Based on 43 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added FONR 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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High ownership — 81% of 3.0Y peak
81% of all-time peak
43 funds currently hold this stock — 81% of the 3.0-year high of 53 funds (reached 2024 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 10% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold FONR compared to a year ago (-10% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡
Slight buying edge — 55% buying
18 buying15 selling
Last quarter: 18 funds bought or added vs 15 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 — ~8 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 0 → 6 → 3 → 8. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
67% of holders stayed for 2+ years
■ 67% conviction (2yr+)
■ 21% medium
■ 12% new
29 out of 43 hedge funds have held FONR 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.
💰
Price up while funds trimmed (+11% value, -10% shares)
Last quarter: total value of institutional FONR holdings rose +11% even though funds reduced share count by 10%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~8 new funds/quarter
4 → 0 → 6 → 3 → 8 new funds/Q
New funds entering each quarter: 0 → 6 → 3 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 77% of holders stayed 2+ years
■ 77% veterans
■ 7% 1-2yr
■ 16% new
Of 43 current holders: 33 (77%) 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.
✅
Strong quality — 37% AUM from major funds
37% from top-100 AUM funds
16 of 43 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.