Based on 275 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added CNA 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
275 hedge funds hold CNA 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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Steady growth — +7% more funds vs a year ago
fund count last 6Q
+18 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 55% buying
161 buying131 selling
Last quarter: 161 funds bought or added vs 131 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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Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 32 → 41 → 57 → 49. 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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58% of holders stayed for 2+ years
■ 58% conviction (2yr+)
■ 23% medium
■ 19% new
160 out of 275 hedge funds have held CNA 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.
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Growing discovery — still being found
38 → 32 → 41 → 57 → 49 new funds/Q
New funds entering each quarter: 32 → 41 → 57 → 49. A growing number of institutions are discovering CNA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 65% of holders stayed 2+ years
■ 65% veterans
■ 14% 1-2yr
■ 21% new
Of 277 current holders: 181 (65%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Smaller funds dominant — 3% AUM from top-100
3% from top-100 AUM funds
36 of 275 holders rank in the top 100 by AUM, but together hold only 3% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.