Based on 138 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FBIZ positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
138 hedge funds hold FBIZ 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.
📶
Steady growth — +20% more funds vs a year ago
fund count last 6Q
+23 new funds entered over the past year (+20% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 59% buying
80 buying55 selling
Last quarter: 80 funds bought or added vs 55 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.
➡️
Steady new buyers — ~14 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 28 → 19 → 15 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 24% medium
■ 19% new
79 out of 138 hedge funds have held FBIZ 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 +20% but shares only +2% — price-driven
Last quarter: the total dollar value of institutional holdings rose +20%, but actual share count only changed +2%. 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.
📊
Peak discovery — momentum slowing
13 → 28 → 19 → 15 → 14 new funds/Q
New funds entering each quarter: 28 → 19 → 15 → 14. FBIZ is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 62% veterans vs 26% newcomers
■ 62% veterans
■ 12% 1-2yr
■ 26% new
Entry-cohort mix of 138 holders: 86 (62%) are 2+ year veterans, 16 entered 1–2 years ago, and 36 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 56% AUM from top-100 funds
56% from top-100 AUM funds
40 of 138 holders are among the 100 largest funds by AUM, controlling 56% of total institutional value in FBIZ. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.