Based on 454 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added BNS 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.
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At the ownership peak (100% of max)
100% of all-time peak
454 hedge funds hold BNS 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.
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Steady growth — +12% more funds vs a year ago
fund count last 6Q
+50 new funds entered over the past year (+12% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 53% buying
228 buying203 selling
Last quarter: 228 funds bought or added vs 203 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.
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Steady new buyers — ~67 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 49 → 52 → 63 → 67. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 16% medium
■ 19% new
298 out of 454 hedge funds have held BNS 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.
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Buying through price weakness — shares -1%, value -17%
Last quarter: funds added -1% more shares while total portfolio value only changed -17%. 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
57 → 49 → 52 → 63 → 67 new funds/Q
New funds entering each quarter: 49 → 52 → 63 → 67. A growing number of institutions are discovering BNS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 70% of holders stayed 2+ years
■ 70% veterans
■ 7% 1-2yr
■ 23% new
Of 482 current holders: 337 (70%) 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.
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Elite ownership — 52% AUM from top-100 funds
52% from top-100 AUM funds
39 of 454 holders are among the 100 largest funds by AUM, controlling 52% of total institutional value in BNS. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.