Based on 21 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FLJJ positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 88% of 2.5Y peak
88% of all-time peak
21 funds currently hold this stock — 88% of the 2.5-year high of 24 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 12% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold FLJJ compared to a year ago (-12% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 42% buying
14 buying19 selling
Last quarter: 19 funds reduced or exited vs 14 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 4 → 13 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 48% entered in last year
■ 19% conviction (2yr+)
■ 33% medium
■ 48% new
Only 4 funds (19%) 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.
📈
Growing discovery — still being found
10 → 1 → 4 → 13 → 11 new funds/Q
New funds entering each quarter: 1 → 4 → 13 → 11. A growing number of institutions are discovering FLJJ each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
📊
Mixed cohorts — 29% veterans, 52% new entrants
■ 29% veterans
■ 19% 1-2yr
■ 52% new
Of 21 current holders: 6 (29%) held 2+ years, 4 held 1–2 years, 11 (52%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 27% AUM from major funds
27% from top-100 AUM funds
5 of 21 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.6
out of 10
Moderate Exit Risk
Exit risk score 4.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.