Based on 255 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 10 quarters in a row
For 10 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
255 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.
📶
Steady growth — +14% more funds vs a year ago
fund count last 6Q
+31 new funds entered over the past year (+14% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 60% buying
122 buying83 selling
Last quarter: 122 funds were net buyers (35 opened a brand new position + 87 added to an existing one). Only 83 were sellers (57 trimmed + 26 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~35 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 29 → 39 → 34 → 35. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 23% medium
■ 20% new
146 out of 255 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.
➡️
Steady discovery — ~35 new funds/quarter
32 → 29 → 39 → 34 → 35 new funds/Q
New funds entering each quarter: 29 → 39 → 34 → 35. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 62% veterans vs 22% newcomers
■ 62% veterans
■ 16% 1-2yr
■ 22% new
Entry-cohort mix of 255 holders: 159 (62%) are 2+ year veterans, 40 entered 1–2 years ago, and 56 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
20 of 255 holders are among the 100 largest funds by AUM, controlling 42% 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.