Based on 139 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added AOD 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
139 hedge funds hold AOD 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.
📶
Steady growth — +5% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+5% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 62% buying
87 buying54 selling
Last quarter: 87 funds were net buyers (28 opened a brand new position + 59 added to an existing one). Only 54 were sellers (33 trimmed + 21 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+10 vs last Q)
new funds entering per quarter
Funds opening a new AOD position: 18 → 12 → 18 → 28. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 17% medium
■ 22% new
84 out of 139 hedge funds have held AOD 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.
💰
Price up while funds trimmed (+48% value, -9% shares)
Last quarter: total value of institutional AOD holdings rose +48% even though funds reduced share count by 9%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
🚀
Acceleration phase — new buyers rushing in
19 → 18 → 12 → 18 → 28 new funds/Q
New funds entering each quarter: 18 → 12 → 18 → 28. 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.
🏛️
Deep conviction — 63% of holders stayed 2+ years
■ 63% veterans
■ 12% 1-2yr
■ 25% new
Of 139 current holders: 87 (63%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅
Strong quality — 34% AUM from major funds
34% from top-100 AUM funds
13 of 139 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.