Based on 81 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds reduced or closed their OB positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 63% of 3.0Y high
63% of all-time peak
Only 81 funds hold OB today versus a peak of 129 funds at 2025 Q1 — just 63% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 22% fewer funds vs a year ago
fund count last 6Q
23 fewer hedge funds hold OB compared to a year ago (-22% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 44% buying
42 buying53 selling
Last quarter: 53 funds reduced or exited vs 42 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.
➡️
Steady new buyers — ~15 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 43 → 17 → 12 → 15. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 26% medium
■ 14% new
49 out of 81 hedge funds have held OB for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎
Buying through price weakness — shares -18%, value -98%
Last quarter: funds added -18% more shares while total portfolio value only changed -98%. 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
23 → 43 → 17 → 12 → 15 new funds/Q
New funds entering each quarter: 43 → 17 → 12 → 15. OB is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 73% of holders stayed 2+ years
■ 73% veterans
■ 7% 1-2yr
■ 20% new
Of 82 current holders: 60 (73%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅
Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
21 of 81 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 1.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.