Based on 8 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SPDG 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 — 89% of 2.5Y peak
89% of all-time peak
8 funds currently hold this stock — 89% of the 2.5-year high of 9 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 11% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold SPDG compared to a year ago (-11% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 29% buying
2 buying5 selling
Last quarter: 5 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 0 → 1 → 1 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 25% long-term, 0% new
■ 25% conviction (2yr+)
■ 75% medium
■ 0% new
Of the 8 current holders: 2 (25%) held >2 years, 6 held 1–2 years, and 0 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 -0%, value -18%
Last quarter: funds added -0% more shares while total portfolio value only changed -18%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~0 new funds/quarter
3 → 0 → 1 → 1 → 0 new funds/Q
New funds entering each quarter: 0 → 1 → 1 → 0. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 12% veterans, 25% new entrants
■ 12% veterans
■ 62% 1-2yr
■ 25% new
Of 8 current holders: 1 (12%) held 2+ years, 5 held 1–2 years, 2 (25%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 9% AUM from top-100
9% from top-100 AUM funds
1 of 8 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.