Based on 873 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added CLS 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
873 hedge funds hold CLS 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 — +49% more funds vs a year ago
fund count last 6Q
+286 new funds entered over the past year (+49% 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.
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Slight buying edge — 59% buying
537 buying374 selling
Last quarter: 537 funds bought or added vs 374 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.
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More new buyers each quarter (+57 vs last Q)
new funds entering per quarter
Funds opening a new CLS position: 191 → 187 → 129 → 186. 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 — 37% entered in last year
■ 22% conviction (2yr+)
■ 41% medium
■ 37% new
Only 189 funds (22%) 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.
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Value +43% but shares only +9% — price-driven
Last quarter: the total dollar value of institutional holdings rose +43%, but actual share count only changed +9%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Peak discovery — momentum slowing
178 → 191 → 187 → 129 → 186 new funds/Q
New funds entering each quarter: 191 → 187 → 129 → 186. CLS is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 3% veterans, 52% new entrants
■ 3% veterans
■ 46% 1-2yr
■ 52% new
Of 929 current holders: 26 (3%) held 2+ years, 424 held 1–2 years, 479 (52%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 56% AUM from top-100 funds
56% from top-100 AUM funds
63 of 865 holders are among the 100 largest funds by AUM, controlling 56% of total institutional value in CLS. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.