Based on 17 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added AAPD 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.
📊
High ownership — 81% of 3.0Y peak
81% of all-time peak
17 funds currently hold this stock — 81% of the 3.0-year high of 21 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 19% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold AAPD compared to a year ago (-19% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 80% buying
16 buying4 selling
Last quarter: 16 funds were net buyers (7 opened a brand new position + 9 added to an existing one). Only 4 were sellers (1 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 5 → 6 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 24% entered in last year
■ 18% conviction (2yr+)
■ 59% medium
■ 24% new
Only 3 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.
💎
Buying through price weakness — shares +46%, value +21%
Last quarter: funds added +46% more shares while total portfolio value only changed +21%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~7 new funds/quarter
13 → 1 → 5 → 6 → 7 new funds/Q
New funds entering each quarter: 1 → 5 → 6 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 53% veterans vs 24% newcomers
■ 53% veterans
■ 24% 1-2yr
■ 24% new
Entry-cohort mix of 17 holders: 9 (53%) are 2+ year veterans, 4 entered 1–2 years ago, and 4 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
3 of 17 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.