Based on 44 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added CSPI 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 (96% of max)
96% of all-time peak
44 hedge funds hold CSPI 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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Fast accumulation — +26% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+26% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
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More sellers than buyers — 49% buying
22 buying23 selling
Last quarter: 23 funds reduced or exited vs 22 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 (+10 vs last Q)
new funds entering per quarter
Funds opening a new CSPI position: 14 → 10 → 2 → 12. 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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48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 18% medium
■ 34% new
21 out of 44 hedge funds have held CSPI 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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Buying through price weakness — shares +1%, value -31%
Last quarter: funds added +1% more shares while total portfolio value only changed -31%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Saturation — most institutions already know this story
4 → 14 → 10 → 2 → 12 new funds/Q
New funds entering each quarter: 14 → 10 → 2 → 12. 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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Veteran-anchored — 50% veterans vs 45% newcomers
■ 50% veterans
■ 5% 1-2yr
■ 45% new
Entry-cohort mix of 44 holders: 22 (50%) are 2+ year veterans, 2 entered 1–2 years ago, and 20 (45%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
18 of 44 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.