Based on 63 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 BYM 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
63 funds currently hold this stock — 91% of the 3.0-year high of 69 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 5% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold BYM compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 49% buying
30 buying31 selling
Last quarter: 31 funds reduced or exited vs 30 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 — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 8 → 9 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 22% medium
■ 22% new
35 out of 63 hedge funds have held BYM 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 -7%, value -98%
Last quarter: funds added -7% more shares while total portfolio value only changed -98%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~10 new funds/quarter
19 → 10 → 8 → 9 → 10 new funds/Q
New funds entering each quarter: 10 → 8 → 9 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 57% of holders stayed 2+ years
■ 57% veterans
■ 10% 1-2yr
■ 33% new
Of 63 current holders: 36 (57%) 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.
✅
Strong quality — 33% AUM from major funds
33% from top-100 AUM funds
14 of 63 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.