Based on 90 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added FGDL 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
90 hedge funds hold FGDL 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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Fast accumulation — +900% more funds vs a year ago
fund count last 6Q
+81 new funds entered over the past year (+900% 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.
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More buyers than sellers — 69% buying
65 buying29 selling
Last quarter: 65 funds were net buyers (31 opened a brand new position + 34 added to an existing one). Only 29 were sellers (18 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
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Fewer new buyers each quarter (-17 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 9 → 12 → 48 → 31. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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Mostly new holders — 83% entered in last year
■ 6% conviction (2yr+)
■ 11% medium
■ 83% new
Only 5 funds (6%) 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.
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Acceleration phase — new buyers rushing in
3 → 9 → 12 → 48 → 31 new funds/Q
New funds entering each quarter: 9 → 12 → 48 → 31. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Early stage — 89% of holders entered in last year
■ 8% veterans
■ 3% 1-2yr
■ 89% new
Of 90 current holders: 80 (89%) entered in the past year, only 7 (8%) 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.
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Elite ownership — 49% AUM from top-100 funds
49% from top-100 AUM funds
10 of 90 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in FGDL. 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 7.1/10 — multiple crowding signals converge. Institutional ownership is at 100% of its all-time high — near peak crowding. Crowded trades can unwind fast — a single catalyst can trigger a cascade.