Based on 89 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their AOUT 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 — 89% of 3.0Y peak
89% of all-time peak
89 funds currently hold this stock — 89% of the 3.0-year high of 100 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 8% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold AOUT compared to a year ago (-8% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 47% buying
41 buying47 selling
Last quarter: 47 funds reduced or exited vs 41 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 26 → 15 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 15% medium
■ 18% new
60 out of 89 hedge funds have held AOUT 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
27 → 5 → 26 → 15 → 12 new funds/Q
New funds entering each quarter: 5 → 26 → 15 → 12. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 74% of holders stayed 2+ years
■ 74% veterans
■ 7% 1-2yr
■ 19% new
Of 89 current holders: 66 (74%) 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 — 35% AUM from major funds
35% from top-100 AUM funds
26 of 89 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.