Based on 87 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 CET 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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At the ownership peak (100% of max)
100% of all-time peak
87 hedge funds hold CET 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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Steady growth — +4% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 68% buying
53 buying25 selling
Last quarter: 53 funds were net buyers (9 opened a brand new position + 44 added to an existing one). Only 25 were sellers (17 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~9 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 7 → 11 → 9. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 22% medium
■ 16% new
54 out of 87 hedge funds have held CET 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.
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Steady discovery — ~9 new funds/quarter
11 → 8 → 7 → 11 → 9 new funds/Q
New funds entering each quarter: 8 → 7 → 11 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 66% of holders stayed 2+ years
■ 66% veterans
■ 15% 1-2yr
■ 20% new
Of 87 current holders: 57 (66%) 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.
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Smaller funds dominant — 10% AUM from top-100
10% from top-100 AUM funds
9 of 87 holders rank in the top 100 by AUM, but together hold only 10% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.