Based on 112 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their FSP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 81% of 3.0Y peak
81% of all-time peak
112 funds currently hold this stock — 81% of the 3.0-year high of 138 funds (reached 2023 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding FSP is almost the same as a year ago (+3 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠
More sellers than buyers — 48% buying
48 buying53 selling
Last quarter: 53 funds reduced or exited vs 48 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.
➡️
Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 13 → 13 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
79% of holders stayed for 2+ years
■ 79% conviction (2yr+)
■ 12% medium
■ 9% new
88 out of 112 hedge funds have held FSP 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.
💎
Buying through price weakness — shares +7%, value -35%
Last quarter: funds added +7% more shares while total portfolio value only changed -35%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~12 new funds/quarter
8 → 11 → 13 → 13 → 12 new funds/Q
New funds entering each quarter: 11 → 13 → 13 → 12. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 84% of holders stayed 2+ years
■ 84% veterans
■ 6% 1-2yr
■ 10% new
Of 113 current holders: 95 (84%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅
Strong quality — 34% AUM from major funds
34% from top-100 AUM funds
23 of 112 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.