Based on 76 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added FLTB 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
76 hedge funds hold FLTB 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
+16 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 — 63% buying
48 buying28 selling
Last quarter: 48 funds were net buyers (16 opened a brand new position + 32 added to an existing one). Only 28 were sellers (20 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+7 vs last Q)
new funds entering per quarter
Funds opening a new FLTB position: 9 → 10 → 9 → 16. 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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54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 24% medium
■ 22% new
41 out of 76 hedge funds have held FLTB 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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Growing discovery — still being found
10 → 9 → 10 → 9 → 16 new funds/Q
New funds entering each quarter: 9 → 10 → 9 → 16. A growing number of institutions are discovering FLTB each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 59% of holders stayed 2+ years
■ 59% veterans
■ 9% 1-2yr
■ 32% new
Of 76 current holders: 45 (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.
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Elite ownership — 56% AUM from top-100 funds
56% from top-100 AUM funds
12 of 76 holders are among the 100 largest funds by AUM, controlling 56% of total institutional value in FLTB. 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.