Based on 71 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added FICS 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
71 hedge funds hold FICS 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 — +18% more funds vs a year ago
fund count last 6Q
+11 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 60% buying
41 buying27 selling
Last quarter: 41 funds were net buyers (13 opened a brand new position + 28 added to an existing one). Only 27 were sellers (19 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new FICS position: 11 → 12 → 7 → 13. 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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41% of holders stayed for 2+ years
■ 41% conviction (2yr+)
■ 42% medium
■ 17% new
29 out of 71 hedge funds have held FICS 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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Steady discovery — ~13 new funds/quarter
8 → 11 → 12 → 7 → 13 new funds/Q
New funds entering each quarter: 11 → 12 → 7 → 13. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 39% veterans, 30% new entrants
■ 39% veterans
■ 31% 1-2yr
■ 30% new
Of 71 current holders: 28 (39%) held 2+ years, 22 held 1–2 years, 21 (30%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 35% AUM from major funds
35% from top-100 AUM funds
12 of 71 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.