Based on 2395 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 BA 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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At the ownership peak (100% of max)
100% of all-time peak
2,395 hedge funds hold BA 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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Steady growth — +18% more funds vs a year ago
fund count last 6Q
+368 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 60% buying
1394 buying931 selling
Last quarter: 1,394 funds were net buyers (346 opened a brand new position + 1048 added to an existing one). Only 931 were sellers (738 trimmed + 193 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+144 vs last Q)
new funds entering per quarter
Funds opening a new BA position: 184 → 340 → 202 → 346. 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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71% of holders stayed for 2+ years
■ 71% conviction (2yr+)
■ 16% medium
■ 13% new
1,701 out of 2,395 hedge funds have held BA 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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Steady discovery — ~346 new funds/quarter
360 → 184 → 340 → 202 → 346 new funds/Q
New funds entering each quarter: 184 → 340 → 202 → 346. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 74% of holders stayed 2+ years
■ 74% veterans
■ 8% 1-2yr
■ 18% new
Of 2,514 current holders: 1,851 (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.
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Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
48 of 2396 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in BA. 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.