Based on 64 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 FEMS 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 (96% of max)
96% of all-time peak
64 hedge funds hold FEMS 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding FEMS is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 52% buying
32 buying30 selling
Last quarter: 32 funds bought or added vs 30 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 — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 3 → 3 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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69% of holders stayed for 2+ years
■ 69% conviction (2yr+)
■ 25% medium
■ 6% new
44 out of 64 hedge funds have held FEMS 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 — ~8 new funds/quarter
13 → 7 → 3 → 3 → 8 new funds/Q
New funds entering each quarter: 7 → 3 → 3 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 9% 1-2yr
■ 17% new
Of 64 current holders: 47 (73%) 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 — 40% AUM from top-100 funds
40% from top-100 AUM funds
9 of 64 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in FEMS. 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 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.