Based on 63 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added OPP 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
63 hedge funds hold OPP 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.
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Steady growth — +15% more funds vs a year ago
fund count last 6Q
+8 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More buyers than sellers — 66% buying
35 buying18 selling
Last quarter: 35 funds were net buyers (15 opened a brand new position + 20 added to an existing one). Only 18 were sellers (14 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new OPP position: 4 → 6 → 7 → 15. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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56% of holders stayed for 2+ years
■ 56% conviction (2yr+)
■ 25% medium
■ 19% new
35 out of 63 hedge funds have held OPP 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.
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Growing discovery — still being found
14 → 4 → 6 → 7 → 15 new funds/Q
New funds entering each quarter: 4 → 6 → 7 → 15. A growing number of institutions are discovering OPP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 67% of holders stayed 2+ years
■ 67% veterans
■ 11% 1-2yr
■ 22% new
Of 63 current holders: 42 (67%) 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.
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Elite ownership — 59% AUM from top-100 funds
59% from top-100 AUM funds
7 of 63 holders are among the 100 largest funds by AUM, controlling 59% of total institutional value in OPP. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.