Based on 187 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added CSTL 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.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
187 hedge funds hold CSTL 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.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding CSTL is almost the same as a year ago (-1 funds, -1% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡
Slight buying edge — 55% buying
105 buying87 selling
Last quarter: 105 funds bought or added vs 87 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.
📈
More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new CSTL position: 30 → 16 → 33 → 41. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 25% medium
■ 19% new
106 out of 187 hedge funds have held CSTL 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.
💰
Value +76% but shares only +3% — price-driven
Last quarter: the total dollar value of institutional holdings rose +76%, but actual share count only changed +3%. 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.
🚀
Acceleration phase — new buyers rushing in
33 → 30 → 16 → 33 → 41 new funds/Q
New funds entering each quarter: 30 → 16 → 33 → 41. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 62% of holders stayed 2+ years
■ 62% veterans
■ 14% 1-2yr
■ 24% new
Of 189 current holders: 117 (62%) 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 — 34% AUM from major funds
34% from top-100 AUM funds
35 of 187 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.