Based on 110 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added CWBC 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
110 hedge funds hold CWBC 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 — +25% more funds vs a year ago
fund count last 6Q
+22 new funds entered over the past year (+25% 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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Slight buying edge — 58% buying
56 buying41 selling
Last quarter: 56 funds bought or added vs 41 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.
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More new buyers each quarter (+13 vs last Q)
new funds entering per quarter
Funds opening a new CWBC position: 13 → 10 → 9 → 22. 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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Mostly new holders — 25% entered in last year
■ 5% conviction (2yr+)
■ 69% medium
■ 25% new
Only 6 funds (5%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Growing discovery — still being found
14 → 13 → 10 → 9 → 22 new funds/Q
New funds entering each quarter: 13 → 10 → 9 → 22. A growing number of institutions are discovering CWBC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 8% veterans, 38% new entrants
■ 8% veterans
■ 54% 1-2yr
■ 38% new
Of 111 current holders: 9 (8%) held 2+ years, 60 held 1–2 years, 42 (38%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
31 of 110 holders rank in the top 100 by AUM, accounting for 39% 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.