Based on 183 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 8 quarters in a row
For 8 consecutive quarters, more hedge funds added CGON 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
183 hedge funds hold CGON 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 — +40% more funds vs a year ago
fund count last 6Q
+52 new funds entered over the past year (+40% 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 — 62% buying
112 buying69 selling
Last quarter: 112 funds were net buyers (41 opened a brand new position + 71 added to an existing one). Only 69 were sellers (46 trimmed + 23 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+11 vs last Q)
new funds entering per quarter
Funds opening a new CGON position: 26 → 40 → 30 → 41. 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 — 38% entered in last year
■ 5% conviction (2yr+)
■ 57% medium
■ 38% new
Only 9 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.
➡️
Steady discovery — ~41 new funds/quarter
31 → 26 → 40 → 30 → 41 new funds/Q
New funds entering each quarter: 26 → 40 → 30 → 41. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 5% veterans, 51% new entrants
■ 5% veterans
■ 44% 1-2yr
■ 51% new
Of 190 current holders: 9 (5%) held 2+ years, 84 held 1–2 years, 97 (51%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 42% AUM from top-100 funds
42% from top-100 AUM funds
35 of 183 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in CGON. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.4
out of 10
Moderate Exit Risk
Exit risk score 4.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.