Based on 77 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added AIO 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
77 hedge funds hold AIO 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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Fast accumulation — +28% more funds vs a year ago
fund count last 6Q
+17 new funds entered over the past year (+28% 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.
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Slight buying edge — 58% buying
46 buying33 selling
Last quarter: 46 funds bought or added vs 33 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 13 → 15 → 14 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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47% of holders stayed for 2+ years
■ 47% conviction (2yr+)
■ 26% medium
■ 27% new
36 out of 77 hedge funds have held AIO 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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Steady discovery — ~12 new funds/quarter
7 → 13 → 15 → 14 → 12 new funds/Q
New funds entering each quarter: 13 → 15 → 14 → 12. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 52% veterans vs 30% newcomers
■ 52% veterans
■ 18% 1-2yr
■ 30% new
Entry-cohort mix of 77 holders: 40 (52%) are 2+ year veterans, 14 entered 1–2 years ago, and 23 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 62% AUM from top-100 funds
62% from top-100 AUM funds
14 of 77 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in AIO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.