Based on 116 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds added USAS 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
116 hedge funds hold USAS 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 — +152% more funds vs a year ago
fund count last 6Q
+70 new funds entered over the past year (+152% 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 — 72% buying
84 buying32 selling
Last quarter: 84 funds were net buyers (49 opened a brand new position + 35 added to an existing one). Only 32 were sellers (25 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+23 vs last Q)
new funds entering per quarter
Funds opening a new USAS position: 16 → 13 → 26 → 49. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 29% long-term, 47% new
■ 29% conviction (2yr+)
■ 23% medium
■ 47% new
Of the 116 current holders: 34 (29%) held >2 years, 27 held 1–2 years, and 55 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💰
Value +60% but shares only +18% — price-driven
Last quarter: the total dollar value of institutional holdings rose +60%, but actual share count only changed +18%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
🚀
Acceleration phase — new buyers rushing in
11 → 16 → 13 → 26 → 49 new funds/Q
New funds entering each quarter: 16 → 13 → 26 → 49. 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.
🏛️
Deep conviction — 48% of holders stayed 2+ years
■ 48% veterans
■ 2% 1-2yr
■ 50% new
Of 122 current holders: 58 (48%) 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 — 9% AUM from top-100
9% from top-100 AUM funds
20 of 116 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
5.8
out of 10
Moderate Exit Risk
Exit risk score 5.8/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.