Based on 24 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their CLDI 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 2.2Y high
65% of all-time peak
Only 24 funds hold CLDI today versus a peak of 37 funds at 2025 Q1 — 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.
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Outflows — 31% fewer funds vs a year ago
fund count last 6Q
11 fewer hedge funds hold CLDI compared to a year ago (-31% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 55% buying
12 buying10 selling
Last quarter: 12 funds bought or added vs 10 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 — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 7 → 8 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 33% entered in last year
■ 4% conviction (2yr+)
■ 62% medium
■ 33% new
Only 1 funds (4%) 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 — ~5 new funds/quarter
5 → 5 → 7 → 8 → 5 new funds/Q
New funds entering each quarter: 5 → 7 → 8 → 5. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 0% veterans, 38% new entrants
■ 0% veterans
■ 62% 1-2yr
■ 38% new
Of 24 current holders: 0 (0%) held 2+ years, 15 held 1–2 years, 9 (38%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
6 of 24 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in CLDI. 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 2.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.