Based on 185 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BRSP 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
185 hedge funds hold BRSP 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding BRSP is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 45% buying
82 buying100 selling
Last quarter: 100 funds reduced or exited vs 82 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.
➡️
Steady new buyers — ~23 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 25 → 25 → 25 → 23. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 25% medium
■ 16% new
108 out of 185 hedge funds have held BRSP 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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Steady discovery — ~23 new funds/quarter
27 → 25 → 25 → 25 → 23 new funds/Q
New funds entering each quarter: 25 → 25 → 25 → 23. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 67% of holders stayed 2+ years
■ 67% veterans
■ 13% 1-2yr
■ 21% new
Of 189 current holders: 126 (67%) 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.
✅
Strong quality — 36% AUM from major funds
36% from top-100 AUM funds
29 of 185 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.