Based on 20 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FMNY 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 (95% of max)
95% of all-time peak
20 hedge funds hold FMNY 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 — +67% more funds vs a year ago
fund count last 6Q
+8 new funds entered over the past year (+67% 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.
🟡
Slight buying edge — 58% buying
11 buying8 selling
Last quarter: 11 funds bought or added vs 8 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 2 → 7 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 35% long-term, 40% new
■ 35% conviction (2yr+)
■ 25% medium
■ 40% new
Of the 20 current holders: 7 (35%) held >2 years, 5 held 1–2 years, and 8 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
➡️
Steady discovery — ~3 new funds/quarter
1 → 2 → 2 → 7 → 3 new funds/Q
New funds entering each quarter: 2 → 2 → 7 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 40% veterans vs 45% newcomers
■ 40% veterans
■ 15% 1-2yr
■ 45% new
Entry-cohort mix of 20 holders: 8 (40%) are 2+ year veterans, 3 entered 1–2 years ago, and 9 (45%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 10% AUM from top-100
10% from top-100 AUM funds
6 of 20 holders rank in the top 100 by AUM, but together hold only 10% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.9
out of 10
Moderate Exit Risk
Exit risk score 4.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.