Based on 24 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their CISO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 65% of 3.0Y high
65% of all-time peak
Only 24 funds hold CISO today versus a peak of 37 funds at 2023 Q2 — just 65% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📶
Steady growth — +20% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+20% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 55% buying
11 buying9 selling
Last quarter: 11 funds bought or added vs 9 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.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 12 → 2 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 38% long-term, 12% new
■ 38% conviction (2yr+)
■ 50% medium
■ 12% new
Of the 24 current holders: 9 (38%) held >2 years, 12 held 1–2 years, and 3 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares +35%, value -2%
Last quarter: funds added +35% more shares while total portfolio value only changed -2%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
4 → 4 → 12 → 2 → 6 new funds/Q
New funds entering each quarter: 4 → 12 → 2 → 6. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Veteran-anchored — 54% veterans vs 25% newcomers
■ 54% veterans
■ 21% 1-2yr
■ 25% new
Entry-cohort mix of 24 holders: 13 (54%) are 2+ year veterans, 5 entered 1–2 years ago, and 6 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 54% AUM from top-100 funds
54% from top-100 AUM funds
11 of 24 holders are among the 100 largest funds by AUM, controlling 54% of total institutional value in CISO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 1.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.