Based on 137 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BKLC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (96% of max)
96% of all-time peak
137 hedge funds hold BKLC 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.
🚀
Fast accumulation — +37% more funds vs a year ago
fund count last 6Q
+37 new funds entered over the past year (+37% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡
Slight buying edge — 57% buying
77 buying57 selling
Last quarter: 77 funds bought or added vs 57 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.
⚠️
Fewer new buyers each quarter (-13 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 25 → 22 → 31 → 18. 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.
📌
Mixed — 34% long-term, 30% new
■ 34% conviction (2yr+)
■ 36% medium
■ 30% new
Of the 137 current holders: 47 (34%) held >2 years, 49 held 1–2 years, and 41 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
➡️
Steady discovery — ~18 new funds/quarter
27 → 25 → 22 → 31 → 18 new funds/Q
New funds entering each quarter: 25 → 22 → 31 → 18. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 33% veterans, 44% new entrants
■ 33% veterans
■ 23% 1-2yr
■ 44% new
Of 137 current holders: 45 (33%) held 2+ years, 32 held 1–2 years, 60 (44%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 21% AUM from major funds
21% from top-100 AUM funds
20 of 137 holders rank in the top 100 by AUM, accounting for 21% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.