Based on 293 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added CSGS 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
293 hedge funds hold CSGS 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 — +20% more funds vs a year ago
fund count last 6Q
+48 new funds entered over the past year (+20% 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 — 49% buying
156 buying162 selling
Last quarter: 162 funds reduced or exited vs 156 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 (+53 vs last Q)
new funds entering per quarter
Funds opening a new CSGS position: 56 → 41 → 31 → 84. 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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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 15% medium
■ 25% new
177 out of 293 hedge funds have held CSGS 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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Value +26% but shares only +6% — price-driven
Last quarter: the total dollar value of institutional holdings rose +26%, but actual share count only changed +6%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
27 → 56 → 41 → 31 → 84 new funds/Q
New funds entering each quarter: 56 → 41 → 31 → 84. A growing number of institutions are discovering CSGS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 66% of holders stayed 2+ years
■ 66% veterans
■ 6% 1-2yr
■ 28% new
Of 294 current holders: 195 (66%) 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 — 41% AUM from top-100 funds
41% from top-100 AUM funds
37 of 293 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in CSGS. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.