Based on 17 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 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 38% of 3.0Y high
38% of all-time peak
Only 17 funds hold SMSI today versus a peak of 45 funds at 2023 Q3 — just 38% 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 — 32% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold SMSI compared to a year ago (-32% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 29% buying
7 buying17 selling
Last quarter: 17 funds sold vs only 7 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 2 → 4 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
76% of holders stayed for 2+ years
■ 76% conviction (2yr+)
■ 12% medium
■ 12% new
13 out of 17 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 (-1% value, -73% shares)
Last quarter: total value of institutional SMSI holdings rose -1% even though funds reduced share count by 73%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
1 → 8 → 2 → 4 → 3 new funds/Q
New funds entering each quarter: 8 → 2 → 4 → 3. 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.
🏛️
Veteran-anchored — 76% veterans vs 12% newcomers
■ 76% veterans
■ 12% 1-2yr
■ 12% new
Entry-cohort mix of 17 holders: 13 (76%) are 2+ year veterans, 2 entered 1–2 years ago, and 2 (12%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
7 of 17 holders rank in the top 100 by AUM, accounting for 26% 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.