Based on 22 hedge funds · latest filing: 2020 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 CNAT 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 34% of 3.0Y high
34% of all-time peak
Only 22 funds hold CNAT today versus a peak of 65 funds at 2017 Q3 — just 34% 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 — 39% fewer funds vs a year ago
fund count last 6Q
14 fewer hedge funds hold CNAT compared to a year ago (-39% 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 38% buying
5 buying8 selling
Last quarter: 8 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 1 → 6 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Buying through price weakness — shares +12%, value -13%
Last quarter: funds added +12% more shares while total portfolio value only changed -13%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~2 new funds/quarter
3 → 6 → 1 → 6 → 2 new funds/Q
New funds entering each quarter: 6 → 1 → 6 → 2. Consistent flow of new institutional buyers without clear acceleration or slowdown.
Exit risk score 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.