Based on 180 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added FTGS 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
180 hedge funds hold FTGS 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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Steady growth — +19% more funds vs a year ago
fund count last 6Q
+29 new funds entered over the past year (+19% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 53% buying
98 buying86 selling
Last quarter: 98 funds bought or added vs 86 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new FTGS position: 19 → 32 → 20 → 29. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mostly new holders — 27% entered in last year
■ 17% conviction (2yr+)
■ 56% medium
■ 27% new
Only 31 funds (17%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Steady discovery — ~29 new funds/quarter
26 → 19 → 32 → 20 → 29 new funds/Q
New funds entering each quarter: 19 → 32 → 20 → 29. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Mixed cohorts — 11% veterans, 38% new entrants
■ 11% veterans
■ 52% 1-2yr
■ 38% new
Of 180 current holders: 19 (11%) held 2+ years, 93 held 1–2 years, 68 (38%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Strong quality — 36% AUM from major funds
36% from top-100 AUM funds
14 of 180 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.