Based on 341 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 CNO 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
341 hedge funds hold CNO 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 — +15% more funds vs a year ago
fund count last 6Q
+44 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 48% buying
153 buying166 selling
Last quarter: 166 funds reduced or exited vs 153 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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More new buyers each quarter (+18 vs last Q)
new funds entering per quarter
Funds opening a new CNO position: 60 → 44 → 46 → 64. 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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63% of holders stayed for 2+ years
■ 63% conviction (2yr+)
■ 19% medium
■ 18% new
214 out of 341 hedge funds have held CNO 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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Steady discovery — ~64 new funds/quarter
56 → 60 → 44 → 46 → 64 new funds/Q
New funds entering each quarter: 60 → 44 → 46 → 64. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 67% of holders stayed 2+ years
■ 67% veterans
■ 10% 1-2yr
■ 22% new
Of 343 current holders: 230 (67%) 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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Elite ownership — 51% AUM from top-100 funds
51% from top-100 AUM funds
42 of 341 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in CNO. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.