Based on 217 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added WSR 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
217 hedge funds hold WSR 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 — +7% more funds vs a year ago
fund count last 6Q
+14 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 61% buying
118 buying77 selling
Last quarter: 118 funds were net buyers (32 opened a brand new position + 86 added to an existing one). Only 77 were sellers (54 trimmed + 23 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~32 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 28 → 33 → 31 → 32. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 24% medium
■ 19% new
124 out of 217 hedge funds have held WSR 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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Steady discovery — ~32 new funds/quarter
34 → 28 → 33 → 31 → 32 new funds/Q
New funds entering each quarter: 28 → 33 → 31 → 32. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 65% veterans vs 22% newcomers
■ 65% veterans
■ 13% 1-2yr
■ 22% new
Entry-cohort mix of 218 holders: 142 (65%) are 2+ year veterans, 29 entered 1–2 years ago, and 47 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 30% AUM from major funds
30% from top-100 AUM funds
47 of 217 holders rank in the top 100 by AUM, accounting for 30% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.