Based on 97 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 10 quarters in a row
For 10 consecutive quarters, more hedge funds added WTBA 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
97 hedge funds hold WTBA 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 — +21% more funds vs a year ago
fund count last 6Q
+17 new funds entered over the past year (+21% 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 — 63% buying
54 buying32 selling
Last quarter: 54 funds were net buyers (15 opened a brand new position + 39 added to an existing one). Only 32 were sellers (24 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~15 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 13 → 10 → 15. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 28% medium
■ 16% new
54 out of 97 hedge funds have held WTBA 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
13 → 9 → 13 → 10 → 15 new funds/Q
New funds entering each quarter: 9 → 13 → 10 → 15. A growing number of institutions are discovering WTBA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 62% of holders stayed 2+ years
■ 62% veterans
■ 11% 1-2yr
■ 27% new
Of 97 current holders: 60 (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 — 61% AUM from top-100 funds
61% from top-100 AUM funds
26 of 97 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in WTBA. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.