Based on 110 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 FMAR 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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High ownership — 93% of 3.0Y peak
93% of all-time peak
110 funds currently hold this stock — 93% of the 3.0-year high of 118 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 7% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold FMAR compared to a year ago (-7% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 36% buying
31 buying56 selling
Last quarter: 56 funds sold vs only 31 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Steady new buyers — ~9 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 15 → 10 → 6 → 9. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 38% medium
■ 14% new
53 out of 110 hedge funds have held FMAR 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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Peak discovery — momentum slowing
20 → 15 → 10 → 6 → 9 new funds/Q
New funds entering each quarter: 15 → 10 → 6 → 9. FMAR is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Deep conviction — 50% of holders stayed 2+ years
■ 50% veterans
■ 22% 1-2yr
■ 28% new
Of 110 current holders: 55 (50%) 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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Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
6 of 110 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.