Based on 20 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their FVNNR 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 — 83% of 2.8Y peak
83% of all-time peak
20 funds currently hold this stock — 83% of the 2.8-year high of 24 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 9% fewer funds vs a year ago
fund count last 6Q
2 fewer hedge funds hold FVNNR compared to a year ago (-9% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 9% buying
1 buying10 selling
Last quarter: 10 funds sold vs only 1 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 1 → 2 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 15% entered in last year
■ 5% conviction (2yr+)
■ 80% medium
■ 15% new
Only 1 funds (5%) 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.
💰
Value +10253% but shares only +4% — price-driven
Last quarter: the total dollar value of institutional holdings rose +10253%, but actual share count only changed +4%. 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.
📊
Peak discovery — momentum slowing
2 → 3 → 1 → 2 → 1 new funds/Q
New funds entering each quarter: 3 → 1 → 2 → 1. FVNNR is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊
Mixed cohorts — 5% veterans, 30% new entrants
■ 5% veterans
■ 65% 1-2yr
■ 30% new
Of 20 current holders: 1 (5%) held 2+ years, 13 held 1–2 years, 6 (30%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆
Elite ownership — 99% AUM from top-100 funds
99% from top-100 AUM funds
4 of 20 holders are among the 100 largest funds by AUM, controlling 99% of total institutional value in FVNNR. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.6
out of 10
Moderate Exit Risk
Exit risk score 4.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.