Based on 100 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 FAX 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
100 hedge funds hold FAX 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 — +4% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 60% buying
52 buying34 selling
Last quarter: 52 funds were net buyers (20 opened a brand new position + 32 added to an existing one). Only 34 were sellers (26 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+11 vs last Q)
new funds entering per quarter
Funds opening a new FAX position: 13 → 8 → 9 → 20. 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 — 24% entered in last year
■ 1% conviction (2yr+)
■ 75% medium
■ 24% new
Only 1 funds (1%) 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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Buying through price weakness — shares +23%, value -67%
Last quarter: funds added +23% more shares while total portfolio value only changed -67%. 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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Growing discovery — still being found
27 → 13 → 8 → 9 → 20 new funds/Q
New funds entering each quarter: 13 → 8 → 9 → 20. A growing number of institutions are discovering FAX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 1% veterans, 43% new entrants
■ 1% veterans
■ 56% 1-2yr
■ 43% new
Of 100 current holders: 1 (1%) held 2+ years, 56 held 1–2 years, 43 (43%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
13 of 100 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in FAX. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.