Based on 257 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added AGM 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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At the ownership peak (100% of max)
100% of all-time peak
257 hedge funds hold AGM 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.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding AGM is almost the same as a year ago (+1 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 63% buying
154 buying92 selling
Last quarter: 154 funds were net buyers (51 opened a brand new position + 103 added to an existing one). Only 92 were sellers (70 trimmed + 22 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+15 vs last Q)
new funds entering per quarter
Funds opening a new AGM position: 22 → 34 → 36 → 51. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 18% medium
■ 19% new
161 out of 257 hedge funds have held AGM 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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Acceleration phase — new buyers rushing in
29 → 22 → 34 → 36 → 51 new funds/Q
New funds entering each quarter: 22 → 34 → 36 → 51. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 65% veterans vs 20% newcomers
■ 65% veterans
■ 15% 1-2yr
■ 20% new
Entry-cohort mix of 264 holders: 171 (65%) are 2+ year veterans, 39 entered 1–2 years ago, and 54 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 59% AUM from top-100 funds
59% from top-100 AUM funds
52 of 256 holders are among the 100 largest funds by AUM, controlling 59% of total institutional value in AGM. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.