Based on 77 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds added USAU 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
77 hedge funds hold USAU 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 — +175% more funds vs a year ago
fund count last 6Q
+49 new funds entered over the past year (+175% 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.
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Slight buying edge — 56% buying
45 buying35 selling
Last quarter: 45 funds bought or added vs 35 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.
➡️
Steady new buyers — ~19 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 20 → 25 → 20 → 19. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 57% entered in last year
■ 23% conviction (2yr+)
■ 19% medium
■ 57% new
Only 18 funds (23%) 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.
💰
Value +50% but shares only +28% — price-driven
Last quarter: the total dollar value of institutional holdings rose +50%, but actual share count only changed +28%. 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.
➡️
Steady discovery — ~19 new funds/quarter
11 → 20 → 25 → 20 → 19 new funds/Q
New funds entering each quarter: 20 → 25 → 20 → 19. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 58% of holders entered in last year
■ 36% veterans
■ 6% 1-2yr
■ 58% new
Of 81 current holders: 47 (58%) entered in the past year, only 29 (36%) 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.
✅
Strong quality — 34% AUM from major funds
34% from top-100 AUM funds
21 of 77 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
5.9
out of 10
Moderate Exit Risk
Exit risk score 5.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.