Based on 99 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 9 quarters in a row
For 9 consecutive quarters, more hedge funds added FRAF 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
99 hedge funds hold FRAF 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 — +90% more funds vs a year ago
fund count last 6Q
+47 new funds entered over the past year (+90% 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 — 69% buying
56 buying25 selling
Last quarter: 56 funds were net buyers (21 opened a brand new position + 35 added to an existing one). Only 25 were sellers (20 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~21 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 22 → 11 → 16 → 21. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 37% long-term, 37% new
■ 37% conviction (2yr+)
■ 25% medium
■ 37% new
Of the 99 current holders: 37 (37%) held >2 years, 25 held 1–2 years, and 37 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💰
Value +33% but shares only +8% — price-driven
Last quarter: the total dollar value of institutional holdings rose +33%, but actual share count only changed +8%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
15 → 22 → 11 → 16 → 21 new funds/Q
New funds entering each quarter: 22 → 11 → 16 → 21. A growing number of institutions are discovering FRAF each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Veteran-anchored — 43% veterans vs 52% newcomers
■ 43% veterans
■ 5% 1-2yr
■ 52% new
Entry-cohort mix of 99 holders: 43 (43%) are 2+ year veterans, 5 entered 1–2 years ago, and 51 (52%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 56% AUM from top-100 funds
56% from top-100 AUM funds
34 of 99 holders are among the 100 largest funds by AUM, controlling 56% of total institutional value in FRAF. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.7
out of 10
Moderate Exit Risk
Exit risk score 4.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.