Based on 335 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added ULS 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
335 hedge funds hold ULS 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.
🚀
Fast accumulation — +89% more funds vs a year ago
fund count last 6Q
+158 new funds entered over the past year (+89% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 66% buying
221 buying115 selling
Last quarter: 221 funds were net buyers (106 opened a brand new position + 115 added to an existing one). Only 115 were sellers (86 trimmed + 29 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+35 vs last Q)
new funds entering per quarter
Funds opening a new ULS position: 40 → 81 → 71 → 106. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 57% entered in last year
■ 4% conviction (2yr+)
■ 38% medium
■ 57% new
Only 15 funds (4%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Growing discovery — still being found
35 → 40 → 81 → 71 → 106 new funds/Q
New funds entering each quarter: 40 → 81 → 71 → 106. A growing number of institutions are discovering ULS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 60% of holders entered in last year
■ 4% veterans
■ 36% 1-2yr
■ 60% new
Of 345 current holders: 207 (60%) entered in the past year, only 13 (4%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
🏆
Elite ownership — 47% AUM from top-100 funds
47% from top-100 AUM funds
39 of 335 holders are among the 100 largest funds by AUM, controlling 47% of total institutional value in ULS. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.5
out of 10
Moderate Exit Risk
Exit risk score 5.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.