Based on 57 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their ULBI 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 — 78% of 3.0Y peak
78% of all-time peak
57 funds currently hold this stock — 78% of the 3.0-year high of 73 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 11% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold ULBI compared to a year ago (-11% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 42% buying
20 buying28 selling
Last quarter: 28 funds reduced or exited vs 20 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: 9 → 12 → 13 → 4. 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.
🔒
70% of holders stayed for 2+ years
■ 70% conviction (2yr+)
■ 21% medium
■ 9% new
40 out of 57 hedge funds have held ULBI 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 -3%, value -19%
Last quarter: funds added -3% more shares while total portfolio value only changed -19%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
5 → 9 → 12 → 13 → 4 new funds/Q
New funds entering each quarter: 9 → 12 → 13 → 4. ULBI is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 79% of holders stayed 2+ years
■ 79% veterans
■ 11% 1-2yr
■ 11% new
Of 57 current holders: 45 (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 — 36% AUM from major funds
36% from top-100 AUM funds
19 of 57 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.