Based on 221 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added WS 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
221 hedge funds hold WS 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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Steady growth — +17% more funds vs a year ago
fund count last 6Q
+32 new funds entered over the past year (+17% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 56% buying
108 buying86 selling
Last quarter: 108 funds bought or added vs 86 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.
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More new buyers each quarter (+16 vs last Q)
new funds entering per quarter
Funds opening a new WS position: 25 → 26 → 25 → 41. 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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40% of holders stayed for 2+ years
■ 40% conviction (2yr+)
■ 34% medium
■ 26% new
89 out of 221 hedge funds have held WS 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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Growing discovery — still being found
27 → 25 → 26 → 25 → 41 new funds/Q
New funds entering each quarter: 25 → 26 → 25 → 41. A growing number of institutions are discovering WS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 3% veterans, 31% new entrants
■ 3% veterans
■ 66% 1-2yr
■ 31% new
Of 221 current holders: 7 (3%) held 2+ years, 145 held 1–2 years, 69 (31%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 56% AUM from top-100 funds
56% from top-100 AUM funds
37 of 221 holders are among the 100 largest funds by AUM, controlling 56% of total institutional value in WS. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.