Based on 12 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SPYU 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 — 86% of 2.8Y peak
86% of all-time peak
12 funds currently hold this stock — 86% of the 2.8-year high of 14 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding SPYU is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 53% buying
9 buying8 selling
Last quarter: 9 funds bought or added vs 8 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 2 → 5 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 42% entered in last year
■ 17% conviction (2yr+)
■ 42% medium
■ 42% new
Only 2 funds (17%) 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.
💰
Price up while funds trimmed (-4% value, -30% shares)
Last quarter: total value of institutional SPYU holdings rose -4% even though funds reduced share count by 30%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~5 new funds/quarter
5 → 4 → 2 → 5 → 5 new funds/Q
New funds entering each quarter: 4 → 2 → 5 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 42% veterans vs 42% newcomers
■ 42% veterans
■ 17% 1-2yr
■ 42% new
Entry-cohort mix of 12 holders: 5 (42%) are 2+ year veterans, 2 entered 1–2 years ago, and 5 (42%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
1 of 12 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.