Based on 594 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 8 quarters in a row
For 8 consecutive quarters, more hedge funds added SPMO 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 (100% of max)
100% of all-time peak
594 hedge funds hold SPMO 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.
🚀
Fast accumulation — +90% more funds vs a year ago
fund count last 6Q
+281 new funds entered over the past year (+90% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 69% buying
422 buying191 selling
Last quarter: 422 funds were net buyers (123 opened a brand new position + 299 added to an existing one). Only 191 were sellers (131 trimmed + 60 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 88 → 116 → 131 → 123. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 46% entered in last year
■ 10% conviction (2yr+)
■ 44% medium
■ 46% new
Only 58 funds (10%) 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.
📈
Growing discovery — still being found
128 → 88 → 116 → 131 → 123 new funds/Q
New funds entering each quarter: 88 → 116 → 131 → 123. A growing number of institutions are discovering SPMO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 68% of holders entered in last year
■ 13% veterans
■ 19% 1-2yr
■ 68% new
Of 602 current holders: 407 (68%) entered in the past year, only 79 (13%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅
Strong quality — 31% AUM from major funds
31% from top-100 AUM funds
17 of 594 holders rank in the top 100 by AUM, accounting for 31% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
5.2
out of 10
Moderate Exit Risk
Exit risk score 5.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.