Based on 4 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds reduced or closed their FERAU 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 10% of 1.5Y high
10% of all-time peak
Only 4 funds hold FERAU today versus a peak of 42 funds at 2025 Q1 — just 10% 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 — 71% fewer funds vs a year ago
fund count last 6Q
10 fewer hedge funds hold FERAU compared to a year ago (-71% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 40% buying
2 buying3 selling
Last quarter: 3 funds reduced or exited vs 2 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 0 → 0 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 0% entered in last year
■ 0% conviction (2yr+)
■ 100% medium
■ 0% 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.
➡️
Steady discovery — ~1 new funds/quarter
0 → 1 → 0 → 0 → 1 new funds/Q
New funds entering each quarter: 1 → 0 → 0 → 1. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 0% veterans, 25% new entrants
■ 0% veterans
■ 75% 1-2yr
■ 25% new
Of 4 current holders: 0 (0%) held 2+ years, 3 held 1–2 years, 1 (25%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 81% AUM from top-100 funds
81% from top-100 AUM funds
3 of 4 holders are among the 100 largest funds by AUM, controlling 81% of total institutional value in FERAU. 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 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.