Based on 195 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their BWIN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 91% of 3.0Y peak
91% of all-time peak
195 funds currently hold this stock — 91% of the 3.0-year high of 215 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding BWIN is almost the same as a year ago (-6 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 55% buying
118 buying96 selling
Last quarter: 118 funds bought or added vs 96 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
📈
More new buyers each quarter (+12 vs last Q)
new funds entering per quarter
Funds opening a new BWIN position: 35 → 31 → 28 → 40. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 27% medium
■ 21% new
102 out of 195 hedge funds have held BWIN 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.
➡️
Steady discovery — ~40 new funds/quarter
29 → 35 → 31 → 28 → 40 new funds/Q
New funds entering each quarter: 35 → 31 → 28 → 40. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 59% of holders stayed 2+ years
■ 59% veterans
■ 16% 1-2yr
■ 24% new
Of 196 current holders: 116 (59%) 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 — 52% AUM from top-100 funds
52% from top-100 AUM funds
34 of 195 holders are among the 100 largest funds by AUM, controlling 52% of total institutional value in BWIN. 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 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.