Based on 84 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their AWP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 89% of 3.0Y peak
89% of all-time peak
84 funds currently hold this stock — 89% of the 3.0-year high of 94 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 11% fewer funds vs a year ago
fund count last 6Q
10 fewer hedge funds hold AWP compared to a year ago (-11% 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
35 buying34 selling
Last quarter: 35 funds bought or added vs 34 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.
➡️
Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 10 → 13 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 30% medium
■ 20% new
42 out of 84 hedge funds have held AWP 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
24 → 9 → 10 → 13 → 11 new funds/Q
New funds entering each quarter: 9 → 10 → 13 → 11. A growing number of institutions are discovering AWP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 56% of holders stayed 2+ years
■ 56% veterans
■ 14% 1-2yr
■ 30% new
Of 84 current holders: 47 (56%) 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.
🏆
Elite ownership — 57% AUM from top-100 funds
57% from top-100 AUM funds
10 of 84 holders are among the 100 largest funds by AUM, controlling 57% of total institutional value in AWP. 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 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.