Based on 176 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their CQP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (95% of max)
95% of all-time peak
176 hedge funds hold CQP 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding CQP is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 43% buying
60 buying78 selling
Last quarter: 78 funds reduced or exited vs 60 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.
➡️
Steady new buyers — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 23 → 18 → 10 → 14. 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+)
■ 22% medium
■ 10% new
121 out of 176 hedge funds have held CQP 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.
⚠️
Saturation — most institutions already know this story
25 → 23 → 18 → 10 → 14 new funds/Q
New funds entering each quarter: 23 → 18 → 10 → 14. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Deep conviction — 70% of holders stayed 2+ years
■ 70% veterans
■ 13% 1-2yr
■ 17% new
Of 181 current holders: 127 (70%) 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.
📋
Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
17 of 176 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.