Based on 93 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 8 quarters in a row
For 8 consecutive quarters, more hedge funds added FTF 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
93 hedge funds hold FTF 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 — +22% more funds vs a year ago
fund count last 6Q
+17 new funds entered over the past year (+22% 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 — 60% buying
50 buying33 selling
Last quarter: 50 funds were net buyers (19 opened a brand new position + 31 added to an existing one). Only 33 were sellers (24 trimmed + 9 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~19 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 10 → 11 → 14 → 19. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 27% medium
■ 20% new
49 out of 93 hedge funds have held FTF 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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Value +2261% but shares only +15% — price-driven
Last quarter: the total dollar value of institutional holdings rose +2261%, but actual share count only changed +15%. 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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Acceleration phase — new buyers rushing in
15 → 10 → 11 → 14 → 19 new funds/Q
New funds entering each quarter: 10 → 11 → 14 → 19. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
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Deep conviction — 60% of holders stayed 2+ years
■ 60% veterans
■ 10% 1-2yr
■ 30% new
Of 93 current holders: 56 (60%) 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.
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Elite ownership — 98% AUM from top-100 funds
98% from top-100 AUM funds
10 of 93 holders are among the 100 largest funds by AUM, controlling 98% of total institutional value in FTF. 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.