Based on 178 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their CNDT positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 86% of 3.0Y peak
86% of all-time peak
178 funds currently hold this stock — 86% of the 3.0-year high of 206 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 14% fewer funds vs a year ago
fund count last 6Q
28 fewer hedge funds hold CNDT compared to a year ago (-14% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 37% buying
67 buying116 selling
Last quarter: 116 funds sold vs only 67 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~23 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 29 → 35 → 25 → 23. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
69% of holders stayed for 2+ years
■ 69% conviction (2yr+)
■ 18% medium
■ 13% new
123 out of 178 hedge funds have held CNDT 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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Buying through price weakness — shares -1%, value -98%
Last quarter: funds added -1% more shares while total portfolio value only changed -98%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Peak discovery — momentum slowing
32 → 29 → 35 → 25 → 23 new funds/Q
New funds entering each quarter: 29 → 35 → 25 → 23. CNDT is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 78% of holders stayed 2+ years
■ 78% veterans
■ 7% 1-2yr
■ 15% new
Of 181 current holders: 142 (78%) 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.
🏆
Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
32 of 178 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in CNDT. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.