Based on 159 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added FISI 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
159 hedge funds hold FISI 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 — +27% more funds vs a year ago
fund count last 6Q
+34 new funds entered over the past year (+27% 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 — 66% buying
101 buying52 selling
Last quarter: 101 funds were net buyers (29 opened a brand new position + 72 added to an existing one). Only 52 were sellers (33 trimmed + 19 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~29 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 24 → 20 → 27 → 29. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 22% medium
■ 18% new
96 out of 159 hedge funds have held FISI 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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Value +22% but shares only +0% — price-driven
Last quarter: the total dollar value of institutional holdings rose +22%, but actual share count only changed +0%. 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.
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Growing discovery — still being found
9 → 24 → 20 → 27 → 29 new funds/Q
New funds entering each quarter: 24 → 20 → 27 → 29. A growing number of institutions are discovering FISI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 64% veterans vs 21% newcomers
■ 64% veterans
■ 15% 1-2yr
■ 21% new
Entry-cohort mix of 160 holders: 102 (64%) are 2+ year veterans, 24 entered 1–2 years ago, and 34 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
42 of 158 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in FISI. 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 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.