Based on 87 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SSTI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
87 hedge funds hold SSTI 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 SSTI is almost the same as a year ago (+2 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 56% buying
55 buying44 selling
Last quarter: 55 funds bought or added vs 44 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 — ~17 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 12 → 10 → 16 → 17. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 21% medium
■ 31% new
42 out of 87 hedge funds have held SSTI 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.
💎
Buying through price weakness — shares -2%, value -21%
Last quarter: funds added -2% more shares while total portfolio value only changed -21%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
13 → 12 → 10 → 16 → 17 new funds/Q
New funds entering each quarter: 12 → 10 → 16 → 17. A growing number of institutions are discovering SSTI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 53% veterans vs 36% newcomers
■ 53% veterans
■ 11% 1-2yr
■ 36% new
Entry-cohort mix of 89 holders: 47 (53%) are 2+ year veterans, 10 entered 1–2 years ago, and 32 (36%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 18% AUM from top-100
18% from top-100 AUM funds
28 of 87 holders rank in the top 100 by AUM, but together hold only 18% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.