Based on 31 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 FSCS 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
31 hedge funds hold FSCS 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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Fast accumulation — +29% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+29% 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.
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More buyers than sellers — 65% buying
15 buying8 selling
Last quarter: 15 funds were net buyers (4 opened a brand new position + 11 added to an existing one). Only 8 were sellers (6 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 6 → 4 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mixed — 35% long-term, 23% new
■ 35% conviction (2yr+)
■ 42% medium
■ 23% new
Of the 31 current holders: 11 (35%) held >2 years, 13 held 1–2 years, and 7 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.
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Price up while funds trimmed (-5% value, -26% shares)
Last quarter: total value of institutional FSCS holdings rose -5% even though funds reduced share count by 26%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Peak discovery — momentum slowing
3 → 5 → 6 → 4 → 4 new funds/Q
New funds entering each quarter: 5 → 6 → 4 → 4. FSCS is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Veteran-anchored — 45% veterans vs 23% newcomers
■ 45% veterans
■ 32% 1-2yr
■ 23% new
Entry-cohort mix of 31 holders: 14 (45%) are 2+ year veterans, 10 entered 1–2 years ago, and 7 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 48% AUM from top-100 funds
48% from top-100 AUM funds
7 of 31 holders are among the 100 largest funds by AUM, controlling 48% of total institutional value in FSCS. 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 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.