Based on 86 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BCD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
86 hedge funds hold BCD 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.
📶
Steady growth — +13% more funds vs a year ago
fund count last 6Q
+10 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 54% buying
44 buying38 selling
Last quarter: 44 funds bought or added vs 38 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.
⚠️
Fewer new buyers each quarter (-17 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 6 → 15 → 25 → 8. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
📌
Mixed — 38% long-term, 28% new
■ 38% conviction (2yr+)
■ 34% medium
■ 28% new
Of the 86 current holders: 33 (38%) held >2 years, 29 held 1–2 years, and 24 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
➡️
Steady discovery — ~8 new funds/quarter
15 → 6 → 15 → 25 → 8 new funds/Q
New funds entering each quarter: 6 → 15 → 25 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 45% veterans vs 38% newcomers
■ 45% veterans
■ 16% 1-2yr
■ 38% new
Entry-cohort mix of 86 holders: 39 (45%) are 2+ year veterans, 14 entered 1–2 years ago, and 33 (38%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 16% AUM from top-100
16% from top-100 AUM funds
9 of 84 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.