Based on 22 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added FLMX 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 (96% of max)
96% of all-time peak
22 hedge funds hold FLMX 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.
📉
Outflows — 4% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold FLMX compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 73% buying
16 buying6 selling
Last quarter: 16 funds were net buyers (8 opened a brand new position + 8 added to an existing one). Only 6 were sellers (2 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 6 → 5 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 32% entered in last year
■ 18% conviction (2yr+)
■ 50% medium
■ 32% new
Only 4 funds (18%) 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.
➡️
Steady discovery — ~8 new funds/quarter
6 → 4 → 6 → 5 → 8 new funds/Q
New funds entering each quarter: 4 → 6 → 5 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 32% veterans, 36% new entrants
■ 32% veterans
■ 32% 1-2yr
■ 36% new
Of 22 current holders: 7 (32%) held 2+ years, 7 held 1–2 years, 8 (36%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 66% AUM from top-100 funds
66% from top-100 AUM funds
7 of 22 holders are among the 100 largest funds by AUM, controlling 66% of total institutional value in FLMX. 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 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.