Based on 82 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added CDX 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
82 hedge funds hold CDX right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Fast accumulation — +290% more funds vs a year ago
fund count last 6Q
+61 new funds entered over the past year (+290% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 76% buying
66 buying21 selling
Last quarter: 66 funds were net buyers (22 opened a brand new position + 44 added to an existing one). Only 21 were sellers (14 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 4 → 29 → 31 → 22. 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.
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Mostly new holders — 76% entered in last year
■ 10% conviction (2yr+)
■ 15% medium
■ 76% new
Only 8 funds (10%) 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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Acceleration phase — new buyers rushing in
4 → 4 → 29 → 31 → 22 new funds/Q
New funds entering each quarter: 4 → 29 → 31 → 22. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🌱
Early stage — 78% of holders entered in last year
■ 12% veterans
■ 10% 1-2yr
■ 78% new
Of 82 current holders: 64 (78%) entered in the past year, only 10 (12%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Smaller funds dominant — 16% AUM from top-100
16% from top-100 AUM funds
7 of 82 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
6.9
out of 10
Moderate Exit Risk
Exit risk score 6.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.