Based on 27 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 FGBI 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 64% of 3.0Y high
64% of all-time peak
Only 27 funds hold FGBI today versus a peak of 42 funds at 2023 Q1 — just 64% 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 — 23% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold FGBI compared to a year ago (-23% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 35% buying
7 buying13 selling
Last quarter: 13 funds sold vs only 7 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 6 → 4 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
89% of holders stayed for 2+ years
■ 89% conviction (2yr+)
■ 7% medium
■ 4% new
24 out of 27 hedge funds have held FGBI 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.
💰
Value +23% but shares only +2% — price-driven
Last quarter: the total dollar value of institutional holdings rose +23%, but actual share count only changed +2%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
⚠️
Saturation — most institutions already know this story
8 → 1 → 6 → 4 → 0 new funds/Q
New funds entering each quarter: 1 → 6 → 4 → 0. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
🏛️
Deep conviction — 89% of holders stayed 2+ years
■ 89% veterans
■ 7% 1-2yr
■ 4% new
Of 27 current holders: 24 (89%) 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.
🏆
Elite ownership — 77% AUM from top-100 funds
77% from top-100 AUM funds
13 of 27 holders are among the 100 largest funds by AUM, controlling 77% of total institutional value in FGBI. 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 2.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.