Based on 62 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 FFA 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 (100% of max)
100% of all-time peak
62 hedge funds hold FFA 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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Steady growth — +5% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+5% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 62% buying
38 buying23 selling
Last quarter: 38 funds were net buyers (12 opened a brand new position + 26 added to an existing one). Only 23 were sellers (17 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new FFA position: 4 → 3 → 4 → 12. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 23% medium
■ 13% new
40 out of 62 hedge funds have held FFA 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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Growing discovery — still being found
6 → 4 → 3 → 4 → 12 new funds/Q
New funds entering each quarter: 4 → 3 → 4 → 12. A growing number of institutions are discovering FFA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 69% of holders stayed 2+ years
■ 69% veterans
■ 11% 1-2yr
■ 19% new
Of 62 current holders: 43 (69%) 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 — 56% AUM from top-100 funds
56% from top-100 AUM funds
11 of 62 holders are among the 100 largest funds by AUM, controlling 56% of total institutional value in FFA. 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 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.