Based on 31 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 BWMX 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 — 82% of 3.0Y peak
82% of all-time peak
31 funds currently hold this stock — 82% of the 3.0-year high of 38 funds (reached 2024 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 9% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold BWMX compared to a year ago (-9% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 41% buying
12 buying17 selling
Last quarter: 17 funds reduced or exited vs 12 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.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 3 → 5 → 11 → 4. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
45% of holders stayed for 2+ years
■ 45% conviction (2yr+)
■ 35% medium
■ 19% new
14 out of 31 hedge funds have held BWMX 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 — ~4 new funds/quarter
5 → 3 → 5 → 11 → 4 new funds/Q
New funds entering each quarter: 3 → 5 → 11 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 55% of holders stayed 2+ years
■ 55% veterans
■ 19% 1-2yr
■ 26% new
Of 31 current holders: 17 (55%) 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.
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Smaller funds dominant — 5% AUM from top-100
5% from top-100 AUM funds
7 of 31 holders rank in the top 100 by AUM, but together hold only 5% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.