Based on 119 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 CDXS 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 — 89% of 3.0Y peak
89% of all-time peak
119 funds currently hold this stock — 89% of the 3.0-year high of 133 funds (reached 2023 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 6% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold CDXS compared to a year ago (-6% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 54% buying
67 buying56 selling
Last quarter: 67 funds bought or added vs 56 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.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 16 → 8 → 24 → 15. 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.
🔒
72% of holders stayed for 2+ years
■ 72% conviction (2yr+)
■ 14% medium
■ 13% new
86 out of 119 hedge funds have held CDXS 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 -2%, value -69%
Last quarter: funds added -2% more shares while total portfolio value only changed -69%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
25 → 16 → 8 → 24 → 15 new funds/Q
New funds entering each quarter: 16 → 8 → 24 → 15. A growing number of institutions are discovering CDXS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 8% 1-2yr
■ 18% new
Of 120 current holders: 88 (73%) 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 — 34% AUM from major funds
34% from top-100 AUM funds
29 of 119 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.