Based on 153 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds added FEM 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
153 hedge funds hold FEM 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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Fast accumulation — +53% more funds vs a year ago
fund count last 6Q
+53 new funds entered over the past year (+53% 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 — 67% buying
98 buying48 selling
Last quarter: 98 funds were net buyers (31 opened a brand new position + 67 added to an existing one). Only 48 were sellers (33 trimmed + 15 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~31 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 16 → 19 → 32 → 31. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 16% medium
■ 29% new
84 out of 153 hedge funds have held FEM 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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Acceleration phase — new buyers rushing in
14 → 16 → 19 → 32 → 31 new funds/Q
New funds entering each quarter: 16 → 19 → 32 → 31. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Veteran-anchored — 61% veterans vs 30% newcomers
■ 61% veterans
■ 9% 1-2yr
■ 30% new
Entry-cohort mix of 153 holders: 93 (61%) are 2+ year veterans, 14 entered 1–2 years ago, and 46 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 64% AUM from top-100 funds
64% from top-100 AUM funds
16 of 153 holders are among the 100 largest funds by AUM, controlling 64% of total institutional value in FEM. 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.