Based on 4 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their AFSC 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 33% of 1.5Y high
33% of all-time peak
Only 4 funds hold AFSC today versus a peak of 12 funds at 2025 Q1 — just 33% 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.
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Outflows — 56% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold AFSC compared to a year ago (-56% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 67% buying
2 buying1 selling
Last quarter: 2 funds were net buyers (0 opened a brand new position + 2 added to an existing one). Only 1 were sellers (0 trimmed + 1 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 2 → 1 → 0. 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
■ 0% conviction (2yr+)
■ 75% medium
■ 25% new
Only 0 funds (0%) 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.
⚠️
Saturation — most institutions already know this story
1 → 2 → 2 → 1 → 0 new funds/Q
New funds entering each quarter: 2 → 2 → 1 → 0. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Mixed cohorts — 0% veterans, 0% new entrants
■ 0% veterans
■ 100% 1-2yr
■ 0% new
Of 4 current holders: 0 (0%) held 2+ years, 4 held 1–2 years, 0 (0%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 94% AUM from top-100 funds
94% from top-100 AUM funds
3 of 4 holders are among the 100 largest funds by AUM, controlling 94% of total institutional value in AFSC. 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 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.