Based on 58 hedge funds · latest filing: 2023 Q2 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their SURF positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 59% of 3.0Y high
59% of all-time peak
Only 58 funds hold SURF today versus a peak of 98 funds at 2021 Q4 — just 59% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 23% fewer funds vs a year ago
fund count last 6Q
17 fewer hedge funds hold SURF compared to a year ago (-23% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 36% buying
20 buying35 selling
Last quarter: 35 funds sold vs only 20 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new SURF position: 10 → 13 → 4 → 14. 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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Price up while funds trimmed (+1193% value, -31% shares)
Last quarter: total value of institutional SURF holdings rose +1193% even though funds reduced share count by 31%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Peak discovery — momentum slowing
15 → 10 → 13 → 4 → 14 new funds/Q
New funds entering each quarter: 10 → 13 → 4 → 14. SURF is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
Exit risk score 1.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.