Based on 41 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FEBM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (98% of max)
98% of all-time peak
41 hedge funds hold FEBM right now — the highest count in 1.2 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 — +4000% more funds vs a year ago
fund count last 5Q
+40 new funds entered over the past year (+4000% 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. The peak was reached in just 3 quarters from the low — a sharp move.
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Heavy selling pressure — only 28% buying
11 buying28 selling
Last quarter: 28 funds sold vs only 11 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-6 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 28 → 13 → 12 → 6. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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Mostly new holders — 61% entered in last year
■ 0% conviction (2yr+)
■ 39% medium
■ 61% new
Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
⚠️
Saturation — most institutions already know this story
28 → 13 → 12 → 6 new funds/Q
New funds entering each quarter: 28 → 13 → 12 → 6. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🌱
Early stage — 98% of holders entered in last year
■ 2% veterans
■ 0% 1-2yr
■ 98% new
Of 41 current holders: 40 (98%) entered in the past year, only 1 (2%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Smaller funds dominant — 3% AUM from top-100
3% from top-100 AUM funds
3 of 41 holders rank in the top 100 by AUM, but together hold only 3% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 7.4/10 — multiple crowding signals converge. Institutional ownership is at 98% of its all-time high — near peak crowding. Selling pressure exceeds buying: only 28% of active funds buying. Crowded trades can unwind fast — a single catalyst can trigger a cascade.