Based on 126 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added ACP 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
126 hedge funds hold ACP 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 — +4% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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More sellers than buyers — 45% buying
54 buying66 selling
Last quarter: 66 funds reduced or exited vs 54 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.
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Steady new buyers — ~24 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 16 → 19 → 19 → 24. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 22% entered in last year
■ 22% conviction (2yr+)
■ 56% medium
■ 22% new
Only 28 funds (22%) 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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Buying through price weakness — shares -8%, value -99%
Last quarter: funds added -8% more shares while total portfolio value only changed -99%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
18 → 16 → 19 → 19 → 24 new funds/Q
New funds entering each quarter: 16 → 19 → 19 → 24. A growing number of institutions are discovering ACP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Mixed cohorts — 30% veterans, 26% new entrants
■ 30% veterans
■ 44% 1-2yr
■ 26% new
Of 126 current holders: 38 (30%) held 2+ years, 55 held 1–2 years, 33 (26%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
14 of 126 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in ACP. 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.