Based on 55 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added SPRO 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
55 hedge funds hold SPRO 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.
📶
Steady growth — +12% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 3 quarters from the low — a sharp move.
🟢
More buyers than sellers — 60% buying
30 buying20 selling
Last quarter: 30 funds were net buyers (14 opened a brand new position + 16 added to an existing one). Only 20 were sellers (13 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 15 → 15 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 16% medium
■ 29% new
30 out of 55 hedge funds have held SPRO 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.
💰
Value +132% but shares only +87% — price-driven
Last quarter: the total dollar value of institutional holdings rose +132%, but actual share count only changed +87%. 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.
📈
Growing discovery — still being found
12 → 2 → 15 → 15 → 14 new funds/Q
New funds entering each quarter: 2 → 15 → 15 → 14. A growing number of institutions are discovering SPRO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 5% 1-2yr
■ 30% new
Of 57 current holders: 37 (65%) 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.
📋
Smaller funds dominant — 15% AUM from top-100
15% from top-100 AUM funds
14 of 55 holders rank in the top 100 by AUM, but together hold only 15% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.