Based on 32 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 7 quarters in a row
For 7 consecutive quarters, more hedge funds added FPAG 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
32 hedge funds hold FPAG 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 — +60% more funds vs a year ago
fund count last 6Q
+12 new funds entered over the past year (+60% 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.
🟢
More buyers than sellers — 79% buying
23 buying6 selling
Last quarter: 23 funds were net buyers (8 opened a brand new position + 15 added to an existing one). Only 6 were sellers (4 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
📈
More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new FPAG position: 4 → 4 → 2 → 8. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 34% entered in last year
■ 3% conviction (2yr+)
■ 62% medium
■ 34% new
Only 1 funds (3%) 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.
➡️
Steady discovery — ~8 new funds/quarter
4 → 4 → 4 → 2 → 8 new funds/Q
New funds entering each quarter: 4 → 4 → 2 → 8. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 3% veterans, 53% new entrants
■ 3% veterans
■ 44% 1-2yr
■ 53% new
Of 32 current holders: 1 (3%) held 2+ years, 14 held 1–2 years, 17 (53%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 11% AUM from top-100
11% from top-100 AUM funds
3 of 32 holders rank in the top 100 by AUM, but together hold only 11% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.5
out of 10
Moderate Exit Risk
Exit risk score 4.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.