Based on 6 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ANCFX 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 60% of 3.0Y high
60% of all-time peak
Only 6 funds hold ANCFX today versus a peak of 10 funds at 2025 Q4 — just 60% 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 — 14% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold ANCFX compared to a year ago (-14% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 33% buying
2 buying4 selling
Last quarter: 4 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 3 → 3 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 17% medium
■ 33% new
3 out of 6 hedge funds have held ANCFX 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
2 → 1 → 3 → 3 → 0 new funds/Q
New funds entering each quarter: 1 → 3 → 3 → 0. ANCFX is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 33% veterans, 33% new entrants
■ 33% veterans
■ 33% 1-2yr
■ 33% new
Of 6 current holders: 2 (33%) held 2+ years, 2 held 1–2 years, 2 (33%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 6 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 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.