Based on 42 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their ANSC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 79% of 3.0Y peak
79% of all-time peak
42 funds currently hold this stock — 79% of the 3.0-year high of 53 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 21% fewer funds vs a year ago
fund count last 6Q
11 fewer hedge funds hold ANSC compared to a year ago (-21% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 39% buying
18 buying28 selling
Last quarter: 28 funds sold vs only 18 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~9 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 8 → 4 → 9. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 29% entered in last year
■ 7% conviction (2yr+)
■ 64% medium
■ 29% new
Only 3 funds (7%) 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.
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Buying through price weakness — shares -7%, value -99%
Last quarter: funds added -7% more shares while total portfolio value only changed -99%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~9 new funds/quarter
10 → 4 → 8 → 4 → 9 new funds/Q
New funds entering each quarter: 4 → 8 → 4 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 10% veterans, 43% new entrants
■ 10% veterans
■ 48% 1-2yr
■ 43% new
Of 42 current holders: 4 (10%) held 2+ years, 20 held 1–2 years, 18 (43%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 4% AUM from top-100
4% from top-100 AUM funds
7 of 42 holders rank in the top 100 by AUM, but together hold only 4% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.