Based on 26 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their CREX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 87% of 3.0Y peak
87% of all-time peak
26 funds currently hold this stock — 87% of the 3.0-year high of 30 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 — 13% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold CREX compared to a year ago (-13% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 50% buying
13 buying13 selling
Last quarter: 13 funds bought or added vs 13 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.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 3 → 5 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
42% of holders stayed for 2+ years
■ 42% conviction (2yr+)
■ 38% medium
■ 19% new
11 out of 26 hedge funds have held CREX 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.
➡️
Steady discovery — ~6 new funds/quarter
8 → 3 → 3 → 5 → 6 new funds/Q
New funds entering each quarter: 3 → 3 → 5 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 58% of holders stayed 2+ years
■ 58% veterans
■ 8% 1-2yr
■ 35% new
Of 26 current holders: 15 (58%) 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.
✅
Strong quality — 33% AUM from major funds
33% from top-100 AUM funds
9 of 26 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.