Based on 13 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 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.
🔻
Below peak — only 62% of 3.0Y high
62% of all-time peak
Only 13 funds hold AAPD today versus a peak of 21 funds at 2025 Q2 — just 62% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📶
Steady growth — +18% more funds vs a year ago
fund count last 6Q
+2 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 47% buying
8 buying9 selling
Last quarter: 9 funds reduced or exited vs 8 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 13 → 1 → 5 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 23% entered in last year
■ 8% conviction (2yr+)
■ 69% medium
■ 23% new
Only 1 funds (8%) 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.
📊
Peak discovery — momentum slowing
5 → 13 → 1 → 5 → 6 new funds/Q
New funds entering each quarter: 13 → 1 → 5 → 6. AAPD is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 46% veterans vs 15% newcomers
■ 46% veterans
■ 38% 1-2yr
■ 15% new
Entry-cohort mix of 13 holders: 6 (46%) are 2+ year veterans, 5 entered 1–2 years ago, and 2 (15%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
4 of 13 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in AAPD. 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 1.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.