Based on 8 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their ADAP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 10% of 3.0Y high
10% of all-time peak
Only 8 funds hold ADAP today versus a peak of 81 funds at 2023 Q2 — just 10% 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.
📉
Outflows — 89% fewer funds vs a year ago
fund count last 6Q
64 fewer hedge funds hold ADAP compared to a year ago (-89% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 6% buying
3 buying50 selling
Last quarter: 50 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-14 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 8 → 11 → 15 → 1. 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.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 25% medium
■ 25% new
4 out of 8 hedge funds have held ADAP 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.
📊
Peak discovery — momentum slowing
10 → 8 → 11 → 15 → 1 new funds/Q
New funds entering each quarter: 8 → 11 → 15 → 1. ADAP is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 62% of holders stayed 2+ years
■ 62% veterans
■ 0% 1-2yr
■ 38% new
Of 8 current holders: 5 (62%) 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.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
1 of 8 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.