Based on 773 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added CNI 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 (96% of max)
96% of all-time peak
773 hedge funds hold CNI 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding CNI is almost the same as a year ago (-27 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 52% buying
363 buying332 selling
Last quarter: 363 funds bought or added vs 332 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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More new buyers each quarter (+60 vs last Q)
new funds entering per quarter
Funds opening a new CNI position: 71 → 80 → 54 → 114. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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71% of holders stayed for 2+ years
■ 71% conviction (2yr+)
■ 16% medium
■ 13% new
552 out of 773 hedge funds have held CNI 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
84 → 71 → 80 → 54 → 114 new funds/Q
New funds entering each quarter: 71 → 80 → 54 → 114. A growing number of institutions are discovering CNI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 10% 1-2yr
■ 17% new
Of 792 current holders: 576 (73%) 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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Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
45 of 773 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.