Based on 9 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 BIAF 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 53% of 3.0Y high
53% of all-time peak
Only 9 funds hold BIAF today versus a peak of 17 funds at 2024 Q2 — just 53% 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.
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Outflows — 44% fewer funds vs a year ago
fund count last 6Q
7 fewer hedge funds hold BIAF compared to a year ago (-44% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 40% buying
6 buying9 selling
Last quarter: 9 funds reduced or exited vs 6 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.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 6 → 4 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 33% entered in last year
■ 11% conviction (2yr+)
■ 56% medium
■ 33% new
Only 1 funds (11%) 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.
💎
Buying through price weakness — shares -74%, value -100%
Last quarter: funds added -74% more shares while total portfolio value only changed -100%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
4 → 4 → 6 → 4 → 4 new funds/Q
New funds entering each quarter: 4 → 6 → 4 → 4. BIAF is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 33% veterans, 22% new entrants
■ 33% veterans
■ 44% 1-2yr
■ 22% new
Of 9 current holders: 3 (33%) held 2+ years, 4 held 1–2 years, 2 (22%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
4 of 9 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in BIAF. 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 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.