Based on 507 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BLD 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 (99% of max)
99% of all-time peak
507 hedge funds hold BLD 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 — +5% more funds vs a year ago
fund count last 6Q
+26 new funds entered over the past year (+5% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 45% buying
233 buying284 selling
Last quarter: 284 funds reduced or exited vs 233 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 (-25 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 66 → 66 → 101 → 76. 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.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 24% medium
■ 19% new
291 out of 507 hedge funds have held BLD 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.
📈
Growing discovery — still being found
76 → 66 → 66 → 101 → 76 new funds/Q
New funds entering each quarter: 66 → 66 → 101 → 76. A growing number of institutions are discovering BLD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 63% of holders stayed 2+ years
■ 63% veterans
■ 13% 1-2yr
■ 24% new
Of 517 current holders: 325 (63%) 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 — 62% AUM from top-100 funds
62% from top-100 AUM funds
46 of 507 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in BLD. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.