Based on 238 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their ACHC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 82% of 3.0Y peak
82% of all-time peak
238 funds currently hold this stock — 82% of the 3.0-year high of 292 funds (reached 2024 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 16% fewer funds vs a year ago
fund count last 6Q
46 fewer hedge funds hold ACHC compared to a year ago (-16% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 49% buying
143 buying151 selling
Last quarter: 151 funds reduced or exited vs 143 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.
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More new buyers each quarter (+20 vs last Q)
new funds entering per quarter
Funds opening a new ACHC position: 44 → 55 → 40 → 60. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 18% medium
■ 22% new
141 out of 238 hedge funds have held ACHC for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Buying through price weakness — shares +9%, value -66%
Last quarter: funds added +9% more shares while total portfolio value only changed -66%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~60 new funds/quarter
71 → 44 → 55 → 40 → 60 new funds/Q
New funds entering each quarter: 44 → 55 → 40 → 60. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 70% of holders stayed 2+ years
■ 70% veterans
■ 6% 1-2yr
■ 24% new
Of 251 current holders: 175 (70%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
35 of 238 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.