Based on 157 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 CAL 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 — 77% of 3.0Y peak
77% of all-time peak
157 funds currently hold this stock — 77% of the 3.0-year high of 203 funds (reached 2024 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 16% fewer funds vs a year ago
fund count last 6Q
31 fewer hedge funds hold CAL compared to a year ago (-16% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 42% buying
81 buying114 selling
Last quarter: 114 funds reduced or exited vs 81 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 — ~26 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 26 → 34 → 28 → 26. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
69% of holders stayed for 2+ years
■ 69% conviction (2yr+)
■ 18% medium
■ 13% new
108 out of 157 hedge funds have held CAL 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.
💰
Price up while funds trimmed (+102% value, -3% shares)
Last quarter: total value of institutional CAL holdings rose +102% even though funds reduced share count by 3%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~26 new funds/quarter
37 → 26 → 34 → 28 → 26 new funds/Q
New funds entering each quarter: 26 → 34 → 28 → 26. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 75% of holders stayed 2+ years
■ 75% veterans
■ 10% 1-2yr
■ 15% new
Of 167 current holders: 125 (75%) 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 — 80% AUM from top-100 funds
80% from top-100 AUM funds
31 of 157 holders are among the 100 largest funds by AUM, controlling 80% of total institutional value in CAL. 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 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.