Based on 19 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SMXT 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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Below peak — only 50% of 3.0Y high
50% of all-time peak
Only 19 funds hold SMXT today versus a peak of 38 funds at 2024 Q4 — just 50% 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 — 50% fewer funds vs a year ago
fund count last 6Q
19 fewer hedge funds hold SMXT compared to a year ago (-50% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 68% buying
15 buying7 selling
Last quarter: 15 funds were net buyers (7 opened a brand new position + 8 added to an existing one). Only 7 were sellers (1 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 12 → 5 → 2 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 26% entered in last year
■ 16% conviction (2yr+)
■ 58% medium
■ 26% new
Only 3 funds (16%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Buying through price weakness — shares +37%, value +17%
Last quarter: funds added +37% more shares while total portfolio value only changed +17%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
5 → 12 → 5 → 2 → 7 new funds/Q
New funds entering each quarter: 12 → 5 → 2 → 7. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Mixed cohorts — 11% veterans, 26% new entrants
■ 11% veterans
■ 63% 1-2yr
■ 26% new
Of 19 current holders: 2 (11%) held 2+ years, 12 held 1–2 years, 5 (26%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
8 of 19 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.