Based on 471 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added BUFR 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
471 hedge funds hold BUFR 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 — +20% more funds vs a year ago
fund count last 6Q
+80 new funds entered over the past year (+20% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 66% buying
293 buying148 selling
Last quarter: 293 funds were net buyers (83 opened a brand new position + 210 added to an existing one). Only 148 were sellers (127 trimmed + 21 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+47 vs last Q)
new funds entering per quarter
Funds opening a new BUFR position: 46 → 47 → 36 → 83. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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40% of holders stayed for 2+ years
■ 40% conviction (2yr+)
■ 37% medium
■ 23% new
187 out of 471 hedge funds have held BUFR 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 +38%, value -48%
Last quarter: funds added +38% more shares while total portfolio value only changed -48%. 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
74 → 46 → 47 → 36 → 83 new funds/Q
New funds entering each quarter: 46 → 47 → 36 → 83. A growing number of institutions are discovering BUFR each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 35% veterans, 38% new entrants
■ 35% veterans
■ 27% 1-2yr
■ 38% new
Of 471 current holders: 167 (35%) held 2+ years, 127 held 1–2 years, 177 (38%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
14 of 471 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in BUFR. 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.