Based on 10 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added HBDC 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
10 hedge funds hold HBDC right now — the highest count in 1.0 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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Heavy selling pressure — only 33% buying
4 buying8 selling
Last quarter: 8 funds sold vs only 4 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 5 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 90% entered in last year
■ 0% conviction (2yr+)
■ 10% medium
■ 90% new
Only 0 funds (0%) 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 — ~4 new funds/quarter
3 → 5 → 4 new funds/Q
New funds entering each quarter: 3 → 5 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Early stage — 100% of holders entered in last year
■ 0% veterans
■ 0% 1-2yr
■ 100% new
Of 10 current holders: 10 (100%) entered in the past year, only 0 (0%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
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Smaller funds dominant — 19% AUM from top-100
19% from top-100 AUM funds
4 of 10 holders rank in the top 100 by AUM, but together hold only 19% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 8.1/10 — multiple crowding signals converge. Institutional ownership is at 100% of its all-time high — near peak crowding. Selling pressure exceeds buying: only 33% of active funds buying. Crowded trades can unwind fast — a single catalyst can trigger a cascade.