Based on 77 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their UJUL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
77 hedge funds hold UJUL 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.
📶
Steady growth — +18% more funds vs a year ago
fund count last 6Q
+12 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 42% buying
28 buying38 selling
Last quarter: 38 funds reduced or exited vs 28 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.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 8 → 11 → 16 → 7. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 30% medium
■ 22% new
37 out of 77 hedge funds have held UJUL 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.
➡️
Steady discovery — ~7 new funds/quarter
8 → 8 → 11 → 16 → 7 new funds/Q
New funds entering each quarter: 8 → 11 → 16 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 53% of holders stayed 2+ years
■ 53% veterans
■ 18% 1-2yr
■ 29% new
Of 77 current holders: 41 (53%) 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.
📋
Smaller funds dominant — 4% AUM from top-100
4% from top-100 AUM funds
6 of 77 holders rank in the top 100 by AUM, but together hold only 4% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.