Based on 95 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 6 quarters in a row
For 6 consecutive quarters, more hedge funds added FDMO 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
95 hedge funds hold FDMO 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.
🚀
Fast accumulation — +44% more funds vs a year ago
fund count last 6Q
+29 new funds entered over the past year (+44% 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.
🟢
More buyers than sellers — 68% buying
62 buying29 selling
Last quarter: 62 funds were net buyers (19 opened a brand new position + 43 added to an existing one). Only 29 were sellers (18 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~19 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 17 → 20 → 22 → 19. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
40% of holders stayed for 2+ years
■ 40% conviction (2yr+)
■ 22% medium
■ 38% new
38 out of 95 hedge funds have held FDMO 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.
📈
Growing discovery — still being found
17 → 17 → 20 → 22 → 19 new funds/Q
New funds entering each quarter: 17 → 20 → 22 → 19. A growing number of institutions are discovering FDMO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 42% veterans vs 46% newcomers
■ 42% veterans
■ 12% 1-2yr
■ 46% new
Entry-cohort mix of 95 holders: 40 (42%) are 2+ year veterans, 11 entered 1–2 years ago, and 44 (46%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 73% AUM from top-100 funds
73% from top-100 AUM funds
12 of 95 holders are among the 100 largest funds by AUM, controlling 73% of total institutional value in FDMO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.5
out of 10
Moderate Exit Risk
Exit risk score 4.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.