Based on 536 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added FLS 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
536 hedge funds hold FLS 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 — +17% more funds vs a year ago
fund count last 6Q
+77 new funds entered over the past year (+17% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 51% buying
281 buying265 selling
Last quarter: 281 funds bought or added vs 265 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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More new buyers each quarter (+19 vs last Q)
new funds entering per quarter
Funds opening a new FLS position: 75 → 84 → 99 → 118. 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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55% of holders stayed for 2+ years
■ 55% conviction (2yr+)
■ 20% medium
■ 24% new
297 out of 536 hedge funds have held FLS 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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Price up while funds trimmed (+28% value, -2% shares)
Last quarter: total value of institutional FLS holdings rose +28% even though funds reduced share count by 2%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Growing discovery — still being found
85 → 75 → 84 → 99 → 118 new funds/Q
New funds entering each quarter: 75 → 84 → 99 → 118. A growing number of institutions are discovering FLS each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 63% of holders stayed 2+ years
■ 63% veterans
■ 9% 1-2yr
■ 28% new
Of 547 current holders: 343 (63%) 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.
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Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
42 of 536 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in FLS. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.