Based on 228 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 9 quarters in a row
For 9 consecutive quarters, more hedge funds added FMDE 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 (100% of max)
100% of all-time peak
228 hedge funds hold FMDE 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 — +98% more funds vs a year ago
fund count last 6Q
+113 new funds entered over the past year (+98% 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 — 81% buying
169 buying39 selling
Last quarter: 169 funds were net buyers (59 opened a brand new position + 110 added to an existing one). Only 39 were sellers (31 trimmed + 8 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+18 vs last Q)
new funds entering per quarter
Funds opening a new FMDE position: 22 → 33 → 41 → 59. 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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Mostly new holders — 49% entered in last year
■ 21% conviction (2yr+)
■ 30% medium
■ 49% new
Only 48 funds (21%) 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.
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Acceleration phase — new buyers rushing in
30 → 22 → 33 → 41 → 59 new funds/Q
New funds entering each quarter: 22 → 33 → 41 → 59. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Early stage — 64% of holders entered in last year
■ 1% veterans
■ 35% 1-2yr
■ 64% new
Of 228 current holders: 145 (64%) entered in the past year, only 3 (1%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Elite ownership — 61% AUM from top-100 funds
61% from top-100 AUM funds
16 of 228 holders are among the 100 largest funds by AUM, controlling 61% of total institutional value in FMDE. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.4
out of 10
Moderate Exit Risk
Exit risk score 5.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.