Based on 77 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added STRW 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.
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At the ownership peak (100% of max)
100% of all-time peak
77 hedge funds hold STRW 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.
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Steady growth — +7% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 64% buying
49 buying27 selling
Last quarter: 49 funds were net buyers (15 opened a brand new position + 34 added to an existing one). Only 27 were sellers (16 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new STRW position: 8 → 7 → 7 → 15. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mostly new holders — 26% entered in last year
■ 12% conviction (2yr+)
■ 62% medium
■ 26% new
Only 9 funds (12%) 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.
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Growing discovery — still being found
22 → 8 → 7 → 7 → 15 new funds/Q
New funds entering each quarter: 8 → 7 → 7 → 15. A growing number of institutions are discovering STRW each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 13% veterans, 45% new entrants
■ 13% veterans
■ 42% 1-2yr
■ 45% new
Of 77 current holders: 10 (13%) held 2+ years, 32 held 1–2 years, 35 (45%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 19% AUM from top-100
19% from top-100 AUM funds
23 of 77 holders rank in the top 100 by AUM, but together hold only 19% 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.