Based on 16 hedge funds · latest filing: 2026 Q2 · updated quarterly
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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.
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High ownership — 76% of 3.0Y peak
76% of all-time peak
16 funds currently hold this stock — 76% 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.
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Outflows — 24% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold AAPD compared to a year ago (-24% 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 — 79% buying
15 buying4 selling
Last quarter: 15 funds were net buyers (6 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.
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Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 5 → 6 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 25% entered in last year
■ 19% conviction (2yr+)
■ 56% medium
■ 25% new
Only 3 funds (19%) 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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Buying through price weakness — shares +44%, value +21%
Last quarter: funds added +44% 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.
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Steady discovery — ~6 new funds/quarter
13 → 1 → 5 → 6 → 6 new funds/Q
New funds entering each quarter: 1 → 5 → 6 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 50% veterans vs 25% newcomers
■ 50% veterans
■ 25% 1-2yr
■ 25% new
Entry-cohort mix of 16 holders: 8 (50%) are 2+ year veterans, 4 entered 1–2 years ago, and 4 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 21% AUM from major funds
21% from top-100 AUM funds
2 of 16 holders rank in the top 100 by AUM, accounting for 21% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.