Based on 24 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their UG 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 — 77% of 3.0Y peak
77% of all-time peak
24 funds currently hold this stock — 77% of the 3.0-year high of 31 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 23% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold UG compared to a year ago (-23% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 33% buying
6 buying12 selling
Last quarter: 12 funds sold vs only 6 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 2 → 2 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
79% of holders stayed for 2+ years
■ 79% conviction (2yr+)
■ 12% medium
■ 8% new
19 out of 24 hedge funds have held UG 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 -6%, value -26%
Last quarter: funds added -6% more shares while total portfolio value only changed -26%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~1 new funds/quarter
3 → 1 → 2 → 2 → 1 new funds/Q
New funds entering each quarter: 1 → 2 → 2 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 79% of holders stayed 2+ years
■ 79% veterans
■ 12% 1-2yr
■ 8% new
Of 24 current holders: 19 (79%) 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 — 30% AUM from major funds
30% from top-100 AUM funds
8 of 24 holders rank in the top 100 by AUM, accounting for 30% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.