Based on 38 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FFOG 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 (97% of max)
97% of all-time peak
38 hedge funds hold FFOG right now — the highest count in 2.2 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 — +31% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+31% 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
24 buying12 selling
Last quarter: 24 funds were net buyers (6 opened a brand new position + 18 added to an existing one). Only 12 were sellers (5 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 11 → 9 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 37% entered in last year
■ 5% conviction (2yr+)
■ 58% medium
■ 37% new
Only 2 funds (5%) 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 — ~6 new funds/quarter
11 → 5 → 11 → 9 → 6 new funds/Q
New funds entering each quarter: 5 → 11 → 9 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 61% of holders entered in last year
■ 0% veterans
■ 39% 1-2yr
■ 61% new
Of 38 current holders: 23 (61%) entered in the past year, only 0 (0%) 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.
🏆
Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
5 of 38 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in FFOG. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.