Based on 207 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their CTS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 94% of 3.0Y peak
94% of all-time peak
207 funds currently hold this stock — 94% of the 3.0-year high of 220 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +5% more funds vs a year ago
fund count last 6Q
+10 new funds entered over the past year (+5% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 45% buying
101 buying122 selling
Last quarter: 122 funds reduced or exited vs 101 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.
⚠️
Fewer new buyers each quarter (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 22 → 36 → 35 → 24. 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.
🔒
68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 18% medium
■ 14% new
141 out of 207 hedge funds have held CTS 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.
➡️
Steady discovery — ~24 new funds/quarter
16 → 22 → 36 → 35 → 24 new funds/Q
New funds entering each quarter: 22 → 36 → 35 → 24. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 71% of holders stayed 2+ years
■ 71% veterans
■ 12% 1-2yr
■ 17% new
Of 207 current holders: 147 (71%) 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 — 35% AUM from major funds
35% from top-100 AUM funds
37 of 207 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.