 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.
🏆
Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
28 of 101 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in SMLR. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.