Based on 11 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their USG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 73% of 3.0Y peak
73% of all-time peak
11 funds currently hold this stock — 73% of the 3.0-year high of 15 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 27% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold USG compared to a year ago (-27% 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 — 50% buying
7 buying7 selling
Last quarter: 7 funds bought or added vs 7 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 — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 5 → 1 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
73% of holders stayed for 2+ years
■ 73% conviction (2yr+)
■ 27% medium
■ 0% new
8 out of 11 hedge funds have held USG 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.
⚠️
Saturation — most institutions already know this story
9 → 1 → 5 → 1 → 2 new funds/Q
New funds entering each quarter: 1 → 5 → 1 → 2. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Veteran-anchored — 73% veterans vs 9% newcomers
■ 73% veterans
■ 18% 1-2yr
■ 9% new
Entry-cohort mix of 11 holders: 8 (73%) are 2+ year veterans, 2 entered 1–2 years ago, and 1 (9%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
4 of 11 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.