Based on 19 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 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 — 79% of 3.0Y peak
79% of all-time peak
19 funds currently hold this stock — 79% of the 3.0-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.
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Outflows — 21% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold FVNNR compared to a year ago (-21% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 38% buying
3 buying5 selling
Last quarter: 5 funds sold vs only 3 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~0 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 2 → 1 → 0. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 5% entered in last year
■ 5% conviction (2yr+)
■ 89% medium
■ 5% 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.
💎
Buying through price weakness — shares -11%, value -99%
Last quarter: funds added -11% more shares while total portfolio value only changed -99%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
⚠️
Saturation — most institutions already know this story
3 → 1 → 2 → 1 → 0 new funds/Q
New funds entering each quarter: 1 → 2 → 1 → 0. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Mixed cohorts — 5% veterans, 21% new entrants
■ 5% veterans
■ 74% 1-2yr
■ 21% new
Of 19 current holders: 1 (5%) held 2+ years, 14 held 1–2 years, 4 (21%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Smaller funds dominant — 5% AUM from top-100
5% from top-100 AUM funds
3 of 19 holders rank in the top 100 by AUM, but together hold only 5% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.