Based on 965 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added UAL 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
965 hedge funds hold UAL 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 — +19% more funds vs a year ago
fund count last 6Q
+154 new funds entered over the past year (+19% 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 — 60% buying
576 buying388 selling
Last quarter: 576 funds were net buyers (199 opened a brand new position + 377 added to an existing one). Only 388 were sellers (295 trimmed + 93 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+54 vs last Q)
new funds entering per quarter
Funds opening a new UAL position: 158 → 140 → 145 → 199. 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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56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 22% medium
■ 21% new
542 out of 965 hedge funds have held UAL 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.
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Value +16% but shares only +0% — price-driven
Last quarter: the total dollar value of institutional holdings rose +16%, but actual share count only changed +0%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
248 → 158 → 140 → 145 → 199 new funds/Q
New funds entering each quarter: 158 → 140 → 145 → 199. A growing number of institutions are discovering UAL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 9% 1-2yr
■ 26% new
Of 1,031 current holders: 668 (65%) 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.
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Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
45 of 965 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in UAL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.