Based on 9 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their FDRV positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 47% of 3.0Y high
47% of all-time peak
Only 9 funds hold FDRV today versus a peak of 19 funds at 2023 Q4 — just 47% 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 — 25% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold FDRV compared to a year ago (-25% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 29% buying
2 buying5 selling
Last quarter: 5 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 0 → 6 → 3 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 0% medium
■ 33% new
6 out of 9 hedge funds have held FDRV 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.
📊
Peak discovery — momentum slowing
1 → 0 → 6 → 3 → 2 new funds/Q
New funds entering each quarter: 0 → 6 → 3 → 2. FDRV is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 67% veterans vs 33% newcomers
■ 67% veterans
■ 0% 1-2yr
■ 33% new
Entry-cohort mix of 9 holders: 6 (67%) are 2+ year veterans, 0 entered 1–2 years ago, and 3 (33%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
2 of 8 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.