Based on 299 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SPGP 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.
🏔️
At the ownership peak (95% of max)
95% of all-time peak
299 hedge funds hold SPGP right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding SPGP is almost the same as a year ago (-4 funds, -1% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 45% buying
123 buying149 selling
Last quarter: 149 funds reduced or exited vs 123 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.
📈
More new buyers each quarter (+20 vs last Q)
new funds entering per quarter
Funds opening a new SPGP position: 22 → 26 → 25 → 45. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 30% medium
■ 18% new
156 out of 299 hedge funds have held SPGP 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.
📈
Growing discovery — still being found
34 → 22 → 26 → 25 → 45 new funds/Q
New funds entering each quarter: 22 → 26 → 25 → 45. A growing number of institutions are discovering SPGP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 52% of holders stayed 2+ years
■ 52% veterans
■ 23% 1-2yr
■ 25% new
Of 300 current holders: 155 (52%) 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.
🏆
Elite ownership — 47% AUM from top-100 funds
47% from top-100 AUM funds
18 of 299 holders are among the 100 largest funds by AUM, controlling 47% of total institutional value in SPGP. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.