Based on 1086 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 UL 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 (98% of max)
98% of all-time peak
1,086 hedge funds hold UL 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding UL is almost the same as a year ago (-17 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
🔴
Heavy selling pressure — only 23% buying
280 buying945 selling
Last quarter: 945 funds sold vs only 280 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
📈
More new buyers each quarter (+49 vs last Q)
new funds entering per quarter
Funds opening a new UL position: 95 → 106 → 82 → 131. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
71% of holders stayed for 2+ years
■ 71% conviction (2yr+)
■ 16% medium
■ 13% new
769 out of 1,086 hedge funds have held UL 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 — ~131 new funds/quarter
114 → 95 → 106 → 82 → 131 new funds/Q
New funds entering each quarter: 95 → 106 → 82 → 131. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 71% of holders stayed 2+ years
■ 71% veterans
■ 11% 1-2yr
■ 18% new
Of 1,108 current holders: 791 (71%) 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.
🏆
Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
38 of 1086 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in UL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.6
out of 10
Moderate Exit Risk
Exit risk score 4.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.