Based on 111 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added CRD/A 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
111 hedge funds hold CRD/A 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 CRD/A is almost the same as a year ago (+1 funds, +1% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 65% buying
66 buying36 selling
Last quarter: 66 funds were net buyers (15 opened a brand new position + 51 added to an existing one). Only 36 were sellers (25 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~15 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 13 → 11 → 14 → 15. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 23% medium
■ 23% new
60 out of 111 hedge funds have held CRD/A 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
18 → 13 → 11 → 14 → 15 new funds/Q
New funds entering each quarter: 13 → 11 → 14 → 15. A growing number of institutions are discovering CRD/A each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 53% veterans vs 30% newcomers
■ 53% veterans
■ 17% 1-2yr
■ 30% new
Entry-cohort mix of 111 holders: 59 (53%) are 2+ year veterans, 19 entered 1–2 years ago, and 33 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
34 of 111 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.