Based on 64 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 5 quarters in a row
For 5 consecutive quarters, more hedge funds added FID 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
64 hedge funds hold FID 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.
📶
Steady growth — +16% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 61% buying
36 buying23 selling
Last quarter: 36 funds were net buyers (8 opened a brand new position + 28 added to an existing one). Only 23 were sellers (18 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 9 → 9 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 25% medium
■ 22% new
34 out of 64 hedge funds have held FID 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 — ~8 new funds/quarter
13 → 6 → 9 → 9 → 8 new funds/Q
New funds entering each quarter: 6 → 9 → 9 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 59% of holders stayed 2+ years
■ 59% veterans
■ 12% 1-2yr
■ 28% new
Of 64 current holders: 38 (59%) 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.
✅
Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
8 of 64 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.