Based on 121 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added ATS 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.
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High ownership — 94% of 3.0Y peak
94% of all-time peak
121 funds currently hold this stock — 94% of the 3.0-year high of 129 funds (reached 2024 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 5% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold ATS compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 51% buying
64 buying61 selling
Last quarter: 64 funds bought or added vs 61 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 (+7 vs last Q)
new funds entering per quarter
Funds opening a new ATS position: 11 → 20 → 16 → 23. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 19% medium
■ 26% new
67 out of 121 hedge funds have held ATS 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.
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Growing discovery — still being found
15 → 11 → 20 → 16 → 23 new funds/Q
New funds entering each quarter: 11 → 20 → 16 → 23. A growing number of institutions are discovering ATS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 57% of holders stayed 2+ years
■ 57% veterans
■ 20% 1-2yr
■ 24% new
Of 122 current holders: 69 (57%) 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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Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
27 of 121 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.