Based on 165 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added BUFF 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
165 hedge funds hold BUFF 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 — +29% more funds vs a year ago
fund count last 6Q
+37 new funds entered over the past year (+29% 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
94 buying57 selling
Last quarter: 94 funds were net buyers (25 opened a brand new position + 69 added to an existing one). Only 57 were sellers (46 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~25 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 15 → 14 → 22 → 25. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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42% of holders stayed for 2+ years
■ 42% conviction (2yr+)
■ 37% medium
■ 21% new
70 out of 165 hedge funds have held BUFF 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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Acceleration phase — new buyers rushing in
17 → 15 → 14 → 22 → 25 new funds/Q
New funds entering each quarter: 15 → 14 → 22 → 25. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 47% veterans vs 29% newcomers
■ 47% veterans
■ 24% 1-2yr
■ 29% new
Entry-cohort mix of 165 holders: 77 (47%) are 2+ year veterans, 40 entered 1–2 years ago, and 48 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
8 of 164 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.