Based on 15 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 FORTY positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 83% of 3.0Y peak
83% of all-time peak
15 funds currently hold this stock — 83% of the 3.0-year high of 18 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 6% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold FORTY compared to a year ago (-6% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢
More buyers than sellers — 62% buying
5 buying3 selling
Last quarter: 5 funds were net buyers (2 opened a brand new position + 3 added to an existing one). Only 3 were sellers (0 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 2 → 1 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 27% medium
■ 20% new
8 out of 15 hedge funds have held FORTY 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.
💎
Buying through price weakness — shares +0%, value -33%
Last quarter: funds added +0% more shares while total portfolio value only changed -33%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
1 → 3 → 2 → 1 → 2 new funds/Q
New funds entering each quarter: 3 → 2 → 1 → 2. FORTY is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 53% veterans vs 20% newcomers
■ 53% veterans
■ 27% 1-2yr
■ 20% new
Entry-cohort mix of 15 holders: 8 (53%) are 2+ year veterans, 4 entered 1–2 years ago, and 3 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 25% AUM from major funds
25% from top-100 AUM funds
4 of 14 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.