Based on 7 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BPAY positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 78% of 3.0Y peak
78% of all-time peak
7 funds currently hold this stock — 78% of the 3.0-year high of 9 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding BPAY is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 50% buying
3 buying3 selling
Last quarter: 3 funds bought or added vs 3 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 — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 3 → 1 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 14% entered in last year
■ 14% conviction (2yr+)
■ 71% medium
■ 14% new
Only 1 funds (14%) 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.
💰
Value +22% but shares only +5% — price-driven
Last quarter: the total dollar value of institutional holdings rose +22%, but actual share count only changed +5%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
⚠️
Saturation — most institutions already know this story
3 → 4 → 3 → 1 → 0 new funds/Q
New funds entering each quarter: 4 → 3 → 1 → 0. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
📊
Mixed cohorts — 29% veterans, 29% new entrants
■ 29% veterans
■ 43% 1-2yr
■ 29% new
Of 7 current holders: 2 (29%) held 2+ years, 3 held 1–2 years, 2 (29%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 79% AUM from top-100 funds
79% from top-100 AUM funds
4 of 7 holders are among the 100 largest funds by AUM, controlling 79% of total institutional value in BPAY. 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 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.