Based on 76 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added UJUL 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 (95% of max)
95% of all-time peak
76 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.
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Steady growth — +9% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+9% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 52% buying
37 buying34 selling
Last quarter: 37 funds bought or added vs 34 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new UJUL position: 17 → 7 → 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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55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 24% medium
■ 21% new
42 out of 76 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.
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Peak discovery — momentum slowing
12 → 17 → 7 → 4 → 14 new funds/Q
New funds entering each quarter: 17 → 7 → 4 → 14. UJUL is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Veteran-anchored — 53% veterans vs 30% newcomers
■ 53% veterans
■ 17% 1-2yr
■ 30% new
Entry-cohort mix of 76 holders: 40 (53%) are 2+ year veterans, 13 entered 1–2 years ago, and 23 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 5% AUM from top-100
5% from top-100 AUM funds
6 of 76 holders rank in the top 100 by AUM, but together hold only 5% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.