Based on 177 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FMNB positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (96% of max)
96% of all-time peak
177 hedge funds hold FMNB 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.
🚀
Fast accumulation — +28% more funds vs a year ago
fund count last 6Q
+39 new funds entered over the past year (+28% 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.
🟢
More buyers than sellers — 61% buying
110 buying69 selling
Last quarter: 110 funds were net buyers (22 opened a brand new position + 88 added to an existing one). Only 69 were sellers (39 trimmed + 30 sold completely). A clear majority buying is a strong confirmation signal.
⚠️
Fewer new buyers each quarter (-26 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 23 → 22 → 48 → 22. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 19% medium
■ 29% new
93 out of 177 hedge funds have held FMNB 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.
💰
Value +43% but shares only +12% — price-driven
Last quarter: the total dollar value of institutional holdings rose +43%, but actual share count only changed +12%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
🚀
Acceleration phase — new buyers rushing in
16 → 23 → 22 → 48 → 22 new funds/Q
New funds entering each quarter: 23 → 22 → 48 → 22. 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.
🏛️
Veteran-anchored — 57% veterans vs 32% newcomers
■ 57% veterans
■ 11% 1-2yr
■ 32% new
Entry-cohort mix of 177 holders: 101 (57%) are 2+ year veterans, 20 entered 1–2 years ago, and 56 (32%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 72% AUM from top-100 funds
72% from top-100 AUM funds
45 of 177 holders are among the 100 largest funds by AUM, controlling 72% of total institutional value in FMNB. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.