Based on 86 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 8 quarters in a row
For 8 consecutive quarters, more hedge funds added FDBC 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
86 hedge funds hold FDBC 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 — +21% more funds vs a year ago
fund count last 6Q
+15 new funds entered over the past year (+21% 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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More buyers than sellers — 62% buying
48 buying29 selling
Last quarter: 48 funds were net buyers (10 opened a brand new position + 38 added to an existing one). Only 29 were sellers (21 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 9 → 8 → 11 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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49% of holders stayed for 2+ years
■ 49% conviction (2yr+)
■ 28% medium
■ 23% new
42 out of 86 hedge funds have held FDBC 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.
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Value +25% but shares only +6% — price-driven
Last quarter: the total dollar value of institutional holdings rose +25%, but actual share count only changed +6%. 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.
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Steady discovery — ~10 new funds/quarter
8 → 9 → 8 → 11 → 10 new funds/Q
New funds entering each quarter: 9 → 8 → 11 → 10. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 52% veterans vs 34% newcomers
■ 52% veterans
■ 14% 1-2yr
■ 34% new
Entry-cohort mix of 86 holders: 45 (52%) are 2+ year veterans, 12 entered 1–2 years ago, and 29 (34%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 58% AUM from top-100 funds
58% from top-100 AUM funds
31 of 86 holders are among the 100 largest funds by AUM, controlling 58% of total institutional value in FDBC. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.