Based on 8 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their CSGS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 3% of 3.0Y high
3% of all-time peak
Only 8 funds hold CSGS today versus a peak of 314 funds at 2025 Q4 — just 3% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 97% fewer funds vs a year ago
fund count last 6Q
281 fewer hedge funds hold CSGS compared to a year ago (-97% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 1% buying
3 buying289 selling
Last quarter: 289 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-44 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 33 → 87 → 47 → 3. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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Mixed — 25% long-term, 38% new
■ 25% conviction (2yr+)
■ 38% medium
■ 38% new
Of the 8 current holders: 2 (25%) held >2 years, 3 held 1–2 years, and 3 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
⚠️
Saturation — most institutions already know this story
43 → 33 → 87 → 47 → 3 new funds/Q
New funds entering each quarter: 33 → 87 → 47 → 3. 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.
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Mixed cohorts — 38% veterans, 38% new entrants
■ 38% veterans
■ 25% 1-2yr
■ 38% new
Of 8 current holders: 3 (38%) held 2+ years, 2 held 1–2 years, 3 (38%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
0 of 8 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.