Based on 120 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added FPF 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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At the ownership peak (100% of max)
100% of all-time peak
120 hedge funds hold FPF 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.
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Steady growth — +13% more funds vs a year ago
fund count last 6Q
+14 new funds entered over the past year (+13% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 59% buying
57 buying39 selling
Last quarter: 57 funds bought or added vs 39 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.
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Steady new buyers — ~18 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 16 → 17 → 17 → 18. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 22% medium
■ 15% new
75 out of 120 hedge funds have held FPF 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.
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Steady discovery — ~18 new funds/quarter
11 → 16 → 17 → 17 → 18 new funds/Q
New funds entering each quarter: 16 → 17 → 17 → 18. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 67% veterans vs 19% newcomers
■ 67% veterans
■ 14% 1-2yr
■ 19% new
Entry-cohort mix of 120 holders: 80 (67%) are 2+ year veterans, 17 entered 1–2 years ago, and 23 (19%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 80% AUM from top-100 funds
80% from top-100 AUM funds
13 of 120 holders are among the 100 largest funds by AUM, controlling 80% of total institutional value in FPF. 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 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.