Based on 9 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their CMA 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 2% of 3.0Y high
2% of all-time peak
Only 9 funds hold CMA today versus a peak of 568 funds at 2024 Q4 — just 2% 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 — 98% fewer funds vs a year ago
fund count last 6Q
516 fewer hedge funds hold CMA compared to a year ago (-98% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 1% buying
3 buying561 selling
Last quarter: 561 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-125 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 76 → 74 → 127 → 2. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 22% medium
■ 11% new
6 out of 9 hedge funds have held CMA 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.
➡️
Steady discovery — ~2 new funds/quarter
59 → 76 → 74 → 127 → 2 new funds/Q
New funds entering each quarter: 76 → 74 → 127 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 56% veterans vs 22% newcomers
■ 56% veterans
■ 22% 1-2yr
■ 22% new
Entry-cohort mix of 9 holders: 5 (56%) are 2+ year veterans, 2 entered 1–2 years ago, and 2 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 9 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.