Based on 217 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their BGS 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 — 90% of 3.0Y peak
90% of all-time peak
217 funds currently hold this stock — 90% of the 3.0-year high of 241 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding BGS is almost the same as a year ago (-7 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 44% buying
101 buying128 selling
Last quarter: 128 funds reduced or exited vs 101 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.
⚠️
Fewer new buyers each quarter (-12 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 41 → 36 → 43 → 31. 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.
🔒
60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 22% medium
■ 18% new
131 out of 217 hedge funds have held BGS 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.
➡️
Steady discovery — ~31 new funds/quarter
43 → 41 → 36 → 43 → 31 new funds/Q
New funds entering each quarter: 41 → 36 → 43 → 31. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 70% of holders stayed 2+ years
■ 70% veterans
■ 10% 1-2yr
■ 21% new
Of 229 current holders: 160 (70%) 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.
🏆
Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
30 of 217 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in BGS. 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 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.