Based on 46 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added CMDT 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
46 hedge funds hold CMDT 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 — +59% more funds vs a year ago
fund count last 6Q
+17 new funds entered over the past year (+59% 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 — 50% buying
31 buying31 selling
Last quarter: 31 funds bought or added vs 31 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 — ~17 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 18 → 7 → 19 → 17. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 48% entered in last year
■ 9% conviction (2yr+)
■ 43% medium
■ 48% new
Only 4 funds (9%) 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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Growing discovery — still being found
4 → 18 → 7 → 19 → 17 new funds/Q
New funds entering each quarter: 18 → 7 → 19 → 17. A growing number of institutions are discovering CMDT each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 20% veterans, 54% new entrants
■ 20% veterans
■ 26% 1-2yr
■ 54% new
Of 46 current holders: 9 (20%) held 2+ years, 12 held 1–2 years, 25 (54%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
7 of 46 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in CMDT. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.0
out of 10
Moderate Exit Risk
Exit risk score 5.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.