Based on 105 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added BRBS 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
105 hedge funds hold BRBS 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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Fast accumulation — +21% more funds vs a year ago
fund count last 6Q
+18 new funds entered over the past year (+21% 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.
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More buyers than sellers — 62% buying
55 buying33 selling
Last quarter: 55 funds were net buyers (13 opened a brand new position + 42 added to an existing one). Only 33 were sellers (25 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
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Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 19 → 23 → 19 → 13. 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.
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50% of holders stayed for 2+ years
■ 50% conviction (2yr+)
■ 28% medium
■ 23% new
52 out of 105 hedge funds have held BRBS 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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Value +41% but shares only +6% — price-driven
Last quarter: the total dollar value of institutional holdings rose +41%, but actual share count only changed +6%. 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.
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Peak discovery — momentum slowing
27 → 19 → 23 → 19 → 13 new funds/Q
New funds entering each quarter: 19 → 23 → 19 → 13. BRBS 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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Deep conviction — 51% of holders stayed 2+ years
■ 51% veterans
■ 18% 1-2yr
■ 30% new
Of 105 current holders: 54 (51%) 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 — 60% AUM from top-100 funds
60% from top-100 AUM funds
26 of 105 holders are among the 100 largest funds by AUM, controlling 60% of total institutional value in BRBS. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.