Based on 305 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their BCC 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 — 86% of 3.0Y peak
86% of all-time peak
305 funds currently hold this stock — 86% of the 3.0-year high of 356 funds (reached 2024 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 13% fewer funds vs a year ago
fund count last 6Q
46 fewer hedge funds hold BCC compared to a year ago (-13% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 47% buying
155 buying178 selling
Last quarter: 178 funds reduced or exited vs 155 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new BCC position: 48 → 37 → 47 → 54. 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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66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 19% medium
■ 15% new
202 out of 305 hedge funds have held BCC 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
40 → 48 → 37 → 47 → 54 new funds/Q
New funds entering each quarter: 48 → 37 → 47 → 54. A growing number of institutions are discovering BCC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 10% 1-2yr
■ 17% new
Of 313 current holders: 228 (73%) 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 — 54% AUM from top-100 funds
54% from top-100 AUM funds
42 of 305 holders are among the 100 largest funds by AUM, controlling 54% of total institutional value in BCC. 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 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.