Based on 1370 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 CTAS 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 (97% of max)
97% of all-time peak
1,370 hedge funds hold CTAS 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 — +6% more funds vs a year ago
fund count last 6Q
+82 new funds entered over the past year (+6% 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 — 48% buying
656 buying699 selling
Last quarter: 699 funds reduced or exited vs 656 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 (+70 vs last Q)
new funds entering per quarter
Funds opening a new CTAS position: 167 → 169 → 105 → 175. 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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66% of holders stayed for 2+ years
■ 66% conviction (2yr+)
■ 19% medium
■ 14% new
911 out of 1,370 hedge funds have held CTAS 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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Peak discovery — momentum slowing
141 → 167 → 169 → 105 → 175 new funds/Q
New funds entering each quarter: 167 → 169 → 105 → 175. CTAS is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Deep conviction — 66% of holders stayed 2+ years
■ 66% veterans
■ 14% 1-2yr
■ 19% new
Of 1,407 current holders: 935 (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 — 53% AUM from top-100 funds
53% from top-100 AUM funds
44 of 1370 holders are among the 100 largest funds by AUM, controlling 53% of total institutional value in CTAS. 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 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.