Based on 230 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added BHC than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
230 hedge funds hold BHC 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 — +4% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 61% buying
138 buying89 selling
Last quarter: 138 funds were net buyers (51 opened a brand new position + 87 added to an existing one). Only 89 were sellers (58 trimmed + 31 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+19 vs last Q)
new funds entering per quarter
Funds opening a new BHC position: 36 → 23 → 32 → 51. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
69% of holders stayed for 2+ years
■ 69% conviction (2yr+)
■ 16% medium
■ 15% new
159 out of 230 hedge funds have held BHC 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.
💎
Buying through price weakness — shares -2%, value -96%
Last quarter: funds added -2% more shares while total portfolio value only changed -96%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
34 → 36 → 23 → 32 → 51 new funds/Q
New funds entering each quarter: 36 → 23 → 32 → 51. A growing number of institutions are discovering BHC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 78% of holders stayed 2+ years
■ 78% veterans
■ 8% 1-2yr
■ 15% new
Of 247 current holders: 192 (78%) 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.
✅
Strong quality — 22% AUM from major funds
22% from top-100 AUM funds
33 of 230 holders rank in the top 100 by AUM, accounting for 22% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.