Based on 93 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SMWB 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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High ownership — 85% of 3.0Y peak
85% of all-time peak
93 funds currently hold this stock — 85% of the 3.0-year high of 110 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 15% fewer funds vs a year ago
fund count last 6Q
17 fewer hedge funds hold SMWB compared to a year ago (-15% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 49% buying
48 buying50 selling
Last quarter: 50 funds reduced or exited vs 48 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.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new SMWB position: 24 → 22 → 10 → 19. 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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45% of holders stayed for 2+ years
■ 45% conviction (2yr+)
■ 35% medium
■ 19% new
42 out of 93 hedge funds have held SMWB 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.
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Buying through price weakness — shares +6%, value -15%
Last quarter: funds added +6% more shares while total portfolio value only changed -15%. 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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Peak discovery — momentum slowing
25 → 24 → 22 → 10 → 19 new funds/Q
New funds entering each quarter: 24 → 22 → 10 → 19. SMWB is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Deep conviction — 51% of holders stayed 2+ years
■ 51% veterans
■ 23% 1-2yr
■ 26% new
Of 99 current holders: 50 (51%) 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.
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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
20 of 93 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.