Based on 11 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added AAA 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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High ownership — 92% of 3.0Y peak
92% of all-time peak
11 funds currently hold this stock — 92% of the 3.0-year high of 12 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 8% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold AAA compared to a year ago (-8% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 64% buying
7 buying4 selling
Last quarter: 7 funds were net buyers (7 opened a brand new position + 0 added to an existing one). Only 4 were sellers (2 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new AAA position: 1 → 1 → 1 → 7. 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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Mostly new holders — 27% entered in last year
■ 18% conviction (2yr+)
■ 55% medium
■ 27% new
Only 2 funds (18%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Value +679% but shares only +451% — price-driven
Last quarter: the total dollar value of institutional holdings rose +679%, but actual share count only changed +451%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Steady discovery — ~7 new funds/quarter
2 → 1 → 1 → 1 → 7 new funds/Q
New funds entering each quarter: 1 → 1 → 1 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 27% veterans, 27% new entrants
■ 27% veterans
■ 45% 1-2yr
■ 27% new
Of 11 current holders: 3 (27%) held 2+ years, 5 held 1–2 years, 3 (27%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 8% AUM from top-100
8% from top-100 AUM funds
3 of 11 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.