Based on 66 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SPPP 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
66 hedge funds hold SPPP 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 — +22% more funds vs a year ago
fund count last 6Q
+12 new funds entered over the past year (+22% 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 — 70% buying
42 buying18 selling
Last quarter: 42 funds were net buyers (18 opened a brand new position + 24 added to an existing one). Only 18 were sellers (9 trimmed + 9 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new SPPP position: 8 → 17 → 8 → 18. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 39% long-term, 32% new
■ 39% conviction (2yr+)
■ 29% medium
■ 32% new
Of the 66 current holders: 26 (39%) held >2 years, 19 held 1–2 years, and 21 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.
💰
Value +185% but shares only +129% — price-driven
Last quarter: the total dollar value of institutional holdings rose +185%, but actual share count only changed +129%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
➡️
Steady discovery — ~18 new funds/quarter
16 → 8 → 17 → 8 → 18 new funds/Q
New funds entering each quarter: 8 → 17 → 8 → 18. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 47% of holders stayed 2+ years
■ 47% veterans
■ 14% 1-2yr
■ 39% new
Of 66 current holders: 31 (47%) 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.
✅
Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
8 of 66 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.