Based on 144 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added BCAL 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
144 hedge funds hold BCAL 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 — +45% more funds vs a year ago
fund count last 6Q
+45 new funds entered over the past year (+45% 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.
🟢
More buyers than sellers — 69% buying
84 buying38 selling
Last quarter: 84 funds were net buyers (35 opened a brand new position + 49 added to an existing one). Only 38 were sellers (31 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+20 vs last Q)
new funds entering per quarter
Funds opening a new BCAL position: 18 → 18 → 15 → 35. 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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Mostly new holders — 38% entered in last year
■ 22% conviction (2yr+)
■ 40% medium
■ 38% new
Only 32 funds (22%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Growing discovery — still being found
15 → 18 → 18 → 15 → 35 new funds/Q
New funds entering each quarter: 18 → 18 → 15 → 35. A growing number of institutions are discovering BCAL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 21% veterans, 42% new entrants
■ 21% veterans
■ 38% 1-2yr
■ 42% new
Of 144 current holders: 30 (21%) held 2+ years, 54 held 1–2 years, 60 (42%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
29 of 144 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in BCAL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.4
out of 10
Moderate Exit Risk
Exit risk score 4.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.