Based on 223 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 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
223 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 — +8% more funds vs a year ago
fund count last 6Q
+16 new funds entered over the past year (+8% 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 — 52% buying
117 buying108 selling
Last quarter: 117 funds bought or added vs 108 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 — ~38 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 40 → 32 → 34 → 38. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 21% medium
■ 18% new
137 out of 223 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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Steady discovery — ~38 new funds/quarter
39 → 40 → 32 → 34 → 38 new funds/Q
New funds entering each quarter: 40 → 32 → 34 → 38. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 66% of holders stayed 2+ years
■ 66% veterans
■ 8% 1-2yr
■ 26% new
Of 224 current holders: 148 (66%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Elite ownership — 56% AUM from top-100 funds
56% from top-100 AUM funds
37 of 223 holders are among the 100 largest funds by AUM, controlling 56% 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.