Based on 11 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their FOPC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 79% of 1.5Y peak
79% of all-time peak
11 funds currently hold this stock — 79% of the 1.5-year high of 14 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 8% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold FOPC compared to a year ago (-8% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 18% buying
2 buying9 selling
Last quarter: 9 funds sold vs only 2 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 0 → 1 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 9% entered in last year
■ 0% conviction (2yr+)
■ 91% medium
■ 9% new
Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Peak discovery — momentum slowing
5 → 3 → 0 → 1 → 1 new funds/Q
New funds entering each quarter: 3 → 0 → 1 → 1. FOPC is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 0% veterans, 45% new entrants
■ 0% veterans
■ 55% 1-2yr
■ 45% new
Of 11 current holders: 0 (0%) held 2+ years, 6 held 1–2 years, 5 (45%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
4 of 11 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in FOPC. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.