Based on 12 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 BGM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 92% of 2.2Y peak
92% of all-time peak
12 funds currently hold this stock — 92% of the 2.2-year high of 13 funds (reached 2026 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +20% more funds vs a year ago
fund count last 6Q
+2 new funds entered over the past year (+20% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 60% buying
9 buying6 selling
Last quarter: 9 funds were net buyers (4 opened a brand new position + 5 added to an existing one). Only 6 were sellers (1 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 4 → 8 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 67% entered in last year
■ 0% conviction (2yr+)
■ 33% medium
■ 67% 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 +100% but shares only +82% — price-driven
Last quarter: the total dollar value of institutional holdings rose +100%, but actual share count only changed +82%. 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 — ~4 new funds/quarter
7 → 3 → 4 → 8 → 4 new funds/Q
New funds entering each quarter: 3 → 4 → 8 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 83% of holders entered in last year
■ 0% veterans
■ 17% 1-2yr
■ 83% new
Of 12 current holders: 10 (83%) entered in the past year, only 0 (0%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
🏆
Elite ownership — 67% AUM from top-100 funds
67% from top-100 AUM funds
6 of 12 holders are among the 100 largest funds by AUM, controlling 67% of total institutional value in BGM. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.5
out of 10
Moderate Exit Risk
Exit risk score 5.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.