Based on 232 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 8 quarters in a row
For 8 consecutive quarters, more hedge funds added UTF 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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At the ownership peak (100% of max)
100% of all-time peak
232 hedge funds hold UTF 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.
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Fast accumulation — +24% more funds vs a year ago
fund count last 6Q
+45 new funds entered over the past year (+24% 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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More buyers than sellers — 64% buying
136 buying78 selling
Last quarter: 136 funds were net buyers (38 opened a brand new position + 98 added to an existing one). Only 78 were sellers (47 trimmed + 31 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new UTF position: 37 → 28 → 29 → 38. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 24% medium
■ 20% new
131 out of 232 hedge funds have held UTF 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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Value +773% but shares only +31% — price-driven
Last quarter: the total dollar value of institutional holdings rose +773%, but actual share count only changed +31%. 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.
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Steady discovery — ~38 new funds/quarter
31 → 37 → 28 → 29 → 38 new funds/Q
New funds entering each quarter: 37 → 28 → 29 → 38. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 62% of holders stayed 2+ years
■ 62% veterans
■ 10% 1-2yr
■ 28% new
Of 232 current holders: 145 (62%) 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 — 91% AUM from top-100 funds
91% from top-100 AUM funds
15 of 232 holders are among the 100 largest funds by AUM, controlling 91% of total institutional value in UTF. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.