Based on 12 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their BENF positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 63% of 2.0Y high
63% of all-time peak
Only 12 funds hold BENF today versus a peak of 19 funds at 2024 Q4 — just 63% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 37% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold BENF compared to a year ago (-37% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 30% buying
6 buying14 selling
Last quarter: 14 funds sold vs only 6 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 4 → 6 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 25% entered in last year
■ 0% conviction (2yr+)
■ 75% medium
■ 25% new
Only 0 funds (0%) 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.
💰
Value +812% but shares only +23% — price-driven
Last quarter: the total dollar value of institutional holdings rose +812%, but actual share count only changed +23%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
➡️
Steady discovery — ~2 new funds/quarter
4 → 1 → 4 → 6 → 2 new funds/Q
New funds entering each quarter: 1 → 4 → 6 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 0% veterans, 25% new entrants
■ 0% veterans
■ 75% 1-2yr
■ 25% new
Of 12 current holders: 0 (0%) held 2+ years, 9 held 1–2 years, 3 (25%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 82% AUM from top-100 funds
82% from top-100 AUM funds
6 of 12 holders are among the 100 largest funds by AUM, controlling 82% of total institutional value in BENF. 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.