Based on 43 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FNGS 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 (98% of max)
98% of all-time peak
43 hedge funds hold FNGS 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.
📶
Steady growth — +16% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+16% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 56% buying
25 buying20 selling
Last quarter: 25 funds bought or added vs 20 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 — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 12 → 10 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
44% of holders stayed for 2+ years
■ 44% conviction (2yr+)
■ 21% medium
■ 35% new
19 out of 43 hedge funds have held FNGS 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.
➡️
Steady discovery — ~6 new funds/quarter
8 → 6 → 12 → 10 → 6 new funds/Q
New funds entering each quarter: 6 → 12 → 10 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 53% of holders stayed 2+ years
■ 53% veterans
■ 14% 1-2yr
■ 33% new
Of 49 current holders: 26 (53%) 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.
📋
Smaller funds dominant — 4% AUM from top-100
4% from top-100 AUM funds
6 of 43 holders rank in the top 100 by AUM, but together hold only 4% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.