Based on 43 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their FBLG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 66% of 3.0Y high
66% of all-time peak
Only 43 funds hold FBLG today versus a peak of 65 funds at 2025 Q1 — just 66% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 30% fewer funds vs a year ago
fund count last 6Q
18 fewer hedge funds hold FBLG compared to a year ago (-30% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 37% buying
13 buying22 selling
Last quarter: 22 funds sold vs only 13 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 10 → 14 → 12 → 5. 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.
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Mostly new holders — 23% entered in last year
■ 2% conviction (2yr+)
■ 74% medium
■ 23% new
Only 1 funds (2%) 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 -21%, value -71%
Last quarter: funds added -21% more shares while total portfolio value only changed -71%. 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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Peak discovery — momentum slowing
7 → 10 → 14 → 12 → 5 new funds/Q
New funds entering each quarter: 10 → 14 → 12 → 5. FBLG 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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Mixed cohorts — 2% veterans, 28% new entrants
■ 2% veterans
■ 70% 1-2yr
■ 28% new
Of 43 current holders: 1 (2%) held 2+ years, 30 held 1–2 years, 12 (28%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 44% AUM from top-100 funds
44% from top-100 AUM funds
9 of 43 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in FBLG. 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 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.