Based on 251 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added FDP 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
251 hedge funds hold FDP 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 — +11% more funds vs a year ago
fund count last 6Q
+24 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 51% buying
120 buying115 selling
Last quarter: 120 funds bought or added vs 115 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.
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Steady new buyers — ~39 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 34 → 36 → 39 → 39. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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59% of holders stayed for 2+ years
■ 59% conviction (2yr+)
■ 21% medium
■ 20% new
148 out of 251 hedge funds have held FDP 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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Growing discovery — still being found
41 → 34 → 36 → 39 → 39 new funds/Q
New funds entering each quarter: 34 → 36 → 39 → 39. A growing number of institutions are discovering FDP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 63% veterans vs 24% newcomers
■ 63% veterans
■ 13% 1-2yr
■ 24% new
Entry-cohort mix of 254 holders: 161 (63%) are 2+ year veterans, 32 entered 1–2 years ago, and 61 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
49 of 250 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in FDP. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.