Based on 278 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their UA 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 — 91% of 3.0Y peak
91% of all-time peak
278 funds currently hold this stock — 91% of the 3.0-year high of 307 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 9% fewer funds vs a year ago
fund count last 6Q
29 fewer hedge funds hold UA compared to a year ago (-9% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 45% buying
121 buying146 selling
Last quarter: 146 funds reduced or exited vs 121 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
📈
More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new UA position: 38 → 30 → 51 → 58. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 17% medium
■ 16% new
187 out of 278 hedge funds have held UA 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.
🚀
Acceleration phase — new buyers rushing in
54 → 38 → 30 → 51 → 58 new funds/Q
New funds entering each quarter: 38 → 30 → 51 → 58. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 72% of holders stayed 2+ years
■ 72% veterans
■ 9% 1-2yr
■ 18% new
Of 286 current holders: 207 (72%) 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.
✅
Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
33 of 278 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.