Based on 151 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their AOD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 94% of 3.0Y peak
94% of all-time peak
151 funds currently hold this stock — 94% of the 3.0-year high of 161 funds (reached 2026 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +16% more funds vs a year ago
fund count last 6Q
+21 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 54% buying
74 buying63 selling
Last quarter: 74 funds bought or added vs 63 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.
⚠️
Fewer new buyers each quarter (-24 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 19 → 28 → 36 → 12. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 20% medium
■ 25% new
83 out of 151 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.
➡️
Steady discovery — ~12 new funds/quarter
13 → 19 → 28 → 36 → 12 new funds/Q
New funds entering each quarter: 19 → 28 → 36 → 12. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 59% veterans vs 30% newcomers
■ 59% veterans
■ 11% 1-2yr
■ 30% new
Entry-cohort mix of 151 holders: 89 (59%) are 2+ year veterans, 16 entered 1–2 years ago, and 46 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 60% AUM from top-100 funds
60% from top-100 AUM funds
16 of 151 holders are among the 100 largest funds by AUM, controlling 60% of total institutional value in AOD. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.