Based on 22 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their JHCB positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (96% of max)
96% of all-time peak
22 hedge funds hold JHCB 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.
🚀
Fast accumulation — +29% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+29% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 60% buying
15 buying10 selling
Last quarter: 15 funds were net buyers (4 opened a brand new position + 11 added to an existing one). Only 10 were sellers (5 trimmed + 5 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 3 → 4 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 32% long-term, 27% new
■ 32% conviction (2yr+)
■ 41% medium
■ 27% new
Of the 22 current holders: 7 (32%) held >2 years, 9 held 1–2 years, and 6 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares +3%, value -36%
Last quarter: funds added +3% more shares while total portfolio value only changed -36%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~4 new funds/quarter
5 → 6 → 3 → 4 → 4 new funds/Q
New funds entering each quarter: 6 → 3 → 4 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 36% veterans, 45% new entrants
■ 36% veterans
■ 18% 1-2yr
■ 45% new
Of 22 current holders: 8 (36%) held 2+ years, 4 held 1–2 years, 10 (45%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 32% AUM from major funds
32% from top-100 AUM funds
8 of 22 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.