Based on 166 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their JBBB 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 — 91% of 3.0Y peak
91% of all-time peak
166 funds currently hold this stock — 91% of the 3.0-year high of 183 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +6% more funds vs a year ago
fund count last 6Q
+9 new funds entered over the past year (+6% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠
More sellers than buyers — 45% buying
82 buying101 selling
Last quarter: 101 funds reduced or exited vs 82 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-18 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 57 → 30 → 39 → 21. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 31% entered in last year
■ 13% conviction (2yr+)
■ 56% medium
■ 31% new
Only 21 funds (13%) 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 -35%, value -95%
Last quarter: funds added -35% more shares while total portfolio value only changed -95%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
45 → 57 → 30 → 39 → 21 new funds/Q
New funds entering each quarter: 57 → 30 → 39 → 21. JBBB 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 — 14% veterans, 52% new entrants
■ 14% veterans
■ 34% 1-2yr
■ 52% new
Of 168 current holders: 24 (14%) held 2+ years, 57 held 1–2 years, 87 (52%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 26% AUM from major funds
26% from top-100 AUM funds
14 of 166 holders rank in the top 100 by AUM, accounting for 26% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.