Based on 261 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FSCO 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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At the ownership peak (95% of max)
95% of all-time peak
261 hedge funds hold FSCO 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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Outflows — 5% fewer funds vs a year ago
fund count last 6Q
14 fewer hedge funds hold FSCO compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 46% buying
111 buying131 selling
Last quarter: 131 funds reduced or exited vs 111 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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Fewer new buyers each quarter (-14 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 23 → 38 → 46 → 32. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
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52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 25% medium
■ 23% new
137 out of 261 hedge funds have held FSCO 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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Growing discovery — still being found
50 → 23 → 38 → 46 → 32 new funds/Q
New funds entering each quarter: 23 → 38 → 46 → 32. A growing number of institutions are discovering FSCO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 56% veterans vs 29% newcomers
■ 56% veterans
■ 16% 1-2yr
■ 29% new
Entry-cohort mix of 261 holders: 145 (56%) are 2+ year veterans, 41 entered 1–2 years ago, and 75 (29%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 14% AUM from top-100
14% from top-100 AUM funds
12 of 260 holders rank in the top 100 by AUM, but together hold only 14% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.