Based on 177 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BV 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 (97% of max)
97% of all-time peak
177 hedge funds hold BV 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.
📶
Steady growth — +5% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+5% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 49% buying
88 buying93 selling
Last quarter: 93 funds reduced or exited vs 88 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 — ~24 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 25 → 30 → 28 → 24. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 24% medium
■ 14% new
109 out of 177 hedge funds have held BV 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.
💎
Buying through price weakness — shares -4%, value -100%
Last quarter: funds added -4% more shares while total portfolio value only changed -100%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~24 new funds/quarter
22 → 25 → 30 → 28 → 24 new funds/Q
New funds entering each quarter: 25 → 30 → 28 → 24. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 66% of holders stayed 2+ years
■ 66% veterans
■ 15% 1-2yr
■ 19% new
Of 178 current holders: 118 (66%) 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.
🏆
Elite ownership — 57% AUM from top-100 funds
57% from top-100 AUM funds
34 of 177 holders are among the 100 largest funds by AUM, controlling 57% of total institutional value in BV. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.