Based on 21 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their SMSI 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 47% of 3.0Y high
47% of all-time peak
Only 21 funds hold SMSI today versus a peak of 45 funds at 2023 Q2 — just 47% 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.
📉
Outflows — 22% fewer funds vs a year ago
fund count last 6Q
6 fewer hedge funds hold SMSI compared to a year ago (-22% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 40% buying
8 buying12 selling
Last quarter: 12 funds reduced or exited vs 8 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.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 8 → 2 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
71% of holders stayed for 2+ years
■ 71% conviction (2yr+)
■ 10% medium
■ 19% new
15 out of 21 hedge funds have held SMSI 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.
💰
Price up while funds trimmed (+13% value, -15% shares)
Last quarter: total value of institutional SMSI holdings rose +13% even though funds reduced share count by 15%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
3 → 1 → 8 → 2 → 4 new funds/Q
New funds entering each quarter: 1 → 8 → 2 → 4. SMSI 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 — 71% of holders stayed 2+ years
■ 71% veterans
■ 10% 1-2yr
■ 19% new
Of 21 current holders: 15 (71%) 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 — 29% AUM from major funds
29% from top-100 AUM funds
7 of 21 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.