Based on 112 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 10 quarters in a row
For 10 consecutive quarters, more hedge funds added ABL 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
112 hedge funds hold ABL 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.
🚀
Fast accumulation — +58% more funds vs a year ago
fund count last 6Q
+41 new funds entered over the past year (+58% 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.
🟠
More sellers than buyers — 49% buying
62 buying64 selling
Last quarter: 64 funds reduced or exited vs 62 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.
⚠️
Fewer new buyers each quarter (-18 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 15 → 31 → 42 → 24. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 56% entered in last year
■ 9% conviction (2yr+)
■ 35% medium
■ 56% new
Only 10 funds (9%) 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.
💰
Price up while funds trimmed (+41% value, -5% shares)
Last quarter: total value of institutional ABL holdings rose +41% even though funds reduced share count by 5%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📈
Growing discovery — still being found
27 → 15 → 31 → 42 → 24 new funds/Q
New funds entering each quarter: 15 → 31 → 42 → 24. A growing number of institutions are discovering ABL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 65% of holders entered in last year
■ 10% veterans
■ 25% 1-2yr
■ 65% new
Of 116 current holders: 75 (65%) entered in the past year, only 12 (10%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅
Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
24 of 112 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
5.4
out of 10
Moderate Exit Risk
Exit risk score 5.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.