Based on 85 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 UP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 51% of 3.0Y high
51% of all-time peak
Only 85 funds hold UP today versus a peak of 167 funds at 2023 Q1 — just 51% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 16% fewer funds vs a year ago
fund count last 6Q
16 fewer hedge funds hold UP compared to a year ago (-16% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 38% buying
37 buying61 selling
Last quarter: 61 funds sold vs only 37 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 26 → 33 → 24 → 15. 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.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 31% medium
■ 16% new
45 out of 85 hedge funds have held UP 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 +0%, value -64%
Last quarter: funds added +0% more shares while total portfolio value only changed -64%. 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
15 → 26 → 33 → 24 → 15 new funds/Q
New funds entering each quarter: 26 → 33 → 24 → 15. UP 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 — 67% of holders stayed 2+ years
■ 67% veterans
■ 17% 1-2yr
■ 17% new
Of 90 current holders: 60 (67%) 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.
📋
Smaller funds dominant — 1% AUM from top-100
1% from top-100 AUM funds
16 of 85 holders rank in the top 100 by AUM, but together hold only 1% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.