Based on 8 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added WAFU 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
8 hedge funds hold WAFU 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 — +33% more funds vs a year ago
fund count last 6Q
+2 new funds entered over the past year (+33% 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 — 60% buying
3 buying2 selling
Last quarter: 3 funds were net buyers (1 opened a brand new position + 2 added to an existing one). Only 2 were sellers (2 trimmed + 0 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 3 → 3 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 38% medium
■ 12% new
4 out of 8 hedge funds have held WAFU 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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Peak discovery — momentum slowing
4 → 2 → 3 → 3 → 1 new funds/Q
New funds entering each quarter: 2 → 3 → 3 → 1. WAFU is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Veteran-anchored — 75% veterans vs 12% newcomers
■ 75% veterans
■ 12% 1-2yr
■ 12% new
Entry-cohort mix of 8 holders: 6 (75%) are 2+ year veterans, 1 entered 1–2 years ago, and 1 (12%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 12% AUM from top-100
12% from top-100 AUM funds
2 of 8 holders rank in the top 100 by AUM, but together hold only 12% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.