Based on 246 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added UNIT 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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High ownership — 78% of 3.0Y peak
78% of all-time peak
246 funds currently hold this stock — 78% of the 3.0-year high of 316 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 17% fewer funds vs a year ago
fund count last 6Q
52 fewer hedge funds hold UNIT compared to a year ago (-17% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 51% buying
135 buying128 selling
Last quarter: 135 funds bought or added vs 128 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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Steady new buyers — ~50 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 42 → 23 → 50 → 50. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 17% medium
■ 18% new
160 out of 246 hedge funds have held UNIT 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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Acceleration phase — new buyers rushing in
38 → 42 → 23 → 50 → 50 new funds/Q
New funds entering each quarter: 42 → 23 → 50 → 50. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 7% 1-2yr
■ 20% new
Of 266 current holders: 195 (73%) 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.
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Elite ownership — 89% AUM from top-100 funds
89% from top-100 AUM funds
38 of 246 holders are among the 100 largest funds by AUM, controlling 89% of total institutional value in UNIT. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.