Based on 110 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added CATX than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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High ownership — 87% of 3.0Y peak
87% of all-time peak
110 funds currently hold this stock — 87% of the 3.0-year high of 126 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 13% fewer funds vs a year ago
fund count last 6Q
16 fewer hedge funds hold CATX compared to a year ago (-13% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 52% buying
52 buying48 selling
Last quarter: 52 funds bought or added vs 48 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.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new CATX position: 14 → 12 → 14 → 21. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mostly new holders — 21% entered in last year
■ 5% conviction (2yr+)
■ 74% medium
■ 21% new
Only 6 funds (5%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Buying through price weakness — shares -14%, value -30%
Last quarter: funds added -14% more shares while total portfolio value only changed -30%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
32 → 14 → 12 → 14 → 21 new funds/Q
New funds entering each quarter: 14 → 12 → 14 → 21. A growing number of institutions are discovering CATX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 5% veterans, 28% new entrants
■ 5% veterans
■ 67% 1-2yr
■ 28% new
Of 112 current holders: 6 (5%) held 2+ years, 75 held 1–2 years, 31 (28%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
24 of 110 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.