Based on 168 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 FMHI 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
168 hedge funds hold FMHI 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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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding FMHI is almost the same as a year ago (+1 funds, +1% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 62% buying
98 buying60 selling
Last quarter: 98 funds were net buyers (23 opened a brand new position + 75 added to an existing one). Only 60 were sellers (47 trimmed + 13 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+12 vs last Q)
new funds entering per quarter
Funds opening a new FMHI position: 9 → 21 → 11 → 23. 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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56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 26% medium
■ 18% new
94 out of 168 hedge funds have held FMHI 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
31 → 9 → 21 → 11 → 23 new funds/Q
New funds entering each quarter: 9 → 21 → 11 → 23. A growing number of institutions are discovering FMHI each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 60% of holders stayed 2+ years
■ 60% veterans
■ 15% 1-2yr
■ 25% new
Of 168 current holders: 101 (60%) 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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Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
12 of 168 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.