Based on 499 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added APG 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
499 hedge funds hold APG 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.
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Fast accumulation — +39% more funds vs a year ago
fund count last 6Q
+139 new funds entered over the past year (+39% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡
Slight buying edge — 56% buying
287 buying222 selling
Last quarter: 287 funds bought or added vs 222 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.
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More new buyers each quarter (+20 vs last Q)
new funds entering per quarter
Funds opening a new APG position: 45 → 113 → 76 → 96. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
42% of holders stayed for 2+ years
■ 42% conviction (2yr+)
■ 26% medium
■ 32% new
208 out of 499 hedge funds have held APG 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 — ~96 new funds/quarter
59 → 45 → 113 → 76 → 96 new funds/Q
New funds entering each quarter: 45 → 113 → 76 → 96. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 46% of holders stayed 2+ years
■ 46% veterans
■ 15% 1-2yr
■ 39% new
Of 506 current holders: 233 (46%) 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.
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Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
48 of 499 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in APG. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.