Based on 20 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 BKHA 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 62% of 3.0Y high
62% of all-time peak
Only 20 funds hold BKHA today versus a peak of 32 funds at 2024 Q3 — just 62% 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 — 31% fewer funds vs a year ago
fund count last 6Q
9 fewer hedge funds hold BKHA compared to a year ago (-31% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 58% buying
7 buying5 selling
Last quarter: 7 funds bought or added vs 5 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 3 → 5 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 25% entered in last year
■ 5% conviction (2yr+)
■ 70% medium
■ 25% new
Only 1 funds (5%) 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 -6%, value -99%
Last quarter: funds added -6% more shares while total portfolio value only changed -99%. 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 → 5 → 3 → 5 → 1 new funds/Q
New funds entering each quarter: 5 → 3 → 5 → 1. BKHA is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 5% veterans, 45% new entrants
■ 5% veterans
■ 50% 1-2yr
■ 45% new
Of 20 current holders: 1 (5%) held 2+ years, 10 held 1–2 years, 9 (45%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 6% AUM from top-100
6% from top-100 AUM funds
4 of 20 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 1.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.